Southside United Housing Development Fund Corporation
Southside United Housing Development Fund Corporation shows consistent growth and zero reported executive compensation over a decade.
EIN: 112268359 · Brooklyn, NY · NTEE: L21B · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $8.9M |
| Total Expenses | $5.9M |
| Program Spending | 90% |
| CEO/Top Officer Pay | $14 |
| Net Assets | $12.2M |
| Transparency Score | 92/100 |
Is Southside United Housing Development Fund Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Southside United Housing Development Fund Corporation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Southside United Housing Development Fund Corporation
Southside United Housing Development Fund Corporation (EIN: 112268359) is a nonprofit organization based in Brooklyn, NY, classified under NTEE code L21B. The organization reported total revenue of $8.9M and total assets of $14.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Southside United Housing Development Fund Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Southside United Housing Development Fund Corporation is a mid-size nonprofit that has been operating for 53 years, with 14 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 6.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $6.0M |
| Total Expenses | $5.9M |
| Surplus / Deficit | +$105K |
| Total Assets | $14.4M |
| Total Liabilities | $2.3M |
| Net Assets | $12.2M |
| Operating Margin | 1.7% |
| Debt-to-Asset Ratio | 15.7% |
| Months of Reserves | 29.5 months |
Financial Health Grade: A
In 2023, Southside United Housing Development Fund Corporation reported a surplus of $105K with revenue exceeding expenses, holds 29.5 months of operating reserves (strong position), has a debt-to-asset ratio of 15.7% (very low leverage).
Financial Trends
Over 14 years of filings (2011–2023), Southside United Housing Development Fund Corporation's revenue has grown at a compound annual growth rate (CAGR) of 6.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +0.6% | +28.5% | +31.3% |
| 2022 | +9.3% | +7.2% | +27.2% |
| 2021 | +14.5% | -8.6% | +13.1% |
| 2020 | -1.3% | -3.0% | +14.6% |
| 2019 | +26.4% | +24.6% | +0.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1973 |
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 Southside United Housing Development Fund Corporation with a Mission Score of 92 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, Southside United Housing Development Fund Corporation 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 (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $105K, with revenue exceeding expenses.
- Debt-to-asset ratio: 15.7%.
Executive Compensation Analysis
Executive compensation has consistently been reported as 0% across all 14 available filings, indicating that no officers received compensation from the organization, which is highly unusual for an organization of its size with assets exceeding $14 million.
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 Southside United Housing Development Fund Corporation's IRS 990 filings:
- Unusually low or zero reported officer compensation for an organization of this size, which might indicate compensation is reported under other categories or through related entities, warranting further investigation.
Strengths
The following positive indicators were identified for Southside United Housing Development Fund Corporation:
- Consistent revenue growth, nearly doubling from $3,005,913 in 2017 to $5,985,423 in 2023.
- Strong asset growth, increasing from $6,243,341 in 2017 to $14,438,228 in 2023.
- Efficient spending, with expenses closely aligned with revenue, e.g., $5,880,822 expenses vs. $5,985,423 revenue in 2023.
- Zero reported officer compensation across all 14 filings, indicating a strong commitment to mission-focused spending.
- Manageable liabilities relative to assets, suggesting good financial management and stability.
Frequently Asked Questions about Southside United Housing Development Fund Corporation
Is Southside United Housing Development Fund Corporation a legitimate charity?
Southside United Housing Development Fund Corporation (EIN: 112268359) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 92/100. It has 14 years of IRS 990 filings on record. Total revenue: $8.9M. 1 red flag identified. 5 strengths noted. Financial health grade: A.
How does Southside United Housing Development Fund Corporation spend its money?
Southside United Housing Development Fund Corporation directs 90% of its spending to programs and services. Fundraising costs 3%. This exceeds the 65% industry benchmark.
Are donations to Southside United Housing Development Fund Corporation tax-deductible?
Southside United Housing Development Fund Corporation is registered as a tax-exempt nonprofit (EIN: 112268359). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Southside United Housing Development Fund Corporation CEO make?
Southside United Housing Development Fund Corporation's highest-compensated officer earns $14 annually. The organization reported $8.9M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Southside United Housing Development Fund Corporation's spending goes to programs?
Southside United Housing Development Fund Corporation directs 90% to programs, 3% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Southside United Housing Development Fund Corporation compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Southside United Housing Development Fund Corporation is above average for NTEE category L21B nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Southside United Housing Development Fund Corporation located?
Southside United Housing Development Fund Corporation is headquartered in Brooklyn, New York and files with the IRS under EIN 112268359. It is classified under NTEE code L21B.
How many years of IRS 990 filings does Southside United Housing Development Fund Corporation have?
Southside United Housing Development Fund Corporation 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 $8.9M in total revenue.
Is Southside United Housing Development Fund Corporation a good charity?
Based on the available financial data, Southside United Housing Development Fund Corporation appears to be a very good charity. It demonstrates strong financial health with growing assets, consistent revenue, and efficient spending. The complete absence of reported officer compensation is a significant positive indicator of its commitment to its mission.
How has the organization's financial health changed over time?
The organization's financial health has significantly improved over time. Revenue has nearly doubled from $3,005,913 in 2017 to $5,985,423 in 2023, and assets have more than doubled from $6,243,341 to $14,438,228 in the same period, indicating substantial growth and increased financial stability.
What is the organization's approach to executive compensation?
The organization's approach to executive compensation is highly unusual and commendable, as it has consistently reported 0% officer compensation across all 14 available IRS 990 filings. This suggests that executive leadership is either unpaid or compensated through other means not reported as officer compensation on the 990.
Filing History
IRS 990 filing history for Southside United Housing Development Fund Corporation showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2011–2023), Southside United Housing Development Fund Corporation's revenue has grown by 109.9%, moving from $2.9M to $6.0M. Total assets increased by 231.4% over the same period, from $4.4M to $14.4M. Total functional expenses rose by 269.7%, from $1.6M to $5.9M. In its most recent filing year (2023), Southside United Housing Development Fund Corporation reported a surplus of $105K, with revenue exceeding expenses. The organization holds $2.3M in liabilities against $14.4M in assets (debt-to-asset ratio: 15.7%), resulting in net assets of $12.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $6.0M | $5.9M | $14.4M | $2.3M | — | — |
| 2022 | $6.0M | $4.6M | $11.0M | $1.3M | — | View 990 |
| 2021 | $5.4M | $4.3M | $8.6M | $1.2M | — | View 990 |
| 2020 | $4.8M | $4.7M | $7.6M | $1.8M | — | View 990 |
| 2019 | $4.8M | $4.8M | $6.7M | $1.3M | — | View 990 |
| 2018 | $3.8M | $3.9M | $6.6M | $1.1M | — | View 990 |
| 2017 | $3.0M | $3.0M | $6.2M | $586K | — | View 990 |
| 2016 | $2.5M | $2.8M | $6.6M | $568K | — | View 990 |
| 2015 | $2.8M | $2.7M | $13.2M | $410K | — | View 990 |
| 2014 | $9.4M | $2.3M | $13.0M | $505K | — | View 990 |
| 2013 | $2.8M | $1.8M | $5.9M | $474K | — | View 990 |
| 2012 | $964K | $1.0M | $4.8M | $528K | — | View 990 |
| 2011 | $706K | $412K | $4.9M | $500K | — | View 990 |
| 2011 | $2.9M | $1.6M | $4.4M | $261K | — | — |
Year-by-Year Financial Summary
- 2023: Revenue of $6.0M, expenses of $5.9M, and assets of $14.4M (revenue +0.6% year-over-year).
- 2022: Revenue of $6.0M, expenses of $4.6M, and assets of $11.0M (revenue +9.3% year-over-year).
- 2021: Revenue of $5.4M, expenses of $4.3M, and assets of $8.6M (revenue +14.5% year-over-year).
- 2020: Revenue of $4.8M, expenses of $4.7M, and assets of $7.6M (revenue -1.3% year-over-year).
- 2019: Revenue of $4.8M, expenses of $4.8M, and assets of $6.7M (revenue +26.4% year-over-year).
- 2018: Revenue of $3.8M, expenses of $3.9M, and assets of $6.6M (revenue +26.8% year-over-year).
- 2017: Revenue of $3.0M, expenses of $3.0M, and assets of $6.2M (revenue +18.3% year-over-year).
- 2016: Revenue of $2.5M, expenses of $2.8M, and assets of $6.6M (revenue -10.7% year-over-year).
- 2015: Revenue of $2.8M, expenses of $2.7M, and assets of $13.2M (revenue -69.7% year-over-year).
- 2014: Revenue of $9.4M, expenses of $2.3M, and assets of $13.0M (revenue +229.4% year-over-year).
- 2013: Revenue of $2.8M, expenses of $1.8M, and assets of $5.9M (revenue +195.2% year-over-year).
- 2012: Revenue of $964K, expenses of $1.0M, and assets of $4.8M (revenue +36.7% year-over-year).
- 2011: Revenue of $706K, expenses of $412K, and assets of $4.9M (revenue -75.3% year-over-year).
- 2011: Revenue of $2.9M, expenses of $1.6M, and assets of $4.4M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Southside United Housing Development Fund Corporation:
Data Sources and Methodology
This transparency report for Southside United Housing Development Fund Corporation 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.