Schoolhouse Apartments Inc
Schoolhouse Apartments Inc: Stable Operations, Declining Assets
EIN: 223035438 · New Canaan, CT · NTEE: L22Z · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $874K |
| Total Expenses | $827K |
| Program Spending | 70% |
| Net Assets | $192K |
| Transparency Score | 75/100 |
Is Schoolhouse Apartments Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Schoolhouse Apartments Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Schoolhouse Apartments Inc
Schoolhouse Apartments Inc (EIN: 223035438) is a nonprofit organization based in New Canaan, CT, classified under NTEE code L22Z. The organization reported total revenue of $874K and total assets of $2.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Schoolhouse Apartments Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Schoolhouse Apartments Inc is a small nonprofit that has been operating for 36 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 0.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $874K |
| Total Expenses | $827K |
| Surplus / Deficit | +$47K |
| Total Assets | $2.9M |
| Total Liabilities | $2.7M |
| Net Assets | $192K |
| Operating Margin | 5.4% |
| Debt-to-Asset Ratio | 93.4% |
| Months of Reserves | 42.0 months |
Financial Health Grade: A
In 2023, Schoolhouse Apartments Inc reported a surplus of $47K with revenue exceeding expenses, holds 42.0 months of operating reserves (strong position), has a debt-to-asset ratio of 93.4% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Schoolhouse Apartments Inc's revenue has grown at a compound annual growth rate (CAGR) of 0.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +4.8% | -7.1% | -1.9% |
| 2022 | +1.9% | +7.4% | -2.6% |
| 2021 | -2.2% | +5.1% | -2.4% |
| 2020 | +4.4% | -1.4% | -0.3% |
| 2019 | +2.1% | +0.1% | -2.2% |
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 Schoolhouse Apartments 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Schoolhouse Apartments Inc allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $47K, with revenue exceeding expenses.
- Debt-to-asset ratio: 93.4%.
Executive Compensation Analysis
Executive compensation cannot be assessed without specific data on salaries and benefits paid to key personnel, which is not present in the provided financial summary.
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 Schoolhouse Apartments Inc's IRS 990 filings:
- Total assets have shown a consistent decline from $3,323,835 in 2016 to $2,895,884 in 2023, indicating potential long-term financial erosion or asset depreciation.
- Expenses have frequently exceeded revenue in recent years (e.g., 2022: revenue $833,803 vs. expenses $890,437), suggesting operational deficits.
Strengths
The following positive indicators were identified for Schoolhouse Apartments Inc:
- Consistent revenue generation, averaging around $800,000 annually over the past eight years, indicates a stable operational model.
- The organization maintains a healthy asset base relative to its liabilities, with assets consistently exceeding liabilities by a significant margin (e.g., $2,895,884 assets vs. $2,703,825 liabilities in 2023).
Frequently Asked Questions about Schoolhouse Apartments Inc
Is Schoolhouse Apartments Inc a legitimate charity?
Schoolhouse Apartments Inc (EIN: 223035438) is a registered tax-exempt nonprofit based in Connecticut. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $874K. 2 red flags identified. 2 strengths noted. Financial health grade: A.
How does Schoolhouse Apartments Inc spend its money?
Schoolhouse Apartments Inc directs 70% of its spending to programs and services. Fundraising costs 10%. This meets the 65% industry benchmark.
Are donations to Schoolhouse Apartments Inc tax-deductible?
Schoolhouse Apartments Inc is registered as a tax-exempt nonprofit (EIN: 223035438). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Schoolhouse Apartments Inc's spending goes to programs?
Schoolhouse Apartments Inc directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Schoolhouse Apartments Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Schoolhouse Apartments Inc is above average for NTEE category L22Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Schoolhouse Apartments Inc located?
Schoolhouse Apartments Inc is headquartered in New Canaan, Connecticut and files with the IRS under EIN 223035438. It is classified under NTEE code L22Z.
How many years of IRS 990 filings does Schoolhouse Apartments Inc have?
Schoolhouse Apartments Inc 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 $874K in total revenue.
What does Schoolhouse Apartments Inc do?
Schoolhouse Apartments Inc is a nonprofit organization in the Housing & Shelter sector, located in New Canaan, Connecticut. It is classified under NTEE code L22Z.
How much revenue does Schoolhouse Apartments Inc have?
Schoolhouse Apartments Inc reported total revenue of $874,145. Based on 13 IRS 990 filings on record.
What are Schoolhouse Apartments Inc's total assets?
Schoolhouse Apartments Inc holds total assets of $2,836,561 as reported in IRS 990 filings.
Where is Schoolhouse Apartments Inc located?
Schoolhouse Apartments Inc is based in New Canaan, Connecticut.
What is Schoolhouse Apartments Inc's EIN?
Schoolhouse Apartments Inc's Employer Identification Number (EIN) is 223035438. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Schoolhouse Apartments Inc?
Schoolhouse Apartments Inc is classified under NTEE code L22Z (Housing & Shelter).
Is Schoolhouse Apartments Inc a registered 501(c)(3)?
Yes, Schoolhouse Apartments Inc is recognized as a tax-exempt organization by the IRS. EIN: 223035438.
Does Schoolhouse Apartments Inc file IRS Form 990?
Yes, Schoolhouse Apartments Inc has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Schoolhouse Apartments Inc's revenue in 2023?
In the 202312 filing period, Schoolhouse Apartments Inc reported total revenue of $874,032, total expenses of $826,934, and net assets of $2,895,884.
Is Schoolhouse Apartments Inc's revenue growing or declining?
Schoolhouse Apartments Inc's revenue is relatively stable. Revenue went from $833,803 (202212) to $874,032 (202312), a +4.8% change. Based on 13 filings on record.
What is Schoolhouse Apartments Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Schoolhouse Apartments Inc covers tax period 202312. It shows revenue of $874,032, expenses of $826,934, total assets of $2,895,884, and liabilities of $2,703,825.
How much does Schoolhouse Apartments Inc spend on programs vs administration?
Based on IRS 990 analysis, Schoolhouse Apartments Inc allocates approximately 70% of expenses to program services, 20% to administrative costs, and 10% to fundraising. Program spending is moderate relative to overhead.
Is Schoolhouse Apartments Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Schoolhouse Apartments Inc appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 2 strengths noted.
What are the red flags for Schoolhouse Apartments Inc?
The following concerns were identified: Total assets have shown a consistent decline from $3,323,835 in 2016 to $2,895,884 in 2023, indicating potential long-term financial erosion or asset depreciation.. Expenses have frequently exceeded revenue in recent years (e.g., 2022: revenue $833,803 vs. expenses $890,437), suggesting operational deficits.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Schoolhouse Apartments Inc's strengths?
Positive indicators for Schoolhouse Apartments Inc include: Consistent revenue generation, averaging around $800,000 annually over the past eight years, indicates a stable operational model.. The organization maintains a healthy asset base relative to its liabilities, with assets consistently exceeding liabilities by a significant margin (e.g., $2,895,884 assets vs. $2,703,825 liabilities in 2023).. These findings are derived from AI analysis of the organization's financial filings.
How does Schoolhouse Apartments Inc compensate executives?
Executive compensation cannot be assessed without specific data on salaries and benefits paid to key personnel, which is not present in the provided financial summary. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
What is driving the consistent decline in total assets over the past eight years, and what strategies are in place to address this trend?
The provided data shows a steady decrease in total assets from $3,323,835 in 2016 to $2,895,884 in 2023. This could be due to depreciation of physical assets, lack of significant capital investments, or asset sales. Further investigation into their balance sheet and capital expenditure reports would be necessary to pinpoint the exact causes and evaluate mitigation strategies.
Filing History
IRS 990 filing history for Schoolhouse Apartments Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Schoolhouse Apartments Inc's revenue has grown by 0.7%, moving from $868K to $874K. Total assets decreased by 26.4% over the same period, from $3.9M to $2.9M. Total functional expenses rose by 10.5%, from $748K to $827K. In its most recent filing year (2023), Schoolhouse Apartments Inc reported a surplus of $47K, with revenue exceeding expenses. The organization holds $2.7M in liabilities against $2.9M in assets (debt-to-asset ratio: 93.4%), resulting in net assets of $192K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $874K | $827K | $2.9M | $2.7M | — | View 990 |
| 2022 | $834K | $890K | $3.0M | $2.8M | — | — |
| 2021 | $818K | $829K | $3.0M | $2.8M | — | View 990 |
| 2020 | $837K | $790K | $3.1M | $2.9M | — | View 990 |
| 2019 | $802K | $801K | $3.1M | $3.0M | — | View 990 |
| 2018 | $785K | $800K | $3.2M | $3.0M | — | View 990 |
| 2017 | $801K | $812K | $3.3M | $3.1M | — | View 990 |
| 2016 | $778K | $816K | $3.3M | $3.1M | — | View 990 |
| 2015 | $771K | $773K | $3.6M | $3.3M | — | View 990 |
| 2014 | $763K | $846K | $3.7M | $3.4M | — | View 990 |
| 2013 | $750K | $749K | $3.8M | $3.5M | — | View 990 |
| 2012 | $807K | $811K | $3.9M | $3.5M | — | View 990 |
| 2011 | $868K | $748K | $3.9M | $3.6M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $874K, expenses of $827K, and assets of $2.9M (revenue +4.8% year-over-year).
- 2022: Revenue of $834K, expenses of $890K, and assets of $3.0M (revenue +1.9% year-over-year).
- 2021: Revenue of $818K, expenses of $829K, and assets of $3.0M (revenue -2.2% year-over-year).
- 2020: Revenue of $837K, expenses of $790K, and assets of $3.1M (revenue +4.4% year-over-year).
- 2019: Revenue of $802K, expenses of $801K, and assets of $3.1M (revenue +2.1% year-over-year).
- 2018: Revenue of $785K, expenses of $800K, and assets of $3.2M (revenue -1.9% year-over-year).
- 2017: Revenue of $801K, expenses of $812K, and assets of $3.3M (revenue +2.9% year-over-year).
- 2016: Revenue of $778K, expenses of $816K, and assets of $3.3M (revenue +0.9% year-over-year).
- 2015: Revenue of $771K, expenses of $773K, and assets of $3.6M (revenue +1.1% year-over-year).
- 2014: Revenue of $763K, expenses of $846K, and assets of $3.7M (revenue +1.7% year-over-year).
- 2013: Revenue of $750K, expenses of $749K, and assets of $3.8M (revenue -7.0% year-over-year).
- 2012: Revenue of $807K, expenses of $811K, and assets of $3.9M (revenue -7.0% year-over-year).
- 2011: Revenue of $868K, expenses of $748K, and assets of $3.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Schoolhouse Apartments Inc:
Data Sources and Methodology
This transparency report for Schoolhouse 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.