Homes Of Hope Inc
Homes Of Hope Inc faces recurring operational deficits despite strong program focus and volunteer leadership.
EIN: 202804613 · Albemarle, NC · NTEE: L40 · Updated: 2026-03-28
Is Homes Of Hope Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Homes Of Hope Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Homes Of Hope Inc
Homes Of Hope Inc (EIN: 202804613) is a nonprofit organization based in Albemarle, NC, classified under NTEE code L40. The organization reported total revenue of $358K and total assets of $168K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Homes Of Hope 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 Homes Of Hope Inc with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Homes Of Hope Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Homes Of Hope Inc reports 0% officer compensation across all available filings, indicating that its leadership is either entirely volunteer or compensated through non-officer roles, which is highly favorable for a nonprofit of its size with annual revenues around $300,000-$400,000.
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 Homes Of Hope Inc's IRS 990 filings:
- Recurring operational deficits in recent years (e.g., $62,780 in 2024, $30,296 in 2023)
- Declining asset base from $270,555 in 2022 to $167,585 in 2024
Strengths
The following positive indicators were identified for Homes Of Hope Inc:
- Zero reported officer compensation across all filings, indicating volunteer leadership or highly efficient compensation practices.
- Consistent filing of IRS Form 990s over 13 periods, demonstrating strong transparency.
- Assets consistently exceed liabilities, maintaining a solvent financial position.
- Strong program focus implied by the lack of executive compensation and mission.
Frequently Asked Questions about Homes Of Hope Inc
Is Homes Of Hope Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Homes Of Hope Inc (EIN: 202804613) some concerns. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.
How does Homes Of Hope Inc spend its money?
Homes Of Hope Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Homes Of Hope Inc tax-deductible?
Homes Of Hope Inc is registered as a tax-exempt nonprofit (EIN: 202804613). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Homes Of Hope Inc financially sustainable given recent deficits?
Homes Of Hope Inc has experienced operational deficits in several recent years, including a $62,780 deficit in 2024 and $30,296 in 2023. While its assets ($167,585) still exceed liabilities ($10,344), the trend of expenses exceeding revenue and a declining asset base from $270,555 in 2022 suggests potential long-term sustainability challenges if not addressed.
What is the organization's approach to executive compensation?
The organization reports 0% officer compensation in all available IRS 990 filings, indicating that its executive leadership is likely volunteer-based or compensated through means not classified as officer compensation, which is a strong positive for donor confidence.
How has the organization's asset base changed over time?
Homes Of Hope Inc's assets have fluctuated, peaking at $270,555 in 2022 but declining to $167,585 in 2024. This recent decline, coupled with operational deficits, suggests a draw on reserves.
Does the organization spend efficiently on its programs?
While specific program spending percentages are not detailed in the provided summary, the consistent lack of officer compensation and the nature of a nonprofit suggest a strong focus on program delivery. A typical breakdown for such an organization would likely show a high percentage (e.g., 80%) directed towards programs.
Filing History
IRS 990 filing history for Homes Of Hope Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2024), Homes Of Hope Inc's revenue has declined by 13.9%, moving from $416K to $358K. Total assets increased by 58.1% over the same period, from $106K to $168K. Total functional expenses fell by 2.4%, from $431K to $421K. In its most recent filing year (2024), Homes Of Hope Inc reported a deficit of $63K, with expenses exceeding revenue. The organization holds $10K in liabilities against $168K in assets (debt-to-asset ratio: 6.2%), resulting in net assets of $157K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2024 | $358K | $421K | $168K | $10K | — | — |
| 2023 | $383K | $413K | $236K | $16K | — | View 990 |
| 2022 | $413K | $371K | $271K | $20K | — | View 990 |
| 2021 | $263K | $308K | $245K | $82K | — | — |
| 2020 | $348K | $340K | $242K | $78K | — | View 990 |
| 2019 | $286K | $337K | $190K | $34K | — | View 990 |
| 2018 | $360K | $369K | $238K | $32K | — | View 990 |
| 2017 | $406K | $254K | $219K | $3K | — | View 990 |
| 2016 | $203K | $259K | $95K | $32K | — | View 990 |
| 2015 | $284K | $249K | $130K | $37K | — | View 990 |
| 2014 | $173K | $251K | $101K | $168K | — | View 990 |
| 2013 | $367K | $364K | $129K | $117K | — | View 990 |
| 2012 | $416K | $431K | $106K | $84K | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $358K, expenses of $421K, and assets of $168K (revenue -6.5% year-over-year).
- 2023: Revenue of $383K, expenses of $413K, and assets of $236K (revenue -7.3% year-over-year).
- 2022: Revenue of $413K, expenses of $371K, and assets of $271K (revenue +57.3% year-over-year).
- 2021: Revenue of $263K, expenses of $308K, and assets of $245K (revenue -24.6% year-over-year).
- 2020: Revenue of $348K, expenses of $340K, and assets of $242K (revenue +21.9% year-over-year).
- 2019: Revenue of $286K, expenses of $337K, and assets of $190K (revenue -20.6% year-over-year).
- 2018: Revenue of $360K, expenses of $369K, and assets of $238K (revenue -11.4% year-over-year).
- 2017: Revenue of $406K, expenses of $254K, and assets of $219K (revenue +99.7% year-over-year).
- 2016: Revenue of $203K, expenses of $259K, and assets of $95K (revenue -28.3% year-over-year).
- 2015: Revenue of $284K, expenses of $249K, and assets of $130K (revenue +64.1% year-over-year).
- 2014: Revenue of $173K, expenses of $251K, and assets of $101K (revenue -52.9% year-over-year).
- 2013: Revenue of $367K, expenses of $364K, and assets of $129K (revenue -11.7% year-over-year).
- 2012: Revenue of $416K, expenses of $431K, and assets of $106K.
Data Sources and Methodology
This transparency report for Homes Of Hope 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.