Home Trust of Skagit

Analysis

Home Trust of Skagit is a registered charity in United States, based in Mount Vernon, WA. It received its IRS tax-exemption ruling in November 2010, 16 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 2022, Home Trust of Skagit reported income of $243k and spending of $242k, spending 100% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $181k to $243k (+34%), an average of +10% a year. The sharpest change came in the year to December 2021, when income rose by 36%. Over the whole period it spent 119% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Home Trust of Skagit sits at the 42nd percentile: it is larger than about 42% of them. Against every charity in United States with reported income it ranks in the 58th percentile, and in the 55th percentile within WA. Charities of a similar size with the same main cause include Phoenix Housing Corporation ($243k), Sanctuary Village ($243k) and Selah Place Inc ($243k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 38% and program service revenue 61% of the total. Compensation of current officers, directors and key employees was $87k (36% of expenses). Other salaries and wages came to $876. At year end it held assets of $2.0m against liabilities of $1.6m, net assets of $410k. It reported 2 employees.