Narragansett Housing Development Fund Corp
Narragansett Housing Development Fund Corp consistently operates with liabilities exceeding assets, while maintaining zero executive compensation.
EIN: 133685749 · New York, NY · NTEE: L200 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.6M |
| Total Expenses | $2.6M |
| Program Spending | 85% |
| Net Assets | $-2,490,020 |
| Transparency Score | 75/100 |
Is Narragansett Housing Development Fund Corp Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Narragansett Housing Development Fund Corp directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Narragansett Housing Development Fund Corp
Narragansett Housing Development Fund Corp (EIN: 133685749) is a nonprofit organization based in New York, NY, classified under NTEE code L200. The organization reported total revenue of $2.6M and total assets of $8.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Narragansett Housing Development Fund Corp's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Narragansett Housing Development Fund Corp is a mid-size nonprofit that has been operating for 33 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.5M |
| Total Expenses | $2.6M |
| Surplus / Deficit | $-53,838 |
| Total Assets | $9.1M |
| Total Liabilities | $11.6M |
| Net Assets | $-2,490,020 |
| Operating Margin | -2.1% |
| Debt-to-Asset Ratio | 127.3% |
| Months of Reserves | 42.5 months |
Financial Health Grade: C
In 2023, Narragansett Housing Development Fund Corp reported a deficit of $54K with expenses exceeding revenue, holds 42.5 months of operating reserves (strong position), has a debt-to-asset ratio of 127.3% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Narragansett Housing Development Fund Corp's revenue has grown at a compound annual growth rate (CAGR) of 3.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +11.3% | +2.0% | +1.1% |
| 2022 | -10.8% | -5.7% | -3.3% |
| 2021 | +11.9% | -2.8% | -1.2% |
| 2020 | -6.8% | +12.0% | -2.5% |
| 2019 | +8.1% | +4.5% | -2.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1993 |
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 Narragansett Housing Development Fund Corp with a Mission Score of 75 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: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Narragansett Housing Development Fund Corp allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. 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: 127.3%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that no salaries or other compensation are paid to officers, which is highly unusual and suggests a volunteer-led or externally managed executive structure.
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 Narragansett Housing Development Fund Corp's IRS 990 filings:
- Consistent liabilities exceeding assets, raising questions about long-term financial structure and potential reliance on debt.
Strengths
The following positive indicators were identified for Narragansett Housing Development Fund Corp:
- Consistent reporting of 0% officer compensation, indicating strong financial stewardship and mission focus.
- Stable revenue and expense levels over a decade, suggesting consistent operational capacity.
- Focus on housing development (NTEE L200) aligns with a clear community benefit.
Frequently Asked Questions about Narragansett Housing Development Fund Corp
Is Narragansett Housing Development Fund Corp a legitimate charity?
Narragansett Housing Development Fund Corp (EIN: 133685749) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $2.6M. 1 red flag identified. 3 strengths noted. Financial health grade: C.
How does Narragansett Housing Development Fund Corp spend its money?
Narragansett Housing Development Fund Corp directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Narragansett Housing Development Fund Corp tax-deductible?
Narragansett Housing Development Fund Corp is registered as a tax-exempt nonprofit (EIN: 133685749). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Narragansett Housing Development Fund Corp's spending goes to programs?
Narragansett Housing Development Fund Corp directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Narragansett Housing Development Fund Corp compare to similar nonprofits?
With a transparency score of 75/100 (Good), Narragansett Housing Development Fund Corp is above average for NTEE category L200 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Narragansett Housing Development Fund Corp located?
Narragansett Housing Development Fund Corp is headquartered in New York, New York and files with the IRS under EIN 133685749. It is classified under NTEE code L200.
How many years of IRS 990 filings does Narragansett Housing Development Fund Corp have?
Narragansett Housing Development Fund 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 $2.6M in total revenue.
What is the nature of Narragansett Housing Development Fund Corp's liabilities, which consistently exceed its assets?
The consistent excess of liabilities over assets (e.g., $11,612,723 liabilities vs. $9,122,703 assets in 2023) suggests significant debt financing, likely related to property acquisition, development, or long-term mortgages inherent in housing development funds. Further investigation into the balance sheet details would clarify the specific types of liabilities.
How does Narragansett Housing Development Fund Corp manage its operations with 0% officer compensation?
The consistent reporting of 0% officer compensation implies that executive leadership roles are either entirely volunteer-based, compensated through a related entity, or the organization operates with a unique management structure where traditional officer salaries are not present. This is a strong indicator of a lean operational model focused on mission.
Is the slight operational deficit (e.g., $2,575,487 expenses vs. $2,521,649 revenue in 2023) a concern for long-term financial stability?
While expenses frequently slightly exceed revenue, the differences are relatively small. Given the nature of housing development, these minor deficits could be covered by specific project grants, capital contributions, or managed through reserves. It doesn't appear to be a significant threat to long-term stability based on the consistent operational scale.
Filing History
IRS 990 filing history for Narragansett Housing Development Fund Corp showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Narragansett Housing Development Fund Corp's revenue has grown by 47.4%, moving from $1.7M to $2.5M. Total assets decreased by 12.4% over the same period, from $10.4M to $9.1M. Total functional expenses rose by 53.5%, from $1.7M to $2.6M. In its most recent filing year (2023), Narragansett Housing Development Fund Corp reported a deficit of $54K, with expenses exceeding revenue. The organization holds $11.6M in liabilities against $9.1M in assets (debt-to-asset ratio: 127.3%), resulting in net assets of $-2,490,020.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.5M | $2.6M | $9.1M | $11.6M | — | — |
| 2022 | $2.3M | $2.5M | $9.0M | $11.5M | — | View 990 |
| 2021 | $2.5M | $2.7M | $9.3M | $11.5M | — | View 990 |
| 2020 | $2.3M | $2.8M | $9.4M | $11.5M | — | View 990 |
| 2019 | $2.4M | $2.5M | $9.7M | $11.2M | — | View 990 |
| 2018 | $2.3M | $2.4M | $9.9M | $11.4M | — | View 990 |
| 2017 | $2.6M | $2.7M | $9.6M | $11.0M | — | — |
| 2016 | $2.2M | $2.2M | $9.6M | $10.9M | — | View 990 |
| 2015 | $2.2M | $2.1M | $9.9M | $11.3M | — | View 990 |
| 2014 | $1.9M | $2.0M | $10.0M | $11.5M | — | View 990 |
| 2013 | $1.9M | $2.0M | $10.3M | $11.6M | — | View 990 |
| 2012 | $1.8M | $1.9M | $10.7M | $11.8M | — | View 990 |
| 2011 | $1.7M | $1.7M | $10.4M | $11.4M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.5M, expenses of $2.6M, and assets of $9.1M (revenue +11.3% year-over-year).
- 2022: Revenue of $2.3M, expenses of $2.5M, and assets of $9.0M (revenue -10.8% year-over-year).
- 2021: Revenue of $2.5M, expenses of $2.7M, and assets of $9.3M (revenue +11.9% year-over-year).
- 2020: Revenue of $2.3M, expenses of $2.8M, and assets of $9.4M (revenue -6.8% year-over-year).
- 2019: Revenue of $2.4M, expenses of $2.5M, and assets of $9.7M (revenue +8.1% year-over-year).
- 2018: Revenue of $2.3M, expenses of $2.4M, and assets of $9.9M (revenue -12.2% year-over-year).
- 2017: Revenue of $2.6M, expenses of $2.7M, and assets of $9.6M (revenue +15.9% year-over-year).
- 2016: Revenue of $2.2M, expenses of $2.2M, and assets of $9.6M (revenue +1.7% year-over-year).
- 2015: Revenue of $2.2M, expenses of $2.1M, and assets of $9.9M (revenue +16.2% year-over-year).
- 2014: Revenue of $1.9M, expenses of $2.0M, and assets of $10.0M (revenue +0.5% year-over-year).
- 2013: Revenue of $1.9M, expenses of $2.0M, and assets of $10.3M (revenue +4.1% year-over-year).
- 2012: Revenue of $1.8M, expenses of $1.9M, and assets of $10.7M (revenue +4.7% year-over-year).
- 2011: Revenue of $1.7M, expenses of $1.7M, and assets of $10.4M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Narragansett Housing Development Fund Corp:
Data Sources and Methodology
This transparency report for Narragansett Housing Development Fund 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.