Homeless Solutions Inc

Analysis

Homeless Solutions Inc is a registered charity in United States, based in Cedar Knolls, NJ. It received its IRS tax-exemption ruling in January 1986, 40 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Homeless Solutions Inc reported income of $7.0m and spending of $6.5m, spending 93% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.8m to $7.0m (+45%), an average of +9.8% a year. The sharpest change came in the year to December 2023, when income rose by 25%. Over the whole period it spent 97% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Homeless Solutions Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within NJ. Charities of a similar size with the same main cause include Hillcrest Home Inc ($7.0m), Southwest Solutions Inc ($7.0m) and Tenfold ($7.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% and program service revenue 20% of the total. Compensation of current officers, directors and key employees was $446k (6.9% of expenses). Other salaries and wages came to $2.6m. At year end it held assets of $24.0m against liabilities of $8.8m, net assets of $15.2m. It reported 97 employees.