Homsite Fund Inc

Analysis

Homsite Fund Inc is a registered charity in United States, based in Auburn Ny, NY. It received its IRS tax-exemption ruling in April 1975, 51 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending April 2024, Homsite Fund Inc reported income of $334k and spending of $350k, spending 105% of its income. Across the 5 years on record, from April 2020 to April 2024, income fell from $1.0m to $334k (-68%), an average of -25% a year. The sharpest change came in the year to April 2021, when income dropped by 69%. Over the whole period it spent 112% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Homsite Fund Inc sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 60th percentile within NY. Charities of a similar size with the same main cause include Downtown Statesville Development Corporation ($333k), Seafood Harvesters of America Education Fund ($334k) and Jus Cogens ($333k).

On its Form 990 for the period ending April 2024, revenue came from contributions and grants 50% and program service revenue 50% of the total. At year end it held assets of $445k against liabilities of $159k, net assets of $286k.

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.