Homes Now Inc

Analysis

Homes Now Inc is a registered charity in United States, based in Brick, NJ. It received its IRS tax-exemption ruling in February 1998, 28 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Homes Now Inc reported income of $106k and spending of $576k, spending 545% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.3m to $106k (-92%), an average of -46% a year. The sharpest change came in the year to December 2023, when income dropped by 82%. Over the whole period it spent 141% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homes Now Inc sits at the 23rd percentile: it is larger than about 23% of them. Against every charity in United States with reported income it ranks in the 38th percentile, and in the 46th percentile within NJ. Charities of a similar size with the same main cause include Cape Fear Community Land Trust Inc ($106k), Bridgeview Housing Corporation ($106k) and Harney Senior Housing Inc ($106k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 234% and program service revenue 285% of the total. Other salaries and wages came to $51k. At year end it held assets of $17.6m against liabilities of $11.9m, net assets of $5.7m. It reported 5 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.