Homeless Solutions Inc
Homeless Solutions Inc: Strong Asset Base, but Declining Program Spending
EIN: 222491675 · Cedar Knolls, NJ · Updated: 2026-04-04
About Homeless Solutions Inc
Homeless Solutions Inc (EIN: 222491675) is a nonprofit organization based in Cedar Knolls, NJ. The organization reported total revenue of $11.1M and total assets of $23.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Homeless Solutions Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Homeless Solutions Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 59%
- fundraising: 31%
According to IRS 990 filings, Homeless Solutions Inc allocates its expenses as follows: admin: 10%, programs: 59%, fundraising: 31%. Approximately 59% goes to programs, indicating moderate mission focus.
Executive Compensation Analysis
Executive compensation is reported as $0 across all available filings, which is highly uncommon for an organization with over $11 million in revenue and suggests potential underreporting or alternative compensation structures.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Homeless Solutions Inc's IRS 990 filings:
- Consistent reporting of $0 executive compensation raises concerns about transparency and potential hidden compensation.
- Program spending as a percentage of total expenses has declined from 67% in 2017 to 59% in 2023, while fundraising expenses have increased significantly.
Strengths
The following positive indicators were identified for Homeless Solutions Inc:
- The organization maintains a strong asset base, with total assets growing from $20.5 million in 2016 to $23.5 million in 2023.
- Revenue has shown consistent growth, increasing from $3.3 million in 2016 to $11.1 million in 2023.
Frequently Asked Questions about Homeless Solutions Inc
What does Homeless Solutions Inc do?
Homeless Solutions Inc is a nonprofit organization in the Unknown sector, located in Cedar Knolls, New Jersey. It is classified under NTEE code Unknown.
How much revenue does Homeless Solutions Inc have?
Homeless Solutions Inc reported total revenue of $11,103,694. Based on 13 IRS 990 filings on record.
What are Homeless Solutions Inc's total assets?
Homeless Solutions Inc holds total assets of $23,520,088 as reported in IRS 990 filings.
Where is Homeless Solutions Inc located?
Homeless Solutions Inc is based in Cedar Knolls, New Jersey.
What is Homeless Solutions Inc's EIN?
Homeless Solutions Inc's Employer Identification Number (EIN) is 222491675. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Homeless Solutions Inc?
Homeless Solutions Inc is classified under NTEE code Unknown (Unknown).
Is Homeless Solutions Inc a registered 501(c)(3)?
Homeless Solutions Inc appears in IRS records (EIN: 222491675). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Homeless Solutions Inc file IRS Form 990?
Yes, Homeless Solutions Inc has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Homeless Solutions Inc's revenue in 2023?
In the 202312 filing period, Homeless Solutions Inc reported total revenue of $6,963,550, total expenses of $6,501,522, and net assets of $24,031,718.
Is Homeless Solutions Inc's revenue growing or declining?
Homeless Solutions Inc's revenue is growing. Revenue went from $5,577,132 (202212) to $6,963,550 (202312), a +24.9% change. Based on 13 filings on record.
What is Homeless Solutions Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Homeless Solutions Inc covers tax period 202312. It shows revenue of $6,963,550, expenses of $6,501,522, total assets of $24,031,718, and liabilities of $8,843,179.
How much does Homeless Solutions Inc spend on programs vs administration?
Based on IRS 990 analysis, Homeless Solutions Inc allocates approximately 59% of expenses to program services, 10% to administrative costs, and 31% to fundraising. Program spending is moderate relative to overhead.
Is Homeless Solutions Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Homeless Solutions Inc appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 2 strengths noted.
What are the red flags for Homeless Solutions Inc?
The following concerns were identified: Consistent reporting of $0 executive compensation raises concerns about transparency and potential hidden compensation.. Program spending as a percentage of total expenses has declined from 67% in 2017 to 59% in 2023, while fundraising expenses have increased significantly.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Homeless Solutions Inc's strengths?
Positive indicators for Homeless Solutions Inc include: The organization maintains a strong asset base, with total assets growing from $20.5 million in 2016 to $23.5 million in 2023.. Revenue has shown consistent growth, increasing from $3.3 million in 2016 to $11.1 million in 2023.. These findings are derived from AI analysis of the organization's financial filings.
How does Homeless Solutions Inc compensate executives?
Executive compensation is reported as $0 across all available filings, which is highly uncommon for an organization with over $11 million in revenue and suggests potential underreporting or alternative compensation structures. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the reported $0 executive compensation, how does Homeless Solutions Inc attract and retain leadership, and what are the actual costs associated with its executive management?
The consistent reporting of $0 for executive compensation across all years is highly unusual for an organization of this scale. It suggests that executive leadership may be compensated through other means not captured in this specific line item, or that the organization relies heavily on volunteer leadership, which would be an important distinction for donors. Further investigation into their Form 990, Part VII, Section A, Line 1a, and Schedule J would be necessary to understand the full compensation picture.
What factors contributed to the significant increase in fundraising expenses from $451,490 in 2019 to $2,031,718 in 2023, and how does this align with the organization's mission effectiveness?
Fundraising expenses have seen a substantial increase, nearly quadrupling from $451,490 in 2019 to $2,031,718 in 2023. While revenue has also grown, this disproportionate increase in fundraising costs, coupled with a decrease in the percentage of spending on programs, warrants further scrutiny. Understanding the specific strategies and returns on investment for these fundraising efforts is crucial to assess their efficiency and impact on the overall mission.
Filing History
IRS 990 filing history for Homeless Solutions Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Homeless Solutions Inc's revenue has grown by 73.2%, moving from $4.0M to $7.0M. Total assets increased by 67.6% over the same period, from $14.3M to $24.0M. Total functional expenses rose by 105.8%, from $3.2M to $6.5M. In its most recent filing year (2023), Homeless Solutions Inc reported a surplus of $462K, with revenue exceeding expenses. The organization holds $8.8M in liabilities against $24.0M in assets (debt-to-asset ratio: 36.8%), resulting in net assets of $15.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $7.0M | $6.5M | $24.0M | $8.8M | — | — |
| 2022 | $5.6M | $6.3M | $23.1M | $8.7M | — | View 990 |
| 2021 | $6.0M | $5.6M | $23.8M | $8.4M | — | View 990 |
| 2020 | $5.4M | $5.0M | $23.1M | $8.4M | — | View 990 |
| 2019 | $4.8M | $4.5M | $21.8M | $7.7M | — | View 990 |
| 2018 | $4.5M | $4.3M | $20.8M | $6.8M | — | View 990 |
| 2017 | $3.5M | $4.1M | $21.0M | $7.2M | — | View 990 |
| 2016 | $3.3M | $4.1M | $20.6M | $6.4M | — | View 990 |
| 2015 | $4.0M | $4.2M | $21.3M | $6.4M | — | View 990 |
| 2014 | $5.8M | $4.3M | $21.4M | $6.3M | — | View 990 |
| 2013 | $7.6M | $4.3M | $19.8M | $6.4M | — | View 990 |
| 2012 | $3.0M | $3.5M | $15.6M | $5.6M | — | View 990 |
| 2011 | $4.0M | $3.2M | $14.3M | $4.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $7.0M, expenses of $6.5M, and assets of $24.0M (revenue +24.9% year-over-year).
- 2022: Revenue of $5.6M, expenses of $6.3M, and assets of $23.1M (revenue -7.6% year-over-year).
- 2021: Revenue of $6.0M, expenses of $5.6M, and assets of $23.8M (revenue +12.7% year-over-year).
- 2020: Revenue of $5.4M, expenses of $5.0M, and assets of $23.1M (revenue +12.0% year-over-year).
- 2019: Revenue of $4.8M, expenses of $4.5M, and assets of $21.8M (revenue +6.5% year-over-year).
- 2018: Revenue of $4.5M, expenses of $4.3M, and assets of $20.8M (revenue +29.8% year-over-year).
- 2017: Revenue of $3.5M, expenses of $4.1M, and assets of $21.0M (revenue +4.6% year-over-year).
- 2016: Revenue of $3.3M, expenses of $4.1M, and assets of $20.6M (revenue -17.5% year-over-year).
- 2015: Revenue of $4.0M, expenses of $4.2M, and assets of $21.3M (revenue -30.9% year-over-year).
- 2014: Revenue of $5.8M, expenses of $4.3M, and assets of $21.4M (revenue -23.3% year-over-year).
- 2013: Revenue of $7.6M, expenses of $4.3M, and assets of $19.8M (revenue +151.8% year-over-year).
- 2012: Revenue of $3.0M, expenses of $3.5M, and assets of $15.6M (revenue -25.2% year-over-year).
- 2011: Revenue of $4.0M, expenses of $3.2M, and assets of $14.3M.
Data Sources and Methodology
This transparency report for Homeless Solutions Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.