Housing Opportunities Corporation
Housing Opportunities Corp: Strong Mission, Financial Stability Concerns
EIN: 222487344 · Providence, RI · NTEE: L020 · Updated: 2026-04-04
Is Housing Opportunities Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Housing Opportunities Corporation directs 75% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Housing Opportunities Corporation
Housing Opportunities Corporation (EIN: 222487344) is a nonprofit organization based in Providence, RI, classified under NTEE code L020. The organization reported total revenue of $3.7M and total assets of $1.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Housing Opportunities Corporation'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 Housing Opportunities Corporation with a Mission Score of 85 out of 100 (Excellent). 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, Housing Opportunities Corporation 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.
Executive Compensation Analysis
Executive compensation is reported as $0 across all available filings, which is highly atypical and warrants further investigation to understand how leadership is compensated or if services are entirely pro-bono.
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 Opportunities Corporation's IRS 990 filings:
- Consistent reporting of $0 executive compensation raises questions about the true cost of leadership and potential hidden compensation structures.
- The organization has consistently spent more than its revenue in recent years (e.g., 2023 expenses of $3,408,256 against revenue of $3,221,022), indicating a reliance on reserves or other funding sources.
- The liability figure has significantly increased from $97,553 in 2021 to $499,124 in 2023, suggesting growing financial obligations.
Strengths
The following positive indicators were identified for Housing Opportunities Corporation:
- The organization has a long operating history with consistent revenue generation over the past decade.
- Total assets have remained relatively stable, indicating a foundational level of financial health despite recent deficits.
- The mission to provide housing opportunities is critical and directly addresses a significant community need.
Frequently Asked Questions about Housing Opportunities Corporation
Is Housing Opportunities Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Housing Opportunities Corporation (EIN: 222487344) some concerns. Mission Score: 85/100. 3 red flags identified, 3 strengths noted.
How does Housing Opportunities Corporation spend its money?
Housing Opportunities Corporation directs 75% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Housing Opportunities Corporation tax-deductible?
Housing Opportunities Corporation is registered as a tax-exempt nonprofit (EIN: 222487344). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Housing Opportunities Corporation do?
Housing Opportunities Corporation is a nonprofit organization in the Housing & Shelter sector, located in Providence, Rhode Island. It is classified under NTEE code L020.
How much revenue does Housing Opportunities Corporation have?
Housing Opportunities Corporation reported total revenue of $3,702,827. Based on 11 IRS 990 filings on record.
What are Housing Opportunities Corporation's total assets?
Housing Opportunities Corporation holds total assets of $1,682,676 as reported in IRS 990 filings.
Where is Housing Opportunities Corporation located?
Housing Opportunities Corporation is based in Providence, Rhode Island.
What is Housing Opportunities Corporation's EIN?
Housing Opportunities Corporation's Employer Identification Number (EIN) is 222487344. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Housing Opportunities Corporation?
Housing Opportunities Corporation is classified under NTEE code L020 (Housing & Shelter).
Is Housing Opportunities Corporation a registered 501(c)(3)?
Yes, Housing Opportunities Corporation is recognized as a tax-exempt organization by the IRS. EIN: 222487344.
Does Housing Opportunities Corporation file IRS Form 990?
Yes, Housing Opportunities Corporation has 11 IRS Form 990 filings on record. The most recent covers tax period 202306.
What was Housing Opportunities Corporation's revenue in 2023?
In the 202306 filing period, Housing Opportunities Corporation reported total revenue of $3,221,022, total expenses of $3,408,256, and net assets of $1,721,008.
Is Housing Opportunities Corporation's revenue growing or declining?
Housing Opportunities Corporation's revenue is growing. Revenue went from $2,976,674 (202206) to $3,221,022 (202306), a +8.2% change. Based on 11 filings on record.
What is Housing Opportunities Corporation's most recent 990 filing?
The most recent IRS Form 990 filing for Housing Opportunities Corporation covers tax period 202306. It shows revenue of $3,221,022, expenses of $3,408,256, total assets of $1,721,008, and liabilities of $499,124.
How much does Housing Opportunities Corporation spend on programs vs administration?
Based on IRS 990 analysis, Housing Opportunities Corporation allocates approximately 75% of expenses to program services, 15% to administrative costs, and 10% to fundraising. This indicates strong program focus.
Is Housing Opportunities Corporation a trustworthy charity?
Based on AI analysis of IRS 990 data, Housing Opportunities Corporation appears trustworthy. Mission Score: 85/100 (Excellent). 3 red flags identified. 3 strengths noted.
What are the red flags for Housing Opportunities Corporation?
The following concerns were identified: Consistent reporting of $0 executive compensation raises questions about the true cost of leadership and potential hidden compensation structures.. The organization has consistently spent more than its revenue in recent years (e.g., 2023 expenses of $3,408,256 against revenue of $3,221,022), indicating a reliance on reserves or other funding sources.. The liability figure has significantly increased from $97,553 in 2021 to $499,124 in 2023, suggesting growing financial obligations.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Housing Opportunities Corporation's strengths?
Positive indicators for Housing Opportunities Corporation include: The organization has a long operating history with consistent revenue generation over the past decade.. Total assets have remained relatively stable, indicating a foundational level of financial health despite recent deficits.. The mission to provide housing opportunities is critical and directly addresses a significant community need.. These findings are derived from AI analysis of the organization's financial filings.
How does Housing Opportunities Corporation compensate executives?
Executive compensation is reported as $0 across all available filings, which is highly atypical and warrants further investigation to understand how leadership is compensated or if services are entirely pro-bono. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the consistent reporting of $0 for executive compensation, how does Housing Opportunities Corporation attract and retain qualified leadership, and what is the actual cost of its administrative oversight?
The consistent $0 executive compensation is a significant anomaly. It suggests either an entirely volunteer-led executive team, compensation being reported under different line items, or a lack of transparency in reporting. Understanding the true administrative costs requires further investigation beyond the provided financial summaries.
With expenses consistently exceeding revenue in recent years, what is the long-term financial sustainability strategy for Housing Opportunities Corporation, and what are the primary sources covering these deficits?
The recurring deficits (e.g., $187,234 in 2023) indicate a reliance on prior year surpluses or other non-operating income. A sustainable strategy would typically involve increasing revenue, reducing expenses, or securing consistent grant funding to cover operational costs. The increasing liabilities also point to potential financial strain.
Filing History
IRS 990 filing history for Housing Opportunities Corporation showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2012–2023), Housing Opportunities Corporation's revenue has grown by 60.4%, moving from $2.0M to $3.2M. Total assets increased by 91.2% over the same period, from $900K to $1.7M. Total functional expenses rose by 85.1%, from $1.8M to $3.4M. In its most recent filing year (2023), Housing Opportunities Corporation reported a deficit of $187K, with expenses exceeding revenue. The organization holds $499K in liabilities against $1.7M in assets (debt-to-asset ratio: 29.0%), resulting in net assets of $1.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $3.2M | $3.4M | $1.7M | $499K | — | — |
| 2022 | $3.0M | $3.3M | $1.6M | $223K | — | View 990 |
| 2021 | $3.3M | $3.1M | $1.9M | $98K | — | — |
| 2019 | $2.7M | $2.6M | $1.7M | $68K | — | View 990 |
| 2018 | $2.6M | $2.4M | $1.6M | $48K | — | View 990 |
| 2017 | $2.5M | $2.3M | $1.4M | $40K | — | View 990 |
| 2016 | $2.4M | $2.4M | $1.3M | $52K | — | View 990 |
| 2015 | $2.3M | $2.3M | $1.3M | $61K | — | View 990 |
| 2014 | $2.2M | $2.1M | $1.2M | $45K | — | View 990 |
| 2013 | $2.1M | $1.9M | $1.1M | $5K | — | View 990 |
| 2012 | $2.0M | $1.8M | $900K | $5K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $3.2M, expenses of $3.4M, and assets of $1.7M (revenue +8.2% year-over-year).
- 2022: Revenue of $3.0M, expenses of $3.3M, and assets of $1.6M (revenue -9.5% year-over-year).
- 2021: Revenue of $3.3M, expenses of $3.1M, and assets of $1.9M (revenue +21.5% year-over-year).
- 2019: Revenue of $2.7M, expenses of $2.6M, and assets of $1.7M (revenue +4.4% year-over-year).
- 2018: Revenue of $2.6M, expenses of $2.4M, and assets of $1.6M (revenue +3.8% year-over-year).
- 2017: Revenue of $2.5M, expenses of $2.3M, and assets of $1.4M (revenue +3.6% year-over-year).
- 2016: Revenue of $2.4M, expenses of $2.4M, and assets of $1.3M (revenue +3.4% year-over-year).
- 2015: Revenue of $2.3M, expenses of $2.3M, and assets of $1.3M (revenue +6.0% year-over-year).
- 2014: Revenue of $2.2M, expenses of $2.1M, and assets of $1.2M (revenue +4.4% year-over-year).
- 2013: Revenue of $2.1M, expenses of $1.9M, and assets of $1.1M (revenue +4.9% year-over-year).
- 2012: Revenue of $2.0M, expenses of $1.8M, and assets of $900K.
Data Sources and Methodology
This transparency report for Housing Opportunities Corporation 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.