Glenburn Housing Corp
Glenburn Housing Corp consistently operates at a deficit with high liabilities, but reports no officer compensation.
EIN: 10358743 · Bangor, ME · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $263K |
| Total Expenses | $246K |
| Program Spending | 85% |
| Net Assets | $-524,386 |
| Transparency Score | 70/100 |
Is Glenburn Housing Corp Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Glenburn Housing Corp directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Glenburn Housing Corp
Glenburn Housing Corp (EIN: 10358743) is a nonprofit organization based in Bangor, ME. The organization reported total revenue of $263K and total assets of $764K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Glenburn Housing Corp's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Glenburn Housing Corp is a small nonprofit that has been operating for 47 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -0.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $192K |
| Total Expenses | $246K |
| Surplus / Deficit | $-53,873 |
| Total Assets | $779K |
| Total Liabilities | $1.3M |
| Net Assets | $-524,386 |
| Operating Margin | -28.0% |
| Debt-to-Asset Ratio | 167.3% |
| Months of Reserves | 38.0 months |
Financial Health Grade: C
In 2023, Glenburn Housing Corp reported a deficit of $54K with expenses exceeding revenue, holds 38.0 months of operating reserves (strong position), has a debt-to-asset ratio of 167.3% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Glenburn Housing Corp's revenue has declined at a compound annual growth rate (CAGR) of -0.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +3.5% | -0.1% | -4.1% |
| 2022 | +8.1% | +12.9% | -6.5% |
| 2021 | +1.2% | -2.7% | -4.3% |
| 2020 | -2.2% | -1.1% | -5.0% |
| 2019 | +1.0% | -9.4% | -4.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 1979 |
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 Glenburn Housing Corp 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: 85%
- fundraising: 0%
According to IRS 990 filings, Glenburn Housing Corp 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.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $54K, with expenses exceeding revenue.
- Debt-to-asset ratio: 167.3%.
Executive Compensation Analysis
Glenburn Housing Corp consistently reports 0% officer compensation across all available filings, indicating that no funds are allocated to executive salaries, which is highly favorable for directing resources to its mission.
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 Glenburn Housing Corp's IRS 990 filings:
- Consistent operating deficits (expenses exceeding revenue) in recent years, e.g., $246,228 expenses vs. $192,355 revenue in 2023.
- Liabilities consistently exceed assets, indicating a high debt burden or reliance on long-term obligations (e.g., $1,303,746 liabilities vs. $779,360 assets in 2023).
- Gradual decline in total assets from $1,080,654 in 2017 to $779,360 in 2023.
Strengths
The following positive indicators were identified for Glenburn Housing Corp:
- Zero officer compensation reported across all filings, indicating high efficiency in executive pay.
- Consistent filing history (13 filings) demonstrates good transparency and compliance.
- Stable revenue generation over the past decade, despite recent deficits.
Frequently Asked Questions about Glenburn Housing Corp
Is Glenburn Housing Corp a legitimate charity?
Glenburn Housing Corp (EIN: 10358743) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 70/100. It has 13 years of IRS 990 filings on record. Total revenue: $263K. 3 red flags identified. 3 strengths noted. Financial health grade: C.
How does Glenburn Housing Corp spend its money?
Glenburn Housing Corp directs 85% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Glenburn Housing Corp tax-deductible?
Glenburn Housing Corp is registered as a tax-exempt nonprofit (EIN: 10358743). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Glenburn Housing Corp located?
Glenburn Housing Corp is headquartered in Bangor, Maine and files with the IRS under EIN 10358743.
How many years of IRS 990 filings does Glenburn Housing Corp have?
Glenburn Housing Corp 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 $263K in total revenue.
Is Glenburn Housing Corp financially sustainable given its consistent operating deficits?
The organization has consistently reported expenses exceeding revenue for several years (e.g., $246,228 expenses vs. $192,355 revenue in 2023). While it has assets, this trend of operating deficits, coupled with liabilities often exceeding assets, raises concerns about long-term financial sustainability if not addressed.
How does Glenburn Housing Corp manage its high liabilities relative to its assets?
The organization's liabilities have consistently been high, often exceeding its assets (e.g., $1,303,746 liabilities vs. $779,360 assets in 2023). Without further detail on the nature of these liabilities (e.g., mortgages, program-related debt), it's difficult to assess the specific management strategy, but it indicates a significant reliance on debt or long-term obligations.
What are the specific program activities funded by Glenburn Housing Corp?
The provided data indicates the organization's name is 'Glenburn Housing Corp' and its location is Bangor, ME, suggesting a focus on housing-related programs. However, the NTEE code is unknown, and the financial data does not detail specific program activities or their associated costs beyond overall expenses.
Filing History
IRS 990 filing history for Glenburn Housing Corp showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Glenburn Housing Corp's revenue has declined by 8.1%, moving from $209K to $192K. Total assets increased by 8.4% over the same period, from $719K to $779K. Total functional expenses rose by 18.5%, from $208K to $246K. In its most recent filing year (2023), Glenburn Housing Corp reported a deficit of $54K, with expenses exceeding revenue. The organization holds $1.3M in liabilities against $779K in assets (debt-to-asset ratio: 167.3%), resulting in net assets of $-524,386.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $192K | $246K | $779K | $1.3M | — | — |
| 2022 | $186K | $246K | $813K | $1.3M | — | View 990 |
| 2021 | $172K | $218K | $869K | $1.3M | — | View 990 |
| 2020 | $170K | $224K | $908K | $1.3M | — | View 990 |
| 2019 | $174K | $227K | $956K | $1.3M | — | — |
| 2018 | $172K | $250K | $1.0M | $1.3M | — | View 990 |
| 2017 | $193K | $215K | $1.1M | $1.3M | — | View 990 |
| 2016 | $226K | $231K | $639K | $795K | — | View 990 |
| 2015 | $227K | $248K | $662K | $814K | — | View 990 |
| 2014 | $225K | $228K | $693K | $824K | — | View 990 |
| 2013 | $229K | $219K | $710K | $838K | — | View 990 |
| 2012 | $223K | $212K | $715K | $853K | — | View 990 |
| 2011 | $209K | $208K | $719K | $868K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $192K, expenses of $246K, and assets of $779K (revenue +3.5% year-over-year).
- 2022: Revenue of $186K, expenses of $246K, and assets of $813K (revenue +8.1% year-over-year).
- 2021: Revenue of $172K, expenses of $218K, and assets of $869K (revenue +1.2% year-over-year).
- 2020: Revenue of $170K, expenses of $224K, and assets of $908K (revenue -2.2% year-over-year).
- 2019: Revenue of $174K, expenses of $227K, and assets of $956K (revenue +1.0% year-over-year).
- 2018: Revenue of $172K, expenses of $250K, and assets of $1.0M (revenue -11.0% year-over-year).
- 2017: Revenue of $193K, expenses of $215K, and assets of $1.1M (revenue -14.5% year-over-year).
- 2016: Revenue of $226K, expenses of $231K, and assets of $639K (revenue -0.4% year-over-year).
- 2015: Revenue of $227K, expenses of $248K, and assets of $662K (revenue +0.6% year-over-year).
- 2014: Revenue of $225K, expenses of $228K, and assets of $693K (revenue -1.4% year-over-year).
- 2013: Revenue of $229K, expenses of $219K, and assets of $710K (revenue +2.4% year-over-year).
- 2012: Revenue of $223K, expenses of $212K, and assets of $715K (revenue +6.7% year-over-year).
- 2011: Revenue of $209K, expenses of $208K, and assets of $719K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Glenburn Housing Corp:
Data Sources and Methodology
This transparency report for Glenburn Housing Corp 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.