Housing Opportunities & Management Enterprises Inc
- Assets
- $1.3m
- Revenue
- $658.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Lynn, MA
- Founding
- 09/1989
- Data as of
- 06/2023
- EIN
- 22-2982463
Organization Overview
Housing Opportunities & Management Enterprises Inc, operating under the name Home, is located in Lynn, MA. The organization was established in 1989. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Home 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 06/2023, Home generated $658.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $764.2k during the year ending 06/2023. While expenses have increased by 3.9% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING FOR INDIVIDUALS AND FAMILIES THAT IS AFFORDABLE, SUPPORTIVE, AND PROVIDES ACCESS TO SERVICES FROM THE PARENT COMPANY, LYNN SHELTER ASSOCIATION, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PERMANENT HOUSING PROGRAM: THE ORGANIZATION (HOME) PROVIDES ROOM AND APARTMENT RENTALS TO A RELATED ORGANIZATION, LYNN SHELTER ASSOCIATION (LSA), IN SUPPORT OF ITS PERMANENT HOUSING PROGRAM. LSA'S PERMANENT HOUSING PROGRAM PROVIDES HOUSING TO CHRONICALLY HOMELESS AND DISABLED INDIVIDUALS. IT ALSO PROVIDES HOUSING TO FAMILIES WHERE THE HEAD OF HOUSEHOLD WAS CHRONICALLY HOMELESS AND DISABLED. LSA'S PROGRAM SERVED APPROXIMATELY 84 INDIVIDUALS DURING THE YEAR.
AFFORDABLE HOUSING PROGRAM: THE ORGANIZATION (HOME) OPERATES A ROOMING HOUSE AND APARTMENT BUILDING IN DOWNTOWN LYNN, MA THAT PROVIDES BELOW MARKET HOUSING TO INDIVIDUALS AND FAMILIES. FUNDING FOR THIS PROGRAM IS FROM TENANT RENTS. HOME PROVIDED AFFORDABLE BELOW MARKET HOUSING TO 3 INDIVIDUALS DURING THE YEAR.
ADULT SHELTER PROGRAM: THIS PROGRAM IS ALSO KNOWN AS THE LYNN EMERGENCY SHELTER AND IS LOCATED IN DOWNTOWN LYNN MASSACHUSETTS. THE PROGRAM PROVIDES EMERGENCY SHELTER AND SERVICES TO HOMELESS ADULTS. THE SHELTER IS A HOUSING FIRST MODEL SHELTER THAT PROMOTES SELF-SUFFICIENCY. FUNDING FOR THE PROGRAM IS FROM THE MASSACHUSETTS DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT (DHCD). THIS PROGRAM, TOGETHER WITH LSA'S PROGRAM, SERVED APPROXIMATELY 142 CLIENTS DURING FISCAL YEAR 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Walter Guptill Clerk | OfficerTrustee | 1 | $0 |
Dayle Persons Director | Trustee | 1 | $0 |
Rev Clyde Elledge President | OfficerTrustee | 1 | $0 |
Joshua C Judkins Director | Trustee | 1 | $0 |
Dominic Ferrari Director | Trustee | 1 | $0 |
Francis Mancini Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $656,961 |
| Investment income | $212 |
| 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 | $658,770 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $239,393 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,536 |
| 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 | $5,534 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $309,953 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,726 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $59,439 |
| Insurance | $46,375 |
| All other expenses | $0 |
| Total functional expenses | $764,249 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $151,381 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,686 |
| 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 | $2,264 |
| Net Land, buildings, and equipment | $1,129,234 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,312,565 |
| Accounts payable and accrued expenses | $71,851 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $361,294 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $463,173 |
| Total liabilities | $896,318 |
| Net assets without donor restrictions | $416,247 |
| Net assets with donor restrictions | $0 |
| 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 | $1,312,565 |