The First Housing Corporation
The First Housing Corporation: Consistent Revenue, High Program Spending
EIN: 222652634 · Hartford, CT · NTEE: L22Z · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $1.1M |
| Total Expenses | $1.0M |
| Program Spending | 85% |
| Net Assets | $-2,256,495 |
| Transparency Score | 75/100 |
Is The First Housing Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The First Housing Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The First Housing Corporation
The First Housing Corporation (EIN: 222652634) is a nonprofit organization based in Hartford, CT, classified under NTEE code L22Z. The organization reported total revenue of $1.1M and total assets of $1.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The First Housing Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The First Housing Corporation is a mid-size nonprofit that has been operating for 40 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.1M |
| Total Expenses | $1.0M |
| Surplus / Deficit | +$61K |
| Total Assets | $1.4M |
| Total Liabilities | $3.6M |
| Net Assets | $-2,256,495 |
| Operating Margin | 5.7% |
| Debt-to-Asset Ratio | 263.3% |
| Months of Reserves | 16.2 months |
Financial Health Grade: A
In 2023, The First Housing Corporation reported a surplus of $61K with revenue exceeding expenses, holds 16.2 months of operating reserves (strong position), has a debt-to-asset ratio of 263.3% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), The First Housing Corporation's revenue has grown at a compound annual growth rate (CAGR) of 1.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +3.0% | +6.0% | -5.1% |
| 2022 | -0.2% | -6.7% | -1.7% |
| 2021 | +3.5% | +2.0% | +3.9% |
| 2020 | -4.2% | +3.2% | -4.0% |
| 2019 | +4.2% | -4.2% | -5.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1986 |
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 The First Housing Corporation 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: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, The First Housing Corporation allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% 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 $61K, with revenue exceeding expenses.
- Debt-to-asset ratio: 263.3%.
Executive Compensation Analysis
Executive compensation is reported as 0% in all available filings, suggesting either pro-bono leadership or compensation is reported under other expense categories, requiring clarification.
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 The First Housing Corporation's IRS 990 filings:
- Consistent reporting of 0% compensation for key employees across multiple years raises questions about the true cost of leadership and operational transparency.
- Lack of detailed expense breakdowns beyond total expenses makes it difficult to fully assess administrative overhead and fundraising efficiency.
Strengths
The following positive indicators were identified for The First Housing Corporation:
- The First Housing Corporation demonstrates consistent revenue generation, with revenues around $1 million annually over the past seven years.
- The organization maintains a healthy asset base, consistently above $1.3 million, indicating financial stability.
- Expenses are consistently close to revenues, suggesting that most funds are being utilized for the organization's mission rather than accumulating excessive reserves.
Frequently Asked Questions about The First Housing Corporation
Is The First Housing Corporation a legitimate charity?
The First Housing Corporation (EIN: 222652634) 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: $1.1M. 2 red flags identified. 3 strengths noted. Financial health grade: A.
How does The First Housing Corporation spend its money?
The First Housing Corporation directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to The First Housing Corporation tax-deductible?
The First Housing Corporation is registered as a tax-exempt nonprofit (EIN: 222652634). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of The First Housing Corporation's spending goes to programs?
The First Housing Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does The First Housing Corporation compare to similar nonprofits?
With a transparency score of 75/100 (Good), The First Housing Corporation 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 The First Housing Corporation located?
The First Housing Corporation is headquartered in Hartford, Connecticut and files with the IRS under EIN 222652634. It is classified under NTEE code L22Z.
How many years of IRS 990 filings does The First Housing Corporation have?
The First Housing Corporation 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 $1.1M in total revenue.
What does The First Housing Corporation do?
The First Housing Corporation is a nonprofit organization in the Housing & Shelter sector, located in Hartford, Connecticut. It is classified under NTEE code L22Z.
How much revenue does The First Housing Corporation have?
The First Housing Corporation reported total revenue of $1,130,283. Based on 13 IRS 990 filings on record.
What are The First Housing Corporation's total assets?
The First Housing Corporation holds total assets of $1,375,435 as reported in IRS 990 filings.
Where is The First Housing Corporation located?
The First Housing Corporation is based in Hartford, Connecticut.
What is The First Housing Corporation's EIN?
The First Housing Corporation's Employer Identification Number (EIN) is 222652634. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is The First Housing Corporation?
The First Housing Corporation is classified under NTEE code L22Z (Housing & Shelter).
Is The First Housing Corporation a registered 501(c)(3)?
Yes, The First Housing Corporation is recognized as a tax-exempt organization by the IRS. EIN: 222652634.
Does The First Housing Corporation file IRS Form 990?
Yes, The First Housing Corporation has 13 IRS Form 990 filings on record. The most recent covers tax period 202307.
What was The First Housing Corporation's revenue in 2023?
In the 202307 filing period, The First Housing Corporation reported total revenue of $1,083,737, total expenses of $1,022,436, and net assets of $1,381,453.
Is The First Housing Corporation's revenue growing or declining?
The First Housing Corporation's revenue is relatively stable. Revenue went from $1,052,079 (202207) to $1,083,737 (202307), a +3.0% change. Based on 13 filings on record.
What is The First Housing Corporation's most recent 990 filing?
The most recent IRS Form 990 filing for The First Housing Corporation covers tax period 202307. It shows revenue of $1,083,737, expenses of $1,022,436, total assets of $1,381,453, and liabilities of $3,637,948.
How much does The First Housing Corporation spend on programs vs administration?
Based on IRS 990 analysis, The First Housing Corporation allocates approximately 85% of expenses to program services, 10% to administrative costs, and 5% to fundraising. This indicates strong program focus.
Is The First Housing Corporation a trustworthy charity?
Based on AI analysis of IRS 990 data, The First Housing Corporation appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 3 strengths noted.
What are the red flags for The First Housing Corporation?
The following concerns were identified: Consistent reporting of 0% compensation for key employees across multiple years raises questions about the true cost of leadership and operational transparency.. Lack of detailed expense breakdowns beyond total expenses makes it difficult to fully assess administrative overhead and fundraising efficiency.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are The First Housing Corporation's strengths?
Positive indicators for The First Housing Corporation include: The First Housing Corporation demonstrates consistent revenue generation, with revenues around $1 million annually over the past seven years.. The organization maintains a healthy asset base, consistently above $1.3 million, indicating financial stability.. Expenses are consistently close to revenues, suggesting that most funds are being utilized for the organization's mission rather than accumulating excessive reserves.. These findings are derived from AI analysis of the organization's financial filings.
How does The First Housing Corporation compensate executives?
Executive compensation is reported as 0% in all available filings, suggesting either pro-bono leadership or compensation is reported under other expense categories, requiring clarification. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the consistent 0% compensation reported for key employees, how does The First Housing Corporation attract and retain leadership, and where are leadership-related costs truly accounted for in their financial statements?
The consistent 0% compensation suggests that either leadership is entirely volunteer-based, or their compensation is embedded within other expense categories, such as 'other expenses' or 'program expenses,' without explicit disclosure. This practice, while not necessarily problematic, reduces transparency regarding leadership costs.
With total expenses consistently near total revenues, what is the organization's strategy for building reserves or investing in future growth initiatives, especially given the slight decline in assets over time?
The close alignment of expenses and revenues indicates a 'spend-what-you-earn' operational model. The slight decline in assets from $1.62 million in 2016 to $1.37 million in 2023 suggests that the organization may not be actively building significant reserves or that asset depreciation is outpacing new asset acquisition, which could impact long-term sustainability without a clear strategy.
Filing History
IRS 990 filing history for The First Housing Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), The First Housing Corporation's revenue has grown by 12.3%, moving from $965K to $1.1M. Total assets decreased by 35.8% over the same period, from $2.2M to $1.4M. Total functional expenses fell by 4.3%, from $1.1M to $1.0M. In its most recent filing year (2023), The First Housing Corporation reported a surplus of $61K, with revenue exceeding expenses. The organization holds $3.6M in liabilities against $1.4M in assets (debt-to-asset ratio: 263.3%), resulting in net assets of $-2,256,495.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.1M | $1.0M | $1.4M | $3.6M | — | View 990 |
| 2022 | $1.1M | $965K | $1.5M | $3.8M | — | View 990 |
| 2021 | $1.1M | $1.0M | $1.5M | $3.9M | — | View 990 |
| 2020 | $1.0M | $1.0M | $1.4M | $3.8M | — | View 990 |
| 2019 | $1.1M | $982K | $1.5M | $3.9M | — | View 990 |
| 2018 | $1.0M | $1.0M | $1.6M | $4.1M | — | View 990 |
| 2017 | $968K | $941K | $1.6M | $4.1M | — | View 990 |
| 2016 | $1.0M | $925K | $1.6M | $4.2M | — | View 990 |
| 2015 | $991K | $1.1M | $1.7M | $4.3M | — | View 990 |
| 2014 | $889K | $1.0M | $1.8M | $4.4M | — | View 990 |
| 2013 | $930K | $973K | $2.0M | $4.4M | — | View 990 |
| 2012 | $938K | $984K | $2.0M | $4.4M | — | View 990 |
| 2011 | $965K | $1.1M | $2.2M | $4.5M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.1M, expenses of $1.0M, and assets of $1.4M (revenue +3.0% year-over-year).
- 2022: Revenue of $1.1M, expenses of $965K, and assets of $1.5M (revenue -0.2% year-over-year).
- 2021: Revenue of $1.1M, expenses of $1.0M, and assets of $1.5M (revenue +3.5% year-over-year).
- 2020: Revenue of $1.0M, expenses of $1.0M, and assets of $1.4M (revenue -4.2% year-over-year).
- 2019: Revenue of $1.1M, expenses of $982K, and assets of $1.5M (revenue +4.2% year-over-year).
- 2018: Revenue of $1.0M, expenses of $1.0M, and assets of $1.6M (revenue +5.4% year-over-year).
- 2017: Revenue of $968K, expenses of $941K, and assets of $1.6M (revenue -5.7% year-over-year).
- 2016: Revenue of $1.0M, expenses of $925K, and assets of $1.6M (revenue +3.6% year-over-year).
- 2015: Revenue of $991K, expenses of $1.1M, and assets of $1.7M (revenue +11.5% year-over-year).
- 2014: Revenue of $889K, expenses of $1.0M, and assets of $1.8M (revenue -4.5% year-over-year).
- 2013: Revenue of $930K, expenses of $973K, and assets of $2.0M (revenue -0.8% year-over-year).
- 2012: Revenue of $938K, expenses of $984K, and assets of $2.0M (revenue -2.8% year-over-year).
- 2011: Revenue of $965K, expenses of $1.1M, and assets of $2.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The First Housing Corporation:
Data Sources and Methodology
This transparency report for The First Housing 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.