Farmingdale Housing Development Fund Company Inc
Farmingdale Housing Development Fund Company Inc shows strong revenue and asset growth with no reported officer compensation.
EIN: 112614312 · Hempstead, NY · NTEE: L21Z · Updated: 2026-03-28
Is Farmingdale Housing Development Fund Company Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Farmingdale Housing Development Fund Company Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Farmingdale Housing Development Fund Company Inc
Farmingdale Housing Development Fund Company Inc (EIN: 112614312) is a nonprofit organization based in Hempstead, NY, classified under NTEE code L21Z. The organization reported total revenue of $1.8M and total assets of $4.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Farmingdale Housing Development Fund Company Inc'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 Farmingdale Housing Development Fund Company Inc with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 85%
- fundraising: 0%
According to IRS 990 filings, Farmingdale Housing Development Fund Company Inc allocates its expenses as follows: admin: 15%, programs: 85%, fundraising: 0%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers or key employees receive compensation from the organization, which is highly unusual for an organization of its size with growing revenue and assets.
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 Farmingdale Housing Development Fund Company Inc's IRS 990 filings:
- Reporting $0 expenses for multiple years (2014-2019) despite increasing revenue, which is unusual for an active organization.
- Consistent 0% officer compensation, which, while reducing overhead, can sometimes indicate a lack of transparency regarding how leadership is supported or compensated if not through the organization directly.
Strengths
The following positive indicators were identified for Farmingdale Housing Development Fund Company Inc:
- Strong and consistent growth in revenue, from $27,805 in 2014 to $1,593,907 in 2023.
- Significant growth in assets, from $1,231,238 in 2014 to $4,037,941 in 2023, indicating financial stability and capacity.
- No reported officer compensation, suggesting a highly efficient use of funds by minimizing executive overhead.
- Positive net assets, with assets consistently exceeding liabilities in recent years, demonstrating financial health.
Frequently Asked Questions about Farmingdale Housing Development Fund Company Inc
Is Farmingdale Housing Development Fund Company Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Farmingdale Housing Development Fund Company Inc (EIN: 112614312) some concerns. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.
How does Farmingdale Housing Development Fund Company Inc spend its money?
Farmingdale Housing Development Fund Company Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Farmingdale Housing Development Fund Company Inc tax-deductible?
Farmingdale Housing Development Fund Company Inc is registered as a tax-exempt nonprofit (EIN: 112614312). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Why were expenses reported as $0 for several years (2014-2019) despite significant revenue?
The IRS 990 filings show $0 expenses for multiple years, which could indicate that expenses were covered by other entities, or that the organization's activities during those periods did not incur reportable expenses under IRS guidelines, or that the organization was primarily focused on asset accumulation rather than direct program spending during those years. Further clarification from the organization would be needed.
How does the organization manage its operations without reporting officer compensation?
The consistent reporting of 0% officer compensation suggests that leadership roles may be filled by volunteers, or compensated through other affiliated entities, or that the organization's operational model does not involve direct compensation for its officers. This practice significantly reduces administrative costs.
What is the primary use of the significant revenue not allocated to reported expenses?
Given the substantial difference between revenue and reported expenses, especially in recent years (e.g., $1,593,907 revenue vs. $785,392 expenses in 2023), it is likely that a significant portion of the revenue is being reinvested into assets, used for debt reduction, or held as reserves, aligning with its mission as a housing development fund company.
Filing History
IRS 990 filing history for Farmingdale Housing Development Fund Company Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Farmingdale Housing Development Fund Company Inc's revenue has grown by 5713.1%, moving from $27K to $1.6M. Total assets increased by 141% over the same period, from $1.7M to $4.0M. In its most recent filing year (2023), Farmingdale Housing Development Fund Company Inc reported a surplus of $809K, with revenue exceeding expenses. The organization holds $775K in liabilities against $4.0M in assets (debt-to-asset ratio: 19.2%), resulting in net assets of $3.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $1.6M | $785K | $4.0M | $775K | — | — |
| 2022 | $1.5M | $785K | $3.5M | $1.1M | — | View 990 |
| 2021 | $1.3M | $744K | $3.1M | $1.3M | — | View 990 |
| 2020 | $603K | $0 | $2.8M | $1.6M | — | View 990 |
| 2019 | $581K | $0 | $2.4M | $1.8M | — | View 990 |
| 2018 | $531K | $0 | $2.0M | $2.0M | — | View 990 |
| 2017 | $522K | $0 | $1.6M | $2.2M | — | View 990 |
| 2016 | $188K | $0 | $1.3M | $2.3M | — | View 990 |
| 2015 | $110K | $0 | $1.2M | $2.4M | — | View 990 |
| 2014 | $28K | $0 | $1.2M | $2.6M | — | View 990 |
| 2013 | $-169,921 | $0 | $1.5M | $2.9M | — | View 990 |
| 2012 | $43K | $0 | $1.6M | $2.8M | — | View 990 |
| 2011 | $27K | $0 | $1.7M | $2.9M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.6M, expenses of $785K, and assets of $4.0M (revenue +7.1% year-over-year).
- 2022: Revenue of $1.5M, expenses of $785K, and assets of $3.5M (revenue +14.2% year-over-year).
- 2021: Revenue of $1.3M, expenses of $744K, and assets of $3.1M (revenue +116.2% year-over-year).
- 2020: Revenue of $603K, expenses of $0, and assets of $2.8M (revenue +3.7% year-over-year).
- 2019: Revenue of $581K, expenses of $0, and assets of $2.4M (revenue +9.6% year-over-year).
- 2018: Revenue of $531K, expenses of $0, and assets of $2.0M (revenue +1.5% year-over-year).
- 2017: Revenue of $522K, expenses of $0, and assets of $1.6M (revenue +177.9% year-over-year).
- 2016: Revenue of $188K, expenses of $0, and assets of $1.3M (revenue +70.3% year-over-year).
- 2015: Revenue of $110K, expenses of $0, and assets of $1.2M (revenue +297.1% year-over-year).
- 2014: Revenue of $28K, expenses of $0, and assets of $1.2M.
- 2013: Revenue of $-169,921, expenses of $0, and assets of $1.5M (revenue -495.3% year-over-year).
- 2012: Revenue of $43K, expenses of $0, and assets of $1.6M (revenue +56.8% year-over-year).
- 2011: Revenue of $27K, expenses of $0, and assets of $1.7M.
Data Sources and Methodology
This transparency report for Farmingdale Housing Development Fund Company Inc 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.