Better Business Bureau Report for
Housing Opportunities Made Equal of Virginia

Better Business Bureau Report issued August 2013
Better Business Bureau Report expires August 2015


This BBB Accredited charity meets all 20 Standards for Charity Accountability and is a Seal Holder. Find out more...


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Charity Contact Information

Name: Housing Opportunities Made Equal of Virginia
Address: 626 E. Broad Street, Suite 400
  Richmond, VA 23219
Phone: 804-354-0641
Web Address: http://www.homeofva.org
Also known as:Virginia Equal Housing Foundation
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Better Business Bureau Comments

Year, State Incorporated: 1971, Virginia
Affiliates: Virginia Equal Housing Foundation
Stated Purpose: HOME's mission is to ensure equal access to housing for all people through seven stepping stones to housing equality: 1. Eliminate racial and ethnic disparities in homeownership, 2. Eliminate housing discrimination and unfair practices, 3. Decrease concentrations of poverty, 4. Lower the rate of mortgage default, 5. Desegregate housing patterns, 6. Help more people become homeowners and 7. Increase the availability of affordable housing.

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Evaluation Conclusions

              

Housing Opportunities Made Equal of Virginia (HOME) meets the 20 Standards for Charity Accountability.
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Programs

              

HOME endeavors to achieve its goals through the work of its research team and three housing centers, each focusing on a key area in the battle for equal housing access and opportunity. HOME's Center for Housing Counseling and Education helps people gain the knowledge and financial skills they need in order to become and remain successful homeowners and tenants. The Center concentrates on financial literacy, homeownership and foreclosure prevention intervention and counseling, and administers financial assistance for first-time homebuyers. HOME's Center for Fair Housing ensures housing choice by identifying and challenging housing discrimination. The Center challenges the status quo by investigating the systemic practices that perpetuate discrimination and create barriers that limit achievement and opportunity. It educates consumers about their rights and trains housing industry professionals about their responsibilities. HOME's Center for Housing Policy creates change in the housing systems that drive economic, education and social opportunities. The Center utilizes the research and client data, engages in Virginia General Assembly activity and holds conversations with the community and legislators to change laws and policies. One of the Center’s many successes is the Trust in Lending Act, which made mortgage brokers responsible to their clients, an outgrowth of HOME's observation of the causes of many of the foreclosures its clients were facing.

For the fiscal year ended June 30, 2012, HOME's program expenses were:

  
Housing Education 1,704,652
Housing Advocacy 680,608
Housing Policy & Research 262,131
Total Program Expenses: $2,647,391
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Governance

              

Chief Executive : Heather Mullins Crislip, President & CEO
Compensation*: 

Chair of the Board: Velma J. Ballard
Chair's Profession / Business Affiliation: Department of Housing and Community Development

Board Size: 19

Paid Staff Size: 22

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Fund Raising

              

Method(s) Used:

Direct mail, invitations to fund raising events, grant proposals, internet
Fund raising costs were 11% of related contributions. (Related contributions, which totaled $2,097,722, are donations received as a result of fund raising activities.)
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Financial

              

The following information is based on HOME's audited consolidated financial statements for the fiscal year ended June 30, 2012.

Source of Funds  
Grants and contracts 1,867,764
Net investment income 604,526
Contributions 229,958
Miscellaneous 20,066
Legal settlements 7,065
Loan repayments 600
Loss on disposal of assets -227
Total Income $2,729,752


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Uses of Funds as a % of Total Expenses

Programs: 82%  Fund Raising: 7%  Administrative: 11% 

Total income $2,729,752
Program expenses $2,647,391
Fund raising expenses 240,464
Administrative expenses 346,937
Total expenses $3,234,792
Expenses in Excess of Income (505,040)
Beginning net assets 10,338,825
Ending net assets 9,833,785
Total liabilities 326,902
Total assets $10,160,687


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Tax Status

              

This organization 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.
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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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