Penobscot Area Housing Development Corp
Penobscot Area Housing Development Corp maintains operational balance but faces a significant decline in net assets over the last decade.
EIN: 10357167 · Bangor, ME · NTEE: P70Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $589K |
| Total Expenses | $562K |
| Program Spending | 80% |
| Net Assets | $6K |
| Transparency Score | 75/100 |
Is Penobscot Area Housing Development Corp Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Penobscot Area Housing Development Corp directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Penobscot Area Housing Development Corp
Penobscot Area Housing Development Corp (EIN: 10357167) is a nonprofit organization based in Bangor, ME, classified under NTEE code P70Z. The organization reported total revenue of $589K and total assets of $99K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Penobscot Area Housing Development Corp's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Penobscot Area Housing Development Corp is a small nonprofit that has been operating for 48 years, with 8 years of IRS 990 filings on record (2011–2021). Revenue has grown at a compound annual rate of -0.3%.
Key Financial Metrics (2021)
From the most recent IRS 990 filing on record:
| Total Revenue | $561K |
| Total Expenses | $562K |
| Surplus / Deficit | $-1,063 |
| Total Assets | $99K |
| Total Liabilities | $92K |
| Net Assets | $6K |
| Operating Margin | -0.2% |
| Debt-to-Asset Ratio | 93.6% |
| Months of Reserves | 2.1 months |
Financial Health Grade: D
In 2021, Penobscot Area Housing Development Corp reported a deficit of $1K with expenses exceeding revenue, holds 2.1 months of operating reserves (limited), has a debt-to-asset ratio of 93.6% (high leverage).
Financial Trends
Over 8 years of filings (2011–2021), Penobscot Area Housing Development Corp's revenue has declined at a compound annual growth rate (CAGR) of -0.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2021 | +7.7% | -5.5% | -37.7% |
| 2020 | -8.7% | +4.4% | -35.3% |
| 2019 | -7.0% | -0.2% | -28.6% |
| 2015 | +43.2% | +4.5% | -7.3% |
| 2014 | -26.6% | +2.9% | -24.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1978 |
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 Penobscot Area Housing Development 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Penobscot Area Housing Development Corp allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2021)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $1K, with expenses exceeding revenue.
- Debt-to-asset ratio: 93.6%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that officers are not compensated, which is highly unusual for an organization with over half a million dollars in annual revenue. This suggests a volunteer-driven leadership model, which can maximize funds for programs but may also pose challenges for long-term leadership stability and professional management.
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 Penobscot Area Housing Development Corp's IRS 990 filings:
- Significant decline in total assets from $487,534 in 2013 to $98,795 in 2021, indicating a shrinking financial base.
- Consistent 0% officer compensation for an organization with over $500,000 in annual revenue, which could raise questions about leadership sustainability and professional management capacity.
Strengths
The following positive indicators were identified for Penobscot Area Housing Development Corp:
- Consistent operational activity with revenues generally covering expenses, as seen in 2021 ($560,828 revenue vs. $561,891 expenses).
- Strong transparency with 8 years of IRS 990 filings available for public review.
- Implied high program spending due to 0% officer compensation, suggesting a significant portion of funds directly supports the mission.
Frequently Asked Questions about Penobscot Area Housing Development Corp
Is Penobscot Area Housing Development Corp a legitimate charity?
Penobscot Area Housing Development Corp (EIN: 10357167) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 75/100. It has 8 years of IRS 990 filings on record. Total revenue: $589K. 2 red flags identified. 3 strengths noted. Financial health grade: D.
How does Penobscot Area Housing Development Corp spend its money?
Penobscot Area Housing Development Corp directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Penobscot Area Housing Development Corp tax-deductible?
Penobscot Area Housing Development Corp is registered as a tax-exempt nonprofit (EIN: 10357167). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Penobscot Area Housing Development Corp's spending goes to programs?
Penobscot Area Housing Development Corp directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Penobscot Area Housing Development Corp compare to similar nonprofits?
With a transparency score of 75/100 (Good), Penobscot Area Housing Development Corp is above average for NTEE category P70Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Penobscot Area Housing Development Corp located?
Penobscot Area Housing Development Corp is headquartered in Bangor, Maine and files with the IRS under EIN 10357167. It is classified under NTEE code P70Z.
How many years of IRS 990 filings does Penobscot Area Housing Development Corp have?
Penobscot Area Housing Development Corp has 8 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 $589K in total revenue.
What caused the substantial decline in assets from $487,534 in 2013 to $98,795 in 2021?
The filings show a consistent decrease in assets over time, but the specific reasons for this decline are not detailed in the provided summary data. Further investigation into the full 990 forms would be needed to understand asset disposition or depreciation.
How does the organization sustain its operations and leadership with 0% officer compensation?
The consistent reporting of 0% officer compensation suggests a volunteer-based leadership structure. This model relies heavily on dedicated volunteers, which can be cost-effective but may also limit the organization's capacity for growth or professional development.
What is the organization's strategy to address its shrinking net asset position?
With assets declining and liabilities remaining relatively stable, the organization's net asset position has significantly decreased. The provided data does not detail any specific strategies to reverse this trend, which could impact long-term financial stability.
Filing History
IRS 990 filing history for Penobscot Area Housing Development Corp showing financial trends over 8 years of public records:
Over 8 years of IRS 990 filings (2011–2021), Penobscot Area Housing Development Corp's revenue has declined by 3%, moving from $578K to $561K. Total assets decreased by 74.8% over the same period, from $391K to $99K. Total functional expenses rose by 11.7%, from $503K to $562K. In its most recent filing year (2021), Penobscot Area Housing Development Corp reported a deficit of $1K, with expenses exceeding revenue. The organization holds $92K in liabilities against $99K in assets (debt-to-asset ratio: 93.6%), resulting in net assets of $6K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2021 | $561K | $562K | $99K | $92K | — | — |
| 2020 | $521K | $595K | $159K | $151K | — | — |
| 2019 | $571K | $569K | $245K | $164K | — | View 990 |
| 2015 | $613K | $570K | $344K | $136K | — | View 990 |
| 2014 | $428K | $546K | $371K | $207K | — | View 990 |
| 2013 | $584K | $530K | $488K | $206K | — | View 990 |
| 2012 | $549K | $520K | $470K | $242K | — | View 990 |
| 2011 | $578K | $503K | $391K | $193K | — | View 990 |
Year-by-Year Financial Summary
- 2021: Revenue of $561K, expenses of $562K, and assets of $99K (revenue +7.7% year-over-year).
- 2020: Revenue of $521K, expenses of $595K, and assets of $159K (revenue -8.7% year-over-year).
- 2019: Revenue of $571K, expenses of $569K, and assets of $245K (revenue -7.0% year-over-year).
- 2015: Revenue of $613K, expenses of $570K, and assets of $344K (revenue +43.2% year-over-year).
- 2014: Revenue of $428K, expenses of $546K, and assets of $371K (revenue -26.6% year-over-year).
- 2013: Revenue of $584K, expenses of $530K, and assets of $488K (revenue +6.3% year-over-year).
- 2012: Revenue of $549K, expenses of $520K, and assets of $470K (revenue -5.0% year-over-year).
- 2011: Revenue of $578K, expenses of $503K, and assets of $391K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Penobscot Area Housing Development Corp:
Data Sources and Methodology
This transparency report for Penobscot Area Housing Development 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.