400 408 Housing Development Fund Co Inc
400 408 Housing Development Fund Co Inc consistently grows assets and reports zero officer compensation.
EIN: 132897042 · New York, NY · NTEE: L21 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $4.2M |
| Total Expenses | $2.0M |
| Program Spending | 85% |
| Net Assets | $10.1M |
| Transparency Score | 88/100 |
Is 400 408 Housing Development Fund Co Inc Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
400 408 Housing Development Fund Co Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About 400 408 Housing Development Fund Co Inc
400 408 Housing Development Fund Co Inc (EIN: 132897042) is a nonprofit organization based in New York, NY, classified under NTEE code L21. The organization reported total revenue of $4.2M and total assets of $14.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of 400 408 Housing Development Fund Co Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
400 408 Housing Development Fund Co Inc is a mid-size nonprofit that has been operating for 6 years, with 4 years of IRS 990 filings on record (2018–2023). Revenue has grown at a compound annual rate of 1.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $3.9M |
| Total Expenses | $2.0M |
| Surplus / Deficit | +$1.9M |
| Total Assets | $14.6M |
| Total Liabilities | $4.5M |
| Net Assets | $10.1M |
| Operating Margin | 49.6% |
| Debt-to-Asset Ratio | 30.6% |
| Months of Reserves | 89.3 months |
Financial Health Grade: A
In 2023, 400 408 Housing Development Fund Co Inc reported a surplus of $1.9M with revenue exceeding expenses, holds 89.3 months of operating reserves (strong position), has a debt-to-asset ratio of 30.6% (moderate leverage).
Financial Trends
Over 4 years of filings (2018–2023), 400 408 Housing Development Fund Co Inc's revenue has grown at a compound annual growth rate (CAGR) of 1.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -15.2% | -30.8% | +15.9% |
| 2022 | +30.7% | +24.7% | +15.2% |
| 2021 | -3.2% | -7.0% | +31.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2020 |
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 400 408 Housing Development Fund Co Inc with a Mission Score of 88 out of 100 (Excellent). 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, 400 408 Housing Development Fund Co Inc 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 surplus of $1.9M, with revenue exceeding expenses.
- Debt-to-asset ratio: 30.6%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that executive leadership is either unpaid or compensated through mechanisms not classified as officer compensation, which is a strong positive for resource allocation.
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.
Strengths
The following positive indicators were identified for 400 408 Housing Development Fund Co Inc:
- Consistent asset growth, from $8,295,397 in 2018 to $14,553,605 in 2023, indicating strong financial health.
- Zero reported officer compensation across all filings, suggesting efficient use of funds for mission-related activities.
- Healthy revenue generation, with latest revenue at $4,177,062, demonstrating financial stability.
- Expenses consistently lower than revenue, allowing for reinvestment and asset accumulation (e.g., 2023 expenses $1,956,727 vs. revenue $3,882,511).
Frequently Asked Questions about 400 408 Housing Development Fund Co Inc
Is 400 408 Housing Development Fund Co Inc a legitimate charity?
400 408 Housing Development Fund Co Inc (EIN: 132897042) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 88/100. It has 4 years of IRS 990 filings on record. Total revenue: $4.2M. No red flags identified. 4 strengths noted. Financial health grade: A.
How does 400 408 Housing Development Fund Co Inc spend its money?
400 408 Housing Development Fund Co Inc directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to 400 408 Housing Development Fund Co Inc tax-deductible?
400 408 Housing Development Fund Co Inc is registered as a tax-exempt nonprofit (EIN: 132897042). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of 400 408 Housing Development Fund Co Inc's spending goes to programs?
400 408 Housing Development Fund Co Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does 400 408 Housing Development Fund Co Inc compare to similar nonprofits?
With a transparency score of 88/100 (Excellent), 400 408 Housing Development Fund Co Inc is above average for NTEE category L21 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is 400 408 Housing Development Fund Co Inc located?
400 408 Housing Development Fund Co Inc is headquartered in New York, New York and files with the IRS under EIN 132897042. It is classified under NTEE code L21.
How many years of IRS 990 filings does 400 408 Housing Development Fund Co Inc have?
400 408 Housing Development Fund Co Inc has 4 years of IRS 990 filings on record at NonprofitSpending. Additional filing years may become available as the IRS releases new data. The most recent filing shows $4.2M in total revenue.
How does 400 408 Housing Development Fund Co Inc utilize its growing assets?
The organization's assets have grown from $8,295,397 in 2018 to $14,553,605 in 2023. Given its NTEE code L21 (Housing Development), these assets are likely invested in property, construction, and management activities to further its housing development mission.
What is the source of the organization's revenue?
While specific revenue sources are not detailed in the provided data, the organization consistently generates substantial revenue, with the latest reported at $4,177,062. For a housing development fund, this could include rental income, grants, development fees, or government subsidies.
Does the organization rely heavily on fundraising?
The provided data does not offer a detailed breakdown of fundraising expenses or revenue from contributions. However, the overall financial health and consistent revenue suggest a stable funding model, which may or may not be heavily reliant on public fundraising.
What is the organization's long-term financial strategy given its asset growth?
The consistent growth in assets and healthy revenue-to-expense ratios suggest a strategy of reinvestment and building financial capacity, likely to expand its housing development and management activities in New York, NY.
Filing History
IRS 990 filing history for 400 408 Housing Development Fund Co Inc showing financial trends over 4 years of public records:
Over 4 years of IRS 990 filings (2018–2023), 400 408 Housing Development Fund Co Inc's revenue has grown by 7.3%, moving from $3.6M to $3.9M. Total assets increased by 75.4% over the same period, from $8.3M to $14.6M. Total functional expenses fell by 19.8%, from $2.4M to $2.0M. In its most recent filing year (2023), 400 408 Housing Development Fund Co Inc reported a surplus of $1.9M, with revenue exceeding expenses. The organization holds $4.5M in liabilities against $14.6M in assets (debt-to-asset ratio: 30.6%), resulting in net assets of $10.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $3.9M | $2.0M | $14.6M | $4.5M | — | View 990 |
| 2022 | $4.6M | $2.8M | $12.6M | $4.4M | — | View 990 |
| 2021 | $3.5M | $2.3M | $10.9M | $4.4M | — | View 990 |
| 2018 | $3.6M | $2.4M | $8.3M | $5.6M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $3.9M, expenses of $2.0M, and assets of $14.6M (revenue -15.2% year-over-year).
- 2022: Revenue of $4.6M, expenses of $2.8M, and assets of $12.6M (revenue +30.7% year-over-year).
- 2021: Revenue of $3.5M, expenses of $2.3M, and assets of $10.9M (revenue -3.2% year-over-year).
- 2018: Revenue of $3.6M, expenses of $2.4M, and assets of $8.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for 400 408 Housing Development Fund Co Inc:
Data Sources and Methodology
This transparency report for 400 408 Housing Development Fund Co Inc 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.