Varick Homes Housing Dev Fund Inc
Varick Homes Housing Dev Fund Inc shows consistent revenue but recent deficit spending.
EIN: 141548784 · Newburgh, NY · NTEE: L21 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.2M |
| Total Expenses | $2.4M |
| Program Spending | 90% |
| Net Assets | $4.4M |
| Transparency Score | 85/100 |
Is Varick Homes Housing Dev Fund Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Varick Homes Housing Dev Fund Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Varick Homes Housing Dev Fund Inc
Varick Homes Housing Dev Fund Inc (EIN: 141548784) is a nonprofit organization based in Newburgh, NY, classified under NTEE code L21. The organization reported total revenue of $2.2M and total assets of $5.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Varick Homes Housing Dev Fund Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Varick Homes Housing Dev Fund Inc is a mid-size nonprofit that has been operating for 22 years, with 12 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of 2.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.0M |
| Total Expenses | $2.4M |
| Surplus / Deficit | $-421,169 |
| Total Assets | $4.8M |
| Total Liabilities | $400K |
| Net Assets | $4.4M |
| Operating Margin | -21.3% |
| Debt-to-Asset Ratio | 8.3% |
| Months of Reserves | 24.0 months |
Financial Health Grade: B
In 2023, Varick Homes Housing Dev Fund Inc reported a deficit of $421K with expenses exceeding revenue, holds 24.0 months of operating reserves (strong position), has a debt-to-asset ratio of 8.3% (very low leverage).
Financial Trends
Over 12 years of filings (2012–2023), Varick Homes Housing Dev Fund Inc's revenue has grown at a compound annual growth rate (CAGR) of 2.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +2.2% | +31.5% | -9.4% |
| 2022 | +5.0% | +15.0% | +5.1% |
| 2021 | -0.4% | -2.4% | +5.8% |
| 2020 | +1.6% | -7.7% | +5.9% |
| 2019 | +1.8% | -4.1% | +1.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2004 |
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 Varick Homes Housing Dev Fund Inc with a Mission Score of 85 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Varick Homes Housing Dev Fund Inc allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. 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 deficit of $421K, with expenses exceeding revenue.
- Debt-to-asset ratio: 8.3%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that no salaries or other compensation are paid to its officers, which is highly favorable for mission-focused spending.
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 Varick Homes Housing Dev Fund Inc's IRS 990 filings:
- Expenses exceeded revenue in the most recent 202302 filing by over $420,000, indicating a net loss for the period.
Strengths
The following positive indicators were identified for Varick Homes Housing Dev Fund Inc:
- Consistent reporting of 0% officer compensation across all filings, indicating efficient use of funds.
- Steady growth in assets over the past decade, from $3.75M in 201402 to $4.81M in 202302.
- Consistent filing of IRS 990s for 12 periods, demonstrating strong transparency.
- Low liabilities relative to assets, with liabilities typically less than 10% of total assets.
Frequently Asked Questions about Varick Homes Housing Dev Fund Inc
Is Varick Homes Housing Dev Fund Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Varick Homes Housing Dev Fund Inc (EIN: 141548784) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Varick Homes Housing Dev Fund Inc spend its money?
Varick Homes Housing Dev Fund Inc directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Varick Homes Housing Dev Fund Inc tax-deductible?
Varick Homes Housing Dev Fund Inc is registered as a tax-exempt nonprofit (EIN: 141548784). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Varick Homes Housing Dev Fund Inc compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Varick Homes Housing Dev Fund Inc is above average for NTEE category L21 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Varick Homes Housing Dev Fund Inc located?
Varick Homes Housing Dev Fund Inc is headquartered in Newburgh, New York and files with the IRS under EIN 141548784. It is classified under NTEE code L21.
How many years of IRS 990 filings does Varick Homes Housing Dev Fund Inc have?
Varick Homes Housing Dev Fund Inc has 12 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 $2.2M in total revenue.
Is Varick Homes Housing Dev Fund Inc a good charity?
Based on the available data, Varick Homes Housing Dev Fund Inc appears to be a good charity, particularly due to its consistent reporting of 0% officer compensation and a strong history of asset growth. The recent deficit in 202302 should be monitored, but it doesn't negate a decade of generally positive financial performance.
What caused the deficit in the 202302 period?
The provided data indicates that in the 202302 period, expenses ($2,401,924) significantly exceeded revenue ($1,980,755). Without further detail from the full 990 filing, the specific causes of this $421,169 deficit cannot be precisely determined, but it suggests increased operational costs or a temporary dip in funding.
How has the organization's asset base changed over time?
Varick Homes Housing Dev Fund Inc has shown consistent asset growth over the past decade, increasing from $3,752,491 in 201402 to $4,813,689 in 202302, peaking at $5,313,425 in 202202. This indicates a healthy accumulation of resources to support its mission.
Filing History
IRS 990 filing history for Varick Homes Housing Dev Fund Inc showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Varick Homes Housing Dev Fund Inc's revenue has grown by 28.2%, moving from $1.5M to $2.0M. Total assets increased by 38.7% over the same period, from $3.5M to $4.8M. Total functional expenses rose by 80.6%, from $1.3M to $2.4M. In its most recent filing year (2023), Varick Homes Housing Dev Fund Inc reported a deficit of $421K, with expenses exceeding revenue. The organization holds $400K in liabilities against $4.8M in assets (debt-to-asset ratio: 8.3%), resulting in net assets of $4.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.0M | $2.4M | $4.8M | $400K | — | View 990 |
| 2022 | $1.9M | $1.8M | $5.3M | $478K | — | View 990 |
| 2021 | $1.8M | $1.6M | $5.1M | $330K | — | — |
| 2020 | $1.9M | $1.6M | $4.8M | $312K | — | View 990 |
| 2019 | $1.8M | $1.8M | $4.5M | $273K | — | View 990 |
| 2018 | $1.8M | $1.8M | $4.4M | $269K | — | View 990 |
| 2017 | $1.7M | $1.5M | $4.6M | $378K | — | View 990 |
| 2016 | $1.7M | $1.5M | $4.2M | $234K | — | View 990 |
| 2015 | $1.8M | $1.4M | $4.1M | $295K | — | View 990 |
| 2014 | $1.6M | $1.5M | $3.8M | $219K | — | View 990 |
| 2013 | $1.6M | $1.3M | $3.6M | $193K | — | View 990 |
| 2012 | $1.5M | $1.3M | $3.5M | $282K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.0M, expenses of $2.4M, and assets of $4.8M (revenue +2.2% year-over-year).
- 2022: Revenue of $1.9M, expenses of $1.8M, and assets of $5.3M (revenue +5.0% year-over-year).
- 2021: Revenue of $1.8M, expenses of $1.6M, and assets of $5.1M (revenue -0.4% year-over-year).
- 2020: Revenue of $1.9M, expenses of $1.6M, and assets of $4.8M (revenue +1.6% year-over-year).
- 2019: Revenue of $1.8M, expenses of $1.8M, and assets of $4.5M (revenue +1.8% year-over-year).
- 2018: Revenue of $1.8M, expenses of $1.8M, and assets of $4.4M (revenue +4.8% year-over-year).
- 2017: Revenue of $1.7M, expenses of $1.5M, and assets of $4.6M (revenue -1.8% year-over-year).
- 2016: Revenue of $1.7M, expenses of $1.5M, and assets of $4.2M (revenue -0.6% year-over-year).
- 2015: Revenue of $1.8M, expenses of $1.4M, and assets of $4.1M (revenue +6.9% year-over-year).
- 2014: Revenue of $1.6M, expenses of $1.5M, and assets of $3.8M (revenue +5.1% year-over-year).
- 2013: Revenue of $1.6M, expenses of $1.3M, and assets of $3.6M (revenue +0.8% year-over-year).
- 2012: Revenue of $1.5M, expenses of $1.3M, and assets of $3.5M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Varick Homes Housing Dev Fund Inc:
Data Sources and Methodology
This transparency report for Varick Homes Housing Dev Fund 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.