178 Th Street Housing Development Fund Corporation
Housing Development Fund Corporation consistently operates at a deficit with declining assets and high liabilities.
EIN: 133054220 · Bronx, NY · NTEE: L21Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.0M |
| Total Expenses | $2.3M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $2 |
| Net Assets | $-6,441,832 |
| Transparency Score | 55/100 |
Is 178 Th Street Housing Development Fund Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
178 Th Street Housing Development Fund Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About 178 Th Street Housing Development Fund Corporation
178 Th Street Housing Development Fund Corporation (EIN: 133054220) is a nonprofit organization based in Bronx, NY, classified under NTEE code L21Z. The organization reported total revenue of $2.0M and total assets of $1.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of 178 Th Street Housing Development Fund Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
178 Th Street Housing Development Fund Corporation is a mid-size nonprofit that has been operating for 45 years, with 12 years of IRS 990 filings on record (2011–2023).
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.0M |
| Total Expenses | $2.3M |
| Surplus / Deficit | $-329,511 |
| Total Assets | $1.6M |
| Total Liabilities | $8.0M |
| Net Assets | $-6,441,832 |
| Operating Margin | -16.3% |
| Debt-to-Asset Ratio | 500.7% |
| Months of Reserves | 8.2 months |
Financial Health Grade: C
In 2023, 178 Th Street Housing Development Fund Corporation reported a deficit of $330K with expenses exceeding revenue, holds 8.2 months of operating reserves (strong position), has a debt-to-asset ratio of 500.7% (high leverage).
Financial Trends
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -1.9% | -2.0% | +4.3% |
| 2021 | -114.5% | -100.0% | -28.9% |
| 2020 | +0.6% | +1.2% | -9.4% |
| 2019 | -6.1% | +6.3% | -8.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1981 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates 178 Th Street Housing Development Fund Corporation with a Mission Score of 55 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, 178 Th Street Housing Development Fund Corporation allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $330K, with expenses exceeding revenue.
- Debt-to-asset ratio: 500.7%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, suggesting either a fully volunteer-led executive team or that executive compensation is not categorized under 'Officer Comp' in their 990s. This lack of reported compensation is unusual for an organization with over $2 million in annual revenue.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of 178 Th Street Housing Development Fund Corporation's IRS 990 filings:
- Consistent operating deficits (expenses exceeding revenue) in most recent years.
- Significant and sustained decline in total assets over the past decade.
- High liabilities consistently exceeding assets, indicating a highly leveraged financial position.
- Several years reporting negative revenue, which requires further investigation into accounting practices.
Strengths
The following positive indicators were identified for 178 Th Street Housing Development Fund Corporation:
- Consistent generation of over $2 million in annual revenue in recent operational years.
- Long filing history (12 filings) indicating sustained operation.
- No reported officer compensation, potentially indicating efficient use of funds if leadership is volunteer-based.
Frequently Asked Questions about 178 Th Street Housing Development Fund Corporation
Is 178 Th Street Housing Development Fund Corporation a legitimate charity?
178 Th Street Housing Development Fund Corporation (EIN: 133054220) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 55/100. It has 12 years of IRS 990 filings on record. Total revenue: $2.0M. 4 red flags identified. 3 strengths noted. Financial health grade: C.
How does 178 Th Street Housing Development Fund Corporation spend its money?
178 Th Street Housing Development Fund Corporation directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to 178 Th Street Housing Development Fund Corporation tax-deductible?
178 Th Street Housing Development Fund Corporation is registered as a tax-exempt nonprofit (EIN: 133054220). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the 178 Th Street Housing Development Fund Corporation CEO make?
178 Th Street Housing Development Fund Corporation's highest-compensated officer earns $2 annually. The organization reported $2.0M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of 178 Th Street Housing Development Fund Corporation's spending goes to programs?
178 Th Street Housing Development Fund Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does 178 Th Street Housing Development Fund Corporation compare to similar nonprofits?
With a transparency score of 55/100 (Fair), 178 Th Street Housing Development Fund Corporation is near average for NTEE category L21Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is 178 Th Street Housing Development Fund Corporation located?
178 Th Street Housing Development Fund Corporation is headquartered in Bronx, New York and files with the IRS under EIN 133054220. It is classified under NTEE code L21Z.
How many years of IRS 990 filings does 178 Th Street Housing Development Fund Corporation have?
178 Th Street Housing Development Fund Corporation has 12 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $2.0M in total revenue.
How does the organization cover its consistent operating deficits, given that expenses frequently exceed revenue?
The filings show consistent negative net income, indicating that the organization is either drawing down reserves, relying on non-operating income not reflected in 'Revenue', or increasing liabilities to cover expenses.
What is the nature of the significant liabilities, which consistently exceed $7 million, and how are they being managed?
Given the NTEE code L21Z (Housing Development), these liabilities likely represent mortgages or other debt associated with property acquisition and development. The management strategy for this high debt load is critical for financial stability.
Why has the organization's asset base declined significantly from over $4 million in 2013 to $1.6 million in 2023?
The decline in assets could be due to depreciation of properties, sale of assets without reinvestment, or other factors that reduce the organization's overall holdings.
Is there any executive compensation paid that is not reported under 'Officer Comp' in the IRS 990 filings?
The consistent 0% reported officer compensation across all filings raises questions about how leadership is compensated, especially for an organization of this size and operational scope.
Filing History
IRS 990 filing history for 178 Th Street Housing Development Fund Corporation showing financial trends over 12 years of public records:
Total assets decreased by 70% over the same period, from $5.4M to $1.6M. In its most recent filing year (2023), 178 Th Street Housing Development Fund Corporation reported a deficit of $330K, with expenses exceeding revenue. The organization holds $8.0M in liabilities against $1.6M in assets (debt-to-asset ratio: 500.7%), resulting in net assets of $-6,441,832.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.0M | $2.3M | $1.6M | $8.0M | — | — |
| 2022 | $2.1M | $2.4M | $1.5M | $7.7M | — | View 990 |
| 2021 | $-277,548 | $0 | $1.5M | $7.3M | — | View 990 |
| 2020 | $1.9M | $2.2M | $2.2M | $7.6M | — | View 990 |
| 2019 | $1.9M | $2.2M | $2.4M | $7.5M | — | View 990 |
| 2018 | $2.0M | $2.1M | $2.6M | $7.4M | — | View 990 |
| 2017 | $-131,529 | $0 | $2.7M | $7.5M | — | View 990 |
| 2015 | $-329,080 | $0 | $3.7M | $8.1M | — | View 990 |
| 2014 | $-239,043 | $0 | $4.2M | $8.3M | — | View 990 |
| 2013 | $-182,679 | $0 | $4.6M | $8.4M | — | View 990 |
| 2012 | $-199,178 | $0 | $4.9M | $8.6M | — | View 990 |
| 2011 | $-130,788 | $0 | $5.4M | $8.8M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.0M, expenses of $2.3M, and assets of $1.6M (revenue -1.9% year-over-year).
- 2022: Revenue of $2.1M, expenses of $2.4M, and assets of $1.5M.
- 2021: Revenue of $-277,548, expenses of $0, and assets of $1.5M (revenue -114.5% year-over-year).
- 2020: Revenue of $1.9M, expenses of $2.2M, and assets of $2.2M (revenue +0.6% year-over-year).
- 2019: Revenue of $1.9M, expenses of $2.2M, and assets of $2.4M (revenue -6.1% year-over-year).
- 2018: Revenue of $2.0M, expenses of $2.1M, and assets of $2.6M.
- 2017: Revenue of $-131,529, expenses of $0, and assets of $2.7M.
- 2015: Revenue of $-329,080, expenses of $0, and assets of $3.7M.
- 2014: Revenue of $-239,043, expenses of $0, and assets of $4.2M.
- 2013: Revenue of $-182,679, expenses of $0, and assets of $4.6M.
- 2012: Revenue of $-199,178, expenses of $0, and assets of $4.9M.
- 2011: Revenue of $-130,788, expenses of $0, and assets of $5.4M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for 178 Th Street Housing Development Fund Corporation:
Data Sources and Methodology
This transparency report for 178 Th Street Housing Development Fund Corporation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.