Foundation for Homan Square

Analysis

Foundation for Homan Square is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in October 1996, 30 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 (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, Foundation for Homan Square reported income of $1.6m and spending of $3.5m, spending 210% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.8m to $1.6m (-7.5%), an average of -1.9% a year. The sharpest change came in the year to December 2022, when income rose by 102%. Over the whole period it spent 216% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Foundation for Homan Square sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 84th percentile within IL. Charities of a similar size with the same main cause include Redf Impact Investing Fund ($1.6m), Northeastern South Dakota Health Plan ($1.6m) and Bozeman Fiber ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 9.6% and program service revenue 82% of the total. At year end it held assets of $51.9m against liabilities of $2.2m, net assets of $49.7m.

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.