Bon Secours Housing Inc
To provide low income housing for the elderly under Section 202 of the National Housing Act
IRS Tax Year 2023
Period ending August 31, 2024
Total Revenue
$1.4M
Total Expenses
$1.6M
Net Assets
$-30K
Employees
0
Volunteers
4
Program Expense Ratio
86.3%
This nonprofit profile presents IRS Form 990 tax filing data for Bon Secours Housing Inc (EIN: 52-1442707), based on the 2023 tax year annual return filed with the Internal Revenue Service.
Sections below include financial summaries (revenue, expenses, and net assets), program accomplishments, officer and key employee compensation, detailed executive pay breakdowns, governance policies and audit information, related tax-exempt organizations. All figures are reported in USD as filed.
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Financial Health
Transparency
Compensation
Program Effectiveness
Financial Stability
Risk Flags
Indicators derived from IRS Form 990 data. Not financial advice.
Bon Secours Housing Inc is a 501(c)(3) nonprofit headquartered in BALTIMORE, MD, founded in 1983. The organization has held tax-exempt status since 1946. In its 2023 filing, the organization reported $1.4M in total revenue, a 8.5% increase from the prior year, and $1.6M in total expenses. The organization engaged 4 volunteers. George Kleb, Treasurer, is the highest-compensated individual at $241,590. The organization runs 1 program, totaling $1.3M in program expenses. 4 of 6 recommended governance policies are in place.
Bon Secours Housing Inc is classified under NTEE code L200. Its foundation type is 16.
Programs(Tax Year 2023)
1 record
Bon Secours Housing Inc operates 1 program, with total program expenses of $1.3M. Bon Secours Housing Inc's largest program accounts for 100% of total program spending.
Bon Secours Housing, Inc. (the "entity") was organized in May 1983 under the provisions of the state of Maryland for the purpose of constructing and operating housing and related facilities for the elderly. The entity was financed through the U.S. Department of Housing and Urban Development under Section 202 of the National Affordable Housing Act and consists of 84 units. Such entities are regulated by HUD as to rent charges and operating methods.
Financial Overview(Tax Years 2019–2023)
5 records
Over the past 5 years, Bon Secours Housing Inc's revenue has grown from $1.3M to $1.4M, a 8.5% increase. Program expenses represent 86% of total spending.
Revenue increased 8.5% year-over-year, while expenses grew 5.0%. net assets fell to $-30K, down 133.7% from the prior year.
Bon Secours Housing Inc derives 99% from program services, with 0% from investment income.
Revenue is heavily concentrated: 99% comes from program service revenue, indicating limited diversification.
Bon Secours Housing Inc allocates 86% to programs, 14% to management and general.
Revenue grew by 8.5% and expenses grew by 5.0% year over year.
Over 5 filings from 2019–2023, Bon Secours Housing Inc grew revenue from $1.3M to $1.4M (+8.5%) while maintaining a program expense ratio of 86%.
Bon Secours Housing Inc holds $3.9M in total assets against $3.9M in liabilities (debt-to-asset ratio of 101%). Cash and equivalents of $87K cover approximately 0.7 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2023 | $1.4M | $0 | $0 | $1.4M | $4K |
| 2022 | $1.3M | $0 | $0 | $1.3M | $3K |
| 2021 | $1.4M | $0 | $0 | $1.4M | $468 |
| 2020 | $1.4M | $0 | $0 | $1.4M | $284 |
| 2019 | $1.3M | $0 | $0 | $1.3M | $452 |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2023 | $1.6M | $1.3M | $213K | $0 | $0 |
| 2022 | $1.5M | $1.3M | $205K | $0 | $0 |
| 2021 | $1.4M | $1.2M | $179K | $0 | $0 |
| 2020 | $1.4M | $1.2M | $150K | $0 | $0 |
| 2019 | $1.4M | $1.3M | $95K | $0 | $0 |
Program Expense Ratio
86.3%
Admin Expense Ratio
13.7%
Fundraising Efficiency
—
Operating Reserve
-0.2 mo
People & Compensation(Tax Year 2023)
5 records
Bon Secours Housing Inc reported compensation for 5 officers and key employees. Total officer compensation was $242K, representing 15.6% of total expenses.
Bon Secours Housing Inc's highest-compensated individual received $242K in total compensation. Total officer compensation of $242K represents 15.6% of total expenses.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| George Kleb | Treasurer | OfficerDirector | 0.30 | $0 | $179,962 | $241,590 |
| Sr Nancy Glynn | Secretary | OfficerDirector | 0.30 | $0 | $0 | $0 |
| Sr Patricia Dowling CBS | President | OfficerDirector | 0.30 | $0 | $0 | $0 |
| Josephine Battaglia | Board Member | Director | 0.30 | $0 | $0 | $0 |
| Larry Jones | Board Member | Director | 0.30 | $0 | $0 | $0 |
Compensation Breakdown
Schedule J detail — base, bonus, benefits, and executive perks
George Kleb
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Governance & Compliance(Tax Year 2023)
Bon Secours Housing Inc has 4 of 6 recommended governance policies in place, including conflict of interest, whistleblower, document retention. Its board has 5 members, 4 of whom are independent.
Bon Secours Housing Inc's financial statements are audited, an audit committee oversees the process, accounting follows GAAP standards.
Bon Secours Housing Inc delegates management duties to an outside firm.
Policies & Oversight
Audit & Financial Oversight
Filing History(Tax Years 1946–2023)
5 records
Showing the 5 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2023 | 990 | 2023-09-01 – 2024-08-31 | $1.4M | $1.6M | $-30K |
| 2022 | 990 | 2022-09-01 – 2023-08-31 | $1.3M | $1.5M | $90K |
| 2021 | 990 | 2021-09-01 – 2022-08-31 | $1.4M | $1.4M | $248K |
| 2020 | 990 | 2020-09-01 – 2021-08-31 | $1.4M | $1.4M | $232K |
| 2019 | 990 | 2019-09-01 – 2020-08-31 | $1.3M | $1.4M | $217K |
| 1946–2018 | No filings acquired yet | ||||
Frequently Asked Questions
What does Bon Secours Housing Inc do?
To provide low income housing for the elderly under Section 202 of the National Housing Act
How much revenue does Bon Secours Housing Inc have?
Bon Secours Housing Inc reported $1,430,202 in total revenue for tax year 2023, up 8.5% from the prior year.
Who is the highest-paid executive at Bon Secours Housing Inc?
George Kleb, Treasurer, received $241,590 in total compensation as of tax year 2023.
Is Bon Secours Housing Inc a 501(c)(3)?
Yes, Bon Secours Housing Inc is classified as a 501(c)(3) tax-exempt organization.
Where is Bon Secours Housing Inc located?
Bon Secours Housing Inc is headquartered in BALTIMORE, MD 21223.
Is Bon Secours Housing Inc audited?
Yes, Bon Secours Housing Inc's financial statements are audited, and the organization has an audit committee.
Data Source
IRS Form 990 electronic filings via the IRS Exempt Organizations Business Master File. All financial figures are as reported in USD.
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