Homestead Homes of Greensboro Inc

Analysis

Homestead Homes of Greensboro Inc is a registered charity in United States, based in Greensboro, NC. It received its IRS tax-exemption ruling in July 1997, 29 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 June 2023, Homestead Homes of Greensboro Inc reported income of $255k and spending of $297k, spending 117% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $261k to $255k (-2.5%), an average of -0.6% a year. The sharpest change came in the year to June 2020, when income dropped by 21%. Over the whole period it spent 123% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homestead Homes of Greensboro Inc sits at the 42nd percentile: it is larger than about 42% of them. Against every charity in United States with reported income it ranks in the 59th percentile, and in the 57th percentile within NC. Charities of a similar size with the same main cause include Whitfield Manor Inc ($255k), A Lotta Love Inc ($255k) and Scott County Habitat for Humanity ($254k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $1.5m against liabilities of $2.8m, net assets of -$1.4m.

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.