Homes of Love Inc

Analysis

Homes of Love Inc is a registered charity in United States, based in Knoxville, TN. It received its IRS tax-exemption ruling in September 2002, 24 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 December 2023, Homes of Love Inc reported income of $749k and spending of $725k, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $579k to $749k (+29%), an average of +6.6% a year. Over the whole period it spent 94% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homes of Love Inc sits at the 66th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 78th percentile within TN. Charities of a similar size with the same main cause include Glastonbury Assisted Housing Non-Profit Inc ($748k), St Agnes Apartments Inc ($749k) and Lutheran Housing Corporation of Alpena ($748k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $74k (10% of expenses). Other salaries and wages came to $60k. At year end it held assets of $549k against liabilities of $115k, net assets of $434k. It reported 7 employees.