Civic Intelligence

Homer Foundation

990 • Fiscal year 2020 • EIN 92-0139183

Jul 01, 2019 to Jun 30, 2020 • Filed on May 12, 2021

Organization ProfileWWW.HOMERFOUNDATION.ORG
PO Box 2600Homer, AK 99603-2600

(907) 235-0541

Siviq Scores

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

Liabilities / Assets

49th percentile

0.09x

Higher debt load relative to assets than 49% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

76th percentile

0.47x

Higher debt load relative to revenue than 76% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

76th percentile

24%

Higher net margin than 76% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

42nd percentile

$29,518

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 4.6% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

54th percentile

7.5%

Faster asset growth than 54% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

33rd percentile

-9.7%

Faster revenue growth than 33% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets49th percentile

Assets

Up

$3,202,250

Up $224,703 (+7.5%) from 2019

Net Assets

Up

$2,898,402

Up $230,932 (+8.7%) from 2019

Liabilities

Down

$303,848

Down $6,229 (-2.0%) from 2019

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin76th percentile

Revenue

Down

$646,179

Down $69,066 (-9.7%) from 2019

Expenses

Up

$492,846

Up $175,013 (+55%) from 2019

Net Income

Down

$153,333

Down $244,079 (-61%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth54th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $2,219,651Liabilities 2011: $397,648Net Assets 2011: $1,822,0032011Assets 2012: $2,445,620Liabilities 2012: $395,063Net Assets 2012: $2,050,5572012Assets 2013: $2,056,567Liabilities 2013: $305,346Net Assets 2013: $1,751,2212013Assets 2014: $2,576,721Liabilities 2014: $395,173Net Assets 2014: $2,181,5482014Assets 2015: $2,130,554Liabilities 2015: $354,238Net Assets 2015: $1,776,3162015Assets 2016: $2,911,390Liabilities 2016: $404,054Net Assets 2016: $2,507,3362016Assets 2017: $2,552,281Liabilities 2017: $332,167Net Assets 2017: $2,220,1142017Assets 2018: $2,520,903Liabilities 2018: $332,459Net Assets 2018: $2,188,4442018Assets 2019: $2,977,547Liabilities 2019: $310,077Net Assets 2019: $2,667,4702019Assets 2020: $3,202,250Liabilities 2020: $303,848Net Assets 2020: $2,898,4022020Assets 2021: $5,466,034Liabilities 2021: $383,680Net Assets 2021: $5,082,3542021Assets 2022: $5,061,813Liabilities 2022: $397,454Net Assets 2022: $4,664,3592022Assets 2023: $5,932,058Liabilities 2023: $352,170Net Assets 2023: $5,579,8882023Assets 2024: $7,101,020Liabilities 2024: $431,900Net Assets 2024: $6,669,1202024

Highlighted filing

2020

Assets$3,202,250
Liabilities$303,848
Net Assets$2,898,402
Open 2020 Filing

Operations Trend

Revenue Growth33rd percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $922,451Expenses 2011: $345,818Net Income 2011: $576,6332011Expenses 2012: $532,2822012Revenue 2013: $483,495Expenses 2013: $344,519Net Income 2013: $138,9762013Revenue 2014: $273,081Expenses 2014: $354,446Net Income 2014: -$81,3652014Revenue 2015: $99,397Expenses 2015: $272,436Net Income 2015: -$173,0392015Revenue 2016: $262,982Expenses 2016: $249,800Net Income 2016: $13,1822016Revenue 2017: $672,887Expenses 2017: $527,463Net Income 2017: $145,4242017Revenue 2018: $399,372Expenses 2018: $444,609Net Income 2018: -$45,2372018Revenue 2019: $715,245Expenses 2019: $317,833Net Income 2019: $397,4122019Revenue 2020: $646,179Expenses 2020: $492,846Net Income 2020: $153,3332020Revenue 2021: $1,921,165Expenses 2021: $478,221Net Income 2021: $1,442,9442021Revenue 2022: $1,139,520Expenses 2022: $635,043Net Income 2022: $504,4772022Revenue 2023: $1,174,483Expenses 2023: $680,341Net Income 2023: $494,1422023Revenue 2024: $2,079,032Expenses 2024: $1,130,176Net Income 2024: $948,8562024

Highlighted filing

2020

Revenue$646,179
Expenses$492,846
Net Income$153,333
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 12, 2021
Return Version
2019v5.0
Gross Receipts
$646,812
Mission and Program Overview

Mission

To enhance the quality of life for the citizens of the greater homer area by promoting philanthropic and charitable activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,487,833$2,806,255▲ $318,422
Savings and Temporary Cash Investments$442,860$375,181▼ $67,679
Inventories for Sale or Use$15,690$15,056▼ $634
Cash and Non-Interest-Bearing Accounts$24,055$2,574▼ $21,481
Prepaid Expenses and Deferred Charges$4,139$726▼ $3,413
Accounts Receivable$364$420▲ $56
Total Assets$2,977,547$3,202,250▲ $224,703
Other Assets Total$2,606$2,038▼ $568
Liabilities
Other Liabilities$286,802$291,690▲ $4,888
Grants Payable$22,750$11,400▼ $11,350
Accounts Payable and Accrued Expenses$525$758▲ $233
Total Liabilities$310,077$303,848▼ $6,229
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,431,529$2,671,509▲ $239,980
Net Assets With Donor Restrictions$235,941$226,893▼ $9,048
Total Net Assets Fund Balance$2,667,470$2,898,402▲ $230,932
Total Liabilities and Net Assets / Fund Balance$2,977,547$3,202,250▲ $224,703

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$88,062$971▲ $4,488-$90,813
2018$83,475$3,250▲ $4,320-$88,062
2017$83,523$500▼ $548-$83,475
2016$104,268$430▼ $21,175-$83,523
2015$93,584$500▲ $10,184-$104,268
Compensation and Service Providers
Top Officer Pay42nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Mike MillerExecutive DiFT$29,518$29,518
Joy StewardOutgoing ExFT$24,000$24,000

Board Members and Trustees

NameTitle
Terri SpigelmyerPresident
Bonnie JasonTrustee
Carol SwartzTrustee
Denise PitzmanTrustee
Flo LarsonTrustee
Ken TaylorTrustee
Liz DowningTrustee
Matt ClarkeTrustee
Paul SeatonTrustee
Phil MorrisTrustee
Steve AlbertTrustee
Tom KizziaSecretary
Paula MartinTreasurer
Van HawkinsVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$568,085
Program Service Revenue
$0
Investment Income
$76,599
Other Revenue
$1,495
All Other Contributions
$517,306
Change in Net Assets
$153,333
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$356,268
Salaries, Compensation, and Employee Benefits$78,095
Other Expenses$58,483
Total Fundraising Expense$3,571
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$323,768--$323,768
Current Officers, Directors, Trustees, and Key Employees$8,500$41,500-$50,000
Grants to Domestic Individuals$32,500--$32,500
Other Salaries and Wages$3,443$18,431-$21,874
Office Expenses$310$15,944$965$17,219
Fees for Services Other$10,834$4,815-$15,649
Advertising-$7,921-$7,921
Payroll Taxes$1,037$5,184-$6,221
Fees for Services Accounting$2,536$1,139-$3,675
Insurance-$3,410-$3,410
Other Expenses$6,018$1,705$2,606$1,705
Fees for Services Legal$193$87-$280
Total Functional Expenses$389,139$100,136$3,571$492,846
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of KachemakHomer, AKGovOperating Support$91,329
Homer Community Food PantryHomer, AK501c3Operating Support$39,049
Kachemak Bay Family PlanningHomer Ak, AK501c3Operating Support$11,086
Soccer Association of HomerHomer, AK501c3Operating Support$10,831
Homer Senior CitizensHomer, AK501c3Operating Support$8,459
Hospice of HomerHomer, AK501c3Operating Support$8,357
Homer Farmers MarketHomer, AK501c3Operating Support$8,200
KbbiHomer, AK501c3Operating Support$8,005
Center for Alaskan Coastal StudiesHomer, AK501c3Ocean Science$7,997
Pratt MuseumHomer, AK501c3Operating Support$7,611
Bunnell Street ArtHomer, AK501c3Operating Support$7,307
Anchor Point Food PantryAnchor Point, AK501c3Operating Support$7,000
Anchor Point Senior Citizens IncAnchor Point, AK501c3Operating Support$6,700
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
Funds Managed for Others$290,206
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 4

“There was an update to the bylaws, changing names of roles, from board chair to board president, as well as the names and duties of the standing committees.”

Form 990, Page 6, Part VI, Line 11B

“The finance committee reviews the completed 990, then presents it to the board with their recommendation for acceptance at a regular board meeting.”

Form 990, Page 6, Part VI, Line 12C

“At the beginning of the year, board members complete a disclosure statement listing any personal interests that could lead to potential conflicts.”

Form 990, Page 6, Part VI, Line 15A

“Compensation is reviewed by the board at the time of the executive director's review. Any increase in compensation is based on that review. Salary, benefits, and bonuses are determined to be as appropriate and sustainable, and compared to the foraker group's alaska nonprofits salary and benefits survey and to the local employment opportunities of similar scope and responsibility.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, policies, and financial statements are available to the public upon request. In addition, financial reports are presented in the annual report which is mailed out to 900 constituents and posted on our website: www.homerfoundation.org”

Filing and Contact Details

Filer

Filer Name
Homer Foundation
EIN
92-0139183
Phone
9072350541
Address
PO BOX 2600, HOMER, AK 99603-2600

Signing Officer

Name
Terri Spigelmyer
Title
President
Phone
9072350541
Signed
2021-05-12

Organization Details

Principal Officer
Terri Spigelmyer
Formed
1991
Legal Domicile
Ak
Voting Board Members
12
Independent Board Members
12
Employees
4
Volunteers
15

Preparer

Firm
Foster and Company LLC
Address
804 E FAIRVIEW LOOP, WASILLA, AK 99654
Preparer
Karen Foster
Phone
9073766901
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“ALL OTHER PROGRAMS.”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“Permanently restricted net assets consist of an endowment that must be maintained in perpetuity by the foundation. In accordance with donor restrictions, the foundation may use the investment income from this endowment to support operations.”

Schedule D, Page 3, Part X

“The foundation is recognized as exempt from federal income tax under section 501(c)(3) of the internal revenue code (the code) and has been determined not to be a private foundation as defined under section 509(a) (1). The foundation is exempt from state income taxes under the alaska nonprofit corporation act. Therefore, the accompanying statements do not reflect a provision for income taxes. Although the foundation is exempt from federal income taxes, any income derived from unrelated business activities is subject to the requirement of filing federal income tax form 990-t and a tax liability may be determined on these activities. The foundation 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.”

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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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FUNDS MANAGED FOR OTHERS

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,202,250
Liabilities
$303,848
Net assets
$2,898,402
Revenue
$646,179
Expenses
$492,846
Net income
$153,333
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.10$0.43$6.67$2.08$1.13$0.95
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.93$0.35$5.58$1.17$0.68$0.49
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.06$0.40$4.66$1.14$0.64$0.50
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.47$0.38$5.08$1.92$0.48$1.44
2020Detailed filing. Detailed filing data is available for this year.$3.20$0.30$2.90$0.65$0.49$0.15
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.98$0.31$2.67$0.72$0.32$0.40
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.52$0.33$2.19$0.40$0.44$0.05
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.55$0.33$2.22$0.67$0.53$0.15
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.91$0.40$2.51$0.26$0.25$0.01
2015Detailed filing. Detailed filing data is available for this year.$2.13$0.35$1.78$0.10$0.27$0.17
2014Detailed filing. Detailed filing data is available for this year.$2.58$0.40$2.18$0.27$0.35$0.08
2013Summary only. Only limited summary data is available for this year.$2.06$0.31$1.75$0.48$0.34$0.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.45$0.40$2.05$0.53
2011Summary only. Only limited summary data is available for this year.$2.22$0.40$1.82$0.92$0.35$0.58