Better Business Bureau

Charity Contact Information BBB Wise Giving Alliance Comments Programs

Tax Status Governance Fund Raising Financial

Name:	Housing Opportunities of Northern Kentucky
Address:	502 Fry Street
	Covington, KY 41011
Phone:	(859) 581-4665
Web Address:	www.honkhomes.org
Also known as: HONK

Housing Opportunities of Northern Kentucky does not meet the following Standard for Charity Accountability.

Standard 16: Annual Report - Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets. The charity states it does not have an annual report covering activities conducted in the past year.

Housing Opportunities of Northern Kentucky meets the remaining 19 Standards for Charity Accountability.

Housing Opportunities of Northern Kentucky (“HONK”) builds new homes and rehabilitates existing homes to create homeownership opportunities for lower-income families. According to the charity, HONK has built 33 new homes and rehabilitated 63 existing properties since 1991. HONK identifies potential homeowners through an application process and, once accepted into the program, HONK works with the applicants to match their needs with available homes. HONK enters into a lease agreement with the applicant. The lease phase of the program lasts approximately two to three years and includes budget and credit counseling, homeownership counseling, financial literacy education, and support. During the lease phase, a portion of the monthly rent goes toward the future homeowner's down payment, closing costs or other expenses associated with purchasing a home. According to the charity, HONK manages 35 units in various stages of the lease-to-own process. Upon successful completion of the program, HONK sells the home to the participant.

For the fiscal year ended December 31, 2010, Housing Opportunities of Northern Kentucky's program expenses were:

Program Services - Home Program	358,969
Total Program Expenses:	$358,969

Chief Executive : Mr. David Hastings, Executive Director

Compensation*:

Highest Paid Executive: Mr. Steve Lutkenhoff,Construction Manager
Compensation*: $40,175

Chair of the Board: Mr. Tony Schmidt
Chair's Profession / Business Affiliation: President, Blue Grass Metals

Board Size: 9

Paid Staff Size: 9

*Compensation information not provided to BBB. *Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.

Method(s) Used:

direct mail appeals, grant proposals, Internet

Fundraising costs were 1% of related contributions. (Related contributions, which totaled $431,781, are donations received as a result of fundraising activities.)

This charity is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.

The following information is based on Housing Opportunities of Northern Kentucky's audited financial statements for the fiscal year ended December 31, 2010.

Source of Funds
Donations	253,906
Interest Earned on Housing Programs	130,258
Donated Volunteer Services	88,646
REnt Income	63,479
Investment Income	40,803
Other	34,309
Grants	25,750
Total Income	$637,151

Uses of Funds as a % of Total Expenses

Programs: 76%  Fund Raising: Less than 1%  Administrative: 24%

Total income				$637,151
	Program expenses			$358,969
	Fund raising expenses			1,328
	Administrative expenses			110,969
Total expenses				$471,266
Income in Excess of Expenses				165,885
Beginning net assets				3,002,620
Ending net assets				3,168,506
Total liabilities				391,574
Total assets				$3,560,080