Housing Opportunities Made Economical Inc
- Assets
- $2.9m
- Revenue
- $877.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Fredericksburg, VA
- Founding
- 01/1999
- Data as of
- 12/2022
- EIN
- 54-1906879
Organization Overview
Housing Opportunities Made Economical Inc is located in Fredericksburg, VA. The organization was established in 1999. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Housing Opportunities Made Economical Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Opportunities Made Economical 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, Housing Opportunities Made Economical Inc generated $877.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $390.7k during the year ending 12/2022. 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
TO PROVIDE ACCESSIBLE HOUSING FOR PEOPLE WITH DISABILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
H.O.M.E. INC. BUILDS, BUYS, RENOVATES AND MANAGES BARRIER-FREE, AFFORABLE HOUSING FOR PEOPLE WITH DISABILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Kasey Vp/treasurer | OfficerTrustee | 0.25 | $0 |
Paul Desilets President/ceo | OfficerTrustee | 0.25 | $0 |
Michael Huie Secretary | OfficerTrustee | 0.25 | $0 |
Harold Spotts Director | Trustee | 0.25 | $0 |
Anthony Cimini Director | Trustee | 0.25 | $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 | $150 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $150 |
| Total Program Service Revenue | $549,575 |
| Investment income | $1,445 |
| 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 | $877,326 |
| 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 | $58,424 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,460 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,058 |
| Fees for services: Accounting | $5,025 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $970 |
| Advertising and promotion | $0 |
| Office expenses | $2,740 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $935 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $54 |
| Interest | $93,230 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,903 |
| Insurance | $24,015 |
| All other expenses | $14,476 |
| Total functional expenses | $390,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $94,702 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,532 |
| 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 | $2,659,564 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $120,008 |
| Total assets | $2,892,806 |
| 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 | $1,881,281 |
| Other liabilities | $28,322 |
| Total liabilities | $1,909,603 |
| Net assets without donor restrictions | $983,203 |
| 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 | $2,892,806 |