Homeward Bound of Western North Carolina Inc

Analysis

Homeward Bound of Western North Carolina Inc is a registered charity in United States, based in Asheville, NC. It received its IRS tax-exemption ruling in April 1988, 38 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 June 2023, Homeward Bound of Western North Carolina Inc reported income of $9.8m and spending of $8.0m, spending 81% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $7.2m to $9.8m (+36%), an average of +11% a year. The sharpest change came in the year to June 2022, when income rose by 142%. Over the whole period it spent 63% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homeward Bound of Western North Carolina Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include Ann Arbor Housing Development Corporation ($9.8m), Mercy Community Capital ($9.8m) and Corporate Fund for Housing ($9.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 0.3% of the total. Compensation of current officers, directors and key employees was $178k (2.2% of expenses). Other salaries and wages came to $3.2m. At year end it held assets of $22.6m against liabilities of $4.7m, net assets of $17.9m. It reported 124 employees.