Civic Intelligence

Homestead Residences Inc.

990 • Fiscal year 2019 • EIN 38-3679604

Oct 01, 2018 to Sep 30, 2019 • Filed on Jan 30, 2020

Organization Profile
3879 Packard RoadAnn Arbor, MI 48108

(734) 973-7764

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

81st percentile

0.37x

Higher debt load relative to assets than 81% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

79th percentile

0.26x

Higher debt load relative to revenue than 79% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

69th percentile

13%

Higher net margin than 69% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

54th percentile

$12,000

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

92nd percentile

72%

Faster asset growth than 92% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

43rd percentile

1.2%

Faster revenue growth than 43% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets81st percentile

Assets

Up

$543,223

Up $226,564 (+72%) from 2018

Net Assets

Up

$341,071

Up $102,412 (+43%) from 2018

Liabilities

Up

$202,152

Up $124,152 (+159%) from 2018

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin69th percentile

Revenue

Up

$785,859

Up $9,277 (+1.2%) from 2018

Expenses

Down

$683,447

Down $94,852 (-12%) from 2018

Net Income

Up

$102,412

Up $104,129 (+6065%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth92nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800K$600K$400K$200K$0-$200KAssets 2014: $21,470Liabilities 2014: $34,709Net Assets 2014: -$13,2392014Assets 2015: $128,823Liabilities 2015: $0Net Assets 2015: $128,8232015Assets 2016: $220,770Liabilities 2016: $0Net Assets 2016: $220,7702016Assets 2017: $240,376Liabilities 2017: $0Net Assets 2017: $240,3762017Assets 2018: $316,659Liabilities 2018: $78,000Net Assets 2018: $238,6592018Assets 2019: $543,223Liabilities 2019: $202,152Net Assets 2019: $341,0712019Assets 2020: $748,769Liabilities 2020: $420,000Net Assets 2020: $328,7692020Assets 2021: $619,562Liabilities 2021: $430,000Net Assets 2021: $189,5622021Assets 2022: $319,215Liabilities 2022: $103,000Net Assets 2022: $216,2152022Assets 2023: $163,846Liabilities 2023: $0Net Assets 2023: $163,8462023Assets 2024: $340,755Liabilities 2024: $224,233Net Assets 2024: $116,5222024Assets 2025: $294,416Liabilities 2025: $179,268Net Assets 2025: $115,1482025

Highlighted filing

2019

Assets$543,223
Liabilities$202,152
Net Assets$341,071
Open 2019 Filing

Operations Trend

Revenue Growth43rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2014: $1,088,906Expenses 2014: $1,019,886Net Income 2014: $69,0202014Revenue 2015: $1,177,126Expenses 2015: $1,035,064Net Income 2015: $142,0622015Revenue 2016: $1,225,117Expenses 2016: $1,133,170Net Income 2016: $91,9472016Revenue 2017: $1,170,007Expenses 2017: $1,150,401Net Income 2017: $19,6062017Revenue 2018: $776,582Expenses 2018: $778,299Net Income 2018: -$1,7172018Revenue 2019: $785,859Expenses 2019: $683,447Net Income 2019: $102,4122019Revenue 2020: $664,603Expenses 2020: $676,905Net Income 2020: -$12,3022020Revenue 2021: $769,331Expenses 2021: $908,538Net Income 2021: -$139,2072021Revenue 2022: $1,055,629Expenses 2022: $1,028,976Net Income 2022: $26,6532022Revenue 2023: $742,882Expenses 2023: $898,251Net Income 2023: -$155,3692023Revenue 2024: $1,014,336Expenses 2024: $852,959Net Income 2024: $161,3772024Revenue 2025: $1,032,002Expenses 2025: $1,033,376Net Income 2025: -$1,3742025

Highlighted filing

2019

Revenue$785,859
Expenses$683,447
Net Income$102,412
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2018 to Sep 30, 2019
Signed
Jan 30, 2020
Return Version
2018v3.1
Gross Receipts
$785,859
Mission and Program Overview

Mission

To provide round the clock residential services to adults with mental illness, aged, homeless and developmentally disabled.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$296,678$519,511▲ $222,833
Loans From Officers Directors$78,000$78,000→ $0
Cash and Non-Interest-Bearing Accounts$19,981$23,712▲ $3,731
Total Assets$316,659$543,223▲ $226,564
Liabilities
Accounts Payable and Accrued Expenses-$67,152-
Unsecured Notes Loans Payable-$57,000-
Total Liabilities$78,000$202,152▲ $124,152
Net Assets / Fund Balance
Unrestricted Net Assets$238,659$341,071▲ $102,412
Total Net Assets Fund Balance$238,659$341,071▲ $102,412
Total Liabilities and Net Assets / Fund Balance$316,659$543,223▲ $226,564
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Hyacinth AkunnePresidentPT$12,000$12,000

Board Members and Trustees

NameTitle
Joseph NwabuezeChairperson
Barbara OkonSecretary
Obioma NwachukwuTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$785,858
Investment Income
$1
Other Revenue
$0
Change in Net Assets
$102,412
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$454,415
Other Expenses$229,032
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$377,901$12,000-$389,901
All Other Expenses$35,912$42,143-$78,055
Occupancy$59,888--$59,888
Insurance$37,431--$37,431
Other Employee Benefits$34,687--$34,687
Payroll Taxes$28,909$918-$29,827
Other Expenses$4,183--$4,183
Fees for Services Accounting-$475-$475
Fees for Services Legal-$100-$100
Total Functional Expenses$627,811$55,636$0$683,447
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$78,000$78,000→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“This filing will be presented to the gorverning body at the next meeting”

Governing documents etc available to public Part VI line 19

“On written request the governing document will made available at our office.”

Filing and Contact Details

Filer

Filer Name
Homestead Residence Inc
EIN
38-3679604
Address
3879 PACKARD ROAD, Ann Arbor, MI 48108

Signing Officer

Name
Hyacinth Akunne
Title
President
Phone
7346783094
Signed
2020-01-30
Discuss with paid preparer
No

Organization Details

Principal Officer
Hyacinth Akunne
Formed
2006
Legal Domicile
Mi
Voting Board Members
4
Independent Board Members
4
Employees
43

Preparer

Firm
Shefun Enterprises Inc
Address
954 S Dowling, Westland, MI 48186
Preparer
Sheyi Olojo
Phone
7344698808
Supplemental Narrative

Additional Explanations

List of other expenses Part IX line 24E

“Please see attached”

Raw XML Appendix334 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0This filing will be presented to the gorverning body at the next meeting
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1On written request the governing document will made available at our office.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Please see attached
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2List of other expenses Part IX line 24e
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IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0238659
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0341071
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt057000
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0HYACINTH AKUNNE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum07346783094
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-01-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HOMESTEAD RESIDENCE INC
ReturnHeader/Filer/BusinessNameControlTxt0HOME
ReturnHeader/Filer/EIN0383679604
ReturnHeader/Filer/USAddress/AddressLine1Txt03879 PACKARD ROAD
ReturnHeader/Filer/USAddress/CityNm0Ann Arbor
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd048108
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId02E0D5A9FC54700BD0578F8774D3814781DCB5810
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId02E0D5A9FC54700BD0578F8774D3814781DCB5810
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionId03894062020042grr10i2
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02020-02-11
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt098.209.86.199
ReturnHeader/FilingSecurityInformation/IPDt02020-02-11
ReturnHeader/FilingSecurityInformation/IPTm016:49:14
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Shefun Enterprises Inc
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0954 S Dowling
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Westland
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd048186
ReturnHeader/PreparerPersonGrp/PhoneNum07344698808
ReturnHeader/PreparerPersonGrp/PreparationDt02020-02-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Sheyi Olojo
ReturnHeader/ReturnTs02020-02-11T08:42:02-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-10-01
ReturnHeader/TaxPeriodEndDt02019-09-30
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$543,223
Liabilities
$202,152
Net assets
$341,071
Revenue
$785,859
Expenses
$683,447
Net income
$102,412
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.29$0.18$0.12$1.03$1.03$0.00
2024Detailed filing. Detailed filing data is available for this year.$0.34$0.22$0.12$1.01$0.85$0.16
2023Detailed filing. Detailed filing data is available for this year.$0.16$0.00$0.16$0.74$0.90$0.16
2022Detailed filing. Detailed filing data is available for this year.$0.32$0.10$0.22$1.06$1.03$0.03
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.62$0.43$0.19$0.77$0.91$0.14
2020Detailed filing. Detailed filing data is available for this year.$0.75$0.42$0.33$0.66$0.68$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.54$0.20$0.34$0.79$0.68$0.10
2018Detailed filing. Detailed filing data is available for this year.$0.32$0.08$0.24$0.78$0.78$0.00
2017Detailed filing. Detailed filing data is available for this year.$0.24$0.00$0.24$1.17$1.15$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.22$0.00$0.22$1.23$1.13$0.09
2015Detailed filing. Detailed filing data is available for this year.$0.13$0.00$0.13$1.18$1.04$0.14
2014Summary only. Only limited summary data is available for this year.$0.02$0.03$0.01$1.09$1.02$0.07