Homeownership Preservation Foundation
- Assets
- $9.9m
- Revenue
- $7.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Farmington Hills, MI
- Founding
- 08/2004
- Data as of
- 12/2021
- EIN
- 52-2403507
Organization Overview
Homeownership Preservation Foundation is located in Farmington Hills, MI. The organization was established in 2004. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homeownership Preservation Foundation 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 12/2021, Homeownership Preservation Foundation generated $7.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (19.3%) each year. All expenses for the organization totaled $6.7m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (20.5%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE, EDUCATE, AND COUNSEL THE FINANCIALLY DISTRESSED ON HOW TO SUSTAIN HOMEOWNERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOME PROGRAMS: THE HPF PRE-PURCHASE PROGRAM PROVIDES AN INCENTIVE FOR LOW-MODERATE INCOME PURCHASE BORROWERS WHO COMPLETE HOUSING COUNSELING THROUGH A HUD-APPROVED COUNSELING PROVIDER UNDER THE HPF NETWORK. IT GIVES LENDERS A NATIONAL PLATFORM TO SYSTEMICALLY REFER BORROWERS TO PRE-PURCHASE COUNSELING AND STREAMLINE A STANDARD INCENTIVE PROGRAM AND PROCESS ACROSS VARIOUS MARKETS. HPF DETERMINES PROGRAM ELIGIBILITY WITH THE BORROWER AND CONDUCTS A HOMEBUYER READINESS ASSESSMENT THAT IS FOCUSED ON SETTING THEM UP FOR SUCCESSFULL HOMEOWNERSHIP. HPF ALSO OFFERS A MULTI-STAGE / MULTI-TOUCH HOMEBUYER READINESS PROGRAM THAT INCLUDES AN AUTOMATED DOWN-PAYMENT SAVINGS PLATFORM.
GENERAL COUNSELING: THROUGH THE HOMEOWNER'S HOPE HOTLINE, HPF PROVIDES COMPREHENSIVE HOMEOWNER EDUCATION AND CONFIDENTIAL FORECLOSURE PREVENTION COUNSELING AT NO COST TO HOMEOWNERS. THROUGH AFFILIATED HUD-APPROVED NONPROFIT AGENCIES, CERTIFIED HOUSING COUNSELORS SERVE THE HOMEOWNER'S HOPE HOTLINE. THE HOTLINE IS AVAILABLE 24X7 AND OFFERS EXTENDED LIVE OPERATOR HOURS M-TH 8-10 PM EST, F 8-8 PM EST AND SAT 9-6 PM EST WITH CALLBACK SERVICE AVAILABLE OUTSIDE OF LIVE OPERATING HOURS. SINCE 2007, THE HOMEOWNER'S HOPE HOTLINE HAS RECEIVED MORE THAN NINE MILLION CALLS AND HAS COUNSELED OVER TWO MILLION HOMEOWNERS. THE HOTLINE HANDLED MORE THAN 65,000 CALLS FROM CLIENTS IN 2021. HPF CLIENTS RECEIVE ONE-ON-ONE COUNSELING AND EDUCATION FOCUSED ON THEIR UNIQUE FINANCIAL CIRCUMSTANCES AND THEIR HOUSING GOALS. CALLERS ARE BETTER EQUIPPED AND CONFIDENT TO MAKE SOUND FINANCIAL DECISIONS AFTER PARTICIPATING IN HOUSING COUNSELING.
POST MODIFICATION PROGRAM: THE HPF MODEL FOR POST MODIFICATION COACHING DELIVERS A SCALABLE / NATIONWIDE DELIVERY MECHANISM THAT HAS THE CAPABILITY TO PROVIDE A HOLISTIC APPROACH COVERING A HOMEOWNER'S ENTIRE FINANCIAL SITUATION THROUGH HIGH-TOUCH COACHING AND EDUCATION. HPF WORKS TO HELP HOMEOWNERS IMPROVE THEIR FINANCIAL CAPABILITIES, ENABLING THEM TO SUCCESSFULLY SUPPORT THEIR MORTGAGE AND OTHER OBLIGATIONS. THE COACHING OCCURS OVER SEVERAL MONTHS AND IS COMPRISED OF TWO TO FOUR SESSIONS DEPENDING ON THE LOAN TYPE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Zambelli Treasurer | OfficerTrustee | 1 | $0 |
Jane Sydlowski Chair | OfficerTrustee | 1 | $0 |
Carey Pachla Vice Chair | OfficerTrustee | 1 | $0 |
William Richards Secretary | OfficerTrustee | 1 | $0 |
Richard T Hollis Chief Financial Officer | Officer | 5 | $0 |
Sireesha Mandava Chief Information Officer | Officer | 6 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Consumer Credit Counseling Service Of De Counseling Services | 12/30/19 | $109,289 |
Greenpath Inc Counseling Services | 12/30/19 | $3,676,141 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $631,441 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $631,441 |
| Total Program Service Revenue | $6,090,796 |
| Investment income | $116,195 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $663,746 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,508,104 |
| 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 | $1,330,744 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $117,011 |
| Payroll taxes | $80,972 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,100 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,806 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $45,289 |
| Information technology | $2,408 |
| Royalties | $0 |
| Occupancy | $72,115 |
| Travel | $493 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,505 |
| Insurance | $3,319 |
| All other expenses | $0 |
| Total functional expenses | $6,714,487 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,143,104 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $972,767 |
| 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 | $6,430 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $7,737,066 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,859,367 |
| Accounts payable and accrued expenses | $1,552,329 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,552,329 |
| Net assets without donor restrictions | $8,307,038 |
| 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 | $9,859,367 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Homeownership Preservation Foundation has recieved totaling $3,295,274.
| Awarding Organization | Amount |
|---|---|
Neighborhood Reinvestment Corp Washington, DC PURPOSE: FORECLOSURE MITIGATION AND COUNSELING | $3,145,274 |
Neighborhood Reinvestment Corp Washington, DC PURPOSE: EXPENDABLE GRANTS | $150,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Homeownership Preservation Foundation Farmington Hills, MI | $9,859,367 | $7,508,104 |
Trinity Credit Counseling Inc Cincinnati, OH | $7,906,378 | $6,728,875 |
Ethiopian Tewahedo Social Services Columbus, OH | $1,906,040 | $4,712,779 |
Consumer Credit Counseling Service Of The Midwest Inc Gahanna, OH | $5,434,834 | $5,167,342 |
Southwest Economic Solutions Detroit, MI | $1,547,756 | $3,561,883 |
National Association Of Investors Corporation Troy, MI | $3,876,994 | $2,170,565 |
Chn Housing Capital Cleveland, OH | $8,811,020 | $2,597,719 |
Securefutures Foundation Inc Milwaukee, WI | $1,756,343 | $1,837,399 |
Homeownership Center Of Greater Dayton Inc Dayton, OH | $721,425 | $1,226,035 |
National Debt Management Inc Southfield, MI | $65,495 | $932,102 |
Advocacy Programs Of Family Service Association Of Sheboygan Inc Sheboygan, WI | $1,760,753 | $891,187 |
Family Service Association Of Sheboygan Inc Sheboygan, WI | $953,219 | $629,810 |