Homestretch Nonprofit Housing Corporation

Analysis

Homestretch Nonprofit Housing Corporation is a registered charity in United States, based in Traverse City, MI. It received its IRS tax-exemption ruling in March 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, Homestretch Nonprofit Housing Corporation reported income of $3.1m and spending of $971k, leaving 68% of income unspent that year. Across the 5 years on record, from September 2019 to December 2023, income grew from $333k to $3.1m (+822%), an average of +74% a year. The sharpest change came in the year to September 2021, when income rose by 288%. Over the whole period it spent 44% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homestretch Nonprofit Housing Corporation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 89th percentile within MI. Charities of a similar size with the same main cause include Front Porch Housing ($3.1m), Park Terrace Assisted Living Inc ($3.1m) and Good News Mission Inc ($3.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 74% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $113k (12% of expenses). Other salaries and wages came to $119k. At year end it held assets of $7.4m against liabilities of $3.9m, net assets of $3.5m. It reported 6 employees.