Council Towers Iii Housing Development Fund Corporation

Council Towers Iii Housing Development Fund Corporation consistently operates at a deficit, with expenses exceeding revenue annually.

EIN: 133857947 · New York, NY · NTEE: L200 · Updated: 2026-03-28

$2.0MRevenue

$3.8MAssets

75/100Mission Score (Good)

L200

About Council Towers Iii Housing Development Fund Corporation

Council Towers Iii Housing Development Fund Corporation (EIN: 133857947) is a nonprofit organization based in New York, NY, classified under NTEE code L200. The organization reported total revenue of $2.0M and total assets of $3.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Council Towers Iii Housing Development Fund Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Council Towers Iii Housing Development Fund Corporation appears to be a stable, albeit deficit-spending, organization focused on its program services. Over the past several years, the organization has consistently reported expenses exceeding revenue, for example, in 2023, expenses were $2,216,417 against revenues of $1,852,122. This trend suggests a reliance on existing assets or other funding mechanisms to cover operational costs, as total assets have steadily declined from $7,531,589 in 2014 to $3,970,322 in 2023. The organization's NTEE code L200 (Housing Development, Construction & Management) indicates a clear program focus, and the absence of reported officer compensation across all filings suggests a lean administrative structure, which is a positive indicator for spending efficiency. However, the consistent operating deficits warrant closer examination to understand their long-term financial sustainability strategy.

The organization's financial health, while showing consistent deficits, is supported by substantial assets relative to its annual revenue, though these assets are declining. The liabilities, consistently around $12-13 million, are significantly higher than assets, indicating a highly leveraged financial structure. The lack of officer compensation is a strong point for spending efficiency and transparency, as it suggests resources are directed towards the mission rather than executive salaries. However, the sustained negative net income year over year, with expenses consistently outpacing revenue, is a significant concern for long-term viability if not addressed by new funding or reduced spending.

Overall, Council Towers Iii demonstrates a commitment to its program by not reporting executive compensation, which enhances its transparency and efficiency score. However, the persistent operational deficits and declining asset base are critical areas for potential donors or stakeholders to investigate further. The organization's ability to sustain its operations with a consistent revenue shortfall needs a clear explanation to fully assess its financial health and long-term impact.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Council Towers Iii Housing Development Fund 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: 90%
fundraising: 0%

According to IRS 990 filings, Council Towers Iii Housing Development Fund Corporation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation, which is highly favorable for directing funds towards the organization's mission.

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 Council Towers Iii Housing Development Fund Corporation's IRS 990 filings:

Consistent operational deficits, with expenses exceeding revenue in every reported year (e.g., $2,216,417 expenses vs. $1,852,122 revenue in 2023).
Declining asset base over the past decade, from $7,531,589 in 2014 to $3,970,322 in 2023.
High liabilities ($12-13 million) significantly outweighing assets, indicating a highly leveraged financial position.
No reported fundraising expenses, which could contribute to the consistent revenue shortfalls.

Strengths

The following positive indicators were identified for Council Towers Iii Housing Development Fund Corporation:

100% of officer compensation reported as $0 across all filings, indicating strong financial stewardship regarding executive pay.
Clear program focus as indicated by NTEE code L200 (Housing Development, Construction & Management).
Consistent operation for over a decade, demonstrating resilience despite financial challenges.

Frequently Asked Questions about Council Towers Iii Housing Development Fund Corporation

How does Council Towers Iii Housing Development Fund Corporation cover its consistent operational deficits?

The organization consistently reports expenses exceeding revenue, for example, $2,216,417 in expenses versus $1,852,122 in revenue in 2023. This suggests they are either drawing down on assets or utilizing other non-revenue funding sources to cover the gap.

What is the long-term strategy for addressing the declining asset base?

Assets have decreased from $7,531,589 in 2014 to $3,970,322 in 2023. This consistent decline, coupled with operational deficits, raises questions about the sustainability of the organization's financial model.

Given the high liabilities relative to assets, what is the nature of these liabilities?

Liabilities have consistently been around $12-13 million, significantly higher than assets. Understanding if these are long-term mortgages, bonds, or other forms of debt is crucial for assessing financial risk.

Does the organization have a fundraising strategy, given the 0% allocation to fundraising?

With 0% allocated to fundraising, it's unclear how the organization plans to generate additional revenue to offset its operational deficits and declining assets, especially if it relies on external support.

Filing History

IRS 990 filing history for Council Towers Iii Housing Development Fund Corporation showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Council Towers Iii Housing Development Fund Corporation's revenue has grown by 121.6%, moving from $836K to $1.9M. Total assets decreased by 57.1% over the same period, from $9.3M to $4.0M. Total functional expenses rose by 56.5%, from $1.4M to $2.2M. In its most recent filing year (2023), Council Towers Iii Housing Development Fund Corporation reported a deficit of $364K, with expenses exceeding revenue. The organization holds $12.9M in liabilities against $4.0M in assets (debt-to-asset ratio: 325.3%), resulting in net assets of $-8,945,988.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$1.9M	$2.2M	$4.0M	$12.9M	—	—
2022	$1.8M	$2.1M	$4.2M	$12.7M	—	View 990
2021	$1.7M	$2.3M	$5.1M	$13.3M	—	View 990
2020	$1.6M	$2.1M	$5.1M	$12.8M	—	View 990
2019	$1.4M	$1.8M	$5.5M	$12.7M	—	View 990
2018	$1.4M	$1.8M	$5.8M	$12.7M	—	View 990
2017	$1.3M	$1.7M	$6.4M	$12.8M	—	—
2016	$1.2M	$1.6M	$6.6M	$12.7M	—	View 990
2015	$1.2M	$1.6M	$7.3M	$12.9M	—	View 990
2014	$994K	$1.5M	$7.5M	$12.7M	—	View 990
2013	$839K	$1.5M	$8.1M	$12.8M	—	View 990
2012	$844K	$1.5M	$8.6M	$12.6M	—	View 990
2011	$836K	$1.4M	$9.3M	$12.7M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $1.9M, expenses of $2.2M, and assets of $4.0M (revenue +2.7% year-over-year).
2022: Revenue of $1.8M, expenses of $2.1M, and assets of $4.2M (revenue +5.0% year-over-year).
2021: Revenue of $1.7M, expenses of $2.3M, and assets of $5.1M (revenue +6.4% year-over-year).
2020: Revenue of $1.6M, expenses of $2.1M, and assets of $5.1M (revenue +13.1% year-over-year).
2019: Revenue of $1.4M, expenses of $1.8M, and assets of $5.5M (revenue +2.1% year-over-year).
2018: Revenue of $1.4M, expenses of $1.8M, and assets of $5.8M (revenue +5.4% year-over-year).
2017: Revenue of $1.3M, expenses of $1.7M, and assets of $6.4M (revenue +14.9% year-over-year).
2016: Revenue of $1.2M, expenses of $1.6M, and assets of $6.6M (revenue +-0.0% year-over-year).
2015: Revenue of $1.2M, expenses of $1.6M, and assets of $7.3M (revenue +16.2% year-over-year).
2014: Revenue of $994K, expenses of $1.5M, and assets of $7.5M (revenue +18.5% year-over-year).
2013: Revenue of $839K, expenses of $1.5M, and assets of $8.1M (revenue -0.6% year-over-year).
2012: Revenue of $844K, expenses of $1.5M, and assets of $8.6M (revenue +1.0% year-over-year).
2011: Revenue of $836K, expenses of $1.4M, and assets of $9.3M.

Data Sources and Methodology

This transparency report for Council Towers Iii 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.