Elderly Housing Development Corp Of Old Saybrook

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Elderly Housing Development Corp Of Old Saybrook Form 990, Revenue, CEO Pay, and IRS Filing Signals

Elderly Housing Development Corp Of Old Saybrook is surfaced here as a decision-ready nonprofit financial profile, not just a charity listing. The page consolidates IRS Form 990 revenue, expenses, assets, tax-exempt classification, executive compensation, mission score, red flags, and year-by-year filing history so donors, researchers, journalists, and grant teams can answer the common search questions around Elderly Housing Development Corp Of Old Saybrook in one place.

Is Elderly Housing Development Corp Of Old Saybrook Legit?

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Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

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Request a concise report for Elderly Housing Development Corp Of Old Saybrook with revenue, expenses, executive compensation, red flags, peer context, and IRS source links. You can also request CSV exports or watchlist updates for future filings.

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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.

Organization Overview

Elderly Housing Development Corp Of Old Saybrook is a small nonprofit that has been operating for 39 years, with 13 years of IRS 990 filings on record (2012–2024). Revenue has grown at a compound annual rate of 6.9%.

Key Financial Metrics (2024)

From the most recent IRS 990 filing on record:

Financial Health Grade: C

In 2024, Elderly Housing Development Corp Of Old Saybrook reported a deficit of $140K with expenses exceeding revenue, holds 93.9 months of operating reserves (strong position), has a debt-to-asset ratio of 99.5% (high leverage).

Financial Trends

Over 13 years of filings (2012–2024), Elderly Housing Development Corp Of Old Saybrook's revenue has grown at a compound annual growth rate (CAGR) of 6.9%.

IRS Tax-Exempt Classification

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 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.

Key Financial Metrics (2024)

From the most recent IRS 990 filing on record:

• The organization reported a deficit of $140K, with expenses exceeding revenue.
• Debt-to-asset ratio: 99.5%.

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

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-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.

View Individual Filing Years

Explore detailed financial data from each IRS 990 filing year for Elderly Housing Development Corp Of Old Saybrook:

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.