Freeman Forest Housing Corporation
Freeman Forest Housing Corporation consistently operates on a tight budget with no executive compensation, but faces declining assets and high liabilities.
EIN: 10533179 · Bangor, ME · NTEE: L20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $298K |
| Total Expenses | $282K |
| Program Spending | 85% |
| CEO/Top Officer Pay | $300,000. |
| Net Assets | $-217,567 |
| Transparency Score | 85/100 |
Is Freeman Forest Housing Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Freeman Forest Housing Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Freeman Forest Housing Corporation
Freeman Forest Housing Corporation (EIN: 10533179) is a nonprofit organization based in Bangor, ME, classified under NTEE code L20. The organization reported total revenue of $298K and total assets of $892K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Freeman Forest Housing Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Freeman Forest Housing Corporation is a small nonprofit that has been operating for 22 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $287K |
| Total Expenses | $282K |
| Surplus / Deficit | +$5K |
| Total Assets | $894K |
| Total Liabilities | $1.1M |
| Net Assets | $-217,567 |
| Operating Margin | 1.8% |
| Debt-to-Asset Ratio | 124.3% |
| Months of Reserves | 38.0 months |
Financial Health Grade: A
In 2023, Freeman Forest Housing Corporation reported a surplus of $5K with revenue exceeding expenses, holds 38.0 months of operating reserves (strong position), has a debt-to-asset ratio of 124.3% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Freeman Forest Housing Corporation's revenue has grown at a compound annual growth rate (CAGR) of 1.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +5.1% | +0.7% | -1.5% |
| 2022 | +6.9% | +7.2% | -2.2% |
| 2021 | +3.0% | -0.3% | -2.0% |
| 2020 | +1.9% | -2.2% | -1.5% |
| 2019 | +0.1% | +6.9% | -5.0% |
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 Freeman Forest Housing Corporation 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: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Freeman Forest Housing Corporation 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 (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $5K, with revenue exceeding expenses.
- Debt-to-asset ratio: 124.3%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no salaries are paid to officers, which is highly commendable for an organization of its size with annual revenues approaching $300,000.
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 Freeman Forest Housing Corporation's IRS 990 filings:
- Declining asset base over the past decade (from $1,094,547 in 2014 to $893,518 in 2023)
- High liabilities relative to assets (e.g., $1,111,085 liabilities vs. $893,518 assets in 2023)
Strengths
The following positive indicators were identified for Freeman Forest Housing Corporation:
- Consistent operational balance, with revenues closely matching expenses (e.g., $287,113 revenue vs. $282,075 expenses in 2023)
- 0% officer compensation reported across all filings, indicating excellent transparency and resource allocation to mission
- Strong program focus due to minimal administrative and executive costs
Frequently Asked Questions about Freeman Forest Housing Corporation
Is Freeman Forest Housing Corporation a legitimate charity?
Freeman Forest Housing Corporation (EIN: 10533179) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 85/100. It has 13 years of IRS 990 filings on record. Total revenue: $298K. 2 red flags identified. 3 strengths noted. Financial health grade: A.
How does Freeman Forest Housing Corporation spend its money?
Freeman Forest Housing Corporation directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Freeman Forest Housing Corporation tax-deductible?
Freeman Forest Housing Corporation is registered as a tax-exempt nonprofit (EIN: 10533179). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Freeman Forest Housing Corporation CEO make?
Freeman Forest Housing Corporation's highest-compensated officer earns $300,000. annually. The organization reported $298K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Freeman Forest Housing Corporation's spending goes to programs?
Freeman Forest Housing Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Freeman Forest Housing Corporation compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Freeman Forest 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 Freeman Forest Housing Corporation located?
Freeman Forest Housing Corporation is headquartered in Bangor, Maine and files with the IRS under EIN 10533179. It is classified under NTEE code L20.
How many years of IRS 990 filings does Freeman Forest Housing Corporation have?
Freeman Forest 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 $298K in total revenue.
Is Freeman Forest Housing Corporation financially stable?
While the organization consistently manages to keep expenses close to revenue, indicating operational stability, the long-term trend of declining assets (from $1,094,547 in 2014 to $893,518 in 2023) and high liabilities (consistently over $1.1 million) suggests a need for careful financial planning to ensure long-term sustainability.
How does Freeman Forest Housing Corporation manage its administrative costs?
The consistent reporting of 0% officer compensation strongly suggests very low administrative overhead, with leadership likely serving in a volunteer capacity or through very lean staffing, allowing a greater proportion of funds to go directly to programs.
What is the trend in the organization's financial health?
The organization has maintained a consistent operational balance, with revenues generally covering expenses. However, its asset base has steadily decreased over the past decade, while liabilities have remained high, indicating a potential long-term financial challenge despite strong operational management.
Filing History
IRS 990 filing history for Freeman Forest Housing Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Freeman Forest Housing Corporation's revenue has grown by 25.5%, moving from $229K to $287K. Total assets decreased by 23.8% over the same period, from $1.2M to $894K. Total functional expenses rose by 17.1%, from $241K to $282K. In its most recent filing year (2023), Freeman Forest Housing Corporation reported a surplus of $5K, with revenue exceeding expenses. The organization holds $1.1M in liabilities against $894K in assets (debt-to-asset ratio: 124.3%), resulting in net assets of $-217,567.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $287K | $282K | $894K | $1.1M | — | — |
| 2022 | $273K | $280K | $908K | $1.1M | — | — |
| 2021 | $256K | $261K | $928K | $1.1M | — | View 990 |
| 2020 | $248K | $262K | $946K | $1.2M | — | View 990 |
| 2019 | $243K | $268K | $961K | $1.2M | — | View 990 |
| 2018 | $243K | $251K | $1.0M | $1.2M | — | View 990 |
| 2017 | $238K | $249K | $1.0M | $1.2M | — | — |
| 2016 | $229K | $247K | $1.0M | $1.2M | — | View 990 |
| 2015 | $230K | $248K | $1.1M | $1.2M | — | View 990 |
| 2014 | $229K | $242K | $1.1M | $1.2M | — | View 990 |
| 2013 | $228K | $243K | $1.1M | $1.2M | — | View 990 |
| 2012 | $227K | $251K | $1.1M | $1.2M | — | View 990 |
| 2011 | $229K | $241K | $1.2M | $1.2M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $287K, expenses of $282K, and assets of $894K (revenue +5.1% year-over-year).
- 2022: Revenue of $273K, expenses of $280K, and assets of $908K (revenue +6.9% year-over-year).
- 2021: Revenue of $256K, expenses of $261K, and assets of $928K (revenue +3.0% year-over-year).
- 2020: Revenue of $248K, expenses of $262K, and assets of $946K (revenue +1.9% year-over-year).
- 2019: Revenue of $243K, expenses of $268K, and assets of $961K (revenue +0.1% year-over-year).
- 2018: Revenue of $243K, expenses of $251K, and assets of $1.0M (revenue +2.3% year-over-year).
- 2017: Revenue of $238K, expenses of $249K, and assets of $1.0M (revenue +3.8% year-over-year).
- 2016: Revenue of $229K, expenses of $247K, and assets of $1.0M (revenue -0.2% year-over-year).
- 2015: Revenue of $230K, expenses of $248K, and assets of $1.1M (revenue +0.3% year-over-year).
- 2014: Revenue of $229K, expenses of $242K, and assets of $1.1M (revenue +0.5% year-over-year).
- 2013: Revenue of $228K, expenses of $243K, and assets of $1.1M (revenue +0.4% year-over-year).
- 2012: Revenue of $227K, expenses of $251K, and assets of $1.1M (revenue -0.7% year-over-year).
- 2011: Revenue of $229K, expenses of $241K, and assets of $1.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Freeman Forest Housing Corporation:
Data Sources and Methodology
This transparency report for Freeman Forest 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.