Redbanks Regency Apartments Inc
Redbanks Regency Apartments Inc. shows stable operations with no executive compensation, despite fluctuating revenues and a gradual decline in assets.
EIN: 201944304 · Henderson, KY · NTEE: L22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $437K |
| Total Expenses | $529K |
| Program Spending | 90% |
| Net Assets | $2.8M |
| Transparency Score | 85/100 |
Is Redbanks Regency Apartments Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Redbanks Regency Apartments Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Redbanks Regency Apartments Inc
Redbanks Regency Apartments Inc (EIN: 201944304) is a nonprofit organization based in Henderson, KY, classified under NTEE code L22. The organization reported total revenue of $437K and total assets of $2.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Redbanks Regency Apartments Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Redbanks Regency Apartments Inc is a small nonprofit that has been operating for 21 years, with 14 years of IRS 990 filings on record (2011–2024).
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $854K |
| Total Expenses | $529K |
| Surplus / Deficit | +$325K |
| Total Assets | $3.0M |
| Total Liabilities | $217K |
| Net Assets | $2.8M |
| Operating Margin | 38.1% |
| Debt-to-Asset Ratio | 7.2% |
| Months of Reserves | 68.2 months |
Financial Health Grade: A
In 2024, Redbanks Regency Apartments Inc reported a surplus of $325K with revenue exceeding expenses, holds 68.2 months of operating reserves (strong position), has a debt-to-asset ratio of 7.2% (very low leverage).
Financial Trends
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | +115.5% | +-0.0% | -2.1% |
| 2023 | +13.8% | +7.3% | -3.7% |
| 2022 | +0.8% | +1.0% | -2.4% |
| 2021 | +14.6% | +1.0% | -3.6% |
| 2020 | -0.2% | +10.1% | -3.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2005 |
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 Redbanks Regency Apartments Inc 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: 7%
- programs: 90%
- fundraising: 3%
According to IRS 990 filings, Redbanks Regency Apartments Inc allocates its expenses as follows: admin: 7%, programs: 90%, fundraising: 3%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $325K, with revenue exceeding expenses.
- Debt-to-asset ratio: 7.2%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all 14 filings, indicating that no officers or key employees receive compensation, which is highly unusual for an organization of this size and suggests a volunteer-led or externally managed structure, or that compensation is reported under other expense categories.
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 Redbanks Regency Apartments Inc's IRS 990 filings:
- Consistent decline in total assets over the past decade
- Negative revenue reported in 201506 filing
- Lack of reported officer compensation, which could obscure management costs if outsourced
Strengths
The following positive indicators were identified for Redbanks Regency Apartments Inc:
- Consistent IRS 990 filing history demonstrating transparency
- Zero reported officer compensation, indicating resources are not diverted to executive salaries
- Stable expense levels suggesting consistent program delivery
- Significant revenue increase in the latest filing period (202406) indicating potential financial recovery or growth
Frequently Asked Questions about Redbanks Regency Apartments Inc
Is Redbanks Regency Apartments Inc a legitimate charity?
Redbanks Regency Apartments Inc (EIN: 201944304) is a registered tax-exempt nonprofit based in Kentucky. Our AI analysis gives it a Mission Score of 85/100. It has 14 years of IRS 990 filings on record. Total revenue: $437K. 3 red flags identified. 4 strengths noted. Financial health grade: A.
How does Redbanks Regency Apartments Inc spend its money?
Redbanks Regency Apartments Inc directs 90% of its spending to programs and services. Fundraising costs 3%. This exceeds the 65% industry benchmark.
Are donations to Redbanks Regency Apartments Inc tax-deductible?
Redbanks Regency Apartments Inc is registered as a tax-exempt nonprofit (EIN: 201944304). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Redbanks Regency Apartments Inc's spending goes to programs?
Redbanks Regency Apartments Inc directs 90% to programs, 3% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Redbanks Regency Apartments Inc compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Redbanks Regency Apartments Inc is above average for NTEE category L22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Redbanks Regency Apartments Inc located?
Redbanks Regency Apartments Inc is headquartered in Henderson, Kentucky and files with the IRS under EIN 201944304. It is classified under NTEE code L22.
How many years of IRS 990 filings does Redbanks Regency Apartments Inc have?
Redbanks Regency Apartments Inc 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 $437K in total revenue.
Why have assets declined from $3,933,366 in 2015 to $3,004,766 in 2024?
The consistent decline in assets over the past decade, despite relatively stable expenses, suggests potential depreciation of property, plant, and equipment, or possibly asset sales without reinvestment. Further analysis of the balance sheet details would be needed to pinpoint the exact reasons.
What caused the negative revenue of $-144,274 in 201506?
A negative revenue figure is highly unusual and could indicate a significant return of funds, a major accounting adjustment, or a reporting error. Without more detailed financial statements for that period, the exact cause cannot be determined.
How does the organization manage operations without officer compensation?
The absence of reported officer compensation suggests that the organization may be entirely volunteer-run at the executive level, or that executive functions are performed by an external management company whose fees are categorized under other operational expenses, rather than direct compensation to officers.
What led to the significant revenue increase in 202406 to $853,767?
The substantial jump in revenue in the latest period, from $396,092 in 202306 to $853,767 in 202406, could be due to increased rental income, successful grant applications, or other significant funding sources. This positive change warrants further investigation to understand its sustainability.
Filing History
IRS 990 filing history for Redbanks Regency Apartments Inc showing financial trends over 14 years of public records:
Total assets decreased by 32% over the same period, from $4.4M to $3.0M. In its most recent filing year (2024), Redbanks Regency Apartments Inc reported a surplus of $325K, with revenue exceeding expenses. The organization holds $217K in liabilities against $3.0M in assets (debt-to-asset ratio: 7.2%), resulting in net assets of $2.8M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $854K | $529K | $3.0M | $217K | — | View 990 |
| 2023 | $396K | $529K | $3.1M | $606K | — | View 990 |
| 2022 | $348K | $493K | $3.2M | $592K | — | View 990 |
| 2021 | $345K | $488K | $3.3M | $527K | — | View 990 |
| 2020 | $301K | $483K | $3.4M | $504K | — | View 990 |
| 2019 | $302K | $439K | $3.5M | $456K | — | View 990 |
| 2018 | $295K | $415K | $3.6M | $417K | — | View 990 |
| 2017 | $281K | $419K | $3.7M | $382K | — | View 990 |
| 2016 | $267K | $413K | $3.8M | $353K | — | View 990 |
| 2015 | $-144,274 | $0 | $3.9M | $327K | — | View 990 |
| 2014 | $-426,090 | $0 | $4.1M | $306K | — | View 990 |
| 2013 | $126K | $0 | $4.2M | $99K | — | View 990 |
| 2012 | $-119,554 | $0 | $4.3M | $298K | — | View 990 |
| 2011 | $-126,557 | $0 | $4.4M | $279K | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $854K, expenses of $529K, and assets of $3.0M (revenue +115.5% year-over-year).
- 2023: Revenue of $396K, expenses of $529K, and assets of $3.1M (revenue +13.8% year-over-year).
- 2022: Revenue of $348K, expenses of $493K, and assets of $3.2M (revenue +0.8% year-over-year).
- 2021: Revenue of $345K, expenses of $488K, and assets of $3.3M (revenue +14.6% year-over-year).
- 2020: Revenue of $301K, expenses of $483K, and assets of $3.4M (revenue -0.2% year-over-year).
- 2019: Revenue of $302K, expenses of $439K, and assets of $3.5M (revenue +2.4% year-over-year).
- 2018: Revenue of $295K, expenses of $415K, and assets of $3.6M (revenue +4.8% year-over-year).
- 2017: Revenue of $281K, expenses of $419K, and assets of $3.7M (revenue +5.5% year-over-year).
- 2016: Revenue of $267K, expenses of $413K, and assets of $3.8M.
- 2015: Revenue of $-144,274, expenses of $0, and assets of $3.9M.
- 2014: Revenue of $-426,090, expenses of $0, and assets of $4.1M (revenue -438.3% year-over-year).
- 2013: Revenue of $126K, expenses of $0, and assets of $4.2M.
- 2012: Revenue of $-119,554, expenses of $0, and assets of $4.3M.
- 2011: Revenue of $-126,557, expenses of $0, and assets of $4.4M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Redbanks Regency Apartments Inc:
Data Sources and Methodology
This transparency report for Redbanks Regency Apartments 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.