Homefree Usa Inc
- Assets
- $7.0m
- Revenue
- $34.7m
- Investments
- $0.0
- Employees
- 35
- Location
- Landover, MD
- Founding
- 11/1994
- Data as of
- 12/2022
- EIN
- 52-1885132
Organization Overview
Homefree Usa Inc is located in Landover, MD. The organization was established in 1994. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2022, Homefree USA Inc employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homefree USA 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, Homefree USA Inc generated $34.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.6% each year . All expenses for the organization totaled $33.4m during the year ending 12/2022. While expenses have increased by 24.7% 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.
Since 2015, Homefree USA Inc has awarded 212 individual grants totaling $27,194,825. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO INFORM EDUCATE AND PREPARE FUTURE AND EXISTING HOMEOWNERS FOR GUARANTEED MORTGAGE APPROVAL AND LIFELONG FINANCIAL SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM TO DEVELOP WITHIN ALL PEOPLE THE KNOWLEDGE SKILLS AND PRACTICES THEY NEED TO BE ECONOMICALLY STRONG AND SUCCESSFUL HOMEOWNERS. THIS PROGRAM INCLUDES HUD HOUSING ASSISTANCE ADMINISTERED THROUGH THE HFUSA NETWORK OF AFFILIATE ORGANIZATIONS.
CALHFA - THIS PROGRAM PROVIDES HOUSING ASSISTANCE TO HELP POTENTIAL HOMEOWNERS ACQUIRE AND MAINTAIN AFFORDABLE HOUSING. FUNDS ARE DISTRIBUTED TO AFFILIATE ORGANIZATIONS WHO PROVIDE HOUSING COUNSELING AND HOUSING ASSISTANCE IN THE AREA SERVED BY THE LOCAL AFFILIATE.
COBB COUNTY PROGRAM - THIS PROGRAM PROVIDES MORTGAGE ASSISTANCE AND RENTAL ASSISTANCE TO INDIVIDUAL FAMILY HOMEOWNERS AND RENTERS. THE PROGRAM ALLOCATES FINANCIAL ASSISTANCE TO HOMEOWNERS AND RENTERS WHO HAVE FALLEN BEHIND IN MORTGAGE AND RENTAL PAYMENTS DUE TO THE PANDEMIC. HOMEOWNERS AND OR RENTERS PROVIDE PROOF OF LOSS OF WAGES AND INCOME. QUALIFYING INFORMATION IS ALSO PROVIDED TO HFUSA. UPON OUR COMPLETION OF THE ASSESSMENT AND DOCUMENTATION PROCESS THE HOMEOWNER RENTER IS ELIGIBLE TO RECEIVE RENTAL AND OR MORTGAGE ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marcia J Griffin President CEO | 50 | $406,782 | |
Gwendolyn Garnett Board Chairperson | Trustee | 1 | $110,077 |
Philip W Bracken Director | Trustee | 1 | $0 |
Paul Koches Director | Trustee | 1 | $0 |
James M Griffin COO | Officer | 30 | $251,308 |
Earlene Fields Secretary | 40 | $42,496 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,679,013 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $28,896,604 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,682,234 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $34,257,851 |
| Total Program Service Revenue | $65,635 |
| 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 | $34,679,494 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,497,154 |
| 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. | $507,746 |
| Compensation of current officers, directors, key employees. | $438,013 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,595,507 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $87,660 |
| Payroll taxes | $238,815 |
| Fees for services: Management | $889,092 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $99,879 |
| Office expenses | $107,398 |
| Information technology | $259,643 |
| Royalties | $0 |
| Occupancy | $171,527 |
| Travel | $321,695 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $495,928 |
| Interest | $23,548 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,333 |
| Insurance | $91,990 |
| All other expenses | $9,931,449 |
| Total functional expenses | $33,371,977 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,386,532 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $928,735 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $194,281 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $44,424 |
| Net Land, buildings, and equipment | $81,330 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,358,106 |
| Intangible assets | $0 |
| Other assets | $9,886 |
| Total assets | $7,003,294 |
| Accounts payable and accrued expenses | $1,543,170 |
| Grants payable | $0 |
| Deferred revenue | $1,877,675 |
| 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 | $376,767 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,797,612 |
| Net assets without donor restrictions | $1,907,598 |
| Net assets with donor restrictions | $1,298,084 |
| 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 | $7,003,294 |
Grants Awarded
Over the last fiscal year, Homefree Usa Inc has awarded $15,196,159 in support to 44 organizations.
| Grant Recipient | Amount |
|---|---|
AFFORDABLE HOUSING CLEARINGHOUSE PURPOSE: Property purchased for renovation and sale to low and moderate income potential homeowners. | $50,250 |
AAA RESIDENTIAL RESOURCES PURPOSE: Property purchased for renovation and sale to low and moderate income potential homeowners. | $75,103 |
AHCOPA PURPOSE: Property purchased for renovation and sale to low and moderate income potential homeowners. | $139,268 |
NCALL RESEARCH INC PURPOSE: Property purchased for renovation and sale to low and moderate income potential homeowners. | $58,784 |
ALLIANCE CREDIT COUNSELING PURPOSE: Property purchased for renovation and sale to low and moderate income potential homeowners. | $53,044 |
BELAIR-EDISON NEIGHBORHOODS PURPOSE: Property purchased for renovation and sale to low and moderate income potential homeowners. | $72,128 |