Homeownership Preservation Foundation
- Assets
- $11.0m
- Revenue
- $14.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Farmington Hills, MI
- Founding
- 08/2004
- Data as of
- 12/2023
- EIN
- 52-2403507
Organization Overview
Homeownership Preservation Foundation is located in Farmington Hills, MI. The organization was established in 2004. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homeownership Preservation Foundation 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, Homeownership Preservation Foundation generated $14.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (9.2%) each year. All expenses for the organization totaled $13.7m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (9.5%) per year over the past 9 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 PROMOTE, EDUCATE, AND COUNSEL THE FINANCIALLY DISTRESSED ON HOW TO SUSTAIN HOMEOWNERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRE-PURCHASE COUNSELING: HPF ADMINISTERS AFFORDABLE LENDING PROGRAMS ON BEHALF OF BANK AND NON-BANK MORTGAGE LENDERS. HPF PROVIDES LENDERS LOW TO MODERATE INCOME CLIENTS ACCESS TO HUD CERTIFIED HOUSING COUNSELORS TO SUPPORT THEIR ABILITY TO ATTAIN AND SUSTAIN HOMEOWNERSHIP. SOME OF THESE AFFORDABLE PROGRAMS INCLUDE ACCESS TO DOWN PAYMENT AND CLOSING COST ASSISTANCE IF THE BORROWER COMPLETES HOMEBUYER EDUCATION AND/OR ONE-ON-ONE HOUSING COUNSELING.
GENERAL COUNSELING: HPF PROVIDES COMPREHENSIVE HOMEOWNER EDUCATION AND CONFIDENTIAL FORECLOSURE PREVENTION COUNSELING AT NO COST TO HOMEOWNERS THROUGH THE HOMEOWNER'S 995HOPE HOTLINE. CERTIFIED HOUSING COUNSELORS, THROUGH AFFILIATED HUD-APPROVED NONPROFIT AGENCIES, SERVE THE HOMEOWNER'S 995HOPE HOTLINE. THE HOTLINE IS AVAILABLE 24X7 AND OFFERS EXTENDED LIVE OPERATOR HOURS M-TH 8-10 PM EST, F 8-8 PM EST AND SATURDAY 9-6 PM EST WITH CALLBACK SERVICE AVAILABLE OUTSIDE OF LIVE OPERATING HOURS. THE HOMEOWNER'S 995HOPE HOTLINE HAS RECEIVED MORE THAN NINE MILLION CALLS AND HAS COUNSELED OVER TWO MILLION HOMEOWNERS SINCE 2007. THE HOTLINE RECEIVED MORE THAN 97,000 CALLS FROM HOMEOWNERS NAVIGATING FINANCIAL HARDSHIPS AND STRESS IN 2023. HPF CLIENTS RECEIVE ONE-ON-ONE COUNSELING AND EDUCATION FOCUSED ON THEIR UNIQUE FINANCIAL CIRCUMSTANCES AND THEIR HOUSING GOALS. CALLERS ARE BETTER EQUIPPED AND CONFIDENT TO MAKE SOUND FINANCIAL DECISIONS AFTER PARTICIPATING IN HOUSING COUNSELING.
POST MODIFICATION PROGRAM: THE HPF MODEL FOR POST MODIFICATION COACHING DELIVERS A SCALABLE / NATIONWIDE DELIVERY MECHANISM THAT HAS THE CAPABILITY TO PROVIDE A HOLISTIC APPROACH COVERING A HOMEOWNER'S ENTIRE FINANCIAL SITUATION THROUGH HIGH-TOUCH COACHING AND EDUCATION. HPF WORKS TO HELP HOMEOWNERS IMPROVE THEIR FINANCIAL CAPABILITIES, ENABLING THEM TO SUCCESSFULLY SUPPORT THEIR MORTGAGE AND OTHER OBLIGATIONS. THE COACHING OCCURS OVER SEVERAL MONTHS AND IS COMPRISED OF TWO TO FOUR SESSIONS DEPENDING ON THE LOAN TYPE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carey Pachla Chair | OfficerTrustee | 1 | $0 |
Michelle Greene Vice Chair | OfficerTrustee | 1 | $0 |
Anthony Zambelli Treasurer | OfficerTrustee | 1 | $0 |
William Richards Secretary | OfficerTrustee | 1 | $0 |
John Firth Director | Trustee | 1 | $0 |
Bruce Gottschall Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Greenpath Inc Counseling Services | 12/30/19 | $3,676,141 |
Consumer Credit Counseling Service Of De Counseling Services | 12/30/19 | $109,289 |
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 | $120,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $120,000 |
| Total Program Service Revenue | $13,710,863 |
| Investment income | $116,628 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $100,447 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,063,939 |
| 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 | $1,161,165 |
| Pension plan accruals and contributions | $56,703 |
| Other employee benefits | $69,350 |
| Payroll taxes | $75,799 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,088 |
| Fees for services: Accounting | $2,924 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,697 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $21,575 |
| Information technology | $2,985 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,666 |
| 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 | $0 |
| All other expenses | $12,196,030 |
| Total functional expenses | $13,663,982 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,825,671 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,952,099 |
| 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 | $6,488 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $7,257,054 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,041,312 |
| Accounts payable and accrued expenses | $2,042,216 |
| Grants payable | $0 |
| Deferred revenue | $75,000 |
| 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 | $2,117,216 |
| Net assets without donor restrictions | $8,924,096 |
| 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 | $11,041,312 |