Homeword Inc

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 06/2022, Homeword Inc employed 17 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 06/2022, Homeword Inc generated $14.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.5% each year . All expenses for the organization totaled $6.6m during the year ending 06/2022. While expenses have increased by 26.5% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

HOMEWORD USES SUSTAINABLE METHODS TO PROVIDE SAFE, HEALTH HOMES THAT PEOPLE CAN AFFORD AND STRENGTHENS THE COMMUNITY THROUGH HOUSING CONSELING 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.


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:HOMEWORDS 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 17,500 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.


ASSET MANAGEMENT:ASSET MANAGEMENT IS RESPONSIBLE FOR MANAGING HOMEWORDS PROPERTIES.


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Board, Officers & Key Employees

Name (title)Compensation
Andrea Davis
Executive Director
$91,224
Heather Mcmilin
Housing Development Director
$74,249
Matt Joseph
Finance Director
$72,616
Karissa Trujillo
Operations Director
$62,776
Meg Haenn
Vice President
$0
Alice Jones
President
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $5,858,577
All other contributions, gifts, grants, and similar amounts not included above$128,117
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$5,986,694
Total Program Service Revenue$8,885,779
Investment income $25,413
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 $14,897,886

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Homeword Inc has recieved totaling $100.

Awarding OrganizationAmount
First Interstate Bancsystem Foundation Inc

Billings, MT

PURPOSE: GENERAL OPERATING SUPPORT

$100
View Grant Recipient Profile

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