Homestead Place
- Assets
- $1.7m
- Revenue
- $417.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Forks, ND
- Founding
- 04/2000
- Data as of
- 12/2020
- EIN
- 45-0455374
Organization Overview
Homestead Place is located in Grand Forks, ND. The organization was established in 2000. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homestead Place is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2020, Homestead Place generated $417.9k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $395.6k during the year ending 12/2020. While expenses have increased by 1.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE LOW INCOME HOUSING TO ELIGIBLE PERSONS IN GRAND FORKS, ND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOMESTEAD PLACE PROVIDES LOW INCOME HOUSING TO ELIGIBLE PERSONS IN GRAND FORKS, ND.
HOMESTEAD PLACE PROVIDES LOW INCOME HOUSING TO ELIGIBLE PERSONS IN GRAND FORKS, ND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Curt Kreun President | OfficerTrustee | 1 | $0 |
Terry Hanson Secretary | OfficerTrustee | 1 | $0 |
Joan Johnson Vice President | OfficerTrustee | 1 | $0 |
Bret Weber Director | Trustee | 1 | $0 |
David Engen Commisioner | Trustee | 1 | $0 |
Jeremy Morris Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $282,217 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $282,217 |
| Total Program Service Revenue | $135,513 |
| Investment income | $200 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $417,930 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $34,467 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,237 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $110,322 |
| Travel | $2 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $31,757 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $67,027 |
| Insurance | $16,921 |
| All other expenses | $0 |
| Total functional expenses | $395,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $174,511 |
| Savings and temporary cash investments | $457,314 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,795 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,515 |
| Net Land, buildings, and equipment | $1,055,601 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,461 |
| Total assets | $1,736,197 |
| Accounts payable and accrued expenses | $22,473 |
| Grants payable | $0 |
| Deferred revenue | $3,650 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $681,222 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,812 |
| Total liabilities | $724,157 |
| Net assets without donor restrictions | $1,012,040 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,736,197 |
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