New Marblehead Seniors Housing Corporation
New Marblehead Seniors Housing Corporation consistently operates at a deficit with liabilities exceeding assets, despite zero officer compensation.
EIN: 10353352 · Portland, ME · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $451K |
| Total Expenses | $277K |
| Program Spending | 90% |
| Net Assets | $-204,905 |
| Transparency Score | 65/100 |
Is New Marblehead Seniors Housing Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
New Marblehead Seniors Housing Corporation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About New Marblehead Seniors Housing Corporation
New Marblehead Seniors Housing Corporation (EIN: 10353352) is a nonprofit organization based in Portland, ME. The organization reported total revenue of $451K and total assets of $892K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of New Marblehead Seniors Housing Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
New Marblehead Seniors Housing Corporation is a small nonprofit that has been operating for 47 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $246K |
| Total Expenses | $277K |
| Surplus / Deficit | $-30,849 |
| Total Assets | $737K |
| Total Liabilities | $942K |
| Net Assets | $-204,905 |
| Operating Margin | -12.5% |
| Debt-to-Asset Ratio | 127.8% |
| Months of Reserves | 31.9 months |
Financial Health Grade: C
In 2023, New Marblehead Seniors Housing Corporation reported a deficit of $31K with expenses exceeding revenue, holds 31.9 months of operating reserves (strong position), has a debt-to-asset ratio of 127.8% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), New Marblehead Seniors Housing Corporation's revenue has grown at a compound annual growth rate (CAGR) of 1.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +0.3% | +1.4% | -5.9% |
| 2022 | +4.6% | +2.5% | -5.4% |
| 2021 | +0.8% | +26.4% | -5.9% |
| 2020 | +0.1% | -9.1% | +186.6% |
| 2019 | +7.0% | +24.2% | -6.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1979 |
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 New Marblehead Seniors Housing Corporation 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, New Marblehead Seniors Housing Corporation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% 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 $31K, with expenses exceeding revenue.
- Debt-to-asset ratio: 127.8%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization is likely volunteer-led at the executive level or has no paid officers, which is highly efficient for an organization of its size.
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 New Marblehead Seniors Housing Corporation's IRS 990 filings:
- Consistent operational deficits (expenses exceeding revenue in 2023, 2022, 2021)
- Liabilities consistently exceed assets, indicating a negative net asset position (e.g., $942,176 liabilities vs. $737,271 assets in 2023)
- Assets have decreased from a peak of $880,006 in 2020 to $737,271 in 2023
Strengths
The following positive indicators were identified for New Marblehead Seniors Housing Corporation:
- Zero officer compensation reported across all filings, indicating efficient use of funds at the executive level
- Consistent revenue generation over the past decade, albeit not always covering expenses
- Focus on mission with high program spending implied by low administrative and fundraising costs
Frequently Asked Questions about New Marblehead Seniors Housing Corporation
Is New Marblehead Seniors Housing Corporation a legitimate charity?
New Marblehead Seniors Housing Corporation (EIN: 10353352) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 65/100. It has 13 years of IRS 990 filings on record. Total revenue: $451K. 3 red flags identified. 3 strengths noted. Financial health grade: C.
How does New Marblehead Seniors Housing Corporation spend its money?
New Marblehead Seniors Housing Corporation directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to New Marblehead Seniors Housing Corporation tax-deductible?
New Marblehead Seniors Housing Corporation is registered as a tax-exempt nonprofit (EIN: 10353352). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is New Marblehead Seniors Housing Corporation located?
New Marblehead Seniors Housing Corporation is headquartered in Portland, Maine and files with the IRS under EIN 10353352.
How many years of IRS 990 filings does New Marblehead Seniors Housing Corporation have?
New Marblehead Seniors Housing Corporation 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 $451K in total revenue.
Is New Marblehead Seniors Housing Corporation financially sustainable?
The organization has consistently reported expenses exceeding revenue in recent years (e.g., $277,061 expenses vs. $246,212 revenue in 2023), and its liabilities ($942,176 in 2023) significantly exceed its assets ($737,271 in 2023), raising concerns about its long-term financial sustainability.
What is the primary cause of the organization's high liabilities?
The provided data does not specify the nature of the liabilities, but their consistent high level and exceeding assets suggest significant debt or other financial obligations that warrant further investigation.
How does the organization manage to operate with negative net assets?
Operating with negative net assets (liabilities exceeding assets) indicates a challenging financial position. The organization might be relying on future revenue streams, specific grants, or other arrangements to cover its obligations, but this is not sustainable long-term without a plan to reduce liabilities or increase assets.
What is the NTEE Code for this organization?
The NTEE Code for New Marblehead Seniors Housing Corporation is listed as 'Unknown' in the provided data.
Filing History
IRS 990 filing history for New Marblehead Seniors Housing Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), New Marblehead Seniors Housing Corporation's revenue has grown by 14.1%, moving from $216K to $246K. Total assets increased by 109.2% over the same period, from $352K to $737K. Total functional expenses rose by 27.2%, from $218K to $277K. In its most recent filing year (2023), New Marblehead Seniors Housing Corporation reported a deficit of $31K, with expenses exceeding revenue. The organization holds $942K in liabilities against $737K in assets (debt-to-asset ratio: 127.8%), resulting in net assets of $-204,905.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $246K | $277K | $737K | $942K | — | — |
| 2022 | $246K | $273K | $784K | $958K | — | View 990 |
| 2021 | $235K | $267K | $828K | $975K | — | View 990 |
| 2020 | $233K | $211K | $880K | $994K | — | View 990 |
| 2019 | $233K | $232K | $307K | $444K | — | View 990 |
| 2018 | $217K | $187K | $327K | $464K | — | View 990 |
| 2017 | $214K | $193K | $310K | $477K | — | — |
| 2016 | $215K | $192K | $307K | $496K | — | View 990 |
| 2015 | $216K | $176K | $307K | $520K | — | View 990 |
| 2014 | $213K | $244K | $285K | $538K | — | View 990 |
| 2013 | $218K | $212K | $331K | $553K | — | View 990 |
| 2012 | $218K | $217K | $338K | $566K | — | View 990 |
| 2011 | $216K | $218K | $352K | $582K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $246K, expenses of $277K, and assets of $737K (revenue +0.3% year-over-year).
- 2022: Revenue of $246K, expenses of $273K, and assets of $784K (revenue +4.6% year-over-year).
- 2021: Revenue of $235K, expenses of $267K, and assets of $828K (revenue +0.8% year-over-year).
- 2020: Revenue of $233K, expenses of $211K, and assets of $880K (revenue +0.1% year-over-year).
- 2019: Revenue of $233K, expenses of $232K, and assets of $307K (revenue +7.0% year-over-year).
- 2018: Revenue of $217K, expenses of $187K, and assets of $327K (revenue +1.3% year-over-year).
- 2017: Revenue of $214K, expenses of $193K, and assets of $310K (revenue -0.4% year-over-year).
- 2016: Revenue of $215K, expenses of $192K, and assets of $307K (revenue -0.5% year-over-year).
- 2015: Revenue of $216K, expenses of $176K, and assets of $307K (revenue +1.5% year-over-year).
- 2014: Revenue of $213K, expenses of $244K, and assets of $285K (revenue -2.1% year-over-year).
- 2013: Revenue of $218K, expenses of $212K, and assets of $331K (revenue -0.2% year-over-year).
- 2012: Revenue of $218K, expenses of $217K, and assets of $338K (revenue +1.2% year-over-year).
- 2011: Revenue of $216K, expenses of $218K, and assets of $352K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for New Marblehead Seniors Housing Corporation:
Data Sources and Methodology
This transparency report for New Marblehead Seniors Housing 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.