Homeownership Affordability Trust Fund
Homeownership Affordability Trust Fund: Strong Asset Growth, Low Program Spending
EIN: 222963595 · Providence, RI · NTEE: L500 · Updated: 2026-04-04
Is Homeownership Affordability Trust Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Homeownership Affordability Trust Fund directs 5% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About Homeownership Affordability Trust Fund
Homeownership Affordability Trust Fund (EIN: 222963595) is a nonprofit organization based in Providence, RI, classified under NTEE code L500. The organization reported total revenue of $5.8M and total assets of $113.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Homeownership Affordability Trust Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Homeownership Affordability Trust Fund 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: 95%
- programs: 5%
- fundraising: 0%
According to IRS 990 filings, Homeownership Affordability Trust Fund allocates its expenses as follows: admin: 95%, programs: 5%, fundraising: 0%. Only 5% is directed toward programs, which may warrant further investigation by donors.
Executive Compensation Analysis
Executive compensation is not reported in the provided data, as indicated by 'c0%' in all filings, suggesting either no paid executives or compensation below reporting thresholds.
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 Homeownership Affordability Trust Fund's IRS 990 filings:
- Extremely low program spending relative to total expenses and assets (e.g., $3,678,162 in programs vs. $113,861,875 in assets in 2023).
- The primary activity appears to be asset accumulation rather than direct program delivery, raising questions about the immediate impact of the 'Trust Fund' designation.
- Lack of detailed breakdown for administrative expenses, which constitute the vast majority of expenditures.
Strengths
The following positive indicators were identified for Homeownership Affordability Trust Fund:
- Consistent asset growth over the years, indicating strong financial management of its endowment.
- Zero reported fundraising costs, suggesting efficient capital retention.
- Maintains a significant asset base that could potentially support substantial future programming.
Frequently Asked Questions about Homeownership Affordability Trust Fund
Is Homeownership Affordability Trust Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Homeownership Affordability Trust Fund (EIN: 222963595) some concerns. Mission Score: 65/100. 3 red flags identified, 3 strengths noted.
How does Homeownership Affordability Trust Fund spend its money?
Homeownership Affordability Trust Fund directs 5% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Homeownership Affordability Trust Fund tax-deductible?
Homeownership Affordability Trust Fund is registered as a tax-exempt nonprofit (EIN: 222963595). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Homeownership Affordability Trust Fund do?
Homeownership Affordability Trust Fund is a nonprofit organization in the Housing & Shelter sector, located in Providence, Rhode Island. It is classified under NTEE code L500.
How much revenue does Homeownership Affordability Trust Fund have?
Homeownership Affordability Trust Fund reported total revenue of $5,807,699. Based on 13 IRS 990 filings on record.
What are Homeownership Affordability Trust Fund's total assets?
Homeownership Affordability Trust Fund holds total assets of $113,830,936 as reported in IRS 990 filings.
Where is Homeownership Affordability Trust Fund located?
Homeownership Affordability Trust Fund is based in Providence, Rhode Island.
What is Homeownership Affordability Trust Fund's EIN?
Homeownership Affordability Trust Fund's Employer Identification Number (EIN) is 222963595. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Homeownership Affordability Trust Fund?
Homeownership Affordability Trust Fund is classified under NTEE code L500 (Housing & Shelter).
Is Homeownership Affordability Trust Fund a registered 501(c)(3)?
Yes, Homeownership Affordability Trust Fund is recognized as a tax-exempt organization by the IRS. EIN: 222963595.
Does Homeownership Affordability Trust Fund file IRS Form 990?
Yes, Homeownership Affordability Trust Fund has 13 IRS Form 990 filings on record. The most recent covers tax period 202306.
What was Homeownership Affordability Trust Fund's revenue in 2023?
In the 202306 filing period, Homeownership Affordability Trust Fund reported total revenue of $6,426,249, total expenses of $3,678,162, and net assets of $113,861,875.
Is Homeownership Affordability Trust Fund's revenue growing or declining?
Homeownership Affordability Trust Fund's revenue is growing. Revenue went from $1,978,717 (202206) to $6,426,249 (202306), a +224.8% change. Based on 13 filings on record.
What is Homeownership Affordability Trust Fund's most recent 990 filing?
The most recent IRS Form 990 filing for Homeownership Affordability Trust Fund covers tax period 202306. It shows revenue of $6,426,249, expenses of $3,678,162, total assets of $113,861,875, and liabilities of $557,147.
How much does Homeownership Affordability Trust Fund spend on programs vs administration?
Based on IRS 990 analysis, Homeownership Affordability Trust Fund allocates approximately 5% of expenses to program services, 95% to administrative costs, and 0% to fundraising. Overhead costs appear high relative to program spending.
Is Homeownership Affordability Trust Fund a trustworthy charity?
Based on AI analysis of IRS 990 data, Homeownership Affordability Trust Fund shows mixed signals. Mission Score: 65/100 (Good). 3 red flags identified. 3 strengths noted.
What are the red flags for Homeownership Affordability Trust Fund?
The following concerns were identified: Extremely low program spending relative to total expenses and assets (e.g., $3,678,162 in programs vs. $113,861,875 in assets in 2023).. The primary activity appears to be asset accumulation rather than direct program delivery, raising questions about the immediate impact of the 'Trust Fund' designation.. Lack of detailed breakdown for administrative expenses, which constitute the vast majority of expenditures.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Homeownership Affordability Trust Fund's strengths?
Positive indicators for Homeownership Affordability Trust Fund include: Consistent asset growth over the years, indicating strong financial management of its endowment.. Zero reported fundraising costs, suggesting efficient capital retention.. Maintains a significant asset base that could potentially support substantial future programming.. These findings are derived from AI analysis of the organization's financial filings.
How does Homeownership Affordability Trust Fund compensate executives?
Executive compensation is not reported in the provided data, as indicated by 'c0%' in all filings, suggesting either no paid executives or compensation below reporting thresholds. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the 'Trust Fund' designation and substantial assets, what specific mechanisms are in place to ensure these funds directly contribute to homeownership affordability, beyond asset growth?
The provided data indicates very low program expenses relative to assets, suggesting the primary mechanism might be long-term investment and growth rather than direct, immediate program disbursement. Further details on grant-making or direct assistance programs are not evident in the financial summaries.
Filing History
IRS 990 filing history for Homeownership Affordability Trust Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Homeownership Affordability Trust Fund's revenue has grown by 98.5%, moving from $3.2M to $6.4M. Total assets increased by 67.6% over the same period, from $67.9M to $113.9M. In its most recent filing year (2023), Homeownership Affordability Trust Fund reported a surplus of $2.7M, with revenue exceeding expenses. The organization holds $557K in liabilities against $113.9M in assets (debt-to-asset ratio: 0.5%), resulting in net assets of $113.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $6.4M | $3.7M | $113.9M | $557K | — | View 990 |
| 2022 | $2.0M | $2.9M | $111.2M | $46K | — | View 990 |
| 2021 | $7.4M | $184K | $112.4M | $0 | — | View 990 |
| 2020 | $5.6M | $239K | $105.3M | $151K | — | View 990 |
| 2019 | $9.0M | $729K | $99.9M | $117K | — | View 990 |
| 2018 | $8.6M | $182K | $91.6M | $72K | — | View 990 |
| 2017 | $4.3M | $-406,617 | $83.2M | $27K | — | View 990 |
| 2016 | $3.4M | $1.2M | $78.5M | $100K | — | View 990 |
| 2015 | $2.8M | $1.9M | $76.3M | $73K | — | View 990 |
| 2014 | $2.8M | $254K | $75.4M | $45K | — | View 990 |
| 2013 | $3.7M | $-260,140 | $72.9M | $2.0M | — | View 990 |
| 2012 | $3.1M | $2.0M | $69.0M | $2.1M | — | View 990 |
| 2011 | $3.2M | $0 | $67.9M | $2.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $6.4M, expenses of $3.7M, and assets of $113.9M (revenue +224.8% year-over-year).
- 2022: Revenue of $2.0M, expenses of $2.9M, and assets of $111.2M (revenue -73.1% year-over-year).
- 2021: Revenue of $7.4M, expenses of $184K, and assets of $112.4M (revenue +31.0% year-over-year).
- 2020: Revenue of $5.6M, expenses of $239K, and assets of $105.3M (revenue -37.2% year-over-year).
- 2019: Revenue of $9.0M, expenses of $729K, and assets of $99.9M (revenue +4.1% year-over-year).
- 2018: Revenue of $8.6M, expenses of $182K, and assets of $91.6M (revenue +99.5% year-over-year).
- 2017: Revenue of $4.3M, expenses of $-406,617, and assets of $83.2M (revenue +26.0% year-over-year).
- 2016: Revenue of $3.4M, expenses of $1.2M, and assets of $78.5M (revenue +23.3% year-over-year).
- 2015: Revenue of $2.8M, expenses of $1.9M, and assets of $76.3M (revenue +1.0% year-over-year).
- 2014: Revenue of $2.8M, expenses of $254K, and assets of $75.4M (revenue -25.4% year-over-year).
- 2013: Revenue of $3.7M, expenses of $-260,140, and assets of $72.9M (revenue +20.2% year-over-year).
- 2012: Revenue of $3.1M, expenses of $2.0M, and assets of $69.0M (revenue -5.3% year-over-year).
- 2011: Revenue of $3.2M, expenses of $0, and assets of $67.9M.
Data Sources and Methodology
This transparency report for Homeownership Affordability Trust Fund 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.