Overview
What is The Home Foundation?
The Home Foundation, based in State College, Pennsylvania, is a dedicated nonprofit organization with a mission to create affordable housing solutions in Centre County. Established as Temporary Housing Foundation, it later transformed into The Home Foundation, maintaining its commitment to providing secure and affordable living spaces for the community. As a HUD-certified housing counseling agency, they offer a range of services, including housing stability counseling, pre-purchase homebuyer education, budget counseling, closing counseling, foreclosure prevention, and mortgage assistance. Since April 2020, their services have expanded beyond State College, aiming to benefit the entire county. In addition, The Home Foundation acquires, rehabilitates, and sells homes to first-time homebuyers in State College and has developed a small portfolio of affordable rental properties in the area. Recently, they completed a significant rehabilitation project of the Old Boalsburg Road Townhomes, providing housing opportunities for families with income below 60% of the area median income.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90%, Four-Star out of Four Star rating.
The Home Foundation has demonstrated a strong commitment to accountability and financial transparency, achieving a 90% score in these areas. This high rating reflects the foundation's sound management practices, with an entirely independent board and robust financial oversight systems in place. The foundation maintains a low liabilities to assets ratio, indicating a solid financial footing that allows it to effectively allocate resources towards its mission.
Strengths of The Home Foundation include its high program expense ratio of 84.28%, which signifies that a substantial portion of its funds is directed towards its programs rather than administrative costs. Additionally, the presence of a conflict of interest policy and proper documentation practices further underscores its dedication to ethical governance.
While the foundation excels in financial management, it is important for potential donors and stakeholders to consider the specific programs and outcomes associated with its mission. No limitations were noted in the data, but potential contributors may benefit from understanding the broader impact of the foundation's work in the community.
This AI summary has been generated from information found on Charity Navigator.
Is The Home Foundation legitimate?
The Home Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Home Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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What is the mission statement of The Home Foundation?
The Home Foundation's mission is centered around creating affordable housing solutions. Their primary objective is to provide a secure and affordable living space for everyone. They accomplish this mission through various activities, including housing stability counseling, pre-purchase homebuyer education, budget counseling, closing counseling, post-purchase counseling, foreclosure prevention, and mortgage assistance. Since becoming a HUD certified housing counseling agency in April 2020, they have expanded their services beyond the borough of State College, offering first-time homebuyer services throughout the county. Additionally, The Home Foundation acquires, rehabilitates, and sells homes to first-time homebuyers and has a portfolio of affordable rental properties. In 2022, they completed a significant rehabilitation of the Old Boalsburg Road Townhomes, providing affordable housing units for households with income below 60% of the area median income.
Who is the CEO of The Home Foundation?
Morgan Wasikonis is the President of The Home Foundation.
What is the revenue of The Home Foundation?
The Home Foundation's revenue in 2023 was $550,606.
Who are the executives of The Home Foundation and what are their salaries?
There 9 volunteers at The Home Foundation.
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Where can I find the form 990 for The Home Foundation?
The Home Foundation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of The Home Foundation
The Home Foundation, a nonprofit organization, is dedicated to fulfilling its mission of creating affordable housing solutions in an unspecified location. Their vision is to ensure a secure and affordable living space for every resident in the area. To achieve this goal, The Home Foundation engages in various activities. One of their key initiatives is becoming a HUD-certified housing counseling agency in April 2020, making them the sole provider of such services in Centre County. Their housing counseling services aim to provide stability, pre-purchase homebuyer education, budget counseling, closing counseling, post-purchase counseling, foreclosure prevention, and mortgage assistance referrals. Prior to this, The Home Foundation had primarily offered first-time homebuyer services in State College since 1999. Since becoming HUD-certified, these services have expanded throughout the county.
In addition to housing counseling, The Home Foundation also acquires, rehabilitates, and sells homes to first-time homebuyers in State College. They have also developed a small portfolio of affordable rental properties in the same area. In 2022, The Home Foundation collaborated closely with the borough, contractors, and the State College Community Land Trust to rehabilitate the Old Boalsburg Road Townhomes at 803-817 Old Boalsburg Road in State College. The rehabilitation was completed in January 2023, and the property is now ready for residents. During the initial lease-up, all households will have income below 60% of the area median income. The property features eight 3-bedroom units, intended for households with 2-6 members. The Home Foundation has hired an in-house property manager to help provide long-term housing stability for the residents.
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Impact
July, 2024
The Home Foundation plays a crucial role in developing affordable housing opportunities in Centre County. Through its activities, such as housing counseling, pre-purchase homebuyer education, rehabilitating and selling homes to first-time buyers, and managing affordable rental properties, The Home Foundation is working towards providing housing stability to individuals and families in need. One notable achievement is the recent completion of a significant rehabilitation project on Old Boalsburg Road townhomes, which will offer affordable housing to households with lower incomes. By expanding its services and partnerships, The Home Foundation is making strides towards its mission of creating affordable housing solutions for residents of Centre County.
This information is meant to be a general summary of The Home Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Program Service Revenue: $297,865
- Gross Receipts: $550,606
Assets and Liabilities:
- Total Assets: $3,078,011
- Total Liabilities: $509,714
- Net Assets: $2,568,297
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$172,865
SALE OF HOMES
Revenue
$125,000
Organization Details
Founding Year
1988
Phone
(814) 237-4863Principal Officer
Morgan Wasikonis
Main Address
PO BOX 857, STATE COLLEGE, PA, 168040857
NTEE Category
Code: L80 - Housing
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