First Home Alliance Inc is located in Woodbridge, VA. The organization was established in 2003. 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. As of 12/2022, First Home Alliance Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Home Alliance 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 12/2022, First Home Alliance Inc generated $646.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.0% each year . All expenses for the organization totaled $789.1k during the year ending 12/2022. While expenses have increased by 20.6% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION PROVIDES HOMEBUYER EDUCATION PROGRAMS IN FINANCIAL LITERACY, INTRODUCTION TO HOME OWNERSHIP, FORECLOSURE PREVENTION, LOSS MITIGATION AND ONE ON ONE COUNSELING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNDER ITS HOMEBUYER EDUCATION PROGRAMS, THE ORGANIZATION ASSISTED HUNDREDS OF HOMEBUYERS IN FINANCIAL LITERACY, INTRODUCTION TO HOME OWNERSHIP AND FORECLOSURE INTERVENTION.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Larry Laws Executive Director | OfficerTrustee | 40 | $0 |
Donald Scoggins Chairman Of The Board | OfficerTrustee | 1 | $0 |
Duwan Cratch Secretary | OfficerTrustee | 1 | $0 |
Shauna Davey Treasurer | OfficerTrustee | 1 | $0 |
Thomas Hunt Director | Trustee | 1 | $0 |
Lori Willis Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $540,554 |
All other contributions, gifts, grants, and similar amounts not included above | $60,550 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $601,104 |
Total Program Service Revenue | $0 |
Investment income | $0 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $4,250 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $39,997 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $646,062 |
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. | $87,833 |
Compensation of current officers, directors, key employees. | $4,393 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $240,812 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $25,616 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $16,673 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $58,026 |
Office expenses | $10,455 |
Information technology | $10,552 |
Royalties | $0 |
Occupancy | $26,035 |
Travel | $32,223 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $3,336 |
Interest | $21,993 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $16,241 |
All other expenses | $0 |
Total functional expenses | $789,060 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $53,259 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
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 | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $53,259 |
Accounts payable and accrued expenses | $89,026 |
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 | $73,772 |
Unsecured mortgages and notes payable | $137,308 |
Other liabilities | $0 |
Total liabilities | $300,106 |
Net assets without donor restrictions | -$246,847 |
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 | $53,259 |