Homestead Residences Inc
- Assets
- $163.8k
- Revenue
- $742.9k
- Investments
- $0.0
- Employees
- 35
- Location
- Ann Arbor, MI
- Founding
- 06/2006
- Data as of
- 09/2023
- EIN
- 38-3679604
Organization Overview
Homestead Residences Inc is located in Ann Arbor, MI. The organization was established in 2006. According to its NTEE Classification (F33) the organization is classified as: Residential Mental Health Treatment, under the broad grouping of Mental Health & Crisis Intervention and related organizations. As of 09/2023, Homestead Residences Inc employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homestead Residences 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 09/2023, Homestead Residences Inc generated $742.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.1%) each year. All expenses for the organization totaled $898.3k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (2.9%) per year over the past 8 years. 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 ROUND THE CLOCK RESIDENTIAL SERVICES TO ADULTS WITH MENTAL ILLNESS, AGED, HOMELESS AND DEVELOPMENTALLY DISABLED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE PROVIDED THE FOLLOWING TO ALL INDIVIDUAL PLACED IN OUR FACILITIES: SECURED RESIDENCE, MEALS, 24 HOUR STAFFING, MEDICATION MANAGEMENT, SAFETY AND TRANSPORTATION TO AND FROM ALL OUTSIDE APPOINTMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hyacinth Akunne President | Officer | 15 | $23,999 |
Obioma Nwachukwu Treasurer | OfficerTrustee | 0 | $0 |
Barbara Okon Secretary | OfficerTrustee | 0 | $0 |
Joseph Nwabueze Chairperson | OfficerTrustee | 0 | $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 | $742,882 |
| Investment income | $0 |
| 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 | $742,882 |
| 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 | $656,511 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,593 |
| Payroll taxes | $50,223 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,711 |
| Fees for services: Accounting | $5,945 |
| 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 | $18,160 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,947 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $13,952 |
| All other expenses | $18,191 |
| Total functional expenses | $898,251 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $98,073 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $65,773 |
| 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 | $163,846 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $163,846 |
| 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 | $163,846 |