Homestart Inc

Nonprofit profile at a glance

EIN
311244736
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Dayton, OH, USA
Phone
9372256328
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$368,623
Expenses
$495,715
Assets
$10,252,541
Liabilities
$4,393,377

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

Leadership & pay

24 people listed

Executive titles in this filing

  • STEPHEN D NAAS (ASST. SECRETARY/PRESIDENT)

Highest reported compensation

  • STEPHEN D NAAS (ASST. SECRETARY/PRESIDENT): $184,170 total reported compensation
  • ELIZABETH BRUNE (ASSISTANT TREASURER): $145,882 total reported compensation
  • TRACY L SCHULTZ (ASSISTANT TREASURER): $127,865 total reported compensation

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

Overview

Mission

The mission of homestart, inc. Is to improve the quality of life for low and moderate-income residents of montgomery county by providing safe, affordable housing opportunities.

What it reported doing in 2024

Homestart, inc. Serves as general partner or lender in several developments of affordable housing. The housing developments include new construction, long-term lease purchase, preservation of existing affordable units, and permanent supportive housing. Homestart, inc. Is a co-general partner in liscum and fiske limited partnership. Homestart, inc. Owns almond-homestart, inc. To serve as the co-general partner in almond village l.p., dvc ii-homestart, inc. To serve as the managing member in dayton view commons ii, llc., martindale-homestart, inc. To serve as the managing member in meadows of martindale union, llc, and whitmore arms, inc. To serve as the managing member in whitmore arms associates, llc. The organization is a shareholder in river-homestart, inc., which owns a general partnership interest in river commons ii, llc, and a shareholder in ft. Mckinley-homestart, inc., which owns a general partnership interest in ft. Mckinley homes, llc. Homestart is the managing member in ft. Mckinley homes, llc. The revenue represents developer fees and interest income on loans and the expense represents interest related to the almond village, ft. Mckinley homes, and meadows of martindale union projects and developer fees to the co-developers for the projects.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 64
  • Accountability: 95
  • Sustainability: 35
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 89.1%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -34.5%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 20.68; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.43; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 25.2%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: -4.6% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: -13.1% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -2.2% per year; rating input score 0; 17th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 89.1% of spending went to programs
  • Governance: 17 of 17 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $442K in reported program spending
  • Leadership: top reported pay $184K · 24 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 34 filed related-organization links
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 8/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.