Avesta Housing Development Corporation
Avesta Housing shows consistent asset growth and generally stable finances, with no reported officer compensation.
EIN: 10315296 · Portland, ME · NTEE: L210 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $13.5M |
| Total Expenses | $10.9M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $10 |
| Net Assets | $25.6M |
| Transparency Score | 85/100 |
Is Avesta Housing Development Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Avesta Housing Development Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Avesta Housing Development Corporation
Avesta Housing Development Corporation (EIN: 10315296) is a nonprofit organization based in Portland, ME, classified under NTEE code L210. The organization reported total revenue of $13.5M and total assets of $82.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Avesta Housing Development Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Avesta Housing Development Corporation is a large nonprofit that has been operating for 50 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -3.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $10.8M |
| Total Expenses | $10.9M |
| Surplus / Deficit | $-133,945 |
| Total Assets | $78.0M |
| Total Liabilities | $52.4M |
| Net Assets | $25.6M |
| Operating Margin | -1.2% |
| Debt-to-Asset Ratio | 67.2% |
| Months of Reserves | 85.8 months |
Financial Health Grade: C
In 2023, Avesta Housing Development Corporation reported a deficit of $134K with expenses exceeding revenue, holds 85.8 months of operating reserves (strong position), has a debt-to-asset ratio of 67.2% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Avesta Housing Development Corporation's revenue has declined at a compound annual growth rate (CAGR) of -3.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -22.6% | -14.0% | +0.9% |
| 2022 | +6.2% | +22.3% | +11.4% |
| 2021 | +26.3% | +6.1% | +9.8% |
| 2020 | +18.8% | +3.2% | +11.2% |
| 2019 | +4.3% | +6.8% | +8.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1976 |
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 Avesta Housing Development Corporation with a Mission Score of 85 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, Avesta Housing Development 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 $134K, with expenses exceeding revenue.
- Debt-to-asset ratio: 67.2%.
Executive Compensation Analysis
The IRS 990 filings consistently report 0% officer compensation, which is highly unusual for an organization with over $10 million in annual revenue and $78 million in assets. This suggests either a volunteer leadership model or that executive compensation is categorized differently within the expense structure, requiring deeper scrutiny for full transparency.
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 Avesta Housing Development Corporation's IRS 990 filings:
- Consistent 'Officer Comp=0%' across all filings for an organization of this size, which may obscure executive remuneration details.
Strengths
The following positive indicators were identified for Avesta Housing Development Corporation:
- Consistent and significant growth in assets, from $32.6 million in 2014 to $78 million in 2023, indicating strong financial management and investment.
- Generally stable financial performance with revenues often exceeding expenses, demonstrating fiscal responsibility.
- Strong asset base ($82.7 million latest) provides a solid foundation for long-term mission fulfillment.
- Focus on housing development (NTEE L210) aligns with a critical community need.
Frequently Asked Questions about Avesta Housing Development Corporation
Is Avesta Housing Development Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Avesta Housing Development Corporation (EIN: 10315296) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Avesta Housing Development Corporation spend its money?
Avesta Housing Development Corporation directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Avesta Housing Development Corporation tax-deductible?
Avesta Housing Development Corporation is registered as a tax-exempt nonprofit (EIN: 10315296). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Avesta Housing Development Corporation CEO make?
Avesta Housing Development Corporation's highest-compensated officer earns $10 annually. The organization reported $13.5M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Avesta Housing Development Corporation's spending goes to programs?
Avesta Housing Development Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Avesta Housing Development Corporation compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Avesta Housing Development Corporation is above average for NTEE category L210 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Avesta Housing Development Corporation located?
Avesta Housing Development Corporation is headquartered in Portland, Maine and files with the IRS under EIN 10315296. It is classified under NTEE code L210.
How many years of IRS 990 filings does Avesta Housing Development Corporation have?
Avesta Housing Development Corporation has 13 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 $13.5M in total revenue.
How does Avesta Housing Development Corporation fund its operations given the consistent 'Officer Comp=0%' in its filings?
The consistent reporting of 0% officer compensation across all filings suggests that either the organization's leadership is entirely volunteer-based, or executive salaries are reported under other expense categories, such as 'salaries and wages' within program or administrative expenses, rather than specifically as officer compensation. Further detail from the full 990 forms would be needed to clarify this.
What is the specific breakdown of program, administrative, and fundraising expenses for Avesta Housing?
The provided summary data does not offer a detailed breakdown of program, administrative, and fundraising expenses. To understand the organization's spending efficiency in these areas, a review of the full IRS 990 forms, specifically Part IX, Statement of Functional Expenses, would be necessary.
What caused the slight deficit in the 2023 fiscal period where expenses exceeded revenue?
In the 2023 period, Avesta Housing reported revenues of $10,774,074 and expenses of $10,908,019, resulting in a slight deficit. Without access to the detailed financial statements, it's difficult to pinpoint the exact cause, but it could be due to increased operational costs, one-time project expenses, or a temporary dip in funding for that specific year.
Filing History
IRS 990 filing history for Avesta Housing Development Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Avesta Housing Development Corporation's revenue has declined by 35.3%, moving from $16.6M to $10.8M. Total assets increased by 190.7% over the same period, from $26.8M to $78.0M. Total functional expenses fell by 29.2%, from $15.4M to $10.9M. In its most recent filing year (2023), Avesta Housing Development Corporation reported a deficit of $134K, with expenses exceeding revenue. The organization holds $52.4M in liabilities against $78.0M in assets (debt-to-asset ratio: 67.2%), resulting in net assets of $25.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $10.8M | $10.9M | $78.0M | $52.4M | — | — |
| 2022 | $13.9M | $12.7M | $77.3M | $52.3M | — | View 990 |
| 2021 | $13.1M | $10.4M | $69.4M | $46.5M | — | View 990 |
| 2020 | $10.4M | $9.8M | $63.2M | $44.7M | — | View 990 |
| 2019 | $8.7M | $9.5M | $56.8M | $39.7M | — | View 990 |
| 2018 | $8.4M | $8.9M | $52.4M | $34.9M | — | View 990 |
| 2017 | $9.3M | $7.1M | $47.2M | $29.5M | — | — |
| 2016 | $9.0M | $6.9M | $44.2M | $27.9M | — | View 990 |
| 2015 | $10.7M | $7.2M | $36.8M | $23.8M | — | View 990 |
| 2014 | $7.2M | $7.4M | $32.7M | $23.4M | — | View 990 |
| 2013 | $9.2M | $6.6M | $31.5M | $22.4M | — | View 990 |
| 2012 | $9.0M | $8.6M | $29.9M | $23.8M | — | View 990 |
| 2011 | $16.6M | $15.4M | $26.8M | $21.4M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $10.8M, expenses of $10.9M, and assets of $78.0M (revenue -22.6% year-over-year).
- 2022: Revenue of $13.9M, expenses of $12.7M, and assets of $77.3M (revenue +6.2% year-over-year).
- 2021: Revenue of $13.1M, expenses of $10.4M, and assets of $69.4M (revenue +26.3% year-over-year).
- 2020: Revenue of $10.4M, expenses of $9.8M, and assets of $63.2M (revenue +18.8% year-over-year).
- 2019: Revenue of $8.7M, expenses of $9.5M, and assets of $56.8M (revenue +4.3% year-over-year).
- 2018: Revenue of $8.4M, expenses of $8.9M, and assets of $52.4M (revenue -9.6% year-over-year).
- 2017: Revenue of $9.3M, expenses of $7.1M, and assets of $47.2M (revenue +3.2% year-over-year).
- 2016: Revenue of $9.0M, expenses of $6.9M, and assets of $44.2M (revenue -15.8% year-over-year).
- 2015: Revenue of $10.7M, expenses of $7.2M, and assets of $36.8M (revenue +47.4% year-over-year).
- 2014: Revenue of $7.2M, expenses of $7.4M, and assets of $32.7M (revenue -21.6% year-over-year).
- 2013: Revenue of $9.2M, expenses of $6.6M, and assets of $31.5M (revenue +2.7% year-over-year).
- 2012: Revenue of $9.0M, expenses of $8.6M, and assets of $29.9M (revenue -46.0% year-over-year).
- 2011: Revenue of $16.6M, expenses of $15.4M, and assets of $26.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Avesta Housing Development Corporation:
Data Sources and Methodology
This transparency report for Avesta Housing Development 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.