Housing Opportunities Made Economical Inc

Analysis

Housing Opportunities Made Economical Inc is a registered charity in United States, based in Fredericksbrg, VA. It received its IRS tax-exemption ruling in January 1999, 27 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, Housing Opportunities Made Economical Inc reported income of $567k and spending of $369k, leaving 35% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $517k to $567k (+9.8%), an average of +2.4% a year. The sharpest change came in the year to December 2022, when income rose by 59%. 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, Housing Opportunities Made Economical Inc sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 72nd percentile within VA. Charities of a similar size with the same main cause include Lutheran Housing Services Number 5incorporated ($567k), Housingworks Austin ($568k) and Transformation Montgomery Inc ($567k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.0% and program service revenue 98% of the total. Other salaries and wages came to $44k. At year end it held assets of $2.9m against liabilities of $1.8m, net assets of $1.2m. It reported 2 employees.