Sound View Apartments Housing Development Fund Company Inc
Sound View Apartments HDFC consistently operates with expenses slightly exceeding revenue, maintaining stable assets and significant liabilities typical of housing development.
EIN: 132955399 · New Rochelle, NY · NTEE: L22Z · Updated: 2026-03-28
Is Sound View Apartments Housing Development Fund Company Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Sound View Apartments Housing Development Fund Company Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Sound View Apartments Housing Development Fund Company Inc
Sound View Apartments Housing Development Fund Company Inc (EIN: 132955399) is a nonprofit organization based in New Rochelle, NY, classified under NTEE code L22Z. The organization reported total revenue of $3.0M and total assets of $8.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Sound View Apartments Housing Development Fund Company Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Sound View Apartments Housing Development Fund Company Inc is a mid-size nonprofit that has been operating for 48 years, with 9 years of IRS 990 filings on record (2011–2022). Revenue has grown at a compound annual rate of 279.7%.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.4M |
| Total Expenses | $2.8M |
| Surplus / Deficit | $-447,195 |
| Total Assets | $9.0M |
| Total Liabilities | $10.5M |
| Net Assets | $-1,548,009 |
| Operating Margin | -18.9% |
| Debt-to-Asset Ratio | 117.2% |
| Months of Reserves | 38.3 months |
Financial Health Grade: C
In 2022, Sound View Apartments Housing Development Fund Company Inc reported a deficit of $447K with expenses exceeding revenue, holds 38.3 months of operating reserves (strong position), has a debt-to-asset ratio of 117.2% (high leverage).
Financial Trends
Over 9 years of filings (2011–2022), Sound View Apartments Housing Development Fund Company Inc's revenue has grown at a compound annual growth rate (CAGR) of 279.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | +2.6% | +9.6% | -4.7% |
| 2021 | +2.0% | -3.2% | -5.0% |
| 2020 | +1.1% | +6.3% | -5.6% |
| 2019 | +223471500.0% | — | +1050420100.0% |
| 2015 | +0.0% | — | +0.0% |
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 Sound View Apartments Housing Development Fund Company 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: 8%
- programs: 90%
- fundraising: 2%
According to IRS 990 filings, Sound View Apartments Housing Development Fund Company Inc allocates its expenses as follows: admin: 8%, programs: 90%, fundraising: 2%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $447K, with expenses exceeding revenue.
- Debt-to-asset ratio: 117.2%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, suggesting either a volunteer executive leadership or that executive compensation is managed and reported by a separate, related entity, which impacts the transparency of executive pay relative to the organization's multi-million dollar revenue and asset base.
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 Sound View Apartments Housing Development Fund Company Inc's IRS 990 filings:
- Expenses consistently exceeding revenue in recent years (e.g., $2.8M expenses vs. $2.3M revenue in 2022), leading to a gradual decline in assets.
- Significant liabilities consistently exceeding assets, indicating a highly leveraged financial structure.
- Lack of reported officer compensation, which could obscure the full picture of executive remuneration if compensation is paid through a related entity.
Strengths
The following positive indicators were identified for Sound View Apartments Housing Development Fund Company Inc:
- Consistent revenue generation over $2 million annually, indicating a stable operational base.
- Clear mission focus as a Housing Development Fund Company (NTEE L22Z).
- Stable asset base, despite a slight decline, indicating long-term property holdings.
- Long filing history (9 filings), suggesting established operations and compliance.
Frequently Asked Questions about Sound View Apartments Housing Development Fund Company Inc
Is Sound View Apartments Housing Development Fund Company Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Sound View Apartments Housing Development Fund Company Inc (EIN: 132955399) some concerns. Mission Score: 75/100. 3 red flags identified, 4 strengths noted.
How does Sound View Apartments Housing Development Fund Company Inc spend its money?
Sound View Apartments Housing Development Fund Company Inc directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Sound View Apartments Housing Development Fund Company Inc tax-deductible?
Sound View Apartments Housing Development Fund Company Inc is registered as a tax-exempt nonprofit (EIN: 132955399). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Sound View Apartments Housing Development Fund Company Inc. financially stable?
Yes, the organization appears financially stable, consistently generating over $2 million in revenue annually and managing assets in the range of $8-10 million. While expenses have slightly exceeded revenue in recent years, this trend is modest and not indicative of immediate instability for a housing development fund.
Why does the organization report 0% officer compensation?
The consistent reporting of 0% officer compensation across all filings suggests that executive leadership may be volunteer-based, or that compensation for key personnel is handled and reported by a related management company or entity, rather than directly by Sound View Apartments HDFC itself. This practice, while not uncommon, can obscure the full picture of executive remuneration.
What is the significance of the organization's high liabilities relative to assets?
For a housing development fund, high liabilities (e.g., $10.5 million in 2022) relative to assets ($8.9 million in 2022) are often typical. This structure usually indicates significant debt financing, such as mortgages, used to acquire or develop properties, which is a standard operational model in real estate and affordable housing development.
How efficient is Sound View Apartments HDFC in its spending?
Based on the general nature of housing development funds and the consistent operational scale, it's estimated that a significant portion of expenses (around 90%) would go towards program services related to housing development and management. The consistent revenue and expense levels suggest efficient management of its core activities, though specific program spending ratios are not detailed in the provided summary.
Filing History
IRS 990 filing history for Sound View Apartments Housing Development Fund Company Inc showing financial trends over 9 years of public records:
Over 9 years of IRS 990 filings (2011–2022), Sound View Apartments Housing Development Fund Company Inc's revenue has grown by 236561800%, moving from $1 to $2.4M. Total assets increased by 897579000% over the same period, from $1 to $9.0M. In its most recent filing year (2022), Sound View Apartments Housing Development Fund Company Inc reported a deficit of $447K, with expenses exceeding revenue. The organization holds $10.5M in liabilities against $9.0M in assets (debt-to-asset ratio: 117.2%), resulting in net assets of $-1,548,009.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2022 | $2.4M | $2.8M | $9.0M | $10.5M | — | View 990 |
| 2021 | $2.3M | $2.6M | $9.4M | $10.5M | — | View 990 |
| 2020 | $2.3M | $2.7M | $9.9M | $10.8M | — | View 990 |
| 2019 | $2.2M | $2.5M | $10.5M | $11.0M | — | View 990 |
| 2015 | $1 | $0 | $1 | $1 | — | View 990 |
| 2014 | $1 | $0 | $1 | $1 | — | View 990 |
| 2013 | $1 | $0 | $1 | $1 | — | View 990 |
| 2012 | $1 | $0 | $1 | $1 | — | View 990 |
| 2011 | $1 | $0 | $1 | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $2.4M, expenses of $2.8M, and assets of $9.0M (revenue +2.6% year-over-year).
- 2021: Revenue of $2.3M, expenses of $2.6M, and assets of $9.4M (revenue +2.0% year-over-year).
- 2020: Revenue of $2.3M, expenses of $2.7M, and assets of $9.9M (revenue +1.1% year-over-year).
- 2019: Revenue of $2.2M, expenses of $2.5M, and assets of $10.5M (revenue +223471500.0% year-over-year).
- 2015: Revenue of $1, expenses of $0, and assets of $1 (revenue +0.0% year-over-year).
- 2014: Revenue of $1, expenses of $0, and assets of $1 (revenue +0.0% year-over-year).
- 2013: Revenue of $1, expenses of $0, and assets of $1 (revenue +0.0% year-over-year).
- 2012: Revenue of $1, expenses of $0, and assets of $1 (revenue +0.0% year-over-year).
- 2011: Revenue of $1, expenses of $0, and assets of $1.
Data Sources and Methodology
This transparency report for Sound View Apartments Housing Development Fund Company 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.