Homebridge Ventures Inc

Nonprofit profile at a glance

EIN
861687817
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Bridgeport, CT, USA
Phone
2033333335
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Human Service Organizations

Reported finances

Revenue
$348,870
Expenses
$346,087
Assets
$116,391
Liabilities
$5,278

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • DAVID STUBBS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • DAVID STUBBS (EXECUTIVE DIRECTOR): $35,320 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Homebridge ventures (homebridge) seeks to break the cycle of recidivism through transformative relationships, trauma-responsive job training and placement, and a supportive community for justice-involved people that leads to the opportunity to heal and to obtain gainful employment.

What it reported doing in 2024

Second chance re-entry services: the goal of the program is for homebridge to provide an outside resource for a second-chance employer, and to work with each of the employers previously encarcerated employees both individually and as a group, and to provide the wrap-around services that will move employees from hanging on to thriving. The impact on the business and employees in 2024 was dramatic. In 2023, two employees per month were dropping out of employment. The business impact was the cost of constantly hiring and retraining employees. The impact on the employees that left was worse, as many often returned to incarceration when they lost their source of income. Our program dropped the turnover to two per year instead of two per month. The program kept these employees out of prison and in their jobs.

Operating model

Revenue model
Donor-supported. 84% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 56
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.7%; rating input score 60
  • Program expense ratio: 60.1%; rating input score 60
  • Fundraising efficiency: $6.45 raised per $1 spent on fundraising; rating input score 28; 28th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.8%; rating input score 41; 41st percentile among comparable filings
  • Total-asset coverage ratio: 0.34; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 10.2%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 27.9% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 1.7% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 6.5% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 59.7% of revenue deployed · 60.1% of spending went to programs
  • Governance: 5 of 5 board members independent · 3 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $208K in reported program spending
  • Leadership: top reported pay $35K · 6 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 28/100.
  • Moderate — Sustainability: Operating margin scored 41/100.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.