Overview
What is Minnesota Home Ownership Center?
The Minnesota Home Ownership Center is a not-for-profit organization, situated in St. Paul, Minnesota, with a strong belief in the importance of equitable homeownership for community growth and future generations. Their mission is to foster successful, sustained homeownership, particularly focusing on the needs of low-income families and communities of color. To accomplish this, they provide a network of community-based organizations with the necessary tools and resources for homebuyer education and counseling, financial coaching, delinquency and foreclosure prevention, and various other support services. The Minnesota Home Ownership Center also collaborates with lenders, realtors, government, nonprofits, and other industry stakeholders on initiatives and activities that promote homeownership for those facing significant barriers. With a team of 14 dedicated individuals, the center plays a significant role in supporting families in achieving and maintaining homeownership.
Official website here: www.hocmn.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Stars)
The Minnesota Home Ownership Center boasts a commendable 97% rating from Charity Navigator, reflecting a strong commitment to accountability and finance. The organization has achieved perfect scores in critical areas, including an entirely independent board and effective financial oversight. These strengths signify a high level of transparency and ethical governance, enhancing donor trust and organizational credibility.
Financially, the organization allocates a substantial 87.27% of its budget towards programs, indicating a strong focus on its mission to promote home ownership. Additionally, it exhibits a low liabilities-to-assets ratio, showcasing solid financial health. However, the reported fundraising efficiency ratio may raise questions about the effectiveness of its fundraising strategies.
While user reviews from GreatNonprofits are not available, the organization's robust financial standing and governance practices suggest it is well-regarded in its operational domain. The transparency in salaries for key personnel, alongside a comprehensive set of policies, further illustrates a commitment to responsible management.
This AI summary has been generated from information found on Charity Navigator.
Is Minnesota Home Ownership Center legitimate?
Minnesota Home Ownership Center is a legitimate nonprofit organization registered as a 501(c)(3) entity. Minnesota Home Ownership Center 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:
Executive Compensation: $219,723
Professional Fundraising Fees: $25,540
Other Salaries and Wages: $782,608
For more financial information, click here
Official website here: www.hocmn.org
What is the mission statement of Minnesota Home Ownership Center?
The Minnesota Home Ownership Center, a non-profit organization, prioritizes promoting and advancing successful homeownership in Minnesota. They believe in the importance of equitable access to homeownership for building strong communities and creating opportunities for future generations. Their mission is focused on low and moderate-income families and communities of color, providing a network of community-based organizations with the necessary tools and resources for homebuyer education, financial coaching, delinquency and foreclosure prevention counseling, and other support services to help families achieve and sustain homeownership. The center also engages in various initiatives and activities with lenders, realtors, government, non-profits, and other industry stakeholders to advance homeownership among those facing the most significant barriers.
Official website here: www.hocmn.org
Who is the CEO of Minnesota Home Ownership Center?
Julie Gugin is the Board Member of Minnesota Home Ownership Center.
Official website here: www.hocmn.org
What is the revenue of Minnesota Home Ownership Center?
Minnesota Home Ownership Center's revenue in 2022 was $7,198,884.
Official website here: www.hocmn.org
Who are the executives of Minnesota Home Ownership Center and what are their salaries?
The average compensation at Minnesota Home Ownership Center during 2022 was $71,595. There are 14 employees and 20 volunteers at Minnesota Home Ownership Center.
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Official website here: www.hocmn.org
Where can I find the form 990 for Minnesota Home Ownership Center?
Minnesota Home Ownership Center's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hocmn.org
Learn more at the official website: www.hocmn.org
Mission Statement of Minnesota Home Ownership Center
The Minnesota Home Ownership Center, a nonprofit organization, is dedicated to advocating for successful and sustainable homeownership across Minnesota. Recognizing the importance of equitable access to homeownership in fostering strong communities, this center aims to create opportunities for future generations. Its mission is twofold: promoting and advancing homeownership, with a particular focus on low-income families and communities of color.
To achieve its mission, the Minnesota Home Ownership Center provides a network of community-based organizations with the necessary tools and resources. These resources include homebuyer education and counseling, financial coaching, delinquency and foreclosure prevention counseling, and other forms of support. By equipping these organizations, the center enables families to navigate the homeownership process more effectively and sustainably.
Furthermore, the Minnesota Home Ownership Center collaborates with various stakeholders, such as lenders, realtors, government entities, nonprofits, and other industry players. These collaborations aim to advance homeownership among individuals facing the greatest barriers. By working together, the center seeks to make homeownership more attainable and equitable for all, fostering stronger communities for generations to come.
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Impact
July, 2024
The impact of the Minnesota Home Ownership Center is evident in the increased access to successful and sustained homeownership for low and moderate-income families as well as communities of color. The Center provides vital resources and support to community-based organizations to deliver essential services such as homebuyer education, financial coaching, delinquency and foreclosure prevention counseling. By collaborating with lenders, realtors, government agencies, and other industry stakeholders, the Minnesota Home Ownership Center effectively advances homeownership opportunities for those facing significant barriers, thereby strengthening communities and creating long-term opportunities for future generations.
This information is meant to be a general summary of Minnesota Home Ownership Center. 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 2022.
- Investment Income: -$94,529
- Program Service Revenue: -$100,554
- Gross Receipts: $10,255,410
Assets and Liabilities:
- Total Assets: $14,152,614
- Total Liabilities: $1,289,011
- Net Assets: $12,863,603
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEES FOR SERVICE
Revenue
$69,518
TRAINING FEES
Revenue
$50,525
LOAN REPAYMENT
Revenue
$9,377
FRAMEWORK HOMEOWNERSHI
Revenue
-$229,974
Organization Details
Founding Year
1993
Phone
(651) 659-9336Principal Officer
Julie Gugin
Main Address
1000 PAYNE AVENUE, ST PAUL, MN, 55130
Website
www.hocmn.orgNTEE Category
Code: L80Z - Housing
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