Civic Intelligence

Homeport Inc

EIN 77-0164512 • 501(c)3 • Foster City, CA

Profile

In conjunction with related organizations, midpen housing corporation's mission is to provide safe, affordable housing of high quality to those in need; to establish stability and opportunity in the lives of residents; and to foster diverse communities that allow people from all ethnic, social and economic backgrounds to live in dignity, harmony and mutual respect.

303 Vintage Park Drive 250Foster City, CA 94404

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

92nd percentile

0.88x

Higher debt load relative to assets than 92% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

1.63x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Net Margin

54th percentile

6.0%

Higher net margin than 54% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

99th percentile

$716,168

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 234.3% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Asset Growth

29th percentile

-4.7%

Faster asset growth than 29% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

46th percentile

4.5%

Faster revenue growth than 46% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Assets

Down

$562,637

Down $27,669 (-4.7%) from 2023

Liabilities

Down

$496,617

Down $45,986 (-8.5%) from 2023

Net Assets

Up

$66,020

Up $18,317 (+38%) from 2023

Revenue

Up

$305,605

Up $13,074 (+4.5%) from 2023

Expenses

Up

$287,288

Up $28,675 (+11%) from 2023

Net Income

Down

$18,317

Down $15,601 (-46%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.0M$500K$0-$500KAssets 2011: $579,140Liabilities 2011: $818,744Net Assets 2011: -$239,6042011Assets 2012: $553,211Liabilities 2012: $780,578Net Assets 2012: -$227,3672012Assets 2013: $536,895Liabilities 2013: $772,959Net Assets 2013: -$236,0642013Assets 2014: $538,303Liabilities 2014: $749,217Net Assets 2014: -$210,9142014Assets 2015: $567,719Liabilities 2015: $733,684Net Assets 2015: -$165,9652015Assets 2016: $586,295Liabilities 2016: $708,642Net Assets 2016: -$122,3472016Assets 2017: $599,595Liabilities 2017: $691,012Net Assets 2017: -$91,4172017Assets 2018: $588,621Liabilities 2018: $668,423Net Assets 2018: -$79,8022018Assets 2019: $598,003Liabilities 2019: $648,060Net Assets 2019: -$50,0572019Assets 2020: $600,913Liabilities 2020: $628,451Net Assets 2020: -$27,5382020Assets 2021: $608,996Liabilities 2021: $600,810Net Assets 2021: $8,1862021Assets 2022: $596,261Liabilities 2022: $582,476Net Assets 2022: $13,7852022Assets 2023: $590,306Liabilities 2023: $542,603Net Assets 2023: $47,7032023Assets 2024: $562,637Liabilities 2024: $496,617Net Assets 2024: $66,0202024

Highlighted filing

2024

Assets$562,637
Liabilities$496,617
Net Assets$66,020

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400K$300K$200K$100K$0Expenses 2011: $184,0782011Expenses 2012: $188,9532012Expenses 2013: $212,7522013Revenue 2014: $216,359Expenses 2014: $191,209Net Income 2014: $25,1502014Revenue 2015: $225,325Expenses 2015: $180,376Net Income 2015: $44,9492015Revenue 2016: $230,518Expenses 2016: $202,410Net Income 2016: $28,1082016Revenue 2017: $234,587Expenses 2017: $203,657Net Income 2017: $30,9302017Revenue 2018: $248,793Expenses 2018: $237,178Net Income 2018: $11,6152018Revenue 2019: $254,128Expenses 2019: $224,383Net Income 2019: $29,7452019Revenue 2020: $237,610Expenses 2020: $215,091Net Income 2020: $22,5192020Revenue 2021: $257,293Expenses 2021: $221,569Net Income 2021: $35,7242021Revenue 2022: $267,135Expenses 2022: $261,536Net Income 2022: $5,5992022Revenue 2023: $292,531Expenses 2023: $258,613Net Income 2023: $33,9182023Revenue 2024: $305,605Expenses 2024: $287,288Net Income 2024: $18,3172024

Highlighted filing

2024

Revenue$305,605
Expenses$287,288
Net Income$18,317

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.63$4.97$0.66$3.06$2.87$0.18
2023Detailed filing. Detailed filing data is available for this year.$5.90$5.43$0.48$2.93$2.59$0.34
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.96$5.82$0.14$2.67$2.62$0.06
2021Detailed filing. Detailed filing data is available for this year.$6.09$6.01$0.08$2.57$2.22$0.36
2020Detailed filing. Detailed filing data is available for this year.$6.01$6.28$0.28$2.38$2.15$0.23
2019Detailed filing. Detailed filing data is available for this year.$5.98$6.48$0.50$2.54$2.24$0.30
2018Detailed filing. Detailed filing data is available for this year.$5.89$6.68$0.80$2.49$2.37$0.12
2017Detailed filing. Detailed filing data is available for this year.$6.00$6.91$0.91$2.35$2.04$0.31
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.86$7.09$1.22$2.31$2.02$0.28
2015Detailed filing. Detailed filing data is available for this year.$5.68$7.34$1.66$2.25$1.80$0.45
2014Detailed filing. Detailed filing data is available for this year.$5.38$7.49$2.11$2.16$1.91$0.25
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.37$7.73$2.36$2.13
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.53$7.81$2.27$1.89
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.79$8.19$2.40$1.84
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 23, 2025
Return Version
2024v5.2
Gross Receipts
$306,137
Mission and Program Overview

Mission

In conjunction with related organizations, midpen housing corporation's mission is to provide safe, affordable housing of high quality to those in need; to establish stability and opportunity in the lives of residents; and to foster diverse communities that allow people from all ethnic, social and economic backgrounds to live in dignity, harmony and mutual respect.

The organization operates a housing project specifically for low-income and disabled persons.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$346,952$329,228▼ $17,724
Savings and Temporary Cash Investments$2,923$29,952▲ $27,029
Accounts Receivable$1,823$442▼ $1,381
Cash and Non-Interest-Bearing Accounts$100$100→ $0
Prepaid Expenses and Deferred Charges$10$0▼ $10
Total Assets$590,306$562,637▼ $27,669
Other Assets Total$238,498$202,915▼ $35,583
Liabilities
Mortgage Notes Payable Secured by Investment Property$502,854$467,720▼ $35,134
Accounts Payable and Accrued Expenses$21,408$17,998▼ $3,410
Other Liabilities$18,341$9,734▼ $8,607
Deferred Revenue$0$1,165▲ $1,165
Total Liabilities$542,603$496,617▼ $45,986
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$47,703$66,020▲ $18,317
Total Net Assets Fund Balance$47,703$66,020▲ $18,317
Total Liabilities and Net Assets / Fund Balance$590,306$562,637▼ $27,669

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$160,615$626,022$786,637
Land$150,936-$150,936
Equipment$17,677$32,774$50,451
Other Assets Org$7,940--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Lance SmithVP/corp. Counsel & Broker/asst. Secretary$375,051$375,051

Board Members and Trustees

NameTitle
Eric HarrisonChairperson
Matthew O FranklinCEO/president/asst. Secret
Jessica Garcia-kohlVice Chairperson
Chan U LeeDirector
Elisa De Laet JagersonDirector
Fay Sien GoonDirector
Jennifer HicksDirector
Jonathan FearnDirector
Melanie MockDirector
Renee McdonnellDirector
Stephanie SonnenshineDirector
Terry FreemanDirector
Yusef FreemanDirector
Abigail Goldware PotluriAssistant Secretary
Joanna CarmanAssistant Secretary
Kasey ArcheyAssistant Secretary
Michael J VerguraCFO / Assistant Secretary
Ann Goggins GregoryCOO / Assistant Secretary
Janine LindCOO / Assistant Secretary
Jennifer MartinezSecretary
Enrique TorresTreasurer
Lance SmithVP/corp. Counsel & Broker/asst. Secr
Revenue and Support

Revenue Composition

Contributions and Grants
$202,085
Program Service Revenue
$93,425
Investment Income
$10,095
Other Revenue
$0
Change in Net Assets
$18,317

Audited Revenue Reconciliation

Revenue per Audited Statements
$305,605
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$532
Total Revenue per Audited Statements
$306,137
Total Revenue per Form 990
$305,605
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$237,595
Salaries, Compensation, and Employee Benefits$49,693
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$36,421--$36,421
Interest$28,816--$28,816
Depreciation Depletion$24,670--$24,670
All Other Expenses$16,212--$16,212
Office Expenses$14,228--$14,228
Fees for Services Management-$12,420-$12,420
Fees for Services Accounting-$12,305-$12,305
Other Employee Benefits$10,390--$10,390
Other Expenses$9,596--$9,596
Fees for Services Legal$6,830--$6,830
Insurance$6,189--$6,189
Payroll Taxes$2,882--$2,882
Fees for Services Other$787--$787
Conferences and Meetings$14--$14
Total Functional Expenses$262,563$24,725$0$287,288

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$287,820
Expenses per Audited Statements$287,288
Total Expenses per Form 990$287,288
Expenses Not Reported on Form 990$532
Expenses Not Reported on Financial Statements$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$7,193
Interest Payable$2,287
Due to Related Parties$254
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The tax accounting manager completes the 990 questionnaire and accumulates all supporting documentation. The questionnaire is sent to the tax professionals for their preparation of the tax returns. The draft 990 tax return goes through the review of the tax accounting manager. Upon the chief financial officer's approval, the tax return is filed with the internal revenue service.

Form 990, Part VI, Section B, Line 12C

A conflict of interest disclosure questionnaire is submitted annually to the board of directors and key employees, who complete and return the forms disclosing any conditions of potential or actual conflict of interest. The disclosures are reviewed by the corporate counsel and the cfo. A summary of the disclosures is presented to the governance committee, which assesses if any conflict of interest actually exists. Any conditions which warrant elevation to the board of directors is done so on a case-by-case basis. As of the reporting date, there has been no reportable condition of conflict of interest.

Form 990, Part VI, Section B, Line 15

Data from an external compensation survey is reviewed and discussed with the bod.

Form 990, Part VI, Section C, Line 19

Governing documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Home Port Inc
EIN
77-0164512
Phone
6503562900
Address
303 VINTAGE PARK DRIVE 250, FOSTER CITY, CA 94404

Signing Officer

Name
Michael J Vergura
Title
CFO/assistant Secretary
Phone
6503562900
Signed
2025-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew O Franklin
Formed
1987
Legal Domicile
CA
Voting Board Members
14
Independent Board Members
14
Employees
0
Volunteers
0

Preparer

Firm
Novogradac & Company Llp
Address
1255 TREAT BLVD SUITE 410, WALNUT CREEK, CA 94597
Preparer
Eric Barnett
Phone
9259494300
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 2A & 2B

The organization has no employees. Salaries and wages reported in part ix, functional expenses were reimbursements to property management company. The amount was listed to conform with the requirements of federal and/or state regulatory agency and/or lender on audited financial statements.

FORM 990, PART XII, LINE 2C:

The process of overseeing the audit and selecting an independent accountant has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The corporation believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements. The corporation's federal and state information returns for the years 2020 through 2023 are subject to examination by regulatory agencies, generally for three years and four years after they were filed for federal and state, respectively.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Loss on disposal of fixed assets 532.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Loss on disposal of fixed assets 532.

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