Canaan Housing Development Fund Corporation
Canaan Housing Development Fund Corporation shows recent financial surpluses but carries substantial long-term liabilities.
EIN: 133091591 · Queens Vlg, NY · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.5M |
| Total Expenses | $2.0M |
| Program Spending | 85% |
| Net Assets | $-3,626,577 |
| Transparency Score | 70/100 |
Is Canaan 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 →
Canaan Housing Development Fund Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Canaan Housing Development Fund Corporation
Canaan Housing Development Fund Corporation (EIN: 133091591) is a nonprofit organization based in Queens Vlg, NY. The organization reported total revenue of $2.5M and total assets of $4.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Canaan Housing Development Fund Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Canaan Housing Development Fund Corporation is a mid-size nonprofit that has been operating for 44 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.4M |
| Total Expenses | $2.0M |
| Surplus / Deficit | +$402K |
| Total Assets | $3.6M |
| Total Liabilities | $7.2M |
| Net Assets | $-3,626,577 |
| Operating Margin | 16.6% |
| Debt-to-Asset Ratio | 200.5% |
| Months of Reserves | 21.5 months |
Financial Health Grade: A
In 2023, Canaan Housing Development Fund Corporation reported a surplus of $402K with revenue exceeding expenses, holds 21.5 months of operating reserves (strong position), has a debt-to-asset ratio of 200.5% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Canaan Housing Development Fund Corporation's revenue has grown at a compound annual growth rate (CAGR) of 3.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +20.9% | +2.1% | +23.4% |
| 2022 | +14.5% | +12.0% | -20.4% |
| 2021 | +1.3% | -3.7% | +12.6% |
| 2020 | -6.5% | +11.4% | -10.8% |
| 2019 | +1.0% | -3.2% | +8.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1982 |
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 Canaan Housing Development Fund Corporation with a Mission Score of 70 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: 85%
- fundraising: 5%
According to IRS 990 filings, Canaan 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 surplus of $402K, with revenue exceeding expenses.
- Debt-to-asset ratio: 200.5%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, suggesting either a volunteer-led executive team or compensation structured in a way that is not reported as direct officer compensation on the 990, which could impact 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 Canaan Housing Development Fund Corporation's IRS 990 filings:
- Consistently high liabilities relative to assets, with liabilities often more than double the assets (e.g., $7,236,456 liabilities vs. $3,609,879 assets in 2023).
- Lack of reported officer compensation across all filings, which could indicate a lack of transparency if compensation is simply reclassified or not fully disclosed.
Strengths
The following positive indicators were identified for Canaan Housing Development Fund Corporation:
- Consistent filing of IRS Form 990s over 13 periods, demonstrating a commitment to transparency and regulatory compliance.
- Recent financial periods (2022, 2023) show revenues exceeding expenses, indicating operational stability and a positive net income trend.
- Assets have shown growth in recent years, increasing from $2,924,178 in 2022 to $3,609,879 in 2023.
Frequently Asked Questions about Canaan Housing Development Fund Corporation
Is Canaan Housing Development Fund Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Canaan Housing Development Fund Corporation (EIN: 133091591) some concerns. Mission Score: 70/100. 2 red flags identified, 3 strengths noted.
How does Canaan Housing Development Fund Corporation spend its money?
Canaan Housing Development Fund Corporation directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Canaan Housing Development Fund Corporation tax-deductible?
Canaan Housing Development Fund Corporation is registered as a tax-exempt nonprofit (EIN: 133091591). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Canaan Housing Development Fund Corporation's spending goes to programs?
Canaan Housing Development Fund Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Canaan Housing Development Fund Corporation located?
Canaan Housing Development Fund Corporation is headquartered in Queens Vlg, New York and files with the IRS under EIN 133091591.
How many years of IRS 990 filings does Canaan Housing Development Fund Corporation have?
Canaan Housing Development Fund 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 $2.5M in total revenue.
What is the nature of Canaan Housing Development Fund Corporation's significant liabilities?
The filings consistently show liabilities significantly exceeding assets (e.g., $7,236,456 in liabilities vs. $3,609,879 in assets in 2023). Understanding the composition of these liabilities (e.g., mortgages, program-related investments, or other debt) is crucial for a complete financial assessment.
How does Canaan Housing Development Fund Corporation achieve its mission without reported officer compensation?
The consistent reporting of 0% officer compensation across all filings raises questions about how executive leadership is compensated or if the organization is entirely volunteer-run at the executive level. This could be a strength in terms of low overhead, but also warrants clarity.
What are the specific program activities and their associated costs?
While the organization shows overall financial stability, the IRS 990 data provided does not detail the breakdown of expenses into specific program activities, administrative costs, and fundraising. This information is essential for assessing spending efficiency and program impact.
Filing History
IRS 990 filing history for Canaan Housing Development Fund Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Canaan Housing Development Fund Corporation's revenue has grown by 58.9%, moving from $1.5M to $2.4M. Total assets increased by 122.6% over the same period, from $1.6M to $3.6M. Total functional expenses rose by 34%, from $1.5M to $2.0M. In its most recent filing year (2023), Canaan Housing Development Fund Corporation reported a surplus of $402K, with revenue exceeding expenses. The organization holds $7.2M in liabilities against $3.6M in assets (debt-to-asset ratio: 200.5%), resulting in net assets of $-3,626,577.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.4M | $2.0M | $3.6M | $7.2M | — | — |
| 2022 | $2.0M | $2.0M | $2.9M | $7.0M | — | View 990 |
| 2021 | $1.7M | $1.8M | $3.7M | $7.7M | — | View 990 |
| 2020 | $1.7M | $1.8M | $3.3M | $7.3M | — | — |
| 2019 | $1.8M | $1.6M | $3.7M | $7.6M | — | View 990 |
| 2018 | $1.8M | $1.7M | $3.4M | $7.5M | — | View 990 |
| 2017 | $1.8M | $1.8M | $3.1M | $7.3M | — | View 990 |
| 2016 | $1.6M | $1.8M | $1.1M | $5.4M | — | View 990 |
| 2015 | $1.6M | $1.7M | $1.3M | $5.4M | — | View 990 |
| 2014 | $1.6M | $1.8M | $1.5M | $5.4M | — | View 990 |
| 2013 | $1.6M | $1.7M | $1.6M | $5.3M | — | View 990 |
| 2012 | $1.6M | $1.6M | $1.6M | $5.3M | — | View 990 |
| 2011 | $1.5M | $1.5M | $1.6M | $5.3M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.4M, expenses of $2.0M, and assets of $3.6M (revenue +20.9% year-over-year).
- 2022: Revenue of $2.0M, expenses of $2.0M, and assets of $2.9M (revenue +14.5% year-over-year).
- 2021: Revenue of $1.7M, expenses of $1.8M, and assets of $3.7M (revenue +1.3% year-over-year).
- 2020: Revenue of $1.7M, expenses of $1.8M, and assets of $3.3M (revenue -6.5% year-over-year).
- 2019: Revenue of $1.8M, expenses of $1.6M, and assets of $3.7M (revenue +1.0% year-over-year).
- 2018: Revenue of $1.8M, expenses of $1.7M, and assets of $3.4M (revenue +2.7% year-over-year).
- 2017: Revenue of $1.8M, expenses of $1.8M, and assets of $3.1M (revenue +11.9% year-over-year).
- 2016: Revenue of $1.6M, expenses of $1.8M, and assets of $1.1M (revenue +0.1% year-over-year).
- 2015: Revenue of $1.6M, expenses of $1.7M, and assets of $1.3M (revenue +1.8% year-over-year).
- 2014: Revenue of $1.6M, expenses of $1.8M, and assets of $1.5M (revenue -1.5% year-over-year).
- 2013: Revenue of $1.6M, expenses of $1.7M, and assets of $1.6M (revenue -0.3% year-over-year).
- 2012: Revenue of $1.6M, expenses of $1.6M, and assets of $1.6M (revenue +4.4% year-over-year).
- 2011: Revenue of $1.5M, expenses of $1.5M, and assets of $1.6M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Canaan Housing Development Fund Corporation:
Data Sources and Methodology
This transparency report for Canaan 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.