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Nonprofiteer
← IHOMES

Form 990 for tax year 2024

Filed by IHOMES.

Totals

Total revenue
$751,168
Total expenses
$479,148
Contributions and grants received
$670,286
Grants paid
$0
Program service revenue
$80,282
Investment income
$0
Other revenue
$600
Total assets, end of year
$4,513,600
Total liabilities, end of year
$3,146,200
Net assets or fund balances, end of year
$1,367,400
Program services expenses (Part IX)
$460,387
Management and general expenses
$18,761
Fundraising expenses
$0
Program service expenses (Part III)
$460,387

Program services were 96.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $669,941

  • 1f · All other contributions, gifts and grants

    $345

  • 2a · Program service revenue: RENTAL & MISC INCOME F

    total $80,282 · related or exempt $80,282

  • 11a · Other revenue: OTHER INCOME

    total $600 · excluded $600

  • 11e · Other revenue, total

    $600

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $117,689 · program services $100,036 · management and general $17,653

  • 10 · Payroll taxes

    total $8,490 · program services $7,382 · management and general $1,108

  • 11b · Fees: legal

    total $12,371 · program services $12,371

  • 11g · Fees: other

    total $53,102 · program services $53,102

  • 13 · Office expenses

    total $2,273 · program services $2,273

  • 16 · Occupancy

    total $111,435 · program services $111,435

  • 19 · Conferences, conventions and meetings

    total $926 · program services $926

  • 20 · Interest

    total $52,545 · program services $52,545

  • 22 · Depreciation, depletion and amortization

    total $99,703 · program services $99,703

  • 23 · Insurance

    total $855 · program services $855

  • 24a · Other expenses: MISCELLANEOUS EXPENSES

    total $18,265 · program services $18,265

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $1,494 · program services $1,494

Balance sheet

Part X, book values.

  • 4 · Accounts receivable

    beginning of year $1,005,165 · end of year $17,863

  • 9 · Prepaid expenses and deferred charges

    beginning of year $230 · end of year $230

  • 10a · Land, buildings and equipment: cost or other basis

    $4,957,661

  • 10b · Land, buildings and equipment: accumulated depreciation

    $462,154

  • 10c · Land, buildings and equipment, net

    beginning of year $3,956,254 · end of year $4,495,507

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,693 · end of year $0

  • 19 · Deferred revenue

    beginning of year $1,050,017 · end of year $834,922

  • 23 · Secured mortgages and notes payable

    beginning of year $1,821,012 · end of year $1,319,335

  • 25 · Other liabilities

    beginning of year $562,209 · end of year $991,943

  • 27 · Net assets without donor restrictions

    beginning of year $1,524,718 · end of year $1,367,400

Mission and programs · 2024

Mission

IHOMES, INC'S PRIMARY EXEMPT PURPOSE IS TO ACQUIRE, DEVELOP AND MANAGE REAL ESTATE WHICH WILL BE RENTED TO ADULTS WITH DEVELOPMENTAL DISABILITIES AND LIMITED INCOME.

Activities or mission (Part I)

TO ACQUIRE, DEVELOP AND MANAGE REAL ESTATE WHICH WILL BE RENTED TO ADULTS WITH DEVELOPMENTAL DISABILITIES AND LIMITED INCOME.

  • DURING THE PERIOD ENDED JUNE 30, 2025 THE ORGANIZATION OPERATED RESIDENTIAL UNITS LOCATED IN HOWARD COUNTY. EACH UNIT IS LICENSED TO BE RENTED TO UP TO 4 INDIVIDUALS WITH DEVELOPMENTAL DISABILITIES AND INCOME LIMITATIONS.

    Expenses $460,387 · Revenue $80,282

As filed on the 2024 return.

Listed in Part VII

  • Daniel Frasco

    PRESIDENT

    Total calculated
    $206,342
    From this org
    $0
    From related orgs
    $197,773
    Other
    $8,569
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $175,985 related
    Bonus
    $0
    Other
    $0 + $21,788 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $8,569 related
    Filer's total
    $0 + $206,342 related

  • Cindy Plavier-Truitt

    DIRECTOR

    Total calculated
    $278,128
    From this org
    $0
    From related orgs
    $269,122
    Other
    $9,006
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $269,122 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $9,006 related
    Filer's total
    $0 + $278,128 related

  • Lori Somerville

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Steve Shuman

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sally Hebner

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Greg Thor

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Gueilla Fedadu

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Patrick Lloyd

    DIRECTOR OF COMMUNITY DEVELOPMENT

    Total calculated
    $117,689
    From this org
    $116,878
    From related orgs
    $0
    Other
    $811
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
10 May 2026
IRS schema version
2024v5.5
Source object
202611339349303651

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