Furniture Bank Of Southeast Connecticut Inc
EIN: 550890897 · Gales Ferry, CT · NTEE: P29
Is Furniture Bank Of Southeast Connecticut Inc Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Furniture Bank Of Southeast Connecticut Inc
Furniture Bank Of Southeast Connecticut Inc (EIN: 550890897) is a nonprofit organization based in Gales Ferry, CT, classified under NTEE code P29. The organization reported total revenue of $58K and total assets of $24K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Furniture Bank Of Southeast Connecticut Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Furniture Bank Of Southeast Connecticut Inc is a micro nonprofit that has been operating for 21 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 | $95K |
| Total Expenses | $77K |
| Surplus / Deficit | +$17K |
| Total Assets | $27K |
| Net Assets | $27K |
| Operating Margin | 18.1% |
| Months of Reserves | 4.2 months |
Financial Health Grade: A
In 2024, Furniture Bank Of Southeast Connecticut Inc reported a surplus of $17K with revenue exceeding expenses, holds 4.2 months of operating reserves (adequate).
Financial Trends
Over 13 years of filings (2012–2024), Furniture Bank Of Southeast Connecticut Inc's revenue has grown at a compound annual growth rate (CAGR) of 1.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | +21.9% | -5.3% | +175.1% |
| 2023 | +44.0% | +46.1% | -30.2% |
| 2022 | -8.5% | -8.6% | -13.1% |
| 2021 | -7.9% | +10.6% | -12.9% |
| 2020 | +14.2% | -2.0% | +86.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2005 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Furniture Bank Of Southeast Connecticut Inc has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Furniture Bank Of Southeast Connecticut Inc with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $17K, with revenue exceeding expenses.
Frequently Asked Questions about Furniture Bank Of Southeast Connecticut Inc
Is Furniture Bank Of Southeast Connecticut Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Furniture Bank Of Southeast Connecticut Inc (EIN: 550890897) insufficient data. 0 red flags identified, 0 strengths noted.
How does Furniture Bank Of Southeast Connecticut Inc spend its money?
Detailed spending breakdown data is not yet available for Furniture Bank Of Southeast Connecticut Inc. Check back for updated IRS 990 analysis.
Are donations to Furniture Bank Of Southeast Connecticut Inc tax-deductible?
Furniture Bank Of Southeast Connecticut Inc is registered as a tax-exempt nonprofit (EIN: 550890897). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Filing History
IRS 990 filing history for Furniture Bank Of Southeast Connecticut Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2024), Furniture Bank Of Southeast Connecticut Inc's revenue has grown by 16.1%, moving from $82K to $95K. Total assets increased by 30.2% over the same period, from $21K to $27K. Total functional expenses rose by 5.1%, from $74K to $77K. In its most recent filing year (2024), Furniture Bank Of Southeast Connecticut Inc reported a surplus of $17K, with revenue exceeding expenses.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $95K | $77K | $27K | $0 | — | — |
| 2023 | $78K | $82K | $10K | $0 | — | View 990 |
| 2022 | $54K | $56K | $14K | $0 | — | — |
| 2021 | $59K | $61K | $16K | $0 | — | — |
| 2020 | $64K | $55K | $19K | $0 | — | View 990 |
| 2019 | $56K | $56K | $10K | $0 | — | View 990 |
| 2018 | $47K | $47K | $10K | $0 | — | View 990 |
| 2017 | $61K | $65K | $10K | $0 | — | View 990 |
| 2016 | $51K | $50K | $14K | $0 | — | View 990 |
| 2015 | $63K | $82K | $13K | $0 | — | View 990 |
| 2014 | $94K | $87K | $32K | $0 | — | — |
| 2013 | $77K | $73K | $24K | $0 | — | View 990 |
| 2012 | $82K | $74K | $21K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $95K, expenses of $77K, and assets of $27K (revenue +21.9% year-over-year).
- 2023: Revenue of $78K, expenses of $82K, and assets of $10K (revenue +44.0% year-over-year).
- 2022: Revenue of $54K, expenses of $56K, and assets of $14K (revenue -8.5% year-over-year).
- 2021: Revenue of $59K, expenses of $61K, and assets of $16K (revenue -7.9% year-over-year).
- 2020: Revenue of $64K, expenses of $55K, and assets of $19K (revenue +14.2% year-over-year).
- 2019: Revenue of $56K, expenses of $56K, and assets of $10K (revenue +18.5% year-over-year).
- 2018: Revenue of $47K, expenses of $47K, and assets of $10K (revenue -22.7% year-over-year).
- 2017: Revenue of $61K, expenses of $65K, and assets of $10K (revenue +20.5% year-over-year).
- 2016: Revenue of $51K, expenses of $50K, and assets of $14K (revenue -19.8% year-over-year).
- 2015: Revenue of $63K, expenses of $82K, and assets of $13K (revenue -33.0% year-over-year).
- 2014: Revenue of $94K, expenses of $87K, and assets of $32K (revenue +22.5% year-over-year).
- 2013: Revenue of $77K, expenses of $73K, and assets of $24K (revenue -5.4% year-over-year).
- 2012: Revenue of $82K, expenses of $74K, and assets of $21K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Furniture Bank Of Southeast Connecticut Inc:
Data Sources and Methodology
This transparency report for Furniture Bank Of Southeast Connecticut 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.