Civic Intelligence

Genesis Homes Inc.

990 • Fiscal year 2019 • EIN 20-5473974

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 13, 2020

Organization ProfileWWW.GENESISHOMESSC.ORG
25 East Court Street Suite 201-bGreenville, SC 29601

(864) 735-8083

Siviq Scores

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

Liabilities / Assets

58th percentile

0.22x

Higher debt load relative to assets than 58% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

88th percentile

1.96x

Higher debt load relative to revenue than 88% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

82nd percentile

26%

Higher net margin than 82% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

24th percentile

$48,000

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 6.0% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

53rd percentile

3.8%

Faster asset growth than 53% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

9th percentile

-35%

Faster revenue growth than 9% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$7,085,136

Up $262,004 (+3.8%) from 2018

Net Assets

Up

$5,519,098

Up $208,245 (+3.9%) from 2018

Liabilities

Up

$1,566,038

Up $53,759 (+3.6%) from 2018

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin82nd percentile

Revenue

Down

$800,180

Down $435,882 (-35%) from 2018

Expenses

Up

$591,935

Up $54,645 (+10%) from 2018

Net Income

Down

$208,245

Down $490,527 (-70%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth53rd percentile

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

$15M$10M$5.0M$0Assets 2010: $1,022,947Liabilities 2010: $282,777Net Assets 2010: $740,1702010Assets 2011: $2,764,341Liabilities 2011: $551,845Net Assets 2011: $2,212,4962011Assets 2012: $3,149,546Liabilities 2012: $564,612Net Assets 2012: $2,584,9342012Assets 2013: $3,152,978Liabilities 2013: $555,284Net Assets 2013: $2,597,6942013Assets 2014: $4,254,904Liabilities 2014: $1,247,870Net Assets 2014: $3,007,0342014Assets 2015: $4,744,763Liabilities 2015: $1,075,263Net Assets 2015: $3,669,5002015Assets 2016: $5,824,558Liabilities 2016: $1,592,489Net Assets 2016: $4,232,0692016Assets 2017: $5,920,563Liabilities 2017: $1,308,482Net Assets 2017: $4,612,0812017Assets 2018: $6,823,132Liabilities 2018: $1,512,279Net Assets 2018: $5,310,8532018Assets 2019: $7,085,136Liabilities 2019: $1,566,038Net Assets 2019: $5,519,0982019Assets 2020: $7,393,132Liabilities 2020: $1,558,123Net Assets 2020: $5,835,0092020Assets 2021: $8,742,813Liabilities 2021: $6,066,762Net Assets 2021: $2,676,0512021Assets 2022: $10,521,720Liabilities 2022: $7,783,542Net Assets 2022: $2,738,1782022Assets 2023: $14,113,783Liabilities 2023: $11,315,071Net Assets 2023: $2,798,7122023Assets 2024: $14,541,261Liabilities 2024: $11,587,064Net Assets 2024: $2,954,1972024

Highlighted filing

2019

Assets$7,085,136
Liabilities$1,566,038
Net Assets$5,519,098
Open 2019 Filing

Operations Trend

Revenue Growth9th percentile

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

$1.5M$1.0M$500K$0Expenses 2010: $103,5002010Revenue 2011: $1,440,379Expenses 2011: $441,445Net Income 2011: $998,9342011Revenue 2012: $618,619Expenses 2012: $246,181Net Income 2012: $372,4382012Revenue 2013: $251,131Expenses 2013: $238,371Net Income 2013: $12,7602013Revenue 2014: $1,028,155Expenses 2014: $618,815Net Income 2014: $409,3402014Revenue 2015: $1,240,125Expenses 2015: $577,659Net Income 2015: $662,4662015Revenue 2016: $979,167Expenses 2016: $416,598Net Income 2016: $562,5692016Revenue 2017: $857,373Expenses 2017: $477,361Net Income 2017: $380,0122017Revenue 2018: $1,236,062Expenses 2018: $537,290Net Income 2018: $698,7722018Revenue 2019: $800,180Expenses 2019: $591,935Net Income 2019: $208,2452019Revenue 2020: $898,438Expenses 2020: $582,527Net Income 2020: $315,9112020Revenue 2021: $634,287Expenses 2021: $611,527Net Income 2021: $22,7602021Revenue 2022: $731,817Expenses 2022: $669,690Net Income 2022: $62,1272022Revenue 2023: $838,769Expenses 2023: $778,235Net Income 2023: $60,5342023Revenue 2024: $1,184,112Expenses 2024: $1,028,627Net Income 2024: $155,4852024

Highlighted filing

2019

Revenue$800,180
Expenses$591,935
Net Income$208,245
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 13, 2020
Return Version
2019v5.0
Gross Receipts
$820,026
Mission and Program Overview

Mission

Genesis homes seeks to facilitate neighborhood revitalization efforts in low to moderate income areas in the upstate of south carolina through development of affordable housing(home ownership and rental), community development, public/private partnerships and empowermnt activities.

Genesis homes seeks to facilitate neighborhood revitalization efforts in low to moderate income areas in the upstate of south carolina through development of affordable housing (home ownership and rental), community development, public/private partnerships and empowerment activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$6,242,016$6,631,970▲ $389,954
Cash and Non-Interest-Bearing Accounts$397,763$356,803▼ $40,960
Savings and Temporary Cash Investments$24,532--
Accounts Receivable$80,277$17,819▼ $62,458
Total Assets$6,823,132$7,085,136▲ $262,004
Other Assets Total$78,544$78,544→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,422,863$1,520,479▲ $97,616
Accounts Payable and Accrued Expenses$81,407$34,039▼ $47,368
Other Liabilities$8,009$11,520▲ $3,511
Total Liabilities$1,512,279$1,566,038▲ $53,759
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,286,321$5,507,354▲ $221,033
Net Assets With Donor Restrictions$24,532$11,744▼ $12,788
Total Net Assets Fund Balance$5,310,853$5,519,098▲ $208,245
Total Liabilities and Net Assets / Fund Balance$6,823,132$7,085,136▲ $262,004

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,729,001$967,379$6,696,380
Land$902,969-$902,969
Compensation and Service Providers
Top Officer Pay24th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Tom WhittedExecutive DiFT$48,000$48,000

Board Members and Trustees

NameTitle
Austin GoforthBoard Chair
Baxter WynnBoard Member
Felsie HarrisBoard Member
Gaye SpragueBoard Member
Janet RobinsonBoard Member
Linda SmithBoard Member
Mamie WatkinsBoard Member
Pam ShuckerBoard Member
Sylvia PalmerBoard Member
Yvonne ReederBoard Member
Bo CampbellEx-officio M
Chandra DillardEx-officio M
Frank SmithEx-officio M
Hayes HollidayEx-officio M
Jim ChilderessEx-officio M
Rick JoyeEx-officio M
Revenue and Support

Revenue Composition

Contributions and Grants
$465,785
Program Service Revenue
$313,429
Investment Income
$20,966
Other Revenue
$0
All Other Contributions
$1,500
Change in Net Assets
$208,245

Audited Revenue Reconciliation

Revenue per Audited Statements
$800,180
Total Revenue per Audited Statements
$800,180
Total Revenue per Form 990
$800,180
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$518,916
Salaries, Compensation, and Employee Benefits$73,019
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$172,223--$172,223
Interest$61,011--$61,011
Fees for Services Management$50,925--$50,925
Current Officers, Directors, Trustees, and Key Employees$40,800$7,200-$48,000
Fees for Services Other$26,031$14,017-$40,048
Office Expenses-$21,420-$21,420
Other Salaries and Wages$16,855$2,975-$19,830
Insurance$15,813--$15,813
Fees for Services Accounting$6,007$2,393-$8,400
Payroll Taxes$5,189--$5,189
Conferences and Meetings-$2,340-$2,340
Other Expenses$39,441$800-$800
Total Functional Expenses$540,790$51,145$0$591,935

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$591,935
Total Expenses per Audited Statements$591,935
Total Expenses per Form 990$591,935
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
Other Funds Held$6,820
Tenant Security Deposits$4,700
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
No
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 11B

“The form 990 was prepared by an independent accounting firm and then given to the chairman of the board for approval. It was then reviewed and approved by the entire board.”

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

“Board members are responsible for making conflict of interests known and recusing themselves from any discussion and/or vote when a potential conflict exists.”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents, conflict of interest policy, and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Genesis Homes
EIN
20-5473974
Phone
8647358083
Address
25 EAST COURT STREET SUITE 201-B, GREENVILLE, SC 29601

Signing Officer

Name
Tom Whitted
Title
Executive Director
Phone
8647358083
Signed
2020-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tom Whitted
Formed
2006
Legal Domicile
Sc
Voting Board Members
16
Independent Board Members
16
Employees
2
Volunteers
16

Preparer

Firm
Mckinley Cooper & Co LLC
Address
777 LOWNDES HILL RD BLDG 3 STE 225, GREENVILLE, SC 29607-2131
Preparer
Toni R Mckinley
Phone
8642331800
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Genesis homes seeks to facilitate neighborhood revitalization efforts in low to moderate income areas in the upstate of south carolina through development of affordable housing (home ownership and rental), community development, public/private partnerships and empowerment activities.”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization recognizes the tax benefits from uncertain tax positions only if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The organization's income tax filings are subject to audit by various taxing authorities. Management believes the adoption of asc 740 -10 resulted in no significant impact to the organization's financial statements.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECOGNIZES THE TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE-LIKELY-THAN-NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE ORGANIZATION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. MANAGEMENT BELIEVES THE ADOPTION OF ASC 740 -10 RESULTED IN NO SIGNIFICANT IMPACT TO THE ORGANIZATION'S FINANCIAL STATEMENTS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND THEN GIVEN TO THE CHAIRMAN OF THE BOARD FOR APPROVAL. IT WAS THEN REVIEWED AND APPROVED BY THE ENTIRE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS ARE RESPONSIBLE FOR MAKING CONFLICT OF INTERESTS KNOWN AND RECUSING THEMSELVES FROM ANY DISCUSSION AND/OR VOTE WHEN A POTENTIAL CONFLICT EXISTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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Filings

Displayed year

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

Open filing
Assets
$7,085,136
Liabilities
$1,566,038
Net assets
$5,519,098
Revenue
$800,180
Expenses
$591,935
Net income
$208,245
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$14.5$11.6$2.95$1.18$1.03$0.16
2023Detailed filing. Detailed filing data is available for this year.$14.1$11.3$2.80$0.84$0.78$0.06
2022Detailed filing. Detailed filing data is available for this year.$10.5$7.78$2.74$0.73$0.67$0.06
2021Detailed filing. Detailed filing data is available for this year.$8.74$6.07$2.68$0.63$0.61$0.02
2020Detailed filing. Detailed filing data is available for this year.$7.39$1.56$5.84$0.90$0.58$0.32
2019Detailed filing. Detailed filing data is available for this year.$7.09$1.57$5.52$0.80$0.59$0.21
2018Summary only. Only limited summary data is available for this year.$6.82$1.51$5.31$1.24$0.54$0.70
2017Summary only. Only limited summary data is available for this year.$5.92$1.31$4.61$0.86$0.48$0.38
2016Summary only. Only limited summary data is available for this year.$5.82$1.59$4.23$0.98$0.42$0.56
2015Summary only. Only limited summary data is available for this year.$4.74$1.08$3.67$1.24$0.58$0.66
2014Summary only. Only limited summary data is available for this year.$4.25$1.25$3.01$1.03$0.62$0.41
2013Summary only. Only limited summary data is available for this year.$3.15$0.56$2.60$0.25$0.24$0.01
2012Summary only. Only limited summary data is available for this year.$3.15$0.56$2.58$0.62$0.25$0.37
2011Summary only. Only limited summary data is available for this year.$2.76$0.55$2.21$1.44$0.44$1.00
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.02$0.28$0.74$0.10