Homeward

Nonprofit profile at a glance

EIN
050606153
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
Richmond, VA, USA
Phone
8043432045
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Professional Societies, Associations

Reported finances

Revenue
$2,175,002
Expenses
$2,884,140
Assets
$3,259,729
Liabilities
$307,502

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

Leadership & pay

14 people listed

Executive titles in this filing

  • KELLY KING HORNE (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • KELLY KING HORNE (CHIEF EXECUTIVE OFFICER): $156,416 total reported compensation

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

Overview

Mission

Homeward's mission is to prevent, reduce, and end homelessness through the cooperation, coordination, and collaboration of regional resources and services. Foundedin 1998, homeward is the planning agency that supports the greater richmond continuum of care, a network of homeless service providers that deliver coordinated and compassionate solutions to homelessness in the richmond region. Homeward facilitates the public coordinated funding processes, ensures funding compliance, researches and compiles best practices for homeless solutions, and provides recommendations based on lived experience in our region.

What it reported doing in 2024

Homeward supports the homeless connection line, our region's largest triage and assessment program for services. The homeless connection line (hcl) is a multi-agency collaborative partnership which has been designed by local stakeholders to maximize limited resources to address homelessness. The hcl meets or exceeds federal regulations for coordinated access for community-based homeless assistance networks. The trained and compassionate staff at the hcl start by listening to each caller's unique situation and they record demographic and service usage data so that our homeless assistance network can target homeless assistance programs to make the biggest impact.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 most voting board members are independent. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 93
  • Transparency & Controls: 66
  • Accountability: 100
  • Sustainability: 27
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 86.9%; rating input score 87
  • Fundraising efficiency: $35.78 raised per $1 spent on fundraising; rating input score 73; 73rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th 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: 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: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -32.6%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 1.13; rating input score 41; 41st percentile among comparable filings
  • Liabilities to assets ratio: 0.09; rating input score 60; 60th percentile among comparable filings
  • Officer compensation ratio: 5.4%; rating input score 51; 51st percentile among comparable filings

Growth

  • Program expense growth: -3.8% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -5.5% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: 18.1% per year; rating input score 100; 81st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 86.9% of spending went to programs
  • Governance: 13 of 13 board members independent · 8 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $2.5M in reported program spending
  • Leadership: top reported pay $156K · 14 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Sustainability: Officer compensation ratio scored 51/100.