Homeword Inc
- Assets
- $58.9m
- Revenue
- $8.6m
- Investments
- $0.0
- Employees
- 18
- Location
- Missoula, MT
- Founding
- 01/2000
- Data as of
- 06/2023
- EIN
- 81-0522626
Organization Overview
Homeword Inc is located in Missoula, MT. The organization was established in 2000. 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 06/2023, Homeword Inc employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homeword 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 06/2023, Homeword Inc generated $8.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.1% each year . All expenses for the organization totaled $7.6m during the year ending 06/2023. 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
HOMEWORD USES SUSTAINABLE METHODS TO PROVIDE SAFE, HEALTHY HOMES THAT PEOPLE CAN AFFORD AND STRENGTHENS THE COMMUNITY THROUGH HOUSING COUNSELING AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY MANAGEMENT:DAILY ACTIVITIES ARE CONTRACTED WITH QUALIFIED THIRD-PARTY PROPERTY MANAGEMENT COMPANIES. HOMEWORD OVERSEES THE ASSET MANAGEMENT OF THE DEVELOPED PROPERTIES INCLUDING REGULATORY COMPLIANCE AND FINANCIAL MANAGEMENT ONCE HOUSING DEVELOPMENT COMPLETES CONSTRUCTION AND DEVELOPMENT OF THE PROPERTIES.
ASSET MANAGEMENT:ASSET MANAGEMENT IS RESPONSIBLE FOR MANAGING HOMEWORD'S PROPERTIES.
HOUSING DEVELOPMENT:HOUSING DEVELOPMENT PROVIDES HOMES PEOPLE CAN AFFORD TO FAMILIES WITH LOWER INCOME THROUGH DEVELOPMENT OF SINGLE-FAMILY AND MULTI-FAMILY PROJECTS AND PRESERVATION OF EXISTING HOMES. DEVELOPMENT IS ALSO RESPONSIBLE FOR THE FORMATION OF TAX CREDIT PARTNERSHIPS AND OTHER LEGAL ENTITIES CREATED FOR THE PURPOSE OF OWNERSHIP AND DEVELOPMENT. COSTS INCLUDE STAFF WAGES, UNRECOUPED EXPENSES ASSOCIATED WITH NEW OR REHABILITATION PREDEVELOPMENT AND CONSTRUCTION MANAGEMENT COSTS. NEARLY ALL OF DEVELOPMENT INCOME IS GENERATED VIA FEDERAL AND STATE GRANTS AND IS PASSED THROUGH DIRECTLY TO THE PROJECTS IN FORMS OF LOANS AND EQUITY. HOMEWORD RETAINS A PORTION OF ANY DEVELOPER FEE NOT DEFERRED FOR OPERATIONS.
HOME OWNERSHIP CENTER:HOMEWORD'S HOME OWNERSHIP CENTER PROVIDES A VARIETY OF COUNSELING AND EDUCATION SERVICES TO PEOPLE LIVING WITH LOW TO MODERATE INCOMES AT NO COST, INCLUDING HOMEBUYER, FINANCIAL AND RENTER EDUCATION AND COUNSELING. SINCE 1997, HOMEWORD HAS EMPOWERED OVER 19,500 PEOPLE. COSTS ASSOCIATED WITH THE HOME OWNERSHIP CENTER INCLUDE STAFF WAGES, OFFICE SPACE RENT, TRAINING SUPPLIES, CHILD CARE, AND OTHER COSTS INCURRED IN PROVIDING THE TRAINING AND COUNSELING SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beth Hayes President | OfficerTrustee | 1 | $0 |
Meg Haenn Vice President | OfficerTrustee | 1 | $0 |
Jessica Vizzutti Secretary | OfficerTrustee | 1 | $0 |
Jason Erickson Treasurer | OfficerTrustee | 1 | $0 |
Alice Jones Past President | OfficerTrustee | 1 | $0 |
Adrienne Maxwell Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,373,155 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,373,155 |
| Total Program Service Revenue | $7,211,245 |
| Investment income | $25,414 |
| 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 | $8,609,814 |
| 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. | $456,628 |
| Compensation of current officers, directors, key employees. | $354 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $347,195 |
| Pension plan accruals and contributions | $11,614 |
| Other employee benefits | $151,312 |
| Payroll taxes | $35,960 |
| Fees for services: Management | $0 |
| 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 | $24,645 |
| Office expenses | $20,619 |
| Information technology | $15,620 |
| Royalties | $0 |
| Occupancy | $882,758 |
| Travel | $29,107 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $854,086 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,532,451 |
| Insurance | $497,027 |
| All other expenses | $75,033 |
| Total functional expenses | $7,645,607 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,126,018 |
| Savings and temporary cash investments | $1,928,982 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,788,505 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $16,554,440 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $110,309 |
| Net Land, buildings, and equipment | $35,599,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $800,091 |
| Intangible assets | $0 |
| Other assets | $4,463 |
| Total assets | $58,911,808 |
| Accounts payable and accrued expenses | $375,122 |
| Grants payable | $0 |
| Deferred revenue | $82,102 |
| 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 | $24,400,326 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $24,857,550 |
| Net assets without donor restrictions | $34,054,258 |
| 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 | $58,911,808 |