Housing Opportunities Made Economical Inc
- Assets
- $2.9m
- Revenue
- $551.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Fredericksburg, VA
- Founding
- 01/1999
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Housing Opportunities Made Economical Inc generated $551.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $412.9k during the year ending 12/2021. 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
2021
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Kasey Treasurer | OfficerTrustee | 0.25 | $0 |
Paul Desilets President | OfficerTrustee | 0.25 | $0 |
Michael Huie Secretary | OfficerTrustee | 0.25 | $0 |
Patricia Corbett Vice President | OfficerTrustee | 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 | $6,534 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,534 |
| Total Program Service Revenue | $537,391 |
| Investment income | $58 |
| 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 | $551,495 |
| 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 | $63,417 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,852 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75 |
| Fees for services: Accounting | $5,760 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $131 |
| Advertising and promotion | $10 |
| Office expenses | $2,207 |
| Information technology | $342 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31 |
| Interest | $104,061 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,957 |
| Insurance | $27,178 |
| All other expenses | $16,843 |
| Total functional expenses | $412,863 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $62,294 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,715 |
| 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 | $2,686,309 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $116,903 |
| Total assets | $2,885,221 |
| Accounts payable and accrued expenses | $10,664 |
| 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 | $2,350,577 |
| Other liabilities | $27,393 |
| Total liabilities | $2,388,634 |
| Net assets without donor restrictions | $496,587 |
| 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 | $2,885,221 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Housing Opportunities Made Economical Inc has recieved totaling $16.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $16 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dreamkey Partners Inc Charlotte, NC | $109,024,724 | $87,997,566 |
Christian Relief Services Charities Inc Alexandria, VA | $142,752,068 | $55,470,301 |
Horizon Development Properties Inc Charlotte, NC | $420,836,852 | $43,904,469 |
Arundel Community Development Services Inc Annapolis, MD | $42,935,600 | $33,111,572 |
Nht Communities Washington, DC | $154,306,300 | $20,911,703 |
Choanoke Area Development Assoc Rich Square, NC | $3,243,319 | $10,393,050 |
Association For Retarded Citizens Housing Development Services Inc Greensboro, NC | $38,855,283 | $9,434,004 |
Project Plase Inc Baltimore, MD | $6,563,951 | $8,999,720 |
Society Of St Vincent Depaul Council Of Louisville Louisville, KY | $10,950,346 | $7,888,364 |
Twin Rivers Opportunities Inc New Bern, NC | $1,111,953 | $5,873,122 |
Ebed Community Improvement Inc Upper Marlboro, MD | $8,136,869 | $7,675,137 |
Socayr Inc Louisville, KY | $34,945,508 | $6,749,829 |