Broadway Apartment Corporation
Broadway Apartment Corporation consistently operates at a deficit, with liabilities exceeding assets.
EIN: 20741058 · Duluth, GA · NTEE: L20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $490K |
| Total Expenses | $506K |
| Program Spending | 80% |
| Net Assets | $-1,137,697 |
| Transparency Score | 65/100 |
Is Broadway Apartment Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Broadway Apartment Corporation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Broadway Apartment Corporation
Broadway Apartment Corporation (EIN: 20741058) is a nonprofit organization based in Duluth, GA, classified under NTEE code L20. The organization reported total revenue of $490K and total assets of $3.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Broadway Apartment Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Broadway Apartment Corporation is a small nonprofit that has been operating for 21 years, with 12 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of 6.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $449K |
| Total Expenses | $506K |
| Surplus / Deficit | $-56,257 |
| Total Assets | $3.0M |
| Total Liabilities | $4.1M |
| Net Assets | $-1,137,697 |
| Operating Margin | -12.5% |
| Debt-to-Asset Ratio | 138.5% |
| Months of Reserves | 70.1 months |
Financial Health Grade: C
In 2023, Broadway Apartment Corporation reported a deficit of $56K with expenses exceeding revenue, holds 70.1 months of operating reserves (strong position), has a debt-to-asset ratio of 138.5% (high leverage).
Financial Trends
Over 12 years of filings (2012–2023), Broadway Apartment Corporation's revenue has grown at a compound annual growth rate (CAGR) of 6.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +7.8% | +0.7% | -2.0% |
| 2022 | +2.4% | -0.8% | -3.3% |
| 2021 | +2.6% | +6.9% | -2.4% |
| 2020 | -12.4% | -8.7% | -4.6% |
| 2019 | +22.7% | +13.2% | +0.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2005 |
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 Broadway Apartment Corporation with a Mission Score of 65 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Broadway Apartment Corporation allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. 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 $56K, with expenses exceeding revenue.
- Debt-to-asset ratio: 138.5%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no salaries or other compensation were paid to officers, directors, trustees, or key employees. This is a highly positive aspect, suggesting that leadership is either volunteer-based or compensated through other means not reported as officer compensation, which contributes to a very low administrative overhead related to executive pay.
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 Broadway Apartment Corporation's IRS 990 filings:
- Consistent operating deficits (e.g., $56,257 in 2023)
- Liabilities consistently exceed assets (e.g., $4,091,708 liabilities vs. $2,954,011 assets in 2023)
- Declining asset base over the past decade (from $3.69M in 2014 to $2.95M in 2023)
Strengths
The following positive indicators were identified for Broadway Apartment Corporation:
- No reported officer compensation (0% across all filings)
- Consistent filing of IRS Form 990s, indicating transparency
- Stable revenue generation, albeit insufficient to cover expenses
Frequently Asked Questions about Broadway Apartment Corporation
Is Broadway Apartment Corporation a legitimate charity?
Broadway Apartment Corporation (EIN: 20741058) is a registered tax-exempt nonprofit based in Georgia. Our AI analysis gives it a Mission Score of 65/100. It has 12 years of IRS 990 filings on record. Total revenue: $490K. 3 red flags identified. 3 strengths noted. Financial health grade: C.
How does Broadway Apartment Corporation spend its money?
Broadway Apartment Corporation directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Broadway Apartment Corporation tax-deductible?
Broadway Apartment Corporation is registered as a tax-exempt nonprofit (EIN: 20741058). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Broadway Apartment Corporation's spending goes to programs?
Broadway Apartment Corporation directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Broadway Apartment Corporation compare to similar nonprofits?
With a transparency score of 65/100 (Good), Broadway Apartment Corporation is above average for NTEE category L20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Broadway Apartment Corporation located?
Broadway Apartment Corporation is headquartered in Duluth, Georgia and files with the IRS under EIN 20741058. It is classified under NTEE code L20.
How many years of IRS 990 filings does Broadway Apartment Corporation have?
Broadway Apartment 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 $490K in total revenue.
How does Broadway Apartment Corporation cover its consistent operating deficits?
The organization consistently reports expenses exceeding revenue, for instance, a $56,257 deficit in 2023. This suggests they are either drawing down on reserves, receiving non-revenue contributions not detailed, or have other funding mechanisms not immediately apparent from the top-line revenue and expense figures.
What is the nature of the high liabilities, and how are they being managed?
Liabilities have consistently been around $4 million, significantly higher than assets. Understanding the nature of these liabilities (e.g., mortgages, bonds, program-related investments) and the repayment strategy is crucial for assessing long-term financial stability.
Given the declining asset base, what is the long-term financial strategy?
Assets have decreased from $3,696,907 in 2014 to $2,954,011 in 2023. This trend, coupled with operating deficits, raises questions about the organization's long-term financial sustainability and strategy for asset preservation or growth.
Are there plans to increase revenue or reduce expenses to achieve financial equilibrium?
With consistent operating deficits, the organization would benefit from a clear strategy to either boost revenue streams or implement cost-cutting measures to achieve a more balanced financial position.
Filing History
IRS 990 filing history for Broadway Apartment Corporation showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Broadway Apartment Corporation's revenue has grown by 103.5%, moving from $221K to $449K. Total assets decreased by 23.3% over the same period, from $3.8M to $3.0M. Total functional expenses rose by 49.6%, from $338K to $506K. In its most recent filing year (2023), Broadway Apartment Corporation reported a deficit of $56K, with expenses exceeding revenue. The organization holds $4.1M in liabilities against $3.0M in assets (debt-to-asset ratio: 138.5%), resulting in net assets of $-1,137,697.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $449K | $506K | $3.0M | $4.1M | — | View 990 |
| 2022 | $417K | $502K | $3.0M | $4.1M | — | View 990 |
| 2021 | $407K | $507K | $3.1M | $4.1M | — | View 990 |
| 2020 | $397K | $474K | $3.2M | $4.1M | — | View 990 |
| 2019 | $453K | $519K | $3.3M | $4.2M | — | View 990 |
| 2018 | $369K | $458K | $3.3M | $4.1M | — | View 990 |
| 2017 | $359K | $434K | $3.4M | $4.1M | — | View 990 |
| 2016 | $354K | $462K | $3.5M | $4.1M | — | View 990 |
| 2015 | $324K | $407K | $3.6M | $4.1M | — | View 990 |
| 2014 | $330K | $405K | $3.7M | $4.1M | — | View 990 |
| 2013 | $326K | $404K | $3.8M | $4.1M | — | View 990 |
| 2012 | $221K | $338K | $3.8M | $4.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $449K, expenses of $506K, and assets of $3.0M (revenue +7.8% year-over-year).
- 2022: Revenue of $417K, expenses of $502K, and assets of $3.0M (revenue +2.4% year-over-year).
- 2021: Revenue of $407K, expenses of $507K, and assets of $3.1M (revenue +2.6% year-over-year).
- 2020: Revenue of $397K, expenses of $474K, and assets of $3.2M (revenue -12.4% year-over-year).
- 2019: Revenue of $453K, expenses of $519K, and assets of $3.3M (revenue +22.7% year-over-year).
- 2018: Revenue of $369K, expenses of $458K, and assets of $3.3M (revenue +2.8% year-over-year).
- 2017: Revenue of $359K, expenses of $434K, and assets of $3.4M (revenue +1.6% year-over-year).
- 2016: Revenue of $354K, expenses of $462K, and assets of $3.5M (revenue +9.4% year-over-year).
- 2015: Revenue of $324K, expenses of $407K, and assets of $3.6M (revenue -2.0% year-over-year).
- 2014: Revenue of $330K, expenses of $405K, and assets of $3.7M (revenue +1.2% year-over-year).
- 2013: Revenue of $326K, expenses of $404K, and assets of $3.8M (revenue +47.8% year-over-year).
- 2012: Revenue of $221K, expenses of $338K, and assets of $3.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Broadway Apartment Corporation:
Data Sources and Methodology
This transparency report for Broadway Apartment 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.