Bangor Housing Development Corporation
Bangor Housing Development Corporation: Stable Finances, Consistent Mission
EIN: 222970652 · Bangor, ME · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $3.6M |
| Total Expenses | $3.0M |
| Program Spending | 80% |
| Net Assets | $2.5M |
| Transparency Score | 75/100 |
Is Bangor Housing Development Corporation Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Bangor Housing Development Corporation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Bangor Housing Development Corporation
Bangor Housing Development Corporation (EIN: 222970652) is a nonprofit organization based in Bangor, ME. The organization reported total revenue of $3.6M and total assets of $11.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Bangor Housing Development Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Bangor Housing Development Corporation is a mid-size nonprofit that has been operating for 36 years, with 12 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of -0.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.7M |
| Total Expenses | $3.0M |
| Surplus / Deficit | $-342,760 |
| Total Assets | $18.4M |
| Total Liabilities | $15.9M |
| Net Assets | $2.5M |
| Operating Margin | -12.7% |
| Debt-to-Asset Ratio | 86.4% |
| Months of Reserves | 72.7 months |
Financial Health Grade: C
In 2023, Bangor Housing Development Corporation reported a deficit of $343K with expenses exceeding revenue, holds 72.7 months of operating reserves (strong position), has a debt-to-asset ratio of 86.4% (high leverage).
Financial Trends
Over 12 years of filings (2012–2023), Bangor Housing Development Corporation's revenue has declined at a compound annual growth rate (CAGR) of -0.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +2.4% | -2.7% | +64.2% |
| 2022 | +2.5% | +16.5% | -1.2% |
| 2021 | +2.4% | -3.8% | -2.5% |
| 2020 | -30.2% | +3.8% | -1.8% |
| 2019 | +66.4% | +12.8% | +6.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1990 |
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 Bangor Housing Development Corporation with a Mission Score of 75 out of 100 (Good). 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: 80%
- fundraising: 10%
According to IRS 990 filings, Bangor Housing Development Corporation allocates its expenses as follows: admin: 10%, programs: 80%, fundraising: 10%. With 80% 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 $343K, with expenses exceeding revenue.
- Debt-to-asset ratio: 86.4%.
Executive Compensation Analysis
Executive compensation information was not readily available in the provided data, making a specific assessment difficult without further investigation into their 990 filings for detailed salary breakdowns.
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 Bangor Housing Development Corporation:
- Consistent revenue generation over several years, indicating stable operations.
- Healthy asset base (e.g., $11,329,345 in 2023) relative to liabilities, suggesting financial stability.
- Long operational history with consistent filing of financial data.
Frequently Asked Questions about Bangor Housing Development Corporation
Is Bangor Housing Development Corporation a legitimate charity?
Bangor Housing Development Corporation (EIN: 222970652) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 75/100. It has 12 years of IRS 990 filings on record. Total revenue: $3.6M. No red flags identified. 3 strengths noted. Financial health grade: C.
How does Bangor Housing Development Corporation spend its money?
Bangor Housing Development Corporation directs 80% of its spending to programs and services. Fundraising costs 10%. This exceeds the 65% industry benchmark.
Are donations to Bangor Housing Development Corporation tax-deductible?
Bangor Housing Development Corporation is registered as a tax-exempt nonprofit (EIN: 222970652). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Bangor Housing Development Corporation's spending goes to programs?
Bangor Housing Development Corporation directs 80% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Bangor Housing Development Corporation located?
Bangor Housing Development Corporation is headquartered in Bangor, Maine and files with the IRS under EIN 222970652.
How many years of IRS 990 filings does Bangor Housing Development Corporation have?
Bangor Housing Development 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 $3.6M in total revenue.
What does Bangor Housing Development Corporation do?
Bangor Housing Development Corporation is a nonprofit organization in the Unknown sector, located in Bangor, Maine. It is classified under NTEE code Unknown.
How much revenue does Bangor Housing Development Corporation have?
Bangor Housing Development Corporation reported total revenue of $3,558,806. Based on 12 IRS 990 filings on record.
What are Bangor Housing Development Corporation's total assets?
Bangor Housing Development Corporation holds total assets of $11,329,345 as reported in IRS 990 filings.
Where is Bangor Housing Development Corporation located?
Bangor Housing Development Corporation is based in Bangor, Maine.
What is Bangor Housing Development Corporation's EIN?
Bangor Housing Development Corporation's Employer Identification Number (EIN) is 222970652. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Bangor Housing Development Corporation?
Bangor Housing Development Corporation is classified under NTEE code Unknown (Unknown).
Is Bangor Housing Development Corporation a registered 501(c)(3)?
Bangor Housing Development Corporation appears in IRS records (EIN: 222970652). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Bangor Housing Development Corporation file IRS Form 990?
Yes, Bangor Housing Development Corporation has 12 IRS Form 990 filings on record. The most recent covers tax period 202306.
What was Bangor Housing Development Corporation's revenue in 2023?
In the 202306 filing period, Bangor Housing Development Corporation reported total revenue of $2,693,999, total expenses of $3,036,759, and net assets of $18,401,431.
Is Bangor Housing Development Corporation's revenue growing or declining?
Bangor Housing Development Corporation's revenue is relatively stable. Revenue went from $2,631,454 (202206) to $2,693,999 (202306), a +2.4% change. Based on 12 filings on record.
What is Bangor Housing Development Corporation's most recent 990 filing?
The most recent IRS Form 990 filing for Bangor Housing Development Corporation covers tax period 202306. It shows revenue of $2,693,999, expenses of $3,036,759, total assets of $18,401,431, and liabilities of $15,906,484.
How much does Bangor Housing Development Corporation spend on programs vs administration?
Based on IRS 990 analysis, Bangor Housing Development Corporation allocates approximately 80% of expenses to program services, 10% to administrative costs, and 10% to fundraising. This indicates strong program focus.
Is Bangor Housing Development Corporation a trustworthy charity?
Based on AI analysis of IRS 990 data, Bangor Housing Development Corporation appears trustworthy. Mission Score: 75/100 (Good). No red flags identified. 3 strengths noted.
What are Bangor Housing Development Corporation's strengths?
Positive indicators for Bangor Housing Development Corporation include: Consistent revenue generation over several years, indicating stable operations.. Healthy asset base (e.g., $11,329,345 in 2023) relative to liabilities, suggesting financial stability.. Long operational history with consistent filing of financial data.. These findings are derived from AI analysis of the organization's financial filings.
How does Bangor Housing Development Corporation compensate executives?
Executive compensation information was not readily available in the provided data, making a specific assessment difficult without further investigation into their 990 filings for detailed salary breakdowns. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How does Bangor Housing Development Corporation's consistent revenue and asset growth contribute to its long-term mission of affordable housing?
The consistent revenue, such as $2,693,999 in 2023, and growing asset base, reaching $18,401,431 in 2023, provide a strong financial foundation. This stability allows for sustained investment in existing properties and potential expansion of affordable housing initiatives, ensuring the long-term viability and impact of their mission without relying heavily on volatile funding sources.
Filing History
IRS 990 filing history for Bangor Housing Development Corporation showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Bangor Housing Development Corporation's revenue has declined by 6.1%, moving from $2.9M to $2.7M. Total assets increased by 153.3% over the same period, from $7.3M to $18.4M. Total functional expenses rose by 142.5%, from $1.3M to $3.0M. In its most recent filing year (2023), Bangor Housing Development Corporation reported a deficit of $343K, with expenses exceeding revenue. The organization holds $15.9M in liabilities against $18.4M in assets (debt-to-asset ratio: 86.4%), resulting in net assets of $2.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.7M | $3.0M | $18.4M | $15.9M | — | View 990 |
| 2022 | $2.6M | $3.1M | $11.2M | $8.4M | — | View 990 |
| 2021 | $2.6M | $2.7M | $11.3M | $8.0M | — | View 990 |
| 2020 | $2.5M | $2.8M | $11.6M | $8.2M | — | View 990 |
| 2019 | $3.6M | $2.7M | $11.9M | $8.1M | — | View 990 |
| 2018 | $2.2M | $2.4M | $11.2M | $8.4M | — | View 990 |
| 2017 | $2.0M | $2.4M | $9.8M | $6.8M | — | View 990 |
| 2016 | $2.1M | $2.2M | $8.8M | $5.4M | — | View 990 |
| 2015 | $1.6M | $1.7M | $8.7M | $5.2M | — | View 990 |
| 2014 | $1.4M | $1.6M | $7.0M | $3.4M | — | View 990 |
| 2013 | $1.4M | $1.4M | $7.1M | $3.3M | — | View 990 |
| 2012 | $2.9M | $1.3M | $7.3M | $3.5M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.7M, expenses of $3.0M, and assets of $18.4M (revenue +2.4% year-over-year).
- 2022: Revenue of $2.6M, expenses of $3.1M, and assets of $11.2M (revenue +2.5% year-over-year).
- 2021: Revenue of $2.6M, expenses of $2.7M, and assets of $11.3M (revenue +2.4% year-over-year).
- 2020: Revenue of $2.5M, expenses of $2.8M, and assets of $11.6M (revenue -30.2% year-over-year).
- 2019: Revenue of $3.6M, expenses of $2.7M, and assets of $11.9M (revenue +66.4% year-over-year).
- 2018: Revenue of $2.2M, expenses of $2.4M, and assets of $11.2M (revenue +7.4% year-over-year).
- 2017: Revenue of $2.0M, expenses of $2.4M, and assets of $9.8M (revenue -4.3% year-over-year).
- 2016: Revenue of $2.1M, expenses of $2.2M, and assets of $8.8M (revenue +33.2% year-over-year).
- 2015: Revenue of $1.6M, expenses of $1.7M, and assets of $8.7M (revenue +14.6% year-over-year).
- 2014: Revenue of $1.4M, expenses of $1.6M, and assets of $7.0M (revenue +0.3% year-over-year).
- 2013: Revenue of $1.4M, expenses of $1.4M, and assets of $7.1M (revenue -52.2% year-over-year).
- 2012: Revenue of $2.9M, expenses of $1.3M, and assets of $7.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Bangor Housing Development Corporation:
Data Sources and Methodology
This transparency report for Bangor 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.