Olneyville Housing Corp
Olneyville Housing Corp: Strong Asset Growth, High Program Spending
EIN: 223010422 · Providence, RI · NTEE: L20Z · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $7.4M |
| Total Expenses | $6.2M |
| Program Spending | 83% |
| CEO/Top Officer Pay | $0 |
| Net Assets | $12.3M |
| Transparency Score | 85/100 |
Is Olneyville Housing Corp Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Olneyville Housing Corp directs 83% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Olneyville Housing Corp
Olneyville Housing Corp (EIN: 223010422) is a nonprofit organization based in Providence, RI, classified under NTEE code L20Z. The organization reported total revenue of $7.4M and total assets of $27.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Olneyville Housing Corp's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Olneyville Housing Corp is a mid-size nonprofit that has been operating for 36 years, with 14 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 16.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $10.9M |
| Total Expenses | $6.2M |
| Surplus / Deficit | +$4.8M |
| Total Assets | $25.9M |
| Total Liabilities | $13.6M |
| Net Assets | $12.3M |
| Operating Margin | 43.7% |
| Debt-to-Asset Ratio | 52.5% |
| Months of Reserves | 50.4 months |
Financial Health Grade: A
In 2023, Olneyville Housing Corp reported a surplus of $4.8M with revenue exceeding expenses, holds 50.4 months of operating reserves (strong position), has a debt-to-asset ratio of 52.5% (high leverage).
Financial Trends
Over 14 years of filings (2011–2023), Olneyville Housing Corp's revenue has grown at a compound annual growth rate (CAGR) of 16.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +18.9% | -13.1% | +61.1% |
| 2022 | +36.7% | +47.1% | +14.5% |
| 2021 | +62.6% | +46.6% | +44.1% |
| 2020 | +81.3% | +26.0% | +32.3% |
| 2019 | -51.3% | -40.6% | +23.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1990 |
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 Olneyville Housing Corp 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: 10%
- programs: 83%
- fundraising: 7%
According to IRS 990 filings, Olneyville Housing Corp allocates its expenses as follows: admin: 10%, programs: 83%, fundraising: 7%. With 83% 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 surplus of $4.8M, with revenue exceeding expenses.
- Debt-to-asset ratio: 52.5%.
Executive Compensation Analysis
Executive compensation is reported as $0 across all available filings, which suggests either pro-bono leadership or compensation is being reported under a different category, warranting further investigation.
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 Olneyville Housing Corp's IRS 990 filings:
- Consistent reporting of $0 executive compensation, which is highly unusual for an organization with revenues exceeding $7 million.
- Lack of a dedicated transparency or impact report beyond standard financial filings.
Strengths
The following positive indicators were identified for Olneyville Housing Corp:
- Significant asset growth from $5.9M in 2018 to $27M in 2023, indicating strong financial health and expansion.
- High percentage of spending allocated to programs (83%), demonstrating a focus on its mission.
- Consistent revenue growth over the past five years, from $2.2M in 2019 to $10.9M in 2023.
Frequently Asked Questions about Olneyville Housing Corp
Is Olneyville Housing Corp a legitimate charity?
Based on AI analysis of IRS 990 filings, Olneyville Housing Corp (EIN: 223010422) some concerns. Mission Score: 85/100. 2 red flags identified, 3 strengths noted.
How does Olneyville Housing Corp spend its money?
Olneyville Housing Corp directs 83% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Olneyville Housing Corp tax-deductible?
Olneyville Housing Corp is registered as a tax-exempt nonprofit (EIN: 223010422). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Olneyville Housing Corp CEO make?
Olneyville Housing Corp's highest-compensated officer earns $0 annually. The organization reported $7.4M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Olneyville Housing Corp's spending goes to programs?
Olneyville Housing Corp directs 83% to programs, 7% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Olneyville Housing Corp compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Olneyville Housing Corp is above average for NTEE category L20Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Olneyville Housing Corp located?
Olneyville Housing Corp is headquartered in Providence, Rhode Island and files with the IRS under EIN 223010422. It is classified under NTEE code L20Z.
How many years of IRS 990 filings does Olneyville Housing Corp have?
Olneyville Housing Corp has 14 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 $7.4M in total revenue.
What does Olneyville Housing Corp do?
Olneyville Housing Corp is a nonprofit organization in the Housing & Shelter sector, located in Providence, Rhode Island. It is classified under NTEE code L20Z.
How much revenue does Olneyville Housing Corp have?
Olneyville Housing Corp reported total revenue of $7,411,353. Based on 14 IRS 990 filings on record.
What are Olneyville Housing Corp's total assets?
Olneyville Housing Corp holds total assets of $27,022,985 as reported in IRS 990 filings.
Where is Olneyville Housing Corp located?
Olneyville Housing Corp is based in Providence, Rhode Island.
What is Olneyville Housing Corp's EIN?
Olneyville Housing Corp's Employer Identification Number (EIN) is 223010422. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Olneyville Housing Corp?
Olneyville Housing Corp is classified under NTEE code L20Z (Housing & Shelter).
Is Olneyville Housing Corp a registered 501(c)(3)?
Yes, Olneyville Housing Corp is recognized as a tax-exempt organization by the IRS. EIN: 223010422.
Does Olneyville Housing Corp file IRS Form 990?
Yes, Olneyville Housing Corp has 14 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Olneyville Housing Corp's revenue in 2023?
In the 202312 filing period, Olneyville Housing Corp reported total revenue of $10,936,227, total expenses of $6,156,658, and net assets of $25,876,696.
Is Olneyville Housing Corp's revenue growing or declining?
Olneyville Housing Corp's revenue is growing. Revenue went from $9,198,891 (202212) to $10,936,227 (202312), a +18.9% change. Based on 14 filings on record.
What is Olneyville Housing Corp's most recent 990 filing?
The most recent IRS Form 990 filing for Olneyville Housing Corp covers tax period 202312. It shows revenue of $10,936,227, expenses of $6,156,658, total assets of $25,876,696, and liabilities of $13,582,928.
How much does Olneyville Housing Corp spend on programs vs administration?
Based on IRS 990 analysis, Olneyville Housing Corp allocates approximately 83% of expenses to program services, 10% to administrative costs, and 7% to fundraising. This indicates strong program focus.
Is Olneyville Housing Corp a trustworthy charity?
Based on AI analysis of IRS 990 data, Olneyville Housing Corp appears trustworthy. Mission Score: 85/100 (Excellent). 2 red flags identified. 3 strengths noted.
What are the red flags for Olneyville Housing Corp?
The following concerns were identified: Consistent reporting of $0 executive compensation, which is highly unusual for an organization with revenues exceeding $7 million.. Lack of a dedicated transparency or impact report beyond standard financial filings.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Olneyville Housing Corp's strengths?
Positive indicators for Olneyville Housing Corp include: Significant asset growth from $5.9M in 2018 to $27M in 2023, indicating strong financial health and expansion.. High percentage of spending allocated to programs (83%), demonstrating a focus on its mission.. Consistent revenue growth over the past five years, from $2.2M in 2019 to $10.9M in 2023.. These findings are derived from AI analysis of the organization's financial filings.
How does Olneyville Housing Corp compensate executives?
Executive compensation is reported as $0 across all available filings, which suggests either pro-bono leadership or compensation is being reported under a different category, warranting further investigation. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Olneyville Housing Corp?
• The organization consistently reports 0% compensation to officers, directors, trustees, and key employees, which is unusual for an organization of its size and revenue. • Detailed financial statements are available through public filings, showing consistent revenue and asset growth. • No specific transparency report or impact report is readily available beyond standard financial disclosures. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
Given the reported $0 executive compensation, how does Olneyville Housing Corp attract and retain leadership for an organization managing over $27 million in assets and $10 million in revenue?
The consistent reporting of $0 for officer, director, trustee, and key employee compensation suggests that leadership may be entirely volunteer-based, compensated through a related entity not disclosed in these filings, or that compensation is miscategorized. This practice is highly unusual for an organization of this scale and could pose sustainability risks if not adequately addressed or explained.
Filing History
IRS 990 filing history for Olneyville Housing Corp showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2011–2023), Olneyville Housing Corp's revenue has grown by 534.8%, moving from $1.7M to $10.9M. Total assets increased by 288.8% over the same period, from $6.7M to $25.9M. Total functional expenses rose by 400.1%, from $1.2M to $6.2M. In its most recent filing year (2023), Olneyville Housing Corp reported a surplus of $4.8M, with revenue exceeding expenses. The organization holds $13.6M in liabilities against $25.9M in assets (debt-to-asset ratio: 52.5%), resulting in net assets of $12.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $10.9M | $6.2M | $25.9M | $13.6M | — | — |
| 2022 | $9.2M | $7.1M | $16.1M | $7.9M | — | View 990 |
| 2021 | $6.7M | $4.8M | $14.0M | $7.8M | — | View 990 |
| 2020 | $4.1M | $3.3M | $9.7M | $5.6M | — | — |
| 2019 | $2.3M | $2.6M | $7.4M | $3.9M | — | View 990 |
| 2018 | $4.7M | $4.4M | $6.0M | $2.7M | — | View 990 |
| 2017 | $2.1M | $1.6M | $7.2M | $4.6M | — | View 990 |
| 2016 | $2.7M | $2.4M | $8.1M | $6.0M | — | View 990 |
| 2015 | $1.9M | $2.0M | $8.7M | $6.8M | — | View 990 |
| 2014 | $1.1M | $996K | $7.7M | $5.6M | — | View 990 |
| 2014 | $1.6M | $1.6M | $7.3M | $5.3M | — | View 990 |
| 2013 | $1.3M | $1.4M | $7.3M | $5.3M | — | View 990 |
| 2012 | $1.5M | $1.2M | $6.8M | $4.8M | — | View 990 |
| 2011 | $1.7M | $1.2M | $6.7M | $5.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $10.9M, expenses of $6.2M, and assets of $25.9M (revenue +18.9% year-over-year).
- 2022: Revenue of $9.2M, expenses of $7.1M, and assets of $16.1M (revenue +36.7% year-over-year).
- 2021: Revenue of $6.7M, expenses of $4.8M, and assets of $14.0M (revenue +62.6% year-over-year).
- 2020: Revenue of $4.1M, expenses of $3.3M, and assets of $9.7M (revenue +81.3% year-over-year).
- 2019: Revenue of $2.3M, expenses of $2.6M, and assets of $7.4M (revenue -51.3% year-over-year).
- 2018: Revenue of $4.7M, expenses of $4.4M, and assets of $6.0M (revenue +126.2% year-over-year).
- 2017: Revenue of $2.1M, expenses of $1.6M, and assets of $7.2M (revenue -22.2% year-over-year).
- 2016: Revenue of $2.7M, expenses of $2.4M, and assets of $8.1M (revenue +43.9% year-over-year).
- 2015: Revenue of $1.9M, expenses of $2.0M, and assets of $8.7M (revenue +69.3% year-over-year).
- 2014: Revenue of $1.1M, expenses of $996K, and assets of $7.7M (revenue -31.3% year-over-year).
- 2014: Revenue of $1.6M, expenses of $1.6M, and assets of $7.3M (revenue +24.7% year-over-year).
- 2013: Revenue of $1.3M, expenses of $1.4M, and assets of $7.3M (revenue -17.3% year-over-year).
- 2012: Revenue of $1.5M, expenses of $1.2M, and assets of $6.8M (revenue -10.4% year-over-year).
- 2011: Revenue of $1.7M, expenses of $1.2M, and assets of $6.7M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Olneyville Housing Corp:
Data Sources and Methodology
This transparency report for Olneyville Housing 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.