Homestead Community Land Trust
Nonprofit profile at a glance
- EIN
- 911565651
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Seattle, WA, USA
- Phone
- 2063231227
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $11,670,323
- Expenses
- $10,983,987
- Assets
- $50,664,783
- Liabilities
- $17,176,727
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
19 people listed
Executive titles in this filing
- KATHLEEN HOSFELD (EXECUTIVE DIRECTOR)
- CHERYL JACKSON WILLIAMS (BOARD PRESIDENT)
- PEARL NELSON (BOARD VICE PRESIDENT)
Highest reported compensation
- KATHLEEN HOSFELD (EXECUTIVE DIRECTOR): $178,325 total reported compensation
- MARTINA JAMBRICHOVA (FINANCE DIRECTOR): $141,008 total reported compensation
- ERIC PRAVITZ (DIRECTOR OF REAL ESTATE DEVELOPMENT): $114,618 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Homestead clt develops land and housing in trust that gives lower-income households the opportunity to own a home that is affordable to them and remains affordable to future owners.
What it reported doing in 2024
With 30+ years' service to king county, homestead combines housing development with buyer and owner support to grow and preserve an inventory of permanently affordable homes and successful homeowners. Every home in trust is sold at an affordable price to an income-qualified household and is kept affordable to all future buyers. Our homes put the financial, social, health and economic mobility benefits of ownership within reach of those shut out of ownership by our high-cost market, and/or the legacy of systemic housing inequities. As a result, owners are placed on a path to wealth building and stability. By constructing with a high environmental standard, we create housing and climate equity for these lower-income homeowners. Through partnerships with private donors and public agencies, homestead identified a pipeline of 218 more homes to build over the next five years, on surplus and donated land. By year end, homestead held 257 homes in trust, and had created over 329 first time homebuying opportunities for income-qualified households. By removing homes from the speculative market and holding them in trust in perpetuity, homestead is creating an alternate, affordable economy for housing.
Operating model
- Revenue model
- Other-operating. 80% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 97% 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 85
- Transparency & Controls: 75
- Accountability: 91
- Sustainability: 63
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 90.9%; rating input score 91
- Program expense ratio: 93.8%; rating input score 94
- Fundraising efficiency: $6.99 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 5.9%; rating input score 56; 56th percentile among comparable filings
- Total-asset coverage ratio: 4.61; rating input score 84; 84th percentile among comparable filings
- Liabilities to assets ratio: 0.34; rating input score 42; 42nd percentile among comparable filings
- Officer compensation ratio: 4%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: 24.2% per year; rating input score 100; 93rd percentile among comparable filings
- Revenue growth: 22.8% per year; rating input score 100; 94th percentile among comparable filings
- Asset growth: 11.4% per year; rating input score 100; 70th percentile among comparable filings
Details
- Where the money goes: 90.9% of revenue deployed · 93.8% of spending went to programs
- Governance: 12 of 12 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $10.3M in reported program spending
- Leadership: top reported pay $178K · 19 people listed · 1 of 6 pay-setting controls reported
- Highest-paid contractors: 3 contractors listed · $5.1M reported
- Consistency: 34 of 34 current checks pass
- Schedules: 9 filed schedules · includes major donors, grants, and executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 4 filed money-flow records
- Related organizations: 6 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Fundraising efficiency scored 29/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- Review — Sustainability: Operating margin scored 56/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 42/100.