Homes for Independence Inc

Analysis

Homes for Independence Inc is a registered charity in United States, based in Clearwater, FL. It received its IRS tax-exemption ruling in October 1996, 30 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, Homes for Independence Inc reported income of $1.5m and spending of $2.5m, spending 165% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $814k to $1.5m (+88%), an average of +23% a year. The sharpest change came in the year to June 2023, when income rose by 120%. Over the whole period it spent 232% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homes for Independence Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 85th percentile within FL. Charities of a similar size with the same main cause include Summit Springs Village Corporation ($1.5m), Community Healthcare Realty Inc ($1.5m) and Archbishop McCarthy Residence Inc ($1.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 42% and program service revenue 53% of the total. Compensation of current officers, directors and key employees was $211k (8.3% of expenses). Other salaries and wages came to $529k. At year end it held assets of $6.4m against liabilities of $15.7m, net assets of -$9.3m.

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.