Housing Authority Insurance Inc
Housing Authority Insurance Inc: Financial Volatility and Transparency Concerns
EIN: 222935104 · Cheshire, CT · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $3.1M |
| Total Expenses | $2.4M |
| Program Spending | 70% |
| Net Assets | $1.4M |
| Transparency Score | 65/100 |
Is Housing Authority Insurance Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Housing Authority Insurance Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Housing Authority Insurance Inc
Housing Authority Insurance Inc (EIN: 222935104) is a nonprofit organization based in Cheshire, CT. The organization reported total revenue of $3.1M and total assets of $745K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Housing Authority Insurance Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Housing Authority Insurance Inc is a mid-size nonprofit that has been operating for 37 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -9.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $613K |
| Total Expenses | $2.4M |
| Surplus / Deficit | $-1,806,255 |
| Total Assets | $1.8M |
| Total Liabilities | $450K |
| Net Assets | $1.4M |
| Operating Margin | -294.7% |
| Debt-to-Asset Ratio | 25.0% |
| Months of Reserves | 8.9 months |
Financial Health Grade: B
In 2023, Housing Authority Insurance Inc reported a deficit of $1.8M with expenses exceeding revenue, holds 8.9 months of operating reserves (strong position), has a debt-to-asset ratio of 25.0% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Housing Authority Insurance Inc's revenue has declined at a compound annual growth rate (CAGR) of -9.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -69.8% | +5.0% | -45.0% |
| 2022 | +35.5% | +23.7% | -6.7% |
| 2021 | -57.1% | -7.0% | -10.0% |
| 2020 | +35.1% | -5.3% | +58.4% |
| 2019 | +3.6% | -0.2% | +26.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 1989 |
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 Housing Authority Insurance 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Housing Authority Insurance Inc allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $1.8M, with expenses exceeding revenue.
- Debt-to-asset ratio: 25.0%.
Executive Compensation Analysis
Executive compensation cannot be assessed from the provided data as specific figures are not available in the filings.
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 Housing Authority Insurance Inc's IRS 990 filings:
- Revenue decreased from $3,500,000 in 2020 to $612,920 in 2023, indicating a substantial decline in financial intake.
- Expenses consistently exceed revenue in multiple years (e.g., 2023: revenue $612,920, expenses $2,419,175; 2022: revenue $2,032,500, expenses $2,303,911), suggesting operational deficits.
- The 'c' field consistently shows '0%', which could indicate a lack of clarity on certain financial aspects or a specific reporting method that needs further investigation.
Strengths
The following positive indicators were identified for Housing Authority Insurance Inc:
- Despite revenue fluctuations, the organization has maintained operations over several years, demonstrating resilience.
- Assets have generally been maintained at a reasonable level relative to liabilities, though there are significant year-to-year changes.
Frequently Asked Questions about Housing Authority Insurance Inc
Is Housing Authority Insurance Inc a legitimate charity?
Housing Authority Insurance Inc (EIN: 222935104) is a registered tax-exempt nonprofit based in Connecticut. Our AI analysis gives it a Mission Score of 65/100. It has 13 years of IRS 990 filings on record. Total revenue: $3.1M. 3 red flags identified. 2 strengths noted. Financial health grade: B.
How does Housing Authority Insurance Inc spend its money?
Housing Authority Insurance Inc directs 70% of its spending to programs and services. Fundraising costs 10%. This meets the 65% industry benchmark.
Are donations to Housing Authority Insurance Inc tax-deductible?
Housing Authority Insurance Inc is registered as a tax-exempt nonprofit (EIN: 222935104). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Housing Authority Insurance Inc's spending goes to programs?
Housing Authority Insurance Inc directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
Where is Housing Authority Insurance Inc located?
Housing Authority Insurance Inc is headquartered in Cheshire, Connecticut and files with the IRS under EIN 222935104.
How many years of IRS 990 filings does Housing Authority Insurance Inc have?
Housing Authority Insurance Inc 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 $3.1M in total revenue.
What does Housing Authority Insurance Inc do?
Housing Authority Insurance Inc is a nonprofit organization in the Unknown sector, located in Cheshire, Connecticut. It is classified under NTEE code Unknown.
How much revenue does Housing Authority Insurance Inc have?
Housing Authority Insurance Inc reported total revenue of $3,121,105. Based on 13 IRS 990 filings on record.
What are Housing Authority Insurance Inc's total assets?
Housing Authority Insurance Inc holds total assets of $744,919 as reported in IRS 990 filings.
Where is Housing Authority Insurance Inc located?
Housing Authority Insurance Inc is based in Cheshire, Connecticut.
What is Housing Authority Insurance Inc's EIN?
Housing Authority Insurance Inc's Employer Identification Number (EIN) is 222935104. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Housing Authority Insurance Inc?
Housing Authority Insurance Inc is classified under NTEE code Unknown (Unknown).
Is Housing Authority Insurance Inc a registered 501(c)(3)?
Housing Authority Insurance Inc appears in IRS records (EIN: 222935104). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Housing Authority Insurance Inc file IRS Form 990?
Yes, Housing Authority Insurance Inc has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Housing Authority Insurance Inc's revenue in 2023?
In the 202312 filing period, Housing Authority Insurance Inc reported total revenue of $612,920, total expenses of $2,419,175, and net assets of $1,801,145.
Is Housing Authority Insurance Inc's revenue growing or declining?
Housing Authority Insurance Inc's revenue is declining. Revenue went from $2,032,500 (202212) to $612,920 (202312), a -69.8% change. Based on 13 filings on record.
What is Housing Authority Insurance Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Housing Authority Insurance Inc covers tax period 202312. It shows revenue of $612,920, expenses of $2,419,175, total assets of $1,801,145, and liabilities of $449,813.
How much does Housing Authority Insurance Inc spend on programs vs administration?
Based on IRS 990 analysis, Housing Authority Insurance Inc allocates approximately 70% of expenses to program services, 20% to administrative costs, and 10% to fundraising. Program spending is moderate relative to overhead.
Is Housing Authority Insurance Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Housing Authority Insurance Inc shows mixed signals. Mission Score: 65/100 (Good). 3 red flags identified. 2 strengths noted.
What are the red flags for Housing Authority Insurance Inc?
The following concerns were identified: Revenue decreased from $3,500,000 in 2020 to $612,920 in 2023, indicating a substantial decline in financial intake.. Expenses consistently exceed revenue in multiple years (e.g., 2023: revenue $612,920, expenses $2,419,175; 2022: revenue $2,032,500, expenses $2,303,911), suggesting operational deficits.. The 'c' field consistently shows '0%', which could indicate a lack of clarity on certain financial aspects or a specific reporting method that needs further investigation.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Housing Authority Insurance Inc's strengths?
Positive indicators for Housing Authority Insurance Inc include: Despite revenue fluctuations, the organization has maintained operations over several years, demonstrating resilience.. Assets have generally been maintained at a reasonable level relative to liabilities, though there are significant year-to-year changes.. These findings are derived from AI analysis of the organization's financial filings.
How does Housing Authority Insurance Inc compensate executives?
Executive compensation cannot be assessed from the provided data as specific figures are not available in the filings. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
What factors contributed to the drastic drop in revenue from $3,500,000 in 2020 to $612,920 in 2023, and how is the organization sustaining operations with expenses significantly exceeding revenue?
The provided data does not specify the reasons for the revenue decline. Sustaining operations with expenses exceeding revenue, as seen in 2023, likely involves drawing down reserves or other non-operating income sources not detailed in this summary.
Given the consistent '0%' in the 'c' field across all years, what does this metric represent, and does it impact the overall financial transparency assessment?
Without further context, the 'c' field's consistent '0%' is ambiguous. It could represent a specific compliance metric, a percentage of certain costs, or an unpopulated field. Its lack of variation or explanation hinders a complete transparency assessment.
Filing History
IRS 990 filing history for Housing Authority Insurance Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Housing Authority Insurance Inc's revenue has declined by 67.7%, moving from $1.9M to $613K. Total assets increased by 88.4% over the same period, from $956K to $1.8M. Total functional expenses rose by 64.3%, from $1.5M to $2.4M. In its most recent filing year (2023), Housing Authority Insurance Inc reported a deficit of $1.8M, with expenses exceeding revenue. The organization holds $450K in liabilities against $1.8M in assets (debt-to-asset ratio: 25.0%), resulting in net assets of $1.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $613K | $2.4M | $1.8M | $450K | — | — |
| 2022 | $2.0M | $2.3M | $3.3M | $120K | — | View 990 |
| 2021 | $1.5M | $1.9M | $3.5M | $85K | — | View 990 |
| 2020 | $3.5M | $2.0M | $3.9M | $114K | — | — |
| 2019 | $2.6M | $2.1M | $2.5M | $173K | — | View 990 |
| 2018 | $2.5M | $2.1M | $2.0M | $138K | — | View 990 |
| 2017 | $3.8M | $3.3M | $2.5M | $1.0M | — | View 990 |
| 2016 | $5.0M | $4.6M | $1.9M | $1.0M | — | View 990 |
| 2015 | $7.1M | $7.9M | $2.0M | $1.5M | — | View 990 |
| 2014 | $6.4M | $6.6M | $2.9M | $2.1M | — | View 990 |
| 2013 | $5.0M | $5.0M | $4.2M | $3.3M | — | View 990 |
| 2012 | $2.5M | $2.5M | $6.2M | $5.4M | — | View 990 |
| 2011 | $1.9M | $1.5M | $956K | $85K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $613K, expenses of $2.4M, and assets of $1.8M (revenue -69.8% year-over-year).
- 2022: Revenue of $2.0M, expenses of $2.3M, and assets of $3.3M (revenue +35.5% year-over-year).
- 2021: Revenue of $1.5M, expenses of $1.9M, and assets of $3.5M (revenue -57.1% year-over-year).
- 2020: Revenue of $3.5M, expenses of $2.0M, and assets of $3.9M (revenue +35.1% year-over-year).
- 2019: Revenue of $2.6M, expenses of $2.1M, and assets of $2.5M (revenue +3.6% year-over-year).
- 2018: Revenue of $2.5M, expenses of $2.1M, and assets of $2.0M (revenue -34.2% year-over-year).
- 2017: Revenue of $3.8M, expenses of $3.3M, and assets of $2.5M (revenue -23.9% year-over-year).
- 2016: Revenue of $5.0M, expenses of $4.6M, and assets of $1.9M (revenue -30.0% year-over-year).
- 2015: Revenue of $7.1M, expenses of $7.9M, and assets of $2.0M (revenue +12.1% year-over-year).
- 2014: Revenue of $6.4M, expenses of $6.6M, and assets of $2.9M (revenue +26.6% year-over-year).
- 2013: Revenue of $5.0M, expenses of $5.0M, and assets of $4.2M (revenue +104.7% year-over-year).
- 2012: Revenue of $2.5M, expenses of $2.5M, and assets of $6.2M (revenue +29.4% year-over-year).
- 2011: Revenue of $1.9M, expenses of $1.5M, and assets of $956K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Housing Authority Insurance Inc:
Data Sources and Methodology
This transparency report for Housing Authority Insurance 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.