Housing Operations Management Enterprises Inc
- Assets
- $10.6m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 9
- Location
- New Haven, CT
- Founding
- 02/1996
- Data as of
- 03/2024
- EIN
- 22-2873559
Organization Overview
Housing Operations Management Enterprises Inc is located in New Haven, CT. The organization was established in 1996. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 03/2024, Housing Operations Management Enterprises Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Operations Management Enterprises Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 03/2024, Housing Operations Management Enterprises Inc generated $1.6m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $1.8m during the year ending 03/2024. While expenses have increased by 5.8% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOPMENT AND MANAGEMENT OF AFFORDABLE HOUSING FOR HOMELESS, DISABLED, AND OTHER DISADVANTAGED POPULATIONS; CHIEF ACTIVITIES ARE HOUSING MANAGEMENT, HOUSING DEVELOPMENT, AND HOUSING COUNSELING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY MANAGEMENT OF AFFORDABLE HOUSING. PROVISION OF RESIDENT-ORIENTED PROPERTY MANAGEMENT SERVICES THROUGH WHICH HUMAN DEVELOPMENT AND INCREASED INTEGRATION INTO MAINSTREAM HOUSING IS FOSTERED WHILE SHELTER IS PROVIDED. HOUSING FOR MENTALLY-ILL AND OTHER DISABLED PERSONS EMPHASIZED. ACCOMPLISHMENTS THROUGH 3/31/24: 128 UNITS UNDER MANAGEMENT; ALL UNITS OWNED BY NON-PROFIT ORGANIZATIONS OR CONTROLLED SUBSIDIARIES OF NON-PROFIT ORGANIZATIONS. RESIDENT SERVICES PROGRAM (E.G., REFERRALS TO SERVICE AGENCIES) OPERATED.
AFFORDABLE HOUSING OPERATION AND PRESERVATION. OPERATION OF RESIDENTIAL REAL ESTATE TO PRESERVE AND IMPROVE AFFORDABLE HOUSING IN THE GREATER NEW HAVEN AREA; TARGET POPULATION IS THAT ALL RESIDENTS WILL EARN LESS THAN 80% OF MEDIAN INCOME AND THAT MORE THAN HALF WILL EARN LESS THAN 50% OF MEDIAN. CUMULATIVE ACCOMPLISHMENTS THROUGH MARCH 31, 2024: 97 UNITS OWNED AND OPERATED; ALL RESIDENTS ARE AT 50% OF MEDIAN OR BELOW, AND APPROXIMATELY 60% OF UNITS HOUSE PERSONS WITH DISABILITIES.
HOUSING COUNSELING PROGRAM. PROVIDES COUNSELING TO HOLDERS OF SECTION 8 VOUCHERS AND OTHERS REGARDING OPPORTUNITIES TO MOVE OUT OF HIGH-POVERTY AREAS. PROGRAM TEMPORARILY INACTIVE. ACCOMPLISHMENTS 7/1/22 - 6/30/24 : 0 CLIENTS COUNSELED; 0 CLIENTS LEASED-UP; 0 CLIENTS LEASED-UP IN TARGET LOWER-POVERTY NEIGHBORHOODS; 0 CLIENTS PLACED IN SUBURBAN AREAS. CUMULATIVE ACCOMPLISHMENTS TO 6/30/24: 2,264 CLIENTS COUNSELED; 1,109 CLIENTS PLACED IN HOUSING; 679 CLIENTS LEASED-UP IN TARGET LOWER-POVERTY NEIGHBORHOODS; 358 CLIENTS PLACED IN SUBURBAN AREAS. THIS PROGRAM HAS BEEN TEMPORARILY SUSPENDED; THE ORGANIZATION HAS RECEIVED A FUNDING COMMITMENT AND IS AWAITING A STATE CONTRACT.
AFFORDABLE HOUSING DEVELOPMENT. DEVELOPMENT, PURCHASE, AND CONSTRUCTION TO PRESERVE AND IMPROVE AFFORDABLE HOUSING IN THE GREATER NEW HAVEN AREA; TARGET POPULATION IS THAT ALL RESIDENTS WILL EARN LESS THAN 80% OF MEDIAN INCOME AND THAT MORE THAN HALF WILL EARN LESS THAN 50% OF MEDIAN. HOUSING FOR MENTALLY-ILL AND OTHER DISABLED PERSONS EMPHASIZED. ACCOMPLISHMENTS IN FY23: CONTINUED DEVELOPMENT OF 2 HOUSING PROJECTS WITH 88 UNITS; $110,000 RAISED FOR REHABILITATION OF 3 DEVELOPMENTS. CUMULATIVE ACCOMPLISHMENTS THROUGH 3/31/24: 111 UNITS BUILT; FULL FINANCING BEING SOUGHT ON 88 ADDITIONAL UNITS. ALSO, ASSISTED MANAGED PROPERTIES TO ACQUIRE ADDITIONAL UNITS AND RENOVATE EXISTING UNITS. CUMULATIVE ACCOMPLISHMENTS THROUGH 3/31/24: 10 UNITS ACQUIRED WITH $575,000 IN FINANCING; REHABILITATION LOANS OR GRANTS TOTALING $4,962,000 FOR 332 UNITS SECURED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Hill President | Officer | 40 | $105,600 |
Shellina Toure Chair | OfficerTrustee | 1 | $0 |
Francesca Martin Secretary And Acting Treasurer | OfficerTrustee | 2 | $0 |
Reuben Taylor Director | Trustee | 0 | $0 |
Cynthia Texeira Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $635,652 |
| All other contributions, gifts, grants, and similar amounts not included above | $250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $635,902 |
| Total Program Service Revenue | $885,307 |
| Investment income | $113,236 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,634,445 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $105,600 |
| Compensation of current officers, directors, key employees. | $7,260 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $343,885 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $137,205 |
| Payroll taxes | $53,816 |
| Fees for services: Management | $0 |
| Fees for services: Legal | -$22 |
| Fees for services: Accounting | $1,697 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,432 |
| Information technology | $12,485 |
| Royalties | $0 |
| Occupancy | $9,649 |
| Travel | $31 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $905 |
| Interest | $65,010 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $347,127 |
| Insurance | $5,642 |
| All other expenses | $0 |
| Total functional expenses | $1,845,940 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,710,335 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $374,342 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,038 |
| Net Land, buildings, and equipment | $4,666,570 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $173,990 |
| Other assets | $2,623,446 |
| Total assets | $10,578,721 |
| Accounts payable and accrued expenses | $1,414,352 |
| Grants payable | $0 |
| Deferred revenue | $3,443 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,072,500 |
| Unsecured mortgages and notes payable | $25,000 |
| Other liabilities | $0 |
| Total liabilities | $6,515,295 |
| Net assets without donor restrictions | $3,356,836 |
| Net assets with donor restrictions | $706,590 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $10,578,721 |