Home Development Inc
Home Development Inc: Declining Assets Amidst Consistent Revenue
EIN: 222874259 · New Haven, CT · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $355K |
| Total Expenses | $858K |
| Program Spending | 75% |
| Net Assets | $-5,624,663 |
| Transparency Score | 65/100 |
Is Home Development Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Home Development Inc directs 75% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Home Development Inc
Home Development Inc (EIN: 222874259) is a nonprofit organization based in New Haven, CT. The organization reported total revenue of $355K and total assets of $4.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Home Development Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Home Development Inc is a small nonprofit that has been operating for 38 years, with 14 years of IRS 990 filings on record (2011–2024).
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $326K |
| Total Expenses | $858K |
| Surplus / Deficit | $-532,418 |
| Total Assets | $4.8M |
| Total Liabilities | $10.5M |
| Net Assets | $-5,624,663 |
| Operating Margin | -163.4% |
| Debt-to-Asset Ratio | 216.5% |
| Months of Reserves | 67.5 months |
Financial Health Grade: C
In 2024, Home Development Inc reported a deficit of $532K with expenses exceeding revenue, holds 67.5 months of operating reserves (strong position), has a debt-to-asset ratio of 216.5% (high leverage).
Financial Trends
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | +5.4% | +1.1% | -5.9% |
| 2023 | +15.6% | -1.2% | -3.8% |
| 2022 | +9.6% | +4.5% | -4.6% |
| 2021 | -18.2% | -8.3% | -3.8% |
| 2020 | -4.7% | +11.5% | -3.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1988 |
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 Home Development Inc with a Mission Score of 65 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: 75%
- fundraising: 10%
According to IRS 990 filings, Home Development Inc allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% 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 $532K, with expenses exceeding revenue.
- Debt-to-asset ratio: 216.5%.
Executive Compensation Analysis
Executive compensation cannot be assessed as specific figures for individual executives are not provided in the available data.
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 Home Development Inc's IRS 990 filings:
- Total assets have consistently declined from $6,471,027 in 2017 to $4,528,702 in 2024, indicating potential long-term financial challenges or asset divestment.
- Expenses consistently exceed revenue in all provided years, suggesting reliance on other funding sources or drawing down reserves.
Strengths
The following positive indicators were identified for Home Development Inc:
- Consistent revenue generation over the past seven years, ranging from $243,913 to $354,730.
- Stable liability levels relative to assets, indicating no significant increase in debt burden.
Frequently Asked Questions about Home Development Inc
Is Home Development Inc a legitimate charity?
Home Development Inc (EIN: 222874259) is a registered tax-exempt nonprofit based in Connecticut. Our AI analysis gives it a Mission Score of 65/100. It has 14 years of IRS 990 filings on record. Total revenue: $355K. 2 red flags identified. 2 strengths noted. Financial health grade: C.
How does Home Development Inc spend its money?
Home Development Inc directs 75% of its spending to programs and services. Fundraising costs 10%. This exceeds the 65% industry benchmark.
Are donations to Home Development Inc tax-deductible?
Home Development Inc is registered as a tax-exempt nonprofit (EIN: 222874259). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Home Development Inc's spending goes to programs?
Home Development Inc directs 75% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Home Development Inc located?
Home Development Inc is headquartered in New Haven, Connecticut and files with the IRS under EIN 222874259.
How many years of IRS 990 filings does Home Development Inc have?
Home Development Inc has 14 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 $355K in total revenue.
What does Home Development Inc do?
Home Development Inc is a nonprofit organization in the Unknown sector, located in New Haven, Connecticut. It is classified under NTEE code Unknown.
How much revenue does Home Development Inc have?
Home Development Inc reported total revenue of $354,730. Based on 14 IRS 990 filings on record.
What are Home Development Inc's total assets?
Home Development Inc holds total assets of $4,528,702 as reported in IRS 990 filings.
Where is Home Development Inc located?
Home Development Inc is based in New Haven, Connecticut.
What is Home Development Inc's EIN?
Home Development Inc's Employer Identification Number (EIN) is 222874259. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Home Development Inc?
Home Development Inc is classified under NTEE code Unknown (Unknown).
Is Home Development Inc a registered 501(c)(3)?
Home Development Inc appears in IRS records (EIN: 222874259). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Home Development Inc file IRS Form 990?
Yes, Home Development Inc has 14 IRS Form 990 filings on record. The most recent covers tax period 202403.
What was Home Development Inc's revenue in 2024?
In the 202403 filing period, Home Development Inc reported total revenue of $325,875, total expenses of $858,293, and net assets of $4,828,560.
Is Home Development Inc's revenue growing or declining?
Home Development Inc's revenue is growing. Revenue went from $309,040 (202303) to $325,875 (202403), a +5.4% change. Based on 14 filings on record.
What is Home Development Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Home Development Inc covers tax period 202403. It shows revenue of $325,875, expenses of $858,293, total assets of $4,828,560, and liabilities of $10,453,223.
How much does Home Development Inc spend on programs vs administration?
Based on IRS 990 analysis, Home Development Inc allocates approximately 75% of expenses to program services, 15% to administrative costs, and 10% to fundraising. This indicates strong program focus.
Is Home Development Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Home Development Inc shows mixed signals. Mission Score: 65/100 (Good). 2 red flags identified. 2 strengths noted.
What are the red flags for Home Development Inc?
The following concerns were identified: Total assets have consistently declined from $6,471,027 in 2017 to $4,528,702 in 2024, indicating potential long-term financial challenges or asset divestment.. Expenses consistently exceed revenue in all provided years, suggesting reliance on other funding sources or drawing down reserves.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Home Development Inc's strengths?
Positive indicators for Home Development Inc include: Consistent revenue generation over the past seven years, ranging from $243,913 to $354,730.. Stable liability levels relative to assets, indicating no significant increase in debt burden.. These findings are derived from AI analysis of the organization's financial filings.
How does Home Development Inc compensate executives?
Executive compensation cannot be assessed as specific figures for individual executives are not provided in the available data. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Home Development Inc?
• Financial filings are consistently available, showing annual revenue and expense data. • No specific program details or impact metrics are readily available in the provided data. • Compensation details for key executives are not itemized in the provided financial snippets. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
What is driving the consistent decline in total assets despite stable revenue streams?
The consistent decline in total assets, from $6,471,027 in 2017 to $4,528,702 in 2024, while expenses consistently exceed revenue, suggests that the organization may be liquidating assets, experiencing depreciation without sufficient reinvestment, or covering operational deficits through asset sales rather than new funding.
Filing History
IRS 990 filing history for Home Development Inc showing financial trends over 14 years of public records:
Total assets decreased by 39.3% over the same period, from $8.0M to $4.8M. In its most recent filing year (2024), Home Development Inc reported a deficit of $532K, with expenses exceeding revenue. The organization holds $10.5M in liabilities against $4.8M in assets (debt-to-asset ratio: 216.5%), resulting in net assets of $-5,624,663.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $326K | $858K | $4.8M | $10.5M | — | View 990 |
| 2023 | $309K | $849K | $5.1M | $10.2M | — | — |
| 2022 | $267K | $860K | $5.3M | $9.9M | — | View 990 |
| 2021 | $244K | $823K | $5.6M | $9.5M | — | View 990 |
| 2020 | $298K | $897K | $5.8M | $9.2M | — | View 990 |
| 2019 | $313K | $804K | $6.0M | $8.8M | — | View 990 |
| 2018 | $297K | $829K | $6.2M | $8.5M | — | — |
| 2017 | $305K | $802K | $6.5M | $8.2M | — | View 990 |
| 2016 | $80K | $201K | $6.8M | $8.1M | — | View 990 |
| 2015 | $302K | $794K | $6.9M | $8.0M | — | View 990 |
| 2014 | $-525,158 | $0 | $7.1M | $7.7M | — | View 990 |
| 2013 | $-462,896 | $0 | $7.1M | $7.3M | — | View 990 |
| 2012 | $-190,280 | $0 | $7.6M | $7.3M | — | View 990 |
| 2011 | $-175,424 | $0 | $8.0M | $7.4M | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $326K, expenses of $858K, and assets of $4.8M (revenue +5.4% year-over-year).
- 2023: Revenue of $309K, expenses of $849K, and assets of $5.1M (revenue +15.6% year-over-year).
- 2022: Revenue of $267K, expenses of $860K, and assets of $5.3M (revenue +9.6% year-over-year).
- 2021: Revenue of $244K, expenses of $823K, and assets of $5.6M (revenue -18.2% year-over-year).
- 2020: Revenue of $298K, expenses of $897K, and assets of $5.8M (revenue -4.7% year-over-year).
- 2019: Revenue of $313K, expenses of $804K, and assets of $6.0M (revenue +5.3% year-over-year).
- 2018: Revenue of $297K, expenses of $829K, and assets of $6.2M (revenue -2.6% year-over-year).
- 2017: Revenue of $305K, expenses of $802K, and assets of $6.5M (revenue +283.0% year-over-year).
- 2016: Revenue of $80K, expenses of $201K, and assets of $6.8M (revenue -73.6% year-over-year).
- 2015: Revenue of $302K, expenses of $794K, and assets of $6.9M.
- 2014: Revenue of $-525,158, expenses of $0, and assets of $7.1M.
- 2013: Revenue of $-462,896, expenses of $0, and assets of $7.1M.
- 2012: Revenue of $-190,280, expenses of $0, and assets of $7.6M.
- 2011: Revenue of $-175,424, expenses of $0, and assets of $8.0M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Home Development Inc:
Data Sources and Methodology
This transparency report for Home Development 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.