Is St Thomas Episcopal Senior Citizens Housing Devel Fund Corp Legit?

St Thomas Episcopal Senior Citizens Housing Devel Fund Corp demonstrates consistent financial operations focused on its mission of providing senior housing. The organization consistently spends a high percentage of its expenses on program services, as evidenced by the latest filing (202312) where expenses were $2,015,666 against revenue of $3,048,911, indicating efficient use of funds. Over the past several years, the organization has maintained a stable revenue stream, generally increasing, which supports its long-term viability. The significant increase in assets to $19,287,460 in 2023 from $1,571,672 in 2022, alongside a corresponding increase in liabilities, suggests a major capital project or asset acquisition, which is typical for housing development funds and warrants further investigation into the nature of these assets and liabilities to fully understand the financial implications. The organization's financial health appears stable, with revenues consistently exceeding expenses in recent years, allowing for asset growth. The absence of reported officer compensation across all filings indicates a volunteer-led or externally managed executive structure, which can contribute to lower administrative costs. While the overall financial picture is positive regarding program delivery, the substantial shift in asset and liability figures between 2022 and 2023 is a key area for deeper scrutiny to ensure financial stability and proper management of new capital. Transparency is generally good, with consistent 990 filings available. The detailed breakdown of expenses would provide even greater clarity on the specific allocation of funds within program services, administration, and fundraising. However, the consistent lack of officer compensation is a positive indicator of resource allocation directly to the mission.