Homewood Insurance Company Inc

Analysis

Homewood Insurance Company Inc is a registered charity in United States, based in Nashville, TN. It received its IRS tax-exemption ruling in July 2023, 3 years ago. Its declared purposes cover mutual and membership benefit, which this site groups under other charitable purposes. 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 2024, Homewood Insurance Company Inc reported income of $2.8m and spending of $386k, leaving 86% of income unspent that year. Across the 3 years on record, from June 2022 to June 2024, income fell from $3.6m to $2.8m (-24%), an average of -13% a year. The sharpest change came in the year to June 2023, when income dropped by 27%. Over the whole period it spent 51% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Homewood Insurance Company Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 89th percentile within TN. Charities of a similar size with the same main cause include Northeast Community Fund ($2.8m), Tri-County Industries Inc ($2.8m) and North Carolina Childrens Museum ($2.8m).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 93% of the total. At year end it held assets of $10.0m against liabilities of $5.1m, net assets of $4.9m.