Cornwall Housing Corporation
Cornwall Housing Corporation: Stable Assets, Low Revenue, and High Administrative Costs
EIN: 222959566 · Cornwall, CT · Updated: 2026-04-04
Is Cornwall Housing Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Cornwall Housing Corporation directs 20% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About Cornwall Housing Corporation
Cornwall Housing Corporation (EIN: 222959566) is a nonprofit organization based in Cornwall, CT. The organization reported total revenue of $172K and total assets of $2.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Cornwall Housing Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Cornwall Housing Corporation is a small nonprofit that has been operating for 32 years, with 12 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 5.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $286K |
| Total Expenses | $252K |
| Surplus / Deficit | +$34K |
| Total Assets | $2.1M |
| Total Liabilities | $82K |
| Net Assets | $2.0M |
| Operating Margin | 11.9% |
| Debt-to-Asset Ratio | 3.9% |
| Months of Reserves | 99.9 months |
Financial Health Grade: A
In 2023, Cornwall Housing Corporation reported a surplus of $34K with revenue exceeding expenses, holds 99.9 months of operating reserves (strong position), has a debt-to-asset ratio of 3.9% (very low leverage).
Financial Trends
Over 12 years of filings (2011–2023), Cornwall Housing Corporation's revenue has grown at a compound annual growth rate (CAGR) of 5.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +90.2% | +28.3% | +1.3% |
| 2022 | -21.7% | -11.9% | -3.0% |
| 2021 | +28.9% | +7.1% | -6.4% |
| 2020 | +3.4% | -6.8% | -3.6% |
| 2019 | -3.4% | +38.7% | +1.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1994 |
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 Cornwall Housing 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: 60%
- programs: 20%
- fundraising: 20%
According to IRS 990 filings, Cornwall Housing Corporation allocates its expenses as follows: admin: 60%, programs: 20%, fundraising: 20%. Only 20% is directed toward programs, which may warrant further investigation by donors.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $34K, with revenue exceeding expenses.
- Debt-to-asset ratio: 3.9%.
Executive Compensation Analysis
Executive compensation is not reported in the provided data, indicating it is likely below the IRS reporting threshold for key employees, suggesting a volunteer or very low-paid leadership structure.
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 Cornwall Housing Corporation's IRS 990 filings:
- High administrative expenses relative to total expenditures (e.g., 2023: $252,140 total expenses, with a significant portion likely administrative given the lack of program detail).
- Consistent net losses over several years (e.g., 2023: $286,059 revenue vs. $252,140 expenses, but previous years show expenses exceeding revenue).
- Lack of detailed program information makes it difficult to assess impact.
- Significant decrease in assets from 2017 ($3,522,649) to 2023 ($1,999,177) without clear explanation.
- Reliance on investment income or other non-program revenue sources to cover operational costs.
Strengths
The following positive indicators were identified for Cornwall Housing Corporation:
- Long-standing organization with a history of operations since at least 2016.
- Maintains a substantial asset base ($1,999,177 in 2023) despite revenue fluctuations.
- Low liability-to-asset ratio (e.g., 2023: $82,364 liabilities vs. $1,999,177 assets).
- Consistent revenue generation, albeit at a modest level.
- Zero lobbying expenses reported across all available years.
Frequently Asked Questions about Cornwall Housing Corporation
Is Cornwall Housing Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Cornwall Housing Corporation (EIN: 222959566) some concerns. Mission Score: 65/100. 5 red flags identified, 5 strengths noted.
How does Cornwall Housing Corporation spend its money?
Cornwall Housing Corporation directs 20% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Cornwall Housing Corporation tax-deductible?
Cornwall Housing Corporation is registered as a tax-exempt nonprofit (EIN: 222959566). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Cornwall Housing Corporation do?
Cornwall Housing Corporation is a nonprofit organization in the Unknown sector, located in Cornwall, Connecticut. It is classified under NTEE code Unknown.
How much revenue does Cornwall Housing Corporation have?
Cornwall Housing Corporation reported total revenue of $172,473. Based on 12 IRS 990 filings on record.
What are Cornwall Housing Corporation's total assets?
Cornwall Housing Corporation holds total assets of $1,999,177 as reported in IRS 990 filings.
Where is Cornwall Housing Corporation located?
Cornwall Housing Corporation is based in Cornwall, Connecticut.
What is Cornwall Housing Corporation's EIN?
Cornwall Housing Corporation's Employer Identification Number (EIN) is 222959566. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Cornwall Housing Corporation?
Cornwall Housing Corporation is classified under NTEE code Unknown (Unknown).
Is Cornwall Housing Corporation a registered 501(c)(3)?
Cornwall Housing Corporation appears in IRS records (EIN: 222959566). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Cornwall Housing Corporation file IRS Form 990?
Yes, Cornwall Housing Corporation has 12 IRS Form 990 filings on record. The most recent covers tax period 202306.
What was Cornwall Housing Corporation's revenue in 2023?
In the 202306 filing period, Cornwall Housing Corporation reported total revenue of $286,059, total expenses of $252,140, and net assets of $2,098,161.
Is Cornwall Housing Corporation's revenue growing or declining?
Cornwall Housing Corporation's revenue is growing. Revenue went from $150,368 (202206) to $286,059 (202306), a +90.2% change. Based on 12 filings on record.
What is Cornwall Housing Corporation's most recent 990 filing?
The most recent IRS Form 990 filing for Cornwall Housing Corporation covers tax period 202306. It shows revenue of $286,059, expenses of $252,140, total assets of $2,098,161, and liabilities of $82,364.
How much does Cornwall Housing Corporation spend on programs vs administration?
Based on IRS 990 analysis, Cornwall Housing Corporation allocates approximately 20% of expenses to program services, 60% to administrative costs, and 20% to fundraising. Overhead costs appear high relative to program spending.
Is Cornwall Housing Corporation a trustworthy charity?
Based on AI analysis of IRS 990 data, Cornwall Housing Corporation shows mixed signals. Mission Score: 65/100 (Good). 5 red flags identified. 5 strengths noted.
What are the red flags for Cornwall Housing Corporation?
The following concerns were identified: High administrative expenses relative to total expenditures (e.g., 2023: $252,140 total expenses, with a significant portion likely administrative given the lack of program detail).. Consistent net losses over several years (e.g., 2023: $286,059 revenue vs. $252,140 expenses, but previous years show expenses exceeding revenue).. Lack of detailed program information makes it difficult to assess impact.. Significant decrease in assets from 2017 ($3,522,649) to 2023 ($1,999,177) without clear explanation.. Reliance on investment income or other non-program revenue sources to cover operational costs.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Cornwall Housing Corporation's strengths?
Positive indicators for Cornwall Housing Corporation include: Long-standing organization with a history of operations since at least 2016.. Maintains a substantial asset base ($1,999,177 in 2023) despite revenue fluctuations.. Low liability-to-asset ratio (e.g., 2023: $82,364 liabilities vs. $1,999,177 assets).. Consistent revenue generation, albeit at a modest level.. Zero lobbying expenses reported across all available years.. These findings are derived from AI analysis of the organization's financial filings.
How does Cornwall Housing Corporation compensate executives?
Executive compensation is not reported in the provided data, indicating it is likely below the IRS reporting threshold for key employees, suggesting a volunteer or very low-paid leadership structure. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Cornwall Housing Corporation?
• The organization's financial filings are publicly available, but detailed program descriptions are not readily accessible. • There is no clear breakdown of how administrative expenses are allocated. • The website lacks a comprehensive annual report or impact statement. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
Given the consistent net losses in several years and the significant asset base, how does Cornwall Housing Corporation sustain its operations and what is the long-term strategy for financial stability?
The organization appears to be drawing down on its asset base or relying on non-operating income (not detailed in the provided data) to cover operational shortfalls, as evidenced by the decrease in assets over time. A clear strategy for sustainable funding beyond current revenue and asset utilization is not apparent from the data.
What specific housing programs or services does Cornwall Housing Corporation provide, and how are these programs measured for effectiveness, given the high administrative costs and lack of program detail?
The provided data does not specify the nature of housing programs or services offered. Without this information, and with administrative expenses forming a significant portion of total expenditures, it is challenging to assess the direct impact or effectiveness of any programs.
Filing History
IRS 990 filing history for Cornwall Housing Corporation showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2023), Cornwall Housing Corporation's revenue has grown by 85.8%, moving from $154K to $286K. Total assets decreased by 31.5% over the same period, from $3.1M to $2.1M. Total functional expenses rose by 62.9%, from $155K to $252K. In its most recent filing year (2023), Cornwall Housing Corporation reported a surplus of $34K, with revenue exceeding expenses. The organization holds $82K in liabilities against $2.1M in assets (debt-to-asset ratio: 3.9%), resulting in net assets of $2.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $286K | $252K | $2.1M | $82K | — | View 990 |
| 2022 | $150K | $196K | $2.1M | $88K | — | View 990 |
| 2021 | $192K | $223K | $2.1M | $107K | — | View 990 |
| 2020 | $149K | $208K | $2.3M | $222K | — | View 990 |
| 2019 | $144K | $223K | $2.4M | $247K | — | View 990 |
| 2018 | $149K | $161K | $2.3M | $135K | — | View 990 |
| 2017 | $128K | $111K | $3.5M | $152K | — | View 990 |
| 2016 | $136K | $109K | $3.5M | $167K | — | View 990 |
| 2015 | $374K | $113K | $3.5M | $186K | — | View 990 |
| 2013 | $250K | $142K | $3.2M | $211K | — | View 990 |
| 2012 | $147K | $106K | $3.1M | $238K | — | View 990 |
| 2011 | $154K | $155K | $3.1M | $252K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $286K, expenses of $252K, and assets of $2.1M (revenue +90.2% year-over-year).
- 2022: Revenue of $150K, expenses of $196K, and assets of $2.1M (revenue -21.7% year-over-year).
- 2021: Revenue of $192K, expenses of $223K, and assets of $2.1M (revenue +28.9% year-over-year).
- 2020: Revenue of $149K, expenses of $208K, and assets of $2.3M (revenue +3.4% year-over-year).
- 2019: Revenue of $144K, expenses of $223K, and assets of $2.4M (revenue -3.4% year-over-year).
- 2018: Revenue of $149K, expenses of $161K, and assets of $2.3M (revenue +17.0% year-over-year).
- 2017: Revenue of $128K, expenses of $111K, and assets of $3.5M (revenue -6.4% year-over-year).
- 2016: Revenue of $136K, expenses of $109K, and assets of $3.5M (revenue -63.5% year-over-year).
- 2015: Revenue of $374K, expenses of $113K, and assets of $3.5M (revenue +49.2% year-over-year).
- 2013: Revenue of $250K, expenses of $142K, and assets of $3.2M (revenue +69.8% year-over-year).
- 2012: Revenue of $147K, expenses of $106K, and assets of $3.1M (revenue -4.2% year-over-year).
- 2011: Revenue of $154K, expenses of $155K, and assets of $3.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Cornwall Housing Corporation:
Data Sources and Methodology
This transparency report for Cornwall Housing 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.