Freedom Housing Corporation
Freedom Housing Corporation consistently operates at a deficit, drawing down assets despite stable revenue.
EIN: 134236650 · Newport, RI · NTEE: L20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $138K |
| Total Expenses | $177K |
| Program Spending | 80% |
| Net Assets | $762K |
| Transparency Score | 70/100 |
Is Freedom Housing Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Freedom Housing Corporation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Freedom Housing Corporation
Freedom Housing Corporation (EIN: 134236650) is a nonprofit organization based in Newport, RI, classified under NTEE code L20. The organization reported total revenue of $138K and total assets of $1.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Freedom Housing Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Freedom Housing Corporation is a small nonprofit that has been operating for 22 years, with 13 years of IRS 990 filings on record (2012–2024). Revenue has grown at a compound annual rate of 1.2%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $142K |
| Total Expenses | $177K |
| Surplus / Deficit | $-34,252 |
| Total Assets | $1.3M |
| Total Liabilities | $527K |
| Net Assets | $762K |
| Operating Margin | -24.1% |
| Debt-to-Asset Ratio | 40.9% |
| Months of Reserves | 87.6 months |
Financial Health Grade: B
In 2024, Freedom Housing Corporation reported a deficit of $34K with expenses exceeding revenue, holds 87.6 months of operating reserves (strong position), has a debt-to-asset ratio of 40.9% (moderate leverage).
Financial Trends
Over 13 years of filings (2012–2024), Freedom Housing Corporation's revenue has grown at a compound annual growth rate (CAGR) of 1.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | -1.2% | +3.5% | -3.5% |
| 2023 | -0.1% | -5.0% | -3.9% |
| 2022 | -0.3% | -1.3% | -3.4% |
| 2021 | +2.4% | +11.6% | -4.1% |
| 2020 | -1.7% | -10.5% | -2.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2004 |
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 Freedom Housing Corporation with a Mission Score of 70 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Freedom Housing Corporation allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $34K, with expenses exceeding revenue.
- Debt-to-asset ratio: 40.9%.
Executive Compensation Analysis
Freedom Housing Corporation reports 0% officer compensation across all available filings, indicating that its leadership is either volunteer-based or compensated through non-officer roles, which is a strong positive for financial transparency and efficiency.
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 Freedom Housing Corporation's IRS 990 filings:
- Consistent operating deficits: Expenses have exceeded revenue in every reported period, leading to a gradual decline in assets.
- Declining asset base: Assets have decreased from $1,678,736 in 2015 to $1,289,142 in 2024, indicating a reliance on reserves to cover operational shortfalls.
Strengths
The following positive indicators were identified for Freedom Housing Corporation:
- Strong transparency in executive compensation: 0% officer compensation reported across all filings.
- Stable revenue stream: Revenue has consistently been around $140,000 annually, indicating a predictable funding base.
- Substantial asset base: Despite declines, the organization still holds over $1.2 million in assets, providing a buffer for operations.
Frequently Asked Questions about Freedom Housing Corporation
Is Freedom Housing Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Freedom Housing Corporation (EIN: 134236650) some concerns. Mission Score: 70/100. 2 red flags identified, 3 strengths noted.
How does Freedom Housing Corporation spend its money?
Freedom Housing Corporation directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Freedom Housing Corporation tax-deductible?
Freedom Housing Corporation is registered as a tax-exempt nonprofit (EIN: 134236650). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Freedom Housing Corporation's spending goes to programs?
Freedom Housing Corporation directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Freedom Housing Corporation compare to similar nonprofits?
With a transparency score of 70/100 (Good), Freedom Housing Corporation is above average for NTEE category L20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Freedom Housing Corporation located?
Freedom Housing Corporation is headquartered in Newport, Rhode Island and files with the IRS under EIN 134236650. It is classified under NTEE code L20.
How many years of IRS 990 filings does Freedom Housing Corporation have?
Freedom Housing 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 $138K in total revenue.
Why does Freedom Housing Corporation consistently operate at a deficit?
The filings show that expenses have consistently exceeded revenue, for example, in 2024, revenue was $142,310 while expenses were $176,562, resulting in a deficit of $34,252. This trend has been observed for at least the past decade, leading to a decline in assets.
What is the long-term plan to address the declining asset base?
The organization's assets have decreased from $1,678,736 in 2015 to $1,289,142 in 2024. This consistent reduction, driven by operating deficits, suggests a need for a strategy to either increase revenue or reduce expenses to stabilize or grow its asset base.
How does Freedom Housing Corporation fund its operations without officer compensation?
The consistent reporting of 0% officer compensation across all filings suggests that the organization's leadership may be volunteer-based or compensated through other means not categorized as officer compensation, which is a notable aspect of its financial structure.
Filing History
IRS 990 filing history for Freedom Housing Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2024), Freedom Housing Corporation's revenue has grown by 15%, moving from $124K to $142K. Total assets decreased by 27.3% over the same period, from $1.8M to $1.3M. Total functional expenses rose by 19.6%, from $148K to $177K. In its most recent filing year (2024), Freedom Housing Corporation reported a deficit of $34K, with expenses exceeding revenue. The organization holds $527K in liabilities against $1.3M in assets (debt-to-asset ratio: 40.9%), resulting in net assets of $762K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $142K | $177K | $1.3M | $527K | — | — |
| 2023 | $144K | $171K | $1.3M | $539K | — | View 990 |
| 2022 | $144K | $180K | $1.4M | $567K | — | View 990 |
| 2021 | $145K | $182K | $1.4M | $581K | — | View 990 |
| 2020 | $141K | $163K | $1.5M | $605K | — | View 990 |
| 2019 | $144K | $182K | $1.5M | $625K | — | View 990 |
| 2018 | $143K | $172K | $1.6M | $632K | — | — |
| 2017 | $144K | $154K | $1.6M | $654K | — | View 990 |
| 2016 | $122K | $140K | $1.7M | $668K | — | View 990 |
| 2015 | $123K | $156K | $1.7M | $665K | — | View 990 |
| 2014 | $124K | $157K | $1.7M | $663K | — | View 990 |
| 2013 | $125K | $154K | $1.7M | $664K | — | View 990 |
| 2012 | $124K | $148K | $1.8M | $664K | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $142K, expenses of $177K, and assets of $1.3M (revenue -1.2% year-over-year).
- 2023: Revenue of $144K, expenses of $171K, and assets of $1.3M (revenue -0.1% year-over-year).
- 2022: Revenue of $144K, expenses of $180K, and assets of $1.4M (revenue -0.3% year-over-year).
- 2021: Revenue of $145K, expenses of $182K, and assets of $1.4M (revenue +2.4% year-over-year).
- 2020: Revenue of $141K, expenses of $163K, and assets of $1.5M (revenue -1.7% year-over-year).
- 2019: Revenue of $144K, expenses of $182K, and assets of $1.5M (revenue +0.2% year-over-year).
- 2018: Revenue of $143K, expenses of $172K, and assets of $1.6M (revenue -0.2% year-over-year).
- 2017: Revenue of $144K, expenses of $154K, and assets of $1.6M (revenue +17.8% year-over-year).
- 2016: Revenue of $122K, expenses of $140K, and assets of $1.7M (revenue -1.0% year-over-year).
- 2015: Revenue of $123K, expenses of $156K, and assets of $1.7M (revenue -0.6% year-over-year).
- 2014: Revenue of $124K, expenses of $157K, and assets of $1.7M (revenue -0.7% year-over-year).
- 2013: Revenue of $125K, expenses of $154K, and assets of $1.7M (revenue +0.8% year-over-year).
- 2012: Revenue of $124K, expenses of $148K, and assets of $1.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Freedom Housing Corporation:
Data Sources and Methodology
This transparency report for Freedom Housing 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.