Homesteads for Hope Inc

Analysis

Homesteads for Hope Inc is a registered charity in United States, based in Rochester, NY. It received its IRS tax-exemption ruling in July 2014, 12 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 December 2023, Homesteads for Hope Inc reported income of $1.5m and spending of $974k, leaving 35% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $574k to $1.5m (+160%), an average of +27% a year. The sharpest change came in the year to December 2022, when income rose by 82%. Over the whole period it spent 68% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homesteads for Hope Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 80th percentile within NY. Charities of a similar size with the same main cause include New Mexico Housing & Community Development Corp ($1.5m), City Futures Inc ($1.5m) and El-Beulah Retirement Village ($1.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 78% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $67k (6.9% of expenses). Other salaries and wages came to $413k. At year end it held assets of $3.5m against liabilities of $1.8m, net assets of $1.7m. It reported 22 employees.