Homes for America Inc

Analysis

Homes for America Inc is a registered charity in United States, based in Annapolis, MD. It received its IRS tax-exemption ruling in January 1995, 31 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 March 2023, Homes for America Inc reported income of $7.0m and spending of $4.8m, leaving 32% of income unspent that year. Across the 5 years on record, from March 2019 to March 2023, income grew from $5.1m to $7.0m (+37%), an average of +8.2% a year. The sharpest change came in the year to March 2022, when income rose by 70%. Over the whole period it spent 60% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homes for America Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within MD. Charities of a similar size with the same main cause include Bhi Retirement Communities Inc ($7.0m), Habitat for Humanity International Inc ($7.0m) and Open House Ministries Inc ($7.0m).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 24% and program service revenue 60% of the total. Compensation of current officers, directors and key employees was $1.1m (24% of expenses). Other salaries and wages came to $664k. At year end it held assets of $36.5m against liabilities of $3.9m, net assets of $32.6m. It reported 25 employees.