Homes Are Possible Inc
- Assets
- $6.7m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 6
- Location
- Aberdeen, SD
- Founding
- 04/2001
- Data as of
- 09/2022
- EIN
- 46-0458578
Organization Overview
Homes Are Possible Inc is located in Aberdeen, SD. The organization was established in 2001. 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 09/2022, Homes Are Possible Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homes Are Possible 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 09/2022, Homes Are Possible Inc generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $864.8k during the year ending 09/2022. While expenses have increased by 8.6% 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
FACILITATE AND ASSIST LOW AND MODERATE INCOME PERSONS AND FAMILIES IN SECURING GOOD QUALITY HOMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR, HAPI PROVIDED ADMINISTRATION IN GRANT FUNDS TO INDIVIDUALS TO ALLOW INDIVIDUALS TO PURHASE AND REHABILITATE HOMES. IN ORDER TO BE ELIGIBLE FOR GRANT FUNDS, THE HOMEOWNER MUST MEET ELIGIBILITY CRITERIA BASED ON HOUSEHOLD INCOME AND MUST ATTEND HOME OWNERSHIP CLASSES WHICH ARE PROVIDED BY THE ORGANIZATION. HAPI ALSO PROVIDES AFFORDABLE HOUSING PROGRAM GRANTS WHICH ARE AVAILABLE TO LOW-INCOME FAMILIES. THESE GRANT FUNDS CAN BE USED TOWARDS A DOWN-PAYMENT, PRINCIPAL REDUCTION, CLOSING COSTS AND HOME IMPROVEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Mitchell Prior Exec Dir | Trustee | 40 | $105,431 |
Darin Beckius Executive Direc | Trustee | 40 | $25,163 |
Brent Heinert Secretary | Officer | 0.5 | $0 |
Cindi Walsh Treasurer | Officer | 0.5 | $0 |
Mike Brumbaugh Chairman | Officer | 0.5 | $0 |
Barb Grosz Vice-Chairman | Officer | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $581,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $593,550 |
| Total Program Service Revenue | $5,728 |
| Investment income | $30,578 |
| 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 | $529,371 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,269,943 |
| 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. | $134,512 |
| Compensation of current officers, directors, key employees. | $26,902 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $141,607 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $30,421 |
| Payroll taxes | $20,637 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,938 |
| 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 | $6,324 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,000 |
| Travel | $6,710 |
| 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 | $14,207 |
| Insurance | $2,730 |
| All other expenses | $3,575 |
| Total functional expenses | $864,835 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $657,870 |
| Savings and temporary cash investments | $2,320,735 |
| Pledges and grants receivable | $63,772 |
| Accounts receivable, net | $53,682 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,996,296 |
| Prepaid expenses and deferred charges | $2,964 |
| Net Land, buildings, and equipment | $483,074 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,089,682 |
| Total assets | $6,668,075 |
| Accounts payable and accrued expenses | $64,058 |
| 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 | $45,819 |
| Total liabilities | $109,877 |
| Net assets without donor restrictions | $6,447,037 |
| Net assets with donor restrictions | $111,161 |
| 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 | $6,668,075 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Homes Are Possible Inc has recieved totaling $21,200.
| Awarding Organization | Amount |
|---|---|
Homeownership Education Resource Organization Pierre, SD PURPOSE: HOMEOWNER EDUCATION | $21,200 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Western Home Services Inc Cedar Falls, IA | $172,352,897 | $41,691,659 |
Holland Foundation Omaha, NE | $123,768,571 | $4,108,665 |
Institute For Community Alliances Des Moines, IA | $2,443,302 | $12,133,028 |
Western Home Services Inc Cedar Falls, IA | $36,931,248 | $9,460,886 |
Minnesota Home Ownership Center St Paul, MN | $17,549,875 | $3,064,242 |
Elkhorn Valley Community Development Corporation Norfolk, NE | $12,960,627 | $4,413,796 |
Land Bank Twin Cities Inc St Anthony, MN | $25,684,992 | $6,229,470 |
Family Housing Advisory Services Inc Omaha, NE | $4,420,321 | $3,509,114 |
Habitat For Humanity International Inc Helena, MT | $3,811,576 | $3,802,213 |
American Indian Community Housing Organization Duluth, MN | $7,296,736 | $3,254,073 |
Successful Living Supportive Housing Program Iowa City, IA | $3,127,012 | $2,854,795 |
Hfho Real Estate Holdings Inc Omaha, NE | $4,308,408 | $2,447,749 |