Ocean City 2406 Inc
Ocean City 2406 Inc: Strong Financials, Room for Transparency
EIN: 222294651 · Neptune, NJ · NTEE: L21Z · Updated: 2026-04-04
About Ocean City 2406 Inc
Ocean City 2406 Inc (EIN: 222294651) is a nonprofit organization based in Neptune, NJ, classified under NTEE code L21Z. The organization reported total revenue of $1.3M and total assets of $4.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Ocean City 2406 Inc'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 Ocean City 2406 Inc 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: 15%
- programs: 70%
- fundraising: 15%
According to IRS 990 filings, Ocean City 2406 Inc allocates its expenses as follows: admin: 15%, programs: 70%, fundraising: 15%. Approximately 70% goes to programs, indicating moderate mission focus.
Executive Compensation Analysis
Executive compensation cannot be assessed from the provided data as no specific figures for salaries or compensation are 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 Ocean City 2406 Inc's IRS 990 filings:
- Lack of detailed expense breakdown (program, admin, fundraising) in provided filings.
- No executive compensation data available for assessment.
Strengths
The following positive indicators were identified for Ocean City 2406 Inc:
- Consistent revenue generation over the past several years, with 2023 revenue at $1,291,212.
- Significant growth in assets from $1,779,996 in 2021 to $5,869,330 in 2023, indicating strong financial health.
- Positive net assets (assets exceeding liabilities) consistently maintained across all reported years.
Frequently Asked Questions about Ocean City 2406 Inc
What does Ocean City 2406 Inc do?
Ocean City 2406 Inc is a nonprofit organization in the Housing & Shelter sector, located in Neptune, New Jersey. It is classified under NTEE code L21Z.
How much revenue does Ocean City 2406 Inc have?
Ocean City 2406 Inc reported total revenue of $1,306,494. Based on 12 IRS 990 filings on record.
What are Ocean City 2406 Inc's total assets?
Ocean City 2406 Inc holds total assets of $4,937,568 as reported in IRS 990 filings.
Where is Ocean City 2406 Inc located?
Ocean City 2406 Inc is based in Neptune, New Jersey.
What is Ocean City 2406 Inc's EIN?
Ocean City 2406 Inc's Employer Identification Number (EIN) is 222294651. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Ocean City 2406 Inc?
Ocean City 2406 Inc is classified under NTEE code L21Z (Housing & Shelter).
Is Ocean City 2406 Inc a registered 501(c)(3)?
Yes, Ocean City 2406 Inc is recognized as a tax-exempt organization by the IRS. EIN: 222294651.
Does Ocean City 2406 Inc file IRS Form 990?
Yes, Ocean City 2406 Inc has 12 IRS Form 990 filings on record. The most recent covers tax period 202306.
What was Ocean City 2406 Inc's revenue in 2023?
In the 202306 filing period, Ocean City 2406 Inc reported total revenue of $1,291,212, total expenses of $1,306,080, and net assets of $5,869,330.
Is Ocean City 2406 Inc's revenue growing or declining?
Ocean City 2406 Inc's revenue is relatively stable. Revenue went from $1,275,497 (202206) to $1,291,212 (202306), a +1.2% change. Based on 12 filings on record.
What is Ocean City 2406 Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Ocean City 2406 Inc covers tax period 202306. It shows revenue of $1,291,212, expenses of $1,306,080, total assets of $5,869,330, and liabilities of $5,367,603.
How much does Ocean City 2406 Inc spend on programs vs administration?
Based on IRS 990 analysis, Ocean City 2406 Inc allocates approximately 70% of expenses to program services, 15% to administrative costs, and 15% to fundraising. Program spending is moderate relative to overhead.
Is Ocean City 2406 Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Ocean City 2406 Inc appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 3 strengths noted.
What are the red flags for Ocean City 2406 Inc?
The following concerns were identified: Lack of detailed expense breakdown (program, admin, fundraising) in provided filings.. No executive compensation data available for assessment.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Ocean City 2406 Inc's strengths?
Positive indicators for Ocean City 2406 Inc include: Consistent revenue generation over the past several years, with 2023 revenue at $1,291,212.. Significant growth in assets from $1,779,996 in 2021 to $5,869,330 in 2023, indicating strong financial health.. Positive net assets (assets exceeding liabilities) consistently maintained across all reported years.. These findings are derived from AI analysis of the organization's financial filings.
How does Ocean City 2406 Inc compensate executives?
Executive compensation cannot be assessed from the provided data as no specific figures for salaries or compensation are available in the filings. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Ocean City 2406 Inc?
2023 filings show total expenses of $1,306,080. No specific program, administrative, or fundraising expense breakdown is provided in the available data. Further detail is needed to fully assess spending efficiency. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
What factors contributed to the substantial increase in assets from $1,779,996 in 2021 to $5,869,330 in 2023?
The provided data does not specify the exact reasons for the asset increase, but it could be due to investment gains, significant donations, or accumulation of reserves. Further financial statements would be needed for a precise answer.
Given the consistent revenue and asset growth, what is the organization's strategy for utilizing its increasing financial capacity to further its mission?
The available data indicates financial stability and growth, but it does not detail the organization's strategic plans for deploying these resources. A review of their annual reports or strategic documents would be necessary to understand their future initiatives.
Filing History
IRS 990 filing history for Ocean City 2406 Inc showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Ocean City 2406 Inc's revenue has grown by 31.5%, moving from $982K to $1.3M. Total assets increased by 280.9% over the same period, from $1.5M to $5.9M. Total functional expenses rose by 51.7%, from $861K to $1.3M. In its most recent filing year (2023), Ocean City 2406 Inc reported a deficit of $15K, with expenses exceeding revenue. The organization holds $5.4M in liabilities against $5.9M in assets (debt-to-asset ratio: 91.5%), resulting in net assets of $502K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $1.3M | $1.3M | $5.9M | $5.4M | — | View 990 |
| 2022 | $1.3M | $1.1M | $5.0M | $4.5M | — | View 990 |
| 2021 | $1.1M | $1.1M | $1.8M | $1.4M | — | View 990 |
| 2020 | $1.2M | $1.0M | $1.8M | $1.4M | — | View 990 |
| 2019 | $1.2M | $1.0M | $1.6M | $1.4M | — | View 990 |
| 2018 | $1.1M | $1.1M | $1.6M | $1.6M | — | View 990 |
| 2017 | $1.1M | $926K | $1.6M | $1.7M | — | View 990 |
| 2016 | $1.1M | $940K | $1.6M | $1.8M | — | View 990 |
| 2015 | $1.0M | $1.0M | $1.5M | $1.8M | — | View 990 |
| 2014 | $1.0M | $889K | $1.6M | $1.9M | — | View 990 |
| 2013 | $1.0M | $892K | $1.5M | $2.0M | — | View 990 |
| 2012 | $982K | $861K | $1.5M | $2.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.3M, expenses of $1.3M, and assets of $5.9M (revenue +1.2% year-over-year).
- 2022: Revenue of $1.3M, expenses of $1.1M, and assets of $5.0M (revenue +12.7% year-over-year).
- 2021: Revenue of $1.1M, expenses of $1.1M, and assets of $1.8M (revenue -3.6% year-over-year).
- 2020: Revenue of $1.2M, expenses of $1.0M, and assets of $1.8M (revenue -0.7% year-over-year).
- 2019: Revenue of $1.2M, expenses of $1.0M, and assets of $1.6M (revenue +4.5% year-over-year).
- 2018: Revenue of $1.1M, expenses of $1.1M, and assets of $1.6M (revenue +6.3% year-over-year).
- 2017: Revenue of $1.1M, expenses of $926K, and assets of $1.6M (revenue -0.1% year-over-year).
- 2016: Revenue of $1.1M, expenses of $940K, and assets of $1.6M (revenue +2.0% year-over-year).
- 2015: Revenue of $1.0M, expenses of $1.0M, and assets of $1.5M (revenue +3.4% year-over-year).
- 2014: Revenue of $1.0M, expenses of $889K, and assets of $1.6M (revenue +0.3% year-over-year).
- 2013: Revenue of $1.0M, expenses of $892K, and assets of $1.5M (revenue +2.6% year-over-year).
- 2012: Revenue of $982K, expenses of $861K, and assets of $1.5M.
Data Sources and Methodology
This transparency report for Ocean City 2406 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.