Minnesota Home Ownership Center
- Assets
- $14.3m
- Revenue
- $3.4m
- Investments
- $804.7k
- Employees
- 15
- Location
- St Paul, MN
- Founding
- 06/1993
- Data as of
- 12/2023
- EIN
- 41-1741817
Organization Overview
Minnesota Home Ownership Center is located in St Paul, MN. The organization was established in 1993. 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 12/2023, Minnesota Home Ownership Center employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Home Ownership Center 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 12/2023, Minnesota Home Ownership Center generated $3.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $3.9m during the year ending 12/2023. While expenses have increased by 6.6% per year over the past 9 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
HOME OWNERSHIP EDUCATION AND COUNSELING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MINNESOTA HOME OWNERSHIP CENTER IS A NON-PROFIT INTERMEDIARY ORGANIZATION DEDICATED TO HELPING MINNESOTANS WITH LOW AND MODERATE INCOMES TO PURCHASE AND MAINTAIN HOMES. FUNDING ORGANIZATIONS INCLUDE FOUNDATIONS, REAL ESTATE AND MORTGAGE FINANCE INSTITUTIONS, GOVERNMENT AGENCIES AND OTHER INDUSTRY STAKEHOLDERS DEDICATED TO INCREASING ACCESS AND OPPORTUNITY TO AFFORDABLE AND SUSTAINABLE HOME OWNERSHIP. AS AN INTERMEDIARY, THE CENTER PROVIDES TRAINING AND CERTIFICATION, CURRICULUM AND SUPPORT PRODUCTS, TECHNICAL ASSISTANCE, DATA COLLECTION TOOLS, FUNDING AND OVERSIGHT FOR A NETWORK OF MORE THAN 35 COMMUNITY-BASED ORGANIZATIONS SERVING RESIDENTS OF MINNESOTA. THESE SERVICE DELIVERY PARTNERS PROVIDE COMPREHENSIVE HOMEOWNERS EDUCATION AND COUNSELING TO PROSPECTIVE AND EXISTING HOMEOWNERS WITH LOW AND MODERATE INCOMES. TARGET POPULATIONS INCLUDED PEOPLE OF COLOR, IMMIGRANTS, AND OTHERS WHO HAVE TRADITIONALLY HAD DIFFICULTY PURCHASING AND MAINTAINING HOMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beard Tara Board Member | Trustee | 0.2 | $0 |
Bipes Robyn Board Chair | OfficerTrustee | 0.5 | $0 |
Coleman Aarica Board Member | Trustee | 0.2 | $0 |
Crosby Brian Secretary | OfficerTrustee | 0.5 | $0 |
Burch Kirstin Board Member | Trustee | 0.2 | $0 |
Erchul Jim Board Member | Trustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tunheim Partners Inc Consulting | 12/30/22 | $257,534 |
Cliftonlarsonallen Llp Accounting And Consulting | 12/30/22 | $160,233 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,400,592 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,483,119 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,883,711 |
| Total Program Service Revenue | $206,473 |
| Investment income | $398,778 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$98,988 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $16,875 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,425,749 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $635,000 |
| 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. | $254,996 |
| Compensation of current officers, directors, key employees. | $163,197 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $676,779 |
| Pension plan accruals and contributions | $61,881 |
| Other employee benefits | $85,789 |
| Payroll taxes | $67,266 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,119 |
| Fees for services: Accounting | $96,510 |
| Fees for services: Lobbying | $32,510 |
| Fees for services: Fundraising | $24,000 |
| Fees for services: Investment Management | $103,976 |
| Fees for services: Other | $217,383 |
| Advertising and promotion | $15,555 |
| Office expenses | $28,749 |
| Information technology | $62,216 |
| Royalties | $0 |
| Occupancy | $11,340 |
| Travel | $9,883 |
| 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 | $57,759 |
| Insurance | $8,608 |
| All other expenses | $20,286 |
| Total functional expenses | $3,939,560 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,458,152 |
| Savings and temporary cash investments | $496,228 |
| Pledges and grants receivable | $515,677 |
| Accounts receivable, net | $18,874 |
| 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 | $43,384 |
| Net Land, buildings, and equipment | $180,120 |
| Investments—publicly traded securities | $10,685,762 |
| Investments—other securities | $804,749 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $57,448 |
| Total assets | $14,260,394 |
| Accounts payable and accrued expenses | $913,664 |
| Grants payable | $0 |
| Deferred revenue | $57,157 |
| 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 | $970,821 |
| Net assets without donor restrictions | $12,389,573 |
| Net assets with donor restrictions | $900,000 |
| 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 | $14,260,394 |
Grants Awarded
Over the last fiscal year, Minnesota Home Ownership Center has awarded $635,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
TWIN CITIES HABITAT FOR HUMANITY PURPOSE: DOWN PAYMENT ASSISTANCE | $500,000 |
BUILD WEALTH MN INC PURPOSE: CAPACITY BUILDING | $45,000 |
NEIGHBORWORKS HOME PARTNERS PURPOSE: CAPACITY BUILDING | $45,000 |
FIRST INDEPENDENCE BANK PURPOSE: CAPACITY BUILDING | $45,000 |