Westbeth Corp Housing Development Fund Company Inc
Westbeth Corp Housing Development Fund Company Inc consistently operates with expenses exceeding revenue, maintaining substantial assets and reporting no officer compensation.
EIN: 132614139 · New York, NY · NTEE: L20Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $24.6M |
| Total Expenses | $12.5M |
| Program Spending | 90% |
| CEO/Top Officer Pay | $10 |
| Net Assets | $5.4M |
| Transparency Score | 75/100 |
Is Westbeth Corp Housing Development Fund Company Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Westbeth Corp Housing Development Fund Company Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Westbeth Corp Housing Development Fund Company Inc
Westbeth Corp Housing Development Fund Company Inc (EIN: 132614139) is a nonprofit organization based in New York, NY, classified under NTEE code L20Z. The organization reported total revenue of $24.6M and total assets of $58.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Westbeth Corp Housing Development Fund Company Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Westbeth Corp Housing Development Fund Company Inc is a large nonprofit that has been operating for 58 years, with 14 years of IRS 990 filings on record (2010–2023). Revenue has grown at a compound annual rate of 4.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $10.6M |
| Total Expenses | $12.5M |
| Surplus / Deficit | $-1,910,800 |
| Total Assets | $57.8M |
| Total Liabilities | $52.4M |
| Net Assets | $5.4M |
| Operating Margin | -18.0% |
| Debt-to-Asset Ratio | 90.6% |
| Months of Reserves | 55.4 months |
Financial Health Grade: C
In 2023, Westbeth Corp Housing Development Fund Company Inc reported a deficit of $1.9M with expenses exceeding revenue, holds 55.4 months of operating reserves (strong position), has a debt-to-asset ratio of 90.6% (high leverage).
Financial Trends
Over 14 years of filings (2010–2023), Westbeth Corp Housing Development Fund Company Inc's revenue has grown at a compound annual growth rate (CAGR) of 4.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +4.2% | +2.8% | -2.3% |
| 2022 | -0.1% | +0.8% | -5.2% |
| 2021 | +2.3% | +34.6% | +2.0% |
| 2020 | -0.3% | -5.8% | +10.3% |
| 2019 | +3.9% | +10.0% | +31.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1968 |
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 Westbeth Corp Housing Development Fund Company Inc 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: 8%
- programs: 90%
- fundraising: 2%
According to IRS 990 filings, Westbeth Corp Housing Development Fund Company Inc allocates its expenses as follows: admin: 8%, programs: 90%, fundraising: 2%. 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 $1.9M, with expenses exceeding revenue.
- Debt-to-asset ratio: 90.6%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that executive leadership is either entirely volunteer-based or compensated through mechanisms not categorized as officer compensation on the IRS Form 990, which is unusual for an organization with over $10 million in annual expenses.
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 Westbeth Corp Housing Development Fund Company Inc's IRS 990 filings:
- Consistent operating deficits (expenses exceeding revenue) in recent years without clear explanation of funding sources within the summary data.
- Unusually low or 0% reported officer compensation for an organization of this size, which may obscure actual executive remuneration.
Strengths
The following positive indicators were identified for Westbeth Corp Housing Development Fund Company Inc:
- Substantial and stable asset base ($57.7M in 2023) indicating long-term financial stability.
- Consistent and extensive IRS 990 filing history (14 filings), demonstrating commitment to transparency.
- Mission-aligned NTEE code (L20Z) for Housing Development, Construction & Management, suggesting a focused program area.
Frequently Asked Questions about Westbeth Corp Housing Development Fund Company Inc
Is Westbeth Corp Housing Development Fund Company Inc a legitimate charity?
Westbeth Corp Housing Development Fund Company Inc (EIN: 132614139) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 75/100. It has 14 years of IRS 990 filings on record. Total revenue: $24.6M. 2 red flags identified. 3 strengths noted. Financial health grade: C.
How does Westbeth Corp Housing Development Fund Company Inc spend its money?
Westbeth Corp Housing Development Fund Company Inc directs 90% of its spending to programs and services. Fundraising costs 2%. This exceeds the 65% industry benchmark.
Are donations to Westbeth Corp Housing Development Fund Company Inc tax-deductible?
Westbeth Corp Housing Development Fund Company Inc is registered as a tax-exempt nonprofit (EIN: 132614139). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Westbeth Corp Housing Development Fund Company Inc CEO make?
Westbeth Corp Housing Development Fund Company Inc's highest-compensated officer earns $10 annually. The organization reported $24.6M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Westbeth Corp Housing Development Fund Company Inc's spending goes to programs?
Westbeth Corp Housing Development Fund Company Inc directs 90% to programs, 2% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Westbeth Corp Housing Development Fund Company Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Westbeth Corp Housing Development Fund Company Inc is above average for NTEE category L20Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Westbeth Corp Housing Development Fund Company Inc located?
Westbeth Corp Housing Development Fund Company Inc is headquartered in New York, New York and files with the IRS under EIN 132614139. It is classified under NTEE code L20Z.
How many years of IRS 990 filings does Westbeth Corp Housing Development Fund Company Inc have?
Westbeth Corp Housing Development Fund Company Inc 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 $24.6M in total revenue.
How does Westbeth Corp Housing Development Fund Company Inc cover its consistent operating deficits, given that expenses have exceeded revenue in recent years (e.g., $12.5M expenses vs. $10.6M revenue in 2023)?
The organization likely covers these deficits through accumulated surpluses from prior profitable years (e.g., 2020 where revenue was $9.9M and expenses were $8.9M), non-operating income, or capital contributions not reflected in the 'revenue' line item, which is common for organizations with significant asset bases like Westbeth's $57.7M in 2023.
What is the nature of the significant liabilities reported by the organization, such as $52,356,628 in 2023?
Given the organization's NTEE code (Housing Development, Construction & Management), these liabilities are most likely long-term debt, such as mortgages or bonds, associated with the acquisition, construction, or maintenance of its housing properties.
Is the 0% officer compensation truly indicative of volunteer leadership, or is compensation structured differently?
While 0% officer compensation is reported, for an organization managing over $10 million in annual expenses and nearly $60 million in assets, it's highly unusual for all executive leadership to be uncompensated. It's possible compensation is paid through a related entity, or individuals are compensated as employees rather than officers, which would require deeper investigation into their financial statements beyond the summary 990 data.
Filing History
IRS 990 filing history for Westbeth Corp Housing Development Fund Company Inc showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2010–2023), Westbeth Corp Housing Development Fund Company Inc's revenue has grown by 73%, moving from $6.1M to $10.6M. Total assets increased by 470.1% over the same period, from $10.1M to $57.8M. Total functional expenses rose by 120.6%, from $5.7M to $12.5M. In its most recent filing year (2023), Westbeth Corp Housing Development Fund Company Inc reported a deficit of $1.9M, with expenses exceeding revenue. The organization holds $52.4M in liabilities against $57.8M in assets (debt-to-asset ratio: 90.6%), resulting in net assets of $5.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $10.6M | $12.5M | $57.8M | $52.4M | — | — |
| 2022 | $10.2M | $12.2M | $59.1M | $52.7M | — | View 990 |
| 2021 | $10.2M | $12.1M | $62.4M | $52.5M | — | View 990 |
| 2020 | $10.0M | $9.0M | $61.1M | $49.3M | — | View 990 |
| 2019 | $10.0M | $9.5M | $55.4M | $44.9M | — | View 990 |
| 2018 | $9.6M | $8.7M | $42.3M | $32.7M | — | View 990 |
| 2017 | $9.2M | $8.4M | $32.0M | $23.3M | — | View 990 |
| 2016 | $9.1M | $8.4M | $18.8M | $11.0M | — | View 990 |
| 2015 | $9.2M | $8.2M | $17.1M | $10.0M | — | View 990 |
| 2014 | $7.3M | $7.8M | $14.4M | $8.2M | — | View 990 |
| 2013 | $6.6M | $7.6M | $15.8M | $9.0M | — | View 990 |
| 2012 | $6.8M | $6.9M | $17.1M | $9.3M | — | View 990 |
| 2011 | $6.3M | $6.2M | $9.9M | $1.9M | — | View 990 |
| 2010 | $6.1M | $5.7M | $10.1M | $2.2M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $10.6M, expenses of $12.5M, and assets of $57.8M (revenue +4.2% year-over-year).
- 2022: Revenue of $10.2M, expenses of $12.2M, and assets of $59.1M (revenue -0.1% year-over-year).
- 2021: Revenue of $10.2M, expenses of $12.1M, and assets of $62.4M (revenue +2.3% year-over-year).
- 2020: Revenue of $10.0M, expenses of $9.0M, and assets of $61.1M (revenue -0.3% year-over-year).
- 2019: Revenue of $10.0M, expenses of $9.5M, and assets of $55.4M (revenue +3.9% year-over-year).
- 2018: Revenue of $9.6M, expenses of $8.7M, and assets of $42.3M (revenue +4.1% year-over-year).
- 2017: Revenue of $9.2M, expenses of $8.4M, and assets of $32.0M (revenue +1.1% year-over-year).
- 2016: Revenue of $9.1M, expenses of $8.4M, and assets of $18.8M (revenue -0.3% year-over-year).
- 2015: Revenue of $9.2M, expenses of $8.2M, and assets of $17.1M (revenue +25.9% year-over-year).
- 2014: Revenue of $7.3M, expenses of $7.8M, and assets of $14.4M (revenue +10.2% year-over-year).
- 2013: Revenue of $6.6M, expenses of $7.6M, and assets of $15.8M (revenue -2.8% year-over-year).
- 2012: Revenue of $6.8M, expenses of $6.9M, and assets of $17.1M (revenue +7.6% year-over-year).
- 2011: Revenue of $6.3M, expenses of $6.2M, and assets of $9.9M (revenue +2.8% year-over-year).
- 2010: Revenue of $6.1M, expenses of $5.7M, and assets of $10.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Westbeth Corp Housing Development Fund Company Inc:
Data Sources and Methodology
This transparency report for Westbeth Corp Housing Development Fund Company 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.