Elderly Housing Development Corp Of Old Saybrook
Elderly Housing Development Corp: Stable Operations, Declining Assets
EIN: 222757384 · Old Saybrook, CT · NTEE: L20Z · Updated: 2026-04-04
Is Elderly Housing Development Corp Of Old Saybrook Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Elderly Housing Development Corp Of Old Saybrook directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Elderly Housing Development Corp Of Old Saybrook
Elderly Housing Development Corp Of Old Saybrook (EIN: 222757384) is a nonprofit organization based in Old Saybrook, CT, classified under NTEE code L20Z. The organization reported total revenue of $355K and total assets of $3.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Elderly Housing Development Corp Of Old Saybrook's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Elderly Housing Development Corp Of Old Saybrook 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: 85%
- fundraising: 5%
According to IRS 990 filings, Elderly Housing Development Corp Of Old Saybrook 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.
Executive Compensation Analysis
Executive compensation is not reported in the provided filings, suggesting either a volunteer board or compensation below the IRS reporting threshold for key employees.
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 Elderly Housing Development Corp Of Old Saybrook's IRS 990 filings:
- Consistent decline in total assets over the past several years, from $4,971,076 in 2021 to $3,624,342 in 2024, warrants further investigation into asset management and depreciation.
- The consistent reporting of 0% compensation (c0%) across all years could indicate a lack of transparency regarding executive or key employee compensation, or that all leadership is volunteer.
Strengths
The following positive indicators were identified for Elderly Housing Development Corp Of Old Saybrook:
- Stable revenue generation over the past several years, indicating consistent operational funding.
- Low administrative and fundraising costs, suggesting efficient use of funds for programs.
- Long operational history (data back to 2017) indicates sustained commitment to its mission.
Frequently Asked Questions about Elderly Housing Development Corp Of Old Saybrook
Is Elderly Housing Development Corp Of Old Saybrook a legitimate charity?
Based on AI analysis of IRS 990 filings, Elderly Housing Development Corp Of Old Saybrook (EIN: 222757384) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Elderly Housing Development Corp Of Old Saybrook spend its money?
Elderly Housing Development Corp Of Old Saybrook directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Elderly Housing Development Corp Of Old Saybrook tax-deductible?
Elderly Housing Development Corp Of Old Saybrook is registered as a tax-exempt nonprofit (EIN: 222757384). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Elderly Housing Development Corp Of Old Saybrook do?
Elderly Housing Development Corp Of Old Saybrook is a nonprofit organization in the Housing & Shelter sector, located in Old Saybrook, Connecticut. It is classified under NTEE code L20Z.
How much revenue does Elderly Housing Development Corp Of Old Saybrook have?
Elderly Housing Development Corp Of Old Saybrook reported total revenue of $354,705. Based on 13 IRS 990 filings on record.
What are Elderly Housing Development Corp Of Old Saybrook's total assets?
Elderly Housing Development Corp Of Old Saybrook holds total assets of $3,624,342 as reported in IRS 990 filings.
Where is Elderly Housing Development Corp Of Old Saybrook located?
Elderly Housing Development Corp Of Old Saybrook is based in Old Saybrook, Connecticut.
What is Elderly Housing Development Corp Of Old Saybrook's EIN?
Elderly Housing Development Corp Of Old Saybrook's Employer Identification Number (EIN) is 222757384. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Elderly Housing Development Corp Of Old Saybrook?
Elderly Housing Development Corp Of Old Saybrook is classified under NTEE code L20Z (Housing & Shelter).
Is Elderly Housing Development Corp Of Old Saybrook a registered 501(c)(3)?
Yes, Elderly Housing Development Corp Of Old Saybrook is recognized as a tax-exempt organization by the IRS. EIN: 222757384.
Does Elderly Housing Development Corp Of Old Saybrook file IRS Form 990?
Yes, Elderly Housing Development Corp Of Old Saybrook has 13 IRS Form 990 filings on record. The most recent covers tax period 202406.
What was Elderly Housing Development Corp Of Old Saybrook's revenue in 2024?
In the 202406 filing period, Elderly Housing Development Corp Of Old Saybrook reported total revenue of $346,280, total expenses of $486,055, and net assets of $3,804,744.
Is Elderly Housing Development Corp Of Old Saybrook's revenue growing or declining?
Elderly Housing Development Corp Of Old Saybrook's revenue is relatively stable. Revenue went from $337,676 (202306) to $346,280 (202406), a +2.5% change. Based on 13 filings on record.
What is Elderly Housing Development Corp Of Old Saybrook's most recent 990 filing?
The most recent IRS Form 990 filing for Elderly Housing Development Corp Of Old Saybrook covers tax period 202406. It shows revenue of $346,280, expenses of $486,055, total assets of $3,804,744, and liabilities of $3,783,998.
How much does Elderly Housing Development Corp Of Old Saybrook spend on programs vs administration?
Based on IRS 990 analysis, Elderly Housing Development Corp Of Old Saybrook allocates approximately 85% of expenses to program services, 10% to administrative costs, and 5% to fundraising. This indicates strong program focus.
Is Elderly Housing Development Corp Of Old Saybrook a trustworthy charity?
Based on AI analysis of IRS 990 data, Elderly Housing Development Corp Of Old Saybrook appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 3 strengths noted.
What are the red flags for Elderly Housing Development Corp Of Old Saybrook?
The following concerns were identified: Consistent decline in total assets over the past several years, from $4,971,076 in 2021 to $3,624,342 in 2024, warrants further investigation into asset management and depreciation.. The consistent reporting of 0% compensation (c0%) across all years could indicate a lack of transparency regarding executive or key employee compensation, or that all leadership is volunteer.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Elderly Housing Development Corp Of Old Saybrook's strengths?
Positive indicators for Elderly Housing Development Corp Of Old Saybrook include: Stable revenue generation over the past several years, indicating consistent operational funding.. Low administrative and fundraising costs, suggesting efficient use of funds for programs.. Long operational history (data back to 2017) indicates sustained commitment to its mission.. These findings are derived from AI analysis of the organization's financial filings.
How does Elderly Housing Development Corp Of Old Saybrook compensate executives?
Executive compensation is not reported in the provided filings, suggesting either a volunteer board or compensation below the IRS reporting threshold for key employees. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Elderly Housing Development Corp Of Old Saybrook?
• The organization consistently reports 0% compensation, indicating either volunteer leadership or compensation below reporting thresholds. • Financial filings show a consistent decline in total assets from $4,971,076 in 2021 to $3,624,342 in 2024. • Revenue has remained relatively stable over the past several years, ranging from $332,953 to $368,509. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
What is driving the consistent decline in total assets, and how does this impact the long-term sustainability of the organization's housing programs?
The data shows a steady decrease in total assets from $4,971,076 in 2021 to $3,624,342 in 2024. This trend could be due to depreciation of properties, lack of significant capital improvements, or asset sales. Understanding the specific causes is crucial for assessing the organization's ability to maintain and improve its housing facilities for the elderly over time.
Given the consistent 0% compensation reported, how does the organization ensure effective governance and leadership, and what are the potential risks associated with this structure?
The consistent reporting of 0% compensation (c0%) suggests that key leadership positions may be filled by volunteers or compensated below IRS reporting thresholds. While this can indicate a strong commitment to the mission and low overhead, it also raises questions about the professionalization of management, succession planning, and the potential for burnout among unpaid leadership. Further inquiry into governance structure and leadership recruitment is warranted.
Filing History
IRS 990 filing history for Elderly Housing Development Corp Of Old Saybrook showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2024), Elderly Housing Development Corp Of Old Saybrook's revenue has grown by 122%, moving from $156K to $346K. Total assets increased by 883.7% over the same period, from $387K to $3.8M. Total functional expenses rose by 238.6%, from $144K to $486K. In its most recent filing year (2024), Elderly Housing Development Corp Of Old Saybrook reported a deficit of $140K, with expenses exceeding revenue. The organization holds $3.8M in liabilities against $3.8M in assets (debt-to-asset ratio: 99.5%), resulting in net assets of $21K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2024 | $346K | $486K | $3.8M | $3.8M | — | — |
| 2023 | $338K | $504K | $4.0M | $3.8M | — | — |
| 2022 | $369K | $468K | $4.2M | $3.8M | — | View 990 |
| 2021 | $333K | $327K | $5.0M | $4.2M | — | — |
| 2020 | $333K | $324K | $4.9M | $4.1M | — | View 990 |
| 2019 | $334K | $362K | $4.9M | $4.2M | — | View 990 |
| 2018 | $282K | $270K | $5.0M | $4.2M | — | View 990 |
| 2017 | $568K | $187K | $3.6M | $2.8M | — | View 990 |
| 2016 | $162K | $206K | $1.3M | $849K | — | View 990 |
| 2015 | $178K | $244K | $1.3M | $853K | — | View 990 |
| 2014 | $529K | $203K | $1.2M | $664K | — | View 990 |
| 2013 | $163K | $162K | $888K | $695K | — | View 990 |
| 2012 | $156K | $144K | $387K | $231K | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $346K, expenses of $486K, and assets of $3.8M (revenue +2.5% year-over-year).
- 2023: Revenue of $338K, expenses of $504K, and assets of $4.0M (revenue -8.4% year-over-year).
- 2022: Revenue of $369K, expenses of $468K, and assets of $4.2M (revenue +10.6% year-over-year).
- 2021: Revenue of $333K, expenses of $327K, and assets of $5.0M (revenue +0.0% year-over-year).
- 2020: Revenue of $333K, expenses of $324K, and assets of $4.9M (revenue -0.3% year-over-year).
- 2019: Revenue of $334K, expenses of $362K, and assets of $4.9M (revenue +18.5% year-over-year).
- 2018: Revenue of $282K, expenses of $270K, and assets of $5.0M (revenue -50.4% year-over-year).
- 2017: Revenue of $568K, expenses of $187K, and assets of $3.6M (revenue +250.1% year-over-year).
- 2016: Revenue of $162K, expenses of $206K, and assets of $1.3M (revenue -9.1% year-over-year).
- 2015: Revenue of $178K, expenses of $244K, and assets of $1.3M (revenue -66.3% year-over-year).
- 2014: Revenue of $529K, expenses of $203K, and assets of $1.2M (revenue +224.5% year-over-year).
- 2013: Revenue of $163K, expenses of $162K, and assets of $888K (revenue +4.5% year-over-year).
- 2012: Revenue of $156K, expenses of $144K, and assets of $387K.
Data Sources and Methodology
This transparency report for Elderly Housing Development Corp Of Old Saybrook 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.