The Promesa Housing Development Fund Corporation
Promesa Housing Development Fund Corporation shows asset growth but recent operating deficits and high liabilities.
EIN: 133608906 · Bronx, NY · NTEE: S210 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $5.7M |
| Total Expenses | $9.7M |
| Program Spending | 85% |
| Net Assets | $11.2M |
| Transparency Score | 75/100 |
Is The Promesa 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 →
The Promesa Housing Development Fund Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The Promesa Housing Development Fund Corporation
The Promesa Housing Development Fund Corporation (EIN: 133608906) is a nonprofit organization based in Bronx, NY, classified under NTEE code S210. The organization reported total revenue of $5.7M and total assets of $50.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Promesa Housing Development Fund Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The Promesa Housing Development Fund Corporation is a mid-size nonprofit that has been operating for 34 years, with 11 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 9.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $7.8M |
| Total Expenses | $9.7M |
| Surplus / Deficit | $-1,914,593 |
| Total Assets | $46.5M |
| Total Liabilities | $35.3M |
| Net Assets | $11.2M |
| Operating Margin | -24.6% |
| Debt-to-Asset Ratio | 76.0% |
| Months of Reserves | 57.6 months |
Financial Health Grade: C
In 2023, The Promesa Housing Development Fund Corporation reported a deficit of $1.9M with expenses exceeding revenue, holds 57.6 months of operating reserves (strong position), has a debt-to-asset ratio of 76.0% (high leverage).
Financial Trends
Over 11 years of filings (2011–2023), The Promesa Housing Development Fund Corporation's revenue has grown at a compound annual growth rate (CAGR) of 9.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -2.3% | +2.0% | +0.6% |
| 2022 | -37.3% | -1.5% | +63.2% |
| 2019 | +30.5% | +1.7% | +10.1% |
| 2018 | -0.4% | +9.5% | +14.7% |
| 2017 | +3.0% | +2.0% | +7.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1992 |
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 Promesa Housing Development Fund 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 Promesa Housing Development Fund 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 deficit of $1.9M, with expenses exceeding revenue.
- Debt-to-asset ratio: 76.0%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, suggesting that executive leadership may be volunteer-based or compensated through other entities, which is a positive indicator for direct program funding if accurate.
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 Promesa Housing Development Fund Corporation's IRS 990 filings:
- Expenses exceeding revenue in the last two reported periods (2022 and 2023), indicating operating deficits.
- High liabilities relative to assets ($35.30M liabilities vs. $46.45M assets in 2023), suggesting significant debt burden.
Strengths
The following positive indicators were identified for The Promesa Housing Development Fund Corporation:
- Significant asset growth over the past decade, from $9.59 million in 2012 to $46.45 million in 2023, demonstrating capacity for mission-related investments.
- Consistent reporting of 0% officer compensation, suggesting efficient use of funds for programmatic activities.
- Consistent filing history (11 filings), indicating good compliance and transparency in reporting.
- Focus on housing development (NTEE S210), directly addressing a critical community need.
Frequently Asked Questions about The Promesa Housing Development Fund Corporation
Is The Promesa Housing Development Fund Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, The Promesa Housing Development Fund Corporation (EIN: 133608906) some concerns. Mission Score: 75/100. 2 red flags identified, 4 strengths noted.
How does The Promesa Housing Development Fund Corporation spend its money?
The Promesa Housing Development Fund Corporation directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to The Promesa Housing Development Fund Corporation tax-deductible?
The Promesa Housing Development Fund Corporation is registered as a tax-exempt nonprofit (EIN: 133608906). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of The Promesa Housing Development Fund Corporation's spending goes to programs?
The Promesa Housing Development Fund Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does The Promesa Housing Development Fund Corporation compare to similar nonprofits?
With a transparency score of 75/100 (Good), The Promesa Housing Development Fund Corporation is above average for NTEE category S210 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is The Promesa Housing Development Fund Corporation located?
The Promesa Housing Development Fund Corporation is headquartered in Bronx, New York and files with the IRS under EIN 133608906. It is classified under NTEE code S210.
How many years of IRS 990 filings does The Promesa Housing Development Fund Corporation have?
The Promesa Housing Development Fund Corporation has 11 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 $5.7M in total revenue.
Why have expenses exceeded revenue in the last two reported periods (2022 and 2023)?
In 2023, expenses were $9,682,782 against revenue of $7,768,189, and in 2022, expenses were $9,492,956 against revenue of $7,954,144. This trend needs clarification regarding its sustainability and impact on future operations.
What is the nature of the significant liabilities, which reached $35,300,071 in 2023?
Given its NTEE code S210, these liabilities likely represent mortgages or construction loans for housing development projects. Understanding the terms and repayment schedules is crucial for assessing financial risk.
How is executive compensation handled, given the reported 0% officer compensation across all filings?
The consistent reporting of 0% officer compensation suggests either a volunteer executive board or that compensation is paid through a related entity, which would require further disclosure for complete transparency.
What is the organization's strategy for addressing the recent operating deficits?
With expenses exceeding revenue by approximately $1.9 million in 2023 and $1.5 million in 2022, the organization should outline its plans to return to a financially sustainable operating model.
Filing History
IRS 990 filing history for The Promesa Housing Development Fund Corporation showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2011–2023), The Promesa Housing Development Fund Corporation's revenue has grown by 204%, moving from $2.6M to $7.8M. Total assets increased by 398.2% over the same period, from $9.3M to $46.5M. Total functional expenses rose by 242.7%, from $2.8M to $9.7M. In its most recent filing year (2023), The Promesa Housing Development Fund Corporation reported a deficit of $1.9M, with expenses exceeding revenue. The organization holds $35.3M in liabilities against $46.5M in assets (debt-to-asset ratio: 76.0%), resulting in net assets of $11.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $7.8M | $9.7M | $46.5M | $35.3M | — | — |
| 2022 | $8.0M | $9.5M | $46.2M | $32.8M | — | View 990 |
| 2019 | $12.7M | $9.6M | $28.3M | $22.4M | — | View 990 |
| 2018 | $9.7M | $9.5M | $25.7M | $22.8M | — | View 990 |
| 2017 | $9.8M | $8.7M | $22.4M | $19.8M | — | View 990 |
| 2016 | $9.5M | $8.5M | $20.8M | $19.3M | — | View 990 |
| 2015 | $5.6M | $6.1M | $17.1M | $16.6M | — | View 990 |
| 2014 | $4.4M | $4.8M | $14.3M | $13.2M | — | View 990 |
| 2013 | $5.1M | $4.3M | $12.4M | $10.9M | — | View 990 |
| 2012 | $2.9M | $3.7M | $9.6M | $8.8M | — | View 990 |
| 2011 | $2.6M | $2.8M | $9.3M | $7.8M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $7.8M, expenses of $9.7M, and assets of $46.5M (revenue -2.3% year-over-year).
- 2022: Revenue of $8.0M, expenses of $9.5M, and assets of $46.2M (revenue -37.3% year-over-year).
- 2019: Revenue of $12.7M, expenses of $9.6M, and assets of $28.3M (revenue +30.5% year-over-year).
- 2018: Revenue of $9.7M, expenses of $9.5M, and assets of $25.7M (revenue -0.4% year-over-year).
- 2017: Revenue of $9.8M, expenses of $8.7M, and assets of $22.4M (revenue +3.0% year-over-year).
- 2016: Revenue of $9.5M, expenses of $8.5M, and assets of $20.8M (revenue +69.6% year-over-year).
- 2015: Revenue of $5.6M, expenses of $6.1M, and assets of $17.1M (revenue +25.7% year-over-year).
- 2014: Revenue of $4.4M, expenses of $4.8M, and assets of $14.3M (revenue -12.2% year-over-year).
- 2013: Revenue of $5.1M, expenses of $4.3M, and assets of $12.4M (revenue +72.0% year-over-year).
- 2012: Revenue of $2.9M, expenses of $3.7M, and assets of $9.6M (revenue +15.1% year-over-year).
- 2011: Revenue of $2.6M, expenses of $2.8M, and assets of $9.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The Promesa Housing Development Fund Corporation:
Data Sources and Methodology
This transparency report for The Promesa 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.