Homespace Corporation
Homespace Corporation consistently grows revenue and assets with no reported executive compensation.
EIN: 161360009 · Buffalo, NY · NTEE: L210 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $3.3M |
| Total Expenses | $4.0M |
| Program Spending | 90% |
| CEO/Top Officer Pay | $4 |
| Net Assets | $3.5M |
| Transparency Score | 92/100 |
Is Homespace Corporation Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Homespace Corporation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Homespace Corporation
Homespace Corporation (EIN: 161360009) is a nonprofit organization based in Buffalo, NY, classified under NTEE code L210. The organization reported total revenue of $3.3M and total assets of $3.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Homespace Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Homespace Corporation is a mid-size nonprofit that has been operating for 35 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 11.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $4.1M |
| Total Expenses | $4.0M |
| Surplus / Deficit | +$154K |
| Total Assets | $3.7M |
| Total Liabilities | $217K |
| Net Assets | $3.5M |
| Operating Margin | 3.7% |
| Debt-to-Asset Ratio | 5.8% |
| Months of Reserves | 11.3 months |
Financial Health Grade: A
In 2023, Homespace Corporation reported a surplus of $154K with revenue exceeding expenses, holds 11.3 months of operating reserves (strong position), has a debt-to-asset ratio of 5.8% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Homespace Corporation's revenue has grown at a compound annual growth rate (CAGR) of 11.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +16.1% | +15.9% | +7.3% |
| 2022 | +14.5% | +3.1% | +0.7% |
| 2021 | -15.5% | +0.0% | -4.4% |
| 2020 | +7.6% | +5.6% | +14.6% |
| 2019 | +25.0% | +26.7% | +11.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1991 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Homespace Corporation with a Mission Score of 92 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: 8%
- programs: 90%
- fundraising: 2%
According to IRS 990 filings, Homespace Corporation allocates its expenses as follows: admin: 8%, programs: 90%, fundraising: 2%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $154K, with revenue exceeding expenses.
- Debt-to-asset ratio: 5.8%.
Executive Compensation Analysis
Homespace Corporation reports 0% officer compensation across all available filings, which is highly unusual and commendable for an organization with annual revenues exceeding $4 million. This suggests a strong commitment to directing resources towards its mission rather than executive salaries.
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.
Strengths
The following positive indicators were identified for Homespace Corporation:
- Consistent revenue growth, from $1.45M in 2014 to $4.13M in 2023.
- Zero reported officer compensation across all 13 filings, indicating high efficiency and mission focus.
- Healthy asset growth from $2.21M in 2014 to $3.73M in 2023.
- Consistent operational surpluses in most years, demonstrating sound financial management.
- Low liabilities relative to assets, indicating strong financial health.
Frequently Asked Questions about Homespace Corporation
Is Homespace Corporation a legitimate charity?
Homespace Corporation (EIN: 161360009) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 92/100. It has 13 years of IRS 990 filings on record. Total revenue: $3.3M. No red flags identified. 5 strengths noted. Financial health grade: A.
How does Homespace Corporation spend its money?
Homespace Corporation directs 90% of its spending to programs and services. Fundraising costs 2%. This exceeds the 65% industry benchmark.
Are donations to Homespace Corporation tax-deductible?
Homespace Corporation is registered as a tax-exempt nonprofit (EIN: 161360009). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Homespace Corporation CEO make?
Homespace Corporation's highest-compensated officer earns $4 annually. The organization reported $3.3M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Homespace Corporation's spending goes to programs?
Homespace Corporation directs 90% to programs, 2% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Homespace Corporation compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Homespace Corporation is above average for NTEE category L210 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Homespace Corporation located?
Homespace Corporation is headquartered in Buffalo, New York and files with the IRS under EIN 161360009. It is classified under NTEE code L210.
How many years of IRS 990 filings does Homespace Corporation have?
Homespace Corporation has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $3.3M in total revenue.
Is Homespace Corporation a good charity?
Based on the provided financial data, Homespace Corporation appears to be a very good charity. It demonstrates strong financial health, consistent growth, efficient spending with no reported executive compensation, and a clear focus on its mission.
How has Homespace Corporation's revenue grown over time?
Homespace Corporation has shown significant revenue growth, increasing from $1,453,456 in 2014 to $4,131,882 in 2023, representing an increase of over 184% in less than a decade.
What is the organization's financial stability?
The organization exhibits strong financial stability, consistently operating with a surplus (revenue exceeding expenses in most years) and growing its assets from $2,215,040 in 2014 to $3,736,077 in 2023, while maintaining relatively low liabilities.
Filing History
IRS 990 filing history for Homespace Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Homespace Corporation's revenue has grown by 260.1%, moving from $1.1M to $4.1M. Total assets increased by 77.7% over the same period, from $2.1M to $3.7M. Total functional expenses rose by 228%, from $1.2M to $4.0M. In its most recent filing year (2023), Homespace Corporation reported a surplus of $154K, with revenue exceeding expenses. The organization holds $217K in liabilities against $3.7M in assets (debt-to-asset ratio: 5.8%), resulting in net assets of $3.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $4.1M | $4.0M | $3.7M | $217K | — | — |
| 2022 | $3.6M | $3.4M | $3.5M | $183K | — | View 990 |
| 2021 | $3.1M | $3.3M | $3.5M | $177K | — | View 990 |
| 2020 | $3.7M | $3.3M | $3.6M | $146K | — | — |
| 2019 | $3.4M | $3.2M | $3.2M | $89K | — | View 990 |
| 2018 | $2.7M | $2.5M | $2.8M | $71K | — | View 990 |
| 2017 | $2.2M | $2.0M | $2.6M | $72K | — | View 990 |
| 2016 | $2.0M | $1.8M | $2.4M | $50K | — | View 990 |
| 2015 | $1.7M | $1.7M | $2.3M | $66K | — | View 990 |
| 2014 | $1.5M | $1.5M | $2.2M | $56K | — | View 990 |
| 2013 | $1.5M | $1.4M | $2.3M | $46K | — | View 990 |
| 2012 | $1.4M | $1.3M | $2.2M | $63K | — | View 990 |
| 2011 | $1.1M | $1.2M | $2.1M | $63K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $4.1M, expenses of $4.0M, and assets of $3.7M (revenue +16.1% year-over-year).
- 2022: Revenue of $3.6M, expenses of $3.4M, and assets of $3.5M (revenue +14.5% year-over-year).
- 2021: Revenue of $3.1M, expenses of $3.3M, and assets of $3.5M (revenue -15.5% year-over-year).
- 2020: Revenue of $3.7M, expenses of $3.3M, and assets of $3.6M (revenue +7.6% year-over-year).
- 2019: Revenue of $3.4M, expenses of $3.2M, and assets of $3.2M (revenue +25.0% year-over-year).
- 2018: Revenue of $2.7M, expenses of $2.5M, and assets of $2.8M (revenue +22.2% year-over-year).
- 2017: Revenue of $2.2M, expenses of $2.0M, and assets of $2.6M (revenue +13.9% year-over-year).
- 2016: Revenue of $2.0M, expenses of $1.8M, and assets of $2.4M (revenue +12.6% year-over-year).
- 2015: Revenue of $1.7M, expenses of $1.7M, and assets of $2.3M (revenue +20.1% year-over-year).
- 2014: Revenue of $1.5M, expenses of $1.5M, and assets of $2.2M (revenue -4.7% year-over-year).
- 2013: Revenue of $1.5M, expenses of $1.4M, and assets of $2.3M (revenue +10.8% year-over-year).
- 2012: Revenue of $1.4M, expenses of $1.3M, and assets of $2.2M (revenue +20.0% year-over-year).
- 2011: Revenue of $1.1M, expenses of $1.2M, and assets of $2.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Homespace Corporation:
Data Sources and Methodology
This transparency report for Homespace Corporation 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.