Homeward Bound Housing Corporation

Analysis

Homeward Bound Housing Corporation is a registered charity in United States, based in Culver City, CA. It received its IRS tax-exemption ruling in March 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Homeward Bound Housing Corporation reported income of $89k and spending of $100k, spending 112% of what it took in. Across the 3 years on record, from June 2019 to June 2023, income grew from $71k to $89k (+26%), an average of +12% a year. The sharpest change came in the year to June 2022, when income rose by 18%. Over the whole period it spent 117% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homeward Bound Housing Corporation sits at the 20th percentile: it is larger than about 20% of them. Against every charity in United States with reported income it ranks in the 34th percentile, and in the 36th percentile within CA. Charities of a similar size with the same main cause include Adams Bodine Apartments Inc ($89k), Hobart Housing Corporation ($89k) and Mosaic Housing Corp XV Council Bluffs ($89k).

On its Form 990-EZ for the period ending June 2023, revenue came from program service revenue 91% of the total. At year end it held assets of $353k against liabilities of $416k, net assets of -$64k.

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.