Civic Intelligence

Genesis Homes Inc.

990 • Fiscal year 2022 • EIN 20-5473974

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 09, 2023

Organization Profilewww.genesishomessc.org/about_us
PO Box 5839Greenville, SC 29606

(864) 735-8083

Siviq Scores

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

Liabilities / Assets

86th percentile

0.74x

Higher debt load relative to assets than 86% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

96th percentile

10.64x

Higher debt load relative to revenue than 96% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

54th percentile

8.5%

Higher net margin than 54% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

16th percentile

$48,000

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 6.6% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

80th percentile

20%

Faster asset growth than 80% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

67th percentile

15%

Faster revenue growth than 67% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$10,521,720

Up $1,778,907 (+20%) from 2021

Net Assets

Up

$2,738,178

Up $62,127 (+2.3%) from 2021

Liabilities

Up

$7,783,542

Up $1,716,780 (+28%) from 2021

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin54th percentile

Revenue

Up

$731,817

Up $97,530 (+15%) from 2021

Expenses

Up

$669,690

Up $58,163 (+9.5%) from 2021

Net Income

Up

$62,127

Up $39,367 (+173%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth80th 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

2022

Assets$10,521,720
Liabilities$7,783,542
Net Assets$2,738,178
Open 2022 Filing

Operations Trend

Revenue Growth67th 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

2022

Revenue$731,817
Expenses$669,690
Net Income$62,127
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 9, 2023
Return Version
2022v5.0
Gross Receipts
$797,155
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,598,623$9,373,311▲ $1,774,688
Cash and Non-Interest-Bearing Accounts$525,607$703,771▲ $178,164
Pledges and Grants Receivable$599,859$414,929▼ $184,930
Accounts Receivable-$1,953-
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$8,742,813$10,521,720▲ $1,778,907
Other Assets Total$18,724$27,756▲ $9,032
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,854,785$7,442,944▲ $1,588,159
Accounts Payable and Accrued Expenses$195,367$324,092▲ $128,725
Other Liabilities$16,610$16,506▼ $104
Total Liabilities$6,066,762$7,783,542▲ $1,716,780
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,676,051$2,738,178▲ $62,127
Total Net Assets Fund Balance$2,676,051$2,738,178▲ $62,127
Total Liabilities and Net Assets / Fund Balance$8,742,813$10,521,720▲ $1,778,907

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,156,636$1,555,317$9,711,953
Land$1,209,744-$1,209,744
Leasehold Improvements$6,931$5,448$12,379
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Tom WhittedCEOFT$48,000$48,000

Board Members and Trustees

NameTitle
Gaye SpragueVice Chair
Adele RyanBoard Member
Austin GoforthBoard Member
Baxter WynnBoard Member
Bo CampbellBoard Member
Chandra DillardBoard Member
Dejr BostickBoard Member
Donna ColemanBoard Member
Frank SmithBoard Member
Hayes HollidayBoard Member
Janet RobinsonBoard Member
Karla ElrodBoard Member
Lacy GrimmBoard Member
Leif BusbyBoard Member
Linda SmithBoard Member
Pam ShuckerBoard Member
Rick JoyeBoard Member
Sallie GoldBoard Member
Sylvia PalmerBoard Member
Traci BrookieBoard Member
Will ChildersBoard Member
Yvonne DuckettBoard Member
Janet VassalloSecretary
Sandy BrownTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$97,585
Program Service Revenue
$388,705
Investment Income
$9,750
Other Revenue
$235,777
All Other Contributions
$12,376
Change in Net Assets
$62,127

Audited Revenue Reconciliation

Revenue per Audited Statements
$731,817
Total Revenue per Audited Statements
$731,817
Total Revenue per Form 990
$731,817
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$573,051
Salaries, Compensation, and Employee Benefits$96,639
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$216,157--$216,157
Fees for Services Other$22,241$40,982-$63,223
Interest$54,799--$54,799
Current Officers, Directors, Trustees, and Key Employees$40,799$7,200-$47,999
Other Salaries and Wages$35,507$6,266-$41,773
Insurance$24,582$8,460-$33,042
Payroll Taxes$5,837$1,030-$6,867
All Other Expenses$542$1,872-$2,414
Other Expenses$33,655$2,056-$2,056
Office Expenses-$1,723-$1,723
Information Technology-$759-$759
Total Functional Expenses$599,342$70,348$0$669,690

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$669,690
Total Expenses per Audited Statements$669,690
Total Expenses per Form 990$669,690
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
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred/Restricted Income$10,937
Tenant Security deposits and emergency f$5,569
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, Part VI, Section B, 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, Part VI, Section B, 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, Part VI, Section C, 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 Inc
EIN
20-5473974
Phone
8647358083
Address
PO Box 5839, Greenville, SC 29606

Signing Officer

Name
Tom Whitted
Title
CEO
Signed
2023-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tom Whitted
Formed
2006
Legal Domicile
Sc
Voting Board Members
24
Independent Board Members
24
Employees
3

Preparer

Firm
The Hobbs Group PA
Address
1704 Laurel Street, Columbia, SC 29201
Preparer
Will Stevens CPA
Phone
8037990555
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 1C - Reportable Payments

“The organization had no reportable payments to a vendor requiring compliance with backup withholding rules, nor did they provide any reportable gaming, gambling, or winnings to a prize winner.”

Financial Statement Notes

Part X : FIN48 Footnote

“The organization has received a determination letter from the Internal Revenue Service (IRS) indicating it is a tax-exempt Organization under section 501(c)(3) of the Internal Revenue Code and is subject to federal income tax only on unrelated business income. Management is not aware of any transactions which would jeopardize their tax-exempt status.Accounting principles generally accepted in the United States of America requires management to evaluate tax positions taken by the Organization and to recognize a tax liability (or asset) if the Organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed the tax positions taken by the Organization and has concluded that as of December 31, 2022 and 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) of disclosure in the financial statements. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. U.S. state jurisdictions have statues of limitations that generally range from three to five years.”

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,521,720
Liabilities
$7,783,542
Net assets
$2,738,178
Revenue
$731,817
Expenses
$669,690
Net income
$62,127
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