Credo Housing Development Corporation
Credo Housing Development Corporation: Consistent Operations, Limited Growth
EIN: 222813920 · Waterbury, CT · NTEE: L20Z · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $71K |
| Total Expenses | $156K |
| Program Spending | 70% |
| CEO/Top Officer Pay | $0 |
| Net Assets | $858K |
| Transparency Score | 75/100 |
Is Credo Housing Development Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Credo Housing Development Corporation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Credo Housing Development Corporation
Credo Housing Development Corporation (EIN: 222813920) is a nonprofit organization based in Waterbury, CT, classified under NTEE code L20Z. The organization reported total revenue of $71K and total assets of $833K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Credo Housing Development Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Credo Housing Development Corporation is a micro nonprofit that has been operating for 39 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -0.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $128K |
| Total Expenses | $156K |
| Surplus / Deficit | $-28,125 |
| Total Assets | $858K |
| Total Liabilities | $52 |
| Net Assets | $858K |
| Operating Margin | -22.0% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 66.0 months |
Financial Health Grade: B
In 2023, Credo Housing Development Corporation reported a deficit of $28K with expenses exceeding revenue, holds 66.0 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Credo Housing Development Corporation's revenue has declined at a compound annual growth rate (CAGR) of -0.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -57.5% | +9.8% | -4.6% |
| 2022 | +119.6% | +12.1% | +20.7% |
| 2021 | +1.6% | -0.4% | +1.0% |
| 2020 | -33.4% | -2.1% | +0.2% |
| 2019 | +47.9% | +3.8% | +3.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1987 |
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 Credo 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Credo Housing Development Corporation allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $28K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as $0 across all available filings, suggesting an all-volunteer leadership or that compensation is embedded within other operational expenses, which warrants further clarification.
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 Credo Housing Development Corporation's IRS 990 filings:
- Revenue has been highly inconsistent year-over-year, ranging from $71,129 in 2023 to $300,649 in 2022, indicating potential reliance on sporadic funding or project-based income.
- The consistent reporting of 0% compensation across all years could obscure actual executive benefits or indicate a lack of paid leadership, which might impact long-term sustainability.
- Liabilities have fluctuated significantly, from $52 in 2023 to $136,736 in 2016, suggesting varying financial obligations or debt management strategies.
Strengths
The following positive indicators were identified for Credo Housing Development Corporation:
- The organization consistently maintains a healthy asset base, with assets ranging from $714,092 to $898,668, demonstrating financial stability.
- Expenses have remained relatively stable over the years, typically around $125,000-$155,000, indicating consistent operational costs and potentially efficient management.
- The organization has consistently reported 0% compensation, which, if truly volunteer-led, represents a significant operational efficiency.
Frequently Asked Questions about Credo Housing Development Corporation
Is Credo Housing Development Corporation a legitimate charity?
Credo Housing Development Corporation (EIN: 222813920) is a registered tax-exempt nonprofit based in Connecticut. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $71K. 3 red flags identified. 3 strengths noted. Financial health grade: B.
How does Credo Housing Development Corporation spend its money?
Credo Housing Development Corporation directs 70% of its spending to programs and services. Fundraising costs 10%. This meets the 65% industry benchmark.
Are donations to Credo Housing Development Corporation tax-deductible?
Credo Housing Development Corporation is registered as a tax-exempt nonprofit (EIN: 222813920). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Credo Housing Development Corporation CEO make?
Credo Housing Development Corporation's highest-compensated officer earns $0 annually. The organization reported $71K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Credo Housing Development Corporation's spending goes to programs?
Credo Housing Development Corporation directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Credo Housing Development Corporation compare to similar nonprofits?
With a transparency score of 75/100 (Good), Credo Housing Development Corporation is above average for NTEE category L20Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Credo Housing Development Corporation located?
Credo Housing Development Corporation is headquartered in Waterbury, Connecticut and files with the IRS under EIN 222813920. It is classified under NTEE code L20Z.
How many years of IRS 990 filings does Credo Housing Development Corporation have?
Credo Housing Development 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 $71K in total revenue.
What does Credo Housing Development Corporation do?
Credo Housing Development Corporation is a nonprofit organization in the Housing & Shelter sector, located in Waterbury, Connecticut. It is classified under NTEE code L20Z.
How much revenue does Credo Housing Development Corporation have?
Credo Housing Development Corporation reported total revenue of $71,129. Based on 13 IRS 990 filings on record.
What are Credo Housing Development Corporation's total assets?
Credo Housing Development Corporation holds total assets of $833,068 as reported in IRS 990 filings.
Where is Credo Housing Development Corporation located?
Credo Housing Development Corporation is based in Waterbury, Connecticut.
What is Credo Housing Development Corporation's EIN?
Credo Housing Development Corporation's Employer Identification Number (EIN) is 222813920. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Credo Housing Development Corporation?
Credo Housing Development Corporation is classified under NTEE code L20Z (Housing & Shelter).
Is Credo Housing Development Corporation a registered 501(c)(3)?
Yes, Credo Housing Development Corporation is recognized as a tax-exempt organization by the IRS. EIN: 222813920.
Does Credo Housing Development Corporation file IRS Form 990?
Yes, Credo Housing Development Corporation has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Credo Housing Development Corporation's revenue in 2023?
In the 202312 filing period, Credo Housing Development Corporation reported total revenue of $127,758, total expenses of $155,883, and net assets of $857,735.
Is Credo Housing Development Corporation's revenue growing or declining?
Credo Housing Development Corporation's revenue is declining. Revenue went from $300,649 (202212) to $127,758 (202312), a -57.5% change. Based on 13 filings on record.
What is Credo Housing Development Corporation's most recent 990 filing?
The most recent IRS Form 990 filing for Credo Housing Development Corporation covers tax period 202312. It shows revenue of $127,758, expenses of $155,883, total assets of $857,735, and liabilities of $52.
How much does Credo Housing Development Corporation spend on programs vs administration?
Based on IRS 990 analysis, Credo Housing Development Corporation allocates approximately 70% of expenses to program services, 20% to administrative costs, and 10% to fundraising. Program spending is moderate relative to overhead.
Is Credo Housing Development Corporation a trustworthy charity?
Based on AI analysis of IRS 990 data, Credo Housing Development Corporation appears trustworthy. Mission Score: 75/100 (Good). 3 red flags identified. 3 strengths noted.
What are the red flags for Credo Housing Development Corporation?
The following concerns were identified: Revenue has been highly inconsistent year-over-year, ranging from $71,129 in 2023 to $300,649 in 2022, indicating potential reliance on sporadic funding or project-based income.. The consistent reporting of 0% compensation across all years could obscure actual executive benefits or indicate a lack of paid leadership, which might impact long-term sustainability.. Liabilities have fluctuated significantly, from $52 in 2023 to $136,736 in 2016, suggesting varying financial obligations or debt management strategies.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Credo Housing Development Corporation's strengths?
Positive indicators for Credo Housing Development Corporation include: The organization consistently maintains a healthy asset base, with assets ranging from $714,092 to $898,668, demonstrating financial stability.. Expenses have remained relatively stable over the years, typically around $125,000-$155,000, indicating consistent operational costs and potentially efficient management.. The organization has consistently reported 0% compensation, which, if truly volunteer-led, represents a significant operational efficiency.. These findings are derived from AI analysis of the organization's financial filings.
How does Credo Housing Development Corporation compensate executives?
Executive compensation is consistently reported as $0 across all available filings, suggesting an all-volunteer leadership or that compensation is embedded within other operational expenses, which warrants further clarification. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the consistent reporting of 0% compensation, how does Credo Housing Development Corporation sustain its operational leadership and expertise?
The consistent reporting of $0 for compensation suggests that the organization either operates with an entirely volunteer-based leadership and staff, or that executive compensation is categorized under other expense lines, such as 'program expenses' or 'administrative expenses,' which would require a deeper dive into their detailed financial statements to ascertain.
What factors contribute to the significant year-over-year fluctuations in revenue, and how does the organization plan for financial stability amidst this variability?
Revenue has varied dramatically, from $71,129 in 2023 to $300,649 in 2022. This volatility could be due to project-specific grants, one-time donations, or the timing of funding cycles. Understanding the specific sources of revenue and the organization's strategy for managing these fluctuations is crucial for assessing long-term financial stability.
Filing History
IRS 990 filing history for Credo Housing Development Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Credo Housing Development Corporation's revenue has declined by 5.9%, moving from $136K to $128K. Total assets increased by 16.1% over the same period, from $739K to $858K. Total functional expenses rose by 18%, from $132K to $156K. In its most recent filing year (2023), Credo Housing Development Corporation reported a deficit of $28K, with expenses exceeding revenue. The organization holds $52 in liabilities against $858K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $858K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $128K | $156K | $858K | $52 | — | — |
| 2022 | $301K | $142K | $899K | $13K | — | — |
| 2021 | $137K | $127K | $745K | $18K | — | View 990 |
| 2020 | $135K | $127K | $737K | $21K | — | — |
| 2019 | $202K | $130K | $736K | $27K | — | View 990 |
| 2018 | $137K | $125K | $714K | $77K | — | View 990 |
| 2017 | $180K | $139K | $729K | $104K | — | View 990 |
| 2016 | $126K | $132K | $720K | $137K | — | View 990 |
| 2015 | $127K | $120K | $743K | $154K | — | View 990 |
| 2014 | $143K | $132K | $762K | $179K | — | View 990 |
| 2013 | $108K | $123K | $704K | $139K | — | View 990 |
| 2012 | $136K | $136K | $723K | $156K | — | View 990 |
| 2011 | $136K | $132K | $739K | $171K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $128K, expenses of $156K, and assets of $858K (revenue -57.5% year-over-year).
- 2022: Revenue of $301K, expenses of $142K, and assets of $899K (revenue +119.6% year-over-year).
- 2021: Revenue of $137K, expenses of $127K, and assets of $745K (revenue +1.6% year-over-year).
- 2020: Revenue of $135K, expenses of $127K, and assets of $737K (revenue -33.4% year-over-year).
- 2019: Revenue of $202K, expenses of $130K, and assets of $736K (revenue +47.9% year-over-year).
- 2018: Revenue of $137K, expenses of $125K, and assets of $714K (revenue -24.1% year-over-year).
- 2017: Revenue of $180K, expenses of $139K, and assets of $729K (revenue +42.4% year-over-year).
- 2016: Revenue of $126K, expenses of $132K, and assets of $720K (revenue -0.1% year-over-year).
- 2015: Revenue of $127K, expenses of $120K, and assets of $743K (revenue -11.4% year-over-year).
- 2014: Revenue of $143K, expenses of $132K, and assets of $762K (revenue +31.9% year-over-year).
- 2013: Revenue of $108K, expenses of $123K, and assets of $704K (revenue -20.3% year-over-year).
- 2012: Revenue of $136K, expenses of $136K, and assets of $723K (revenue +-0.0% year-over-year).
- 2011: Revenue of $136K, expenses of $132K, and assets of $739K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Credo Housing Development Corporation:
Data Sources and Methodology
This transparency report for Credo 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.