Homestead Affordable Housing Inc

Analysis

Homestead Affordable Housing Inc is a registered charity in United States, based in Holton, KS. It received its IRS tax-exemption ruling in December 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Homestead Affordable Housing Inc reported income of $1.3m and spending of $1.7m, spending 129% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.7m to $1.3m (-23%), an average of -6.4% a year. The sharpest change came in the year to December 2021, when income rose by 20%. Over the whole period it spent 121% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homestead Affordable Housing Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 83rd percentile within KS. Charities of a similar size with the same main cause include Oak City Cares Inc ($1.3m), Housing Ventures Inc ($1.3m) and Aspire of Western New York Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.1% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $199k (12% of expenses). Other salaries and wages came to $254k. At year end it held assets of $11.9m against liabilities of $9.2m, net assets of $2.7m. It reported 17 employees.

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.