First Homes Properties

Analysis

First Homes Properties is a registered charity in United States, based in Rochester, MN. It received its IRS tax-exemption ruling in December 2001, 25 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, First Homes Properties reported income of $1.9m and spending of $992k, leaving 47% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $375k to $1.9m (+398%), an average of +49% a year. The sharpest change came in the year to December 2020, when income rose by 477%. Over the whole period it spent 59% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, First Homes Properties sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 85th percentile within MN. Charities of a similar size with the same main cause include Tustin Affordable Housing Corporation ($1.9m), Church Housing for Fairfield Inc ($1.9m) and Habitat for Humanity of Oshkosh Inc ($1.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 71% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $41k (4.1% of expenses). Other salaries and wages came to $249k. At year end it held assets of $20.9m against liabilities of $6.0m, net assets of $15.0m.