Broom Homestead Inc
- Assets
- $588.2k
- Revenue
- $228.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 09/2016
- Data as of
- 12/2020
- EIN
- 81-1359010
Organization Overview
Broom Homestead Inc is located in Los Angeles, CA. The organization was established in 2016. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, 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. Broom Homestead 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 12/2020, Broom Homestead Inc generated $228.0k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 54.0% each year . All expenses for the organization totaled $250.6k during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING TO HOMELESS PERSONS WHO HAVE EXPERIENCED CHALLENGES WITH SUBSTANCE ABUSE, JAIL, PRISON AND VETERANS WHO ARE LOOKING TO REBUILD THEIR LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE HAVE BEEN IN OPERATIONS SINCE FEBRUARY OF 2016, PROVIDING HOUSING IN A COMMUNITY ENVIRONMENT FOR MALES 18YRS AND ABOVE WHO HAVE STRUGGLED WITH SUBSTANCE ABUSE, PTSD, JAILS PRISONS AND VETERANS. WE HAVE SERVED OVER 40 PEOPLE ANNUALLY. OUR TOP THREE PROGRAMS CONSIST OF TRANSITIONAL LIVING PROGRAM, STOP-PAROLEES, AND SOBER LIVING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Walter Broom President & CEO | Officer | 25 | $40,065 |
Aletheia Broom CFO | Officer | 25 | $20,400 |
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 | $227,988 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $227,988 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $227,988 |
| 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. | $60,465 |
| Compensation of current officers, directors, key employees. | $60,465 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,570 |
| 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 | $236 |
| Office expenses | $686 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $38 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $16,839 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,203 |
| All other expenses | $34,146 |
| Total functional expenses | $250,567 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,100 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $409,626 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $145,508 |
| Total assets | $588,234 |
| 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 | $555,134 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $555,134 |
| Net assets without donor restrictions | $33,100 |
| 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 | $588,234 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Broom Homestead Inc has recieved totaling $28,750.
| Awarding Organization | Amount |
|---|---|
Social Venture Partners Los Angeles Inc Los Angeles, CA PURPOSE: 2021 Supporting Frontline Workers Grant | $28,750 |
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