Homestead at Rochester Inc

Analysis

Homestead at Rochester Inc is a registered charity in United States, based in Eden Prairie, MN. It received its IRS tax-exemption ruling in October 2003, 23 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Homestead at Rochester Inc reported income of $25.7m and spending of $25.2m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $19.9m to $25.7m (+29%), an average of +6.6% a year. The sharpest change came in the year to June 2022, when income rose by 18%. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homestead at Rochester Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within MN. Charities of a similar size with the same main cause include Woodland Pond Inc ($25.7m), Dreamkey Partners Inc ($25.7m) and Wakeland Housing and Development Corporation ($25.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 14% and program service revenue 85% of the total. Other salaries and wages came to $5.4m. At year end it held assets of $81.3m against liabilities of $80.2m, net assets of $1.1m. It reported 147 employees.