HOMESTRETCH NONPROFIT HOUSING CORP… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1996

Legal Domicile

Principal Officer

GEOFF STREIT

Phone

2319476001

Tax Period

2023-01-01 to 2023-12-31

HOMESTRETCH NONPROFIT HOUSING CORPORATION, founded in 1996, is a community nonprofit in the Housing & Shelter sector that reported $3.1M in total revenue in fiscal year 2023. Revenue surged 902% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.1M, a strong 68% operating margin.

Mission

TO PROVIDE DECENT, AFFORDABLE HOUSING FOR PERSONS OF LOW AND MODERATE INCOME. WE SHALL PROVIDE AND PRESERVE THE QUALITY AND AFFORDABILITY OF HOUSING FOR PRESENT AND FUTURE LOW TO MODERATE INCOME RESIDENTS OF THE COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $771,522 Revenue: $803,003

HOMESTRETCH NONPROFIT HOUSING CORPORATION ADDED 8 TOWNHOUSE RENTAL UNITS (VINEYARD VIEW APARTMENTS IN SUTTONS BAY) TO ITS INVENTORY WHICH WAS PLACED IN SERVICE ON 12/21/2023. THE ORGANIZATION ALSO...

HOMESTRETCH NONPROFIT HOUSING CORPORATION ADDED 8 TOWNHOUSE RENTAL UNITS (VINEYARD VIEW APARTMENTS IN SUTTONS BAY) TO ITS INVENTORY WHICH WAS PLACED IN SERVICE ON 12/21/2023. THE ORGANIZATION ALSO RECEIVED SUFFICIENT FUNDING OF $3.1M TO BREAK GROUND ON 9/18/2023 TO CONSTRUCT 12 TOWNHOUSE RENTAL UNITS (LAKE AND MAIN APARTMENTS), RECEIVED SUFFICIENT FUNDING OF $2.54M TO BREAK GROUND ON 9/23/2023 TO CONSTRUCT 10 RENTAL UNITS (CARVER APARTMENTS), AND RECEIVED $50,000 USDA RD GRANT TO COUPLE WITH $20,000 INTERNAL FUNDING FOR NEW EMPLOYEE TITLED "REAL ESTATE DEVELOPMENT DIRECTOR". IN 2023 THE ORGANIZATION FORMED A PARTNERSHIP (JV AGREEMENT) WITH WALLICK COMMUNITIES TO DEVELOP 192 WORKFORCE APARTMENTS IN BLAIR TOWNSHIP, AND PAID OFF CARVER STREET INTEREST ONLY LOAN ($90,000). HOMESTRETCH NONPROFIT HOUSING CORPORATION RECEIVED BAY OAKS TOWNHOMES "DISCHARGE OF MORTGAGE" FROM MSHDA AFTER MEETING THE 25-YEAR REGULATORY COMPLIANCE PERIOD SUCCESSFULLY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,260,630

Program Service Revenue $354,039

Investment Income $6,678

Other Revenue $448,964

TOTAL REVENUE $3,070,311

Expense Breakdown

Grants Paid $0

Salaries & Benefits $254,046

Fundraising Expenses $0

Program Expenses $771,522

Other Expenses $717,358

TOTAL EXPENSES $971,404

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,070,311	$306,269	+9.0%
Expenses	$971,404	$126,353	+6.7%
Net Income	$2,098,907	$179,916	+10.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$111,440

Total Directors

$10,050

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JONATHAN C STIMSON	EXECUTIVE DIRECTOR	40.00	Officer	$101,914	$1,276	$103,190
THOMAS CRONIN	VICE PRESIDENT	4.00	Officer Director	$8,250	$0	$8,250
MARILYN CHRUMKA	DIRECTOR	2.00	Director	$0	$0	$0
KRISTINA SCHNEPF	DIRECTOR	2.00	Director	$0	$0	$0
BRIANA WALTER	DIRECTOR	2.00	Director	$0	$0	$0
TIM BURDEN	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL BRODSKY	DIRECTOR	2.00	Director	$0	$0	$0
LANE T PLAMONDON	DIRECTOR	2.00	Director	$0	$0	$0
JAMES HENDERSON	DIRECTOR	2.00	Director	$0	$0	$0
JIM LEMIRE	DIRECTOR	2.00	Director	$1,800	$0	$1,800
MARIE PORTER	DIRECTOR	2.00	Director	$0	$0	$0
CLAIRE KARNER	DIRECTOR	2.00	Director	$0	$0	$0
NICOLE HOWARD	SECRETARY	4.00	Officer Director	$0	$0	$0
SARNA SALZMAN	TREASURER	4.00	Officer Director	$0	$0	$0
GEOFF STREIT	PRESIDENT	4.00	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$3,070,311	$971,404	$7,360,646	$2,098,907
2022	$1,174,063	$441,420	$4,571,648	$732,643
2022	$306,269	$126,353	$5,531,503	$179,916
2021	$707,913	$369,104	$3,786,234	$338,809
2020	$182,317	$315,631	$1,904,213	$-133,314
2019	$332,907	$286,780	$1,697,871	$46,127
2018	$299,388	$282,658	$2,271,776	$16,730

HOMESTRETCH NONPROFIT HOUSING CORPORATION