Westbay Housing Corporation
Westbay Housing Corporation consistently operates at a deficit with liabilities exceeding assets.
EIN: 201110283 · Warwick, RI · NTEE: L20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $202K |
| Total Expenses | $25K |
| Program Spending | 60% |
| CEO/Top Officer Pay | $300,000. |
| Net Assets | $-119,591 |
| Transparency Score | 35/100 |
Is Westbay Housing Corporation Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Westbay Housing Corporation directs 60% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About Westbay Housing Corporation
Westbay Housing Corporation (EIN: 201110283) is a nonprofit organization based in Warwick, RI, classified under NTEE code L20. The organization reported total revenue of $202K and total assets of $307K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Westbay Housing Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Westbay Housing Corporation is a small nonprofit that has been operating for 21 years, with 12 years of IRS 990 filings on record (2011–2022). Revenue has grown at a compound annual rate of -13.0%.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
| Total Revenue | $13K |
| Total Expenses | $25K |
| Surplus / Deficit | $-12,141 |
| Total Assets | $314K |
| Total Liabilities | $433K |
| Net Assets | $-119,591 |
| Operating Margin | -92.2% |
| Debt-to-Asset Ratio | 138.1% |
| Months of Reserves | 148.7 months |
Financial Health Grade: C
In 2022, Westbay Housing Corporation reported a deficit of $12K with expenses exceeding revenue, holds 148.7 months of operating reserves (strong position), has a debt-to-asset ratio of 138.1% (high leverage).
Financial Trends
Over 12 years of filings (2011–2022), Westbay Housing Corporation's revenue has declined at a compound annual growth rate (CAGR) of -13.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | -51.1% | +4.4% | -1.5% |
| 2021 | +226.1% | +21.1% | -1.8% |
| 2020 | -52.5% | -34.6% | -1.7% |
| 2019 | -15.8% | +4.7% | -1.7% |
| 2018 | -17.3% | +23.5% | -1.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2005 |
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 Westbay Housing Corporation with a Mission Score of 35 out of 100 (Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 30%
- programs: 60%
- fundraising: 10%
According to IRS 990 filings, Westbay Housing Corporation allocates its expenses as follows: admin: 30%, programs: 60%, fundraising: 10%. Approximately 60% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $12K, with expenses exceeding revenue.
- Debt-to-asset ratio: 138.1%.
Executive Compensation Analysis
Officer compensation has been reported as 0% across all available filings, indicating that the organization's leadership may be entirely volunteer-based or compensated through other means not categorized as officer compensation, which is unusual for an organization with assets over $300,000.
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 Westbay Housing Corporation's IRS 990 filings:
- Consistent operating deficits over multiple years (e.g., 202206: $13,173 revenue vs. $25,314 expenses).
- Liabilities consistently exceed assets, indicating a negative net asset position and potential insolvency (e.g., 202206: $433,230 liabilities vs. $313,639 assets).
- Declining asset base over the past decade (from $581,443 in 201306 to $313,639 in 202206).
- Significant reliance on external funding or debt to cover operational shortfalls, as evidenced by the growing liabilities.
- Unexplained sudden spike in 'Latest Revenue' ($201,759) without corresponding expense data or context, making it difficult to assess its impact.
Strengths
The following positive indicators were identified for Westbay Housing Corporation:
- No reported officer compensation, suggesting a lean executive cost structure.
- Consistent filing of IRS 990 forms, indicating a commitment to transparency in reporting.
Frequently Asked Questions about Westbay Housing Corporation
Is Westbay Housing Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Westbay Housing Corporation (EIN: 201110283) significant concerns. Mission Score: 35/100. 5 red flags identified, 2 strengths noted.
How does Westbay Housing Corporation spend its money?
Westbay Housing Corporation directs 60% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Westbay Housing Corporation tax-deductible?
Westbay Housing Corporation is registered as a tax-exempt nonprofit (EIN: 201110283). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Westbay Housing Corporation CEO make?
Westbay Housing Corporation's highest-compensated officer earns $300,000. annually. The organization reported $202K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Westbay Housing Corporation's spending goes to programs?
Westbay Housing Corporation directs 60% to programs, 10% to fundraising. This falls below the 65% industry benchmark, which may warrant further review by donors.
How does Westbay Housing Corporation compare to similar nonprofits?
With a transparency score of 35/100 (Poor), Westbay Housing Corporation is below average for NTEE category L20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Westbay Housing Corporation located?
Westbay Housing Corporation is headquartered in Warwick, Rhode Island and files with the IRS under EIN 201110283. It is classified under NTEE code L20.
How many years of IRS 990 filings does Westbay Housing Corporation have?
Westbay Housing Corporation 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 $202K in total revenue.
Is Westbay Housing Corporation a good charity?
Based on the financial data, Westbay Housing Corporation faces significant financial challenges, consistently operating at a deficit and having liabilities exceed assets. While the mission is important, its financial sustainability is a major concern, making it difficult to classify as a 'good' charity without significant improvements in financial management.
How does Westbay Housing Corporation fund its operations given consistent deficits?
The consistent deficits suggest that Westbay Housing Corporation is likely drawing down on reserves, incurring more debt, or relying on sporadic, larger contributions that are not consistently reflected in annual revenues to cover its operational shortfalls. The increasing liabilities over time support the idea of accumulating debt.
What is the reason for the large discrepancy between assets and liabilities?
The consistent discrepancy where liabilities significantly exceed assets (e.g., $433,230 liabilities vs. $313,639 assets in 202206) indicates that the organization has accumulated more debt than it has resources to cover, which is a strong indicator of financial distress and potential insolvency.
What caused the sudden increase in 'Latest Revenue' to $201,759 compared to historical figures?
The provided data does not specify the source or nature of this sudden increase in revenue. It could be a one-time grant, a large donation, or a change in reporting, but without further detail, it's unclear if this represents a sustainable improvement in the organization's financial health.
What is the long-term viability of Westbay Housing Corporation?
Given the consistent operating deficits, declining assets, and increasing liabilities over the past decade, the long-term viability of Westbay Housing Corporation appears to be at risk unless significant changes are made to its financial model to achieve sustainable revenue generation and expense management.
Filing History
IRS 990 filing history for Westbay Housing Corporation showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2022), Westbay Housing Corporation's revenue has declined by 78.4%, moving from $61K to $13K. Total assets decreased by 47% over the same period, from $592K to $314K. Total functional expenses fell by 60.2%, from $64K to $25K. In its most recent filing year (2022), Westbay Housing Corporation reported a deficit of $12K, with expenses exceeding revenue. The organization holds $433K in liabilities against $314K in assets (debt-to-asset ratio: 138.1%), resulting in net assets of $-119,591.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2022 | $13K | $25K | $314K | $433K | — | View 990 |
| 2021 | $27K | $24K | $318K | $426K | — | View 990 |
| 2020 | $8K | $20K | $324K | $434K | — | View 990 |
| 2019 | $17K | $31K | $330K | $428K | — | View 990 |
| 2018 | $21K | $29K | $335K | $421K | — | View 990 |
| 2017 | $25K | $24K | $341K | $418K | — | View 990 |
| 2016 | $3K | $22K | $397K | $475K | — | View 990 |
| 2015 | $37K | $51K | $553K | $611K | — | View 990 |
| 2014 | $46K | $71K | $552K | $596K | — | View 990 |
| 2013 | $68K | $78K | $581K | $600K | — | View 990 |
| 2012 | $59K | $69K | $583K | $591K | — | View 990 |
| 2011 | $61K | $64K | $592K | $591K | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $13K, expenses of $25K, and assets of $314K (revenue -51.1% year-over-year).
- 2021: Revenue of $27K, expenses of $24K, and assets of $318K (revenue +226.1% year-over-year).
- 2020: Revenue of $8K, expenses of $20K, and assets of $324K (revenue -52.5% year-over-year).
- 2019: Revenue of $17K, expenses of $31K, and assets of $330K (revenue -15.8% year-over-year).
- 2018: Revenue of $21K, expenses of $29K, and assets of $335K (revenue -17.3% year-over-year).
- 2017: Revenue of $25K, expenses of $24K, and assets of $341K (revenue +745.1% year-over-year).
- 2016: Revenue of $3K, expenses of $22K, and assets of $397K (revenue -91.9% year-over-year).
- 2015: Revenue of $37K, expenses of $51K, and assets of $553K (revenue -19.9% year-over-year).
- 2014: Revenue of $46K, expenses of $71K, and assets of $552K (revenue -33.4% year-over-year).
- 2013: Revenue of $68K, expenses of $78K, and assets of $581K (revenue +15.4% year-over-year).
- 2012: Revenue of $59K, expenses of $69K, and assets of $583K (revenue -2.8% year-over-year).
- 2011: Revenue of $61K, expenses of $64K, and assets of $592K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Westbay Housing Corporation:
Data Sources and Methodology
This transparency report for Westbay 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.