Civic Intelligence

Passage Home Inc.

990 • Fiscal year 2017 • EIN 56-1765360

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 29, 2017

Organization ProfileWWW.PASSAGEHOME.ORG

View Organization Page

PO Box 28165Raleigh, NC 27611

(919) 834-0666

Siviq Scores

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

Liabilities / Assets

38th percentile

0.57x

Higher debt load relative to assets than 38% of similar nonprofits.

2017 filings • NTEE L • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

45th percentile

2.44x

Higher debt load relative to revenue than 45% of similar nonprofits.

2017 filings • NTEE L • $10M-$25M nonprofits • Source year 2017

Net Margin

40th percentile

-0.5%

Higher net margin than 40% of similar nonprofits.

2017 filings • NTEE L • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

30th percentile

$96,712

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2017 filings • NTEE L • $10M-$25M nonprofits • Source year 2017

Asset Growth

94th percentile

39%

Faster asset growth than 94% of similar nonprofits.

2017 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

62nd percentile

5.2%

Faster revenue growth than 62% of similar nonprofits.

2017 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets38th percentile

Assets

Up

$15,632,370

Up $4,347,533 (+39%) from 2016

Net Assets

Down

$6,649,070

Down $18,964 (-0.3%) from 2016

Liabilities

Up

$8,983,300

Up $4,366,497 (+95%) from 2016

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin40th percentile

Revenue

Up

$3,686,424

Up $182,146 (+5.2%) from 2016

Expenses

Down

$3,705,388

Down $232,501 (-5.9%) from 2016

Net Income

Up

-$18,964

Up $414,647 (+96%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

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

$20M$15M$10M$5.0M$0Assets 2016: $11,284,837Liabilities 2016: $4,616,803Net Assets 2016: $6,668,0342016Assets 2017: $15,632,370Liabilities 2017: $8,983,300Net Assets 2017: $6,649,0702017Assets 2019: $14,606,500Liabilities 2019: $12,790,099Net Assets 2019: $1,816,4012019Assets 2020: $14,935,790Liabilities 2020: $13,247,902Net Assets 2020: $1,687,8882020Assets 2022: $13,185,958Liabilities 2022: $11,613,800Net Assets 2022: $1,572,1582022Assets 2024: $10,392,237Liabilities 2024: $9,447,835Net Assets 2024: $944,4022024

Highlighted filing

2017

Assets$15,632,370
Liabilities$8,983,300
Net Assets$6,649,070
Open 2017 Filing

Operations Trend

Revenue Growth62nd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2016: $3,504,278Expenses 2016: $3,937,889Net Income 2016: -$433,6112016Revenue 2017: $3,686,424Expenses 2017: $3,705,388Net Income 2017: -$18,9642017Revenue 2019: $3,605,447Expenses 2019: $3,944,590Net Income 2019: -$339,1432019Revenue 2020: $3,961,743Expenses 2020: $4,090,256Net Income 2020: -$128,5132020Revenue 2022: $5,411,567Expenses 2022: $5,200,628Net Income 2022: $210,9392022Revenue 2024: $4,392,915Expenses 2024: $4,916,788Net Income 2024: -$523,8732024

Highlighted filing

2017

Revenue$3,686,424
Expenses$3,705,388
Net Income-$18,964
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 29, 2017
Return Version
2016v3.0
Gross Receipts
$3,686,424
Mission and Program Overview

Mission

To break the cycle of poverty and create multi-generational self-sufficiency for the individuals and families of wake county by helping them achieve housing and income security.

Passage home's mission is to strengthen low wealth families and neighborhoods using a community economic development strategy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,787,181$13,921,025▲ $4,133,844
Savings and Temporary Cash Investments$653,736$810,498▲ $156,762
Cash and Non-Interest-Bearing Accounts$315,079$348,917▲ $33,838
Pledges and Grants Receivable$257,267$311,181▲ $53,914
Accounts Receivable$81,189$76,487▼ $4,702
Other Notes and Loans Receivable, Net$19,499$16,249▼ $3,250
Prepaid Expenses and Deferred Charges$21,079$4,800▼ $16,279
Total Assets$11,284,837$15,632,370▲ $4,347,533
Other Assets Total$149,807$143,213▼ $6,594
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,189,197$8,718,741▲ $4,529,544
Other Liabilities$175,323$138,676▼ $36,647
Accounts Payable and Accrued Expenses$214,532$104,088▼ $110,444
Deferred Revenue$37,751$21,795▼ $15,956
Total Liabilities$4,616,803$8,983,300▲ $4,366,497
Net Assets / Fund Balance
Unrestricted Net Assets$6,025,529$6,176,057▲ $150,528
Temporarily Rstr Net Assets$642,505$473,013▼ $169,492
Total Net Assets Fund Balance$6,668,034$6,649,070▼ $18,964
Total Liabilities and Net Assets / Fund Balance$11,284,837$15,632,370▲ $4,347,533

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,082,898$2,991,789$14,074,687
Land$2,723,566-$2,723,566
Equipment$114,561$193,682$308,243
Compensation and Service Providers
Top Officer Pay30th percentile

Employees

NameTitleBaseTotal
Jeanne TedrowPrior CEO$96,712$96,712
Lisa CrosslinActing CEO$69,542$69,542

Board Members and Trustees

NameTitle
Alfred LeachBoard Chair
Joseph DurhamVice-chair
Corey BranchDirector
Dr James WestDirector
Glenn YorkDirector
James RobersonDirector
Jessie TaliaferroDirector
Kathy BehringerDirector
Leo MartinDirector
Lorrinda MichiekaDirector
Olen Leo Watson IiiDirector
Phil RitchieDirector
Phyllis JonesDirector
Robert DalyDirector
Sylvanus SimmonsDirector
Yvonne HolleyDirector
Telecia HartsfieldSecretary
Rick PeeleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,647,668
Program Service Revenue
$1,036,180
Investment Income
$2,576
Other Revenue
$0
All Other Contributions
$520,629
Change in Net Assets
$-18,964

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,686,424
Revenue Not Reported on Form 990
$114,815
Total Revenue per Audited Statements
$3,801,239
Total Revenue per Form 990
$3,686,424
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,680,648
Salaries, Compensation, and Employee Benefits$1,508,864
Grants and Similar Amounts Paid$515,876
Total Fundraising Expense$400
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$780,005$279,245-$1,059,250
Grants to Domestic Individuals$515,876--$515,876
Depreciation Depletion$298,912$51,879-$350,791
Occupancy$297,723$38,300-$336,023
Other Employee Benefits$144,557$33,010-$177,567
Interest$171,228--$171,228
Current Officers, Directors, Trustees, and Key Employees$124,690$41,564-$166,254
Fees for Services Other$84,126$39,714-$123,840
Payroll Taxes$86,119$19,674-$105,793
All Other Expenses$66,524$21,488$400$88,412
Insurance$55,958$10,845-$66,803
Other Expenses$27,305$25,821-$53,126
Office Expenses$27,306$13,957-$41,263
Fees for Services Accounting$11,056$20,406-$31,462
Travel$7,100$1,921-$9,021
Advertising$1,307$512-$1,819
Total Functional Expenses$3,061,901$643,087$400$3,705,388

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,820,203
Expenses per Audited Statements$3,705,388
Total Expenses per Form 990$3,705,388
Expenses Not Reported on Form 990$114,815
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Jeanne TedrowCEOSee Additional InfoNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$83,409
Line of Credit$50,267
Rental Property Contingency$5,000
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 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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“990 is reviewed by the board of directors prior to filing.”

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

“The policy is reviewed annually. Any conflicts are discussed and resolved when they arise.”

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

“The executive committee reviews and approves compensation for the top management official. Comparable compensation data is obtained from the nc center for non-profits.”

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

“The executive committee reviews and approves compensation for officers and key employees. Comparable compensation data is obtained from the nc center for non-profits.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, organizational policies and financial statements are available for viewing by the public at the organization's office upon request.”

Filing and Contact Details

Filer

Filer Name
Passage Home Inc
EIN
56-1765360
Phone
9198340666
Address
PO BOX 28165, RALEIGH, NC 27611

Signing Officer

Name
Lisa Crosslin
Title
Acting CEO
Phone
9198340666
Signed
2017-11-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lisa Crosslin
Formed
1991
Legal Domicile
Nc
Voting Board Members
18
Independent Board Members
18
Employees
44
Volunteers
678

Preparer

Firm
Petway Mills & Pearson Pa
Address
PO BOX 1036, ZEBULON, NC 27597-1036
Preparer
James a Ridoutt
Phone
9192697405
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The corporation recognizes an uncertainty tax position of "more likely than not" level of fifty percent that the position will be sustained by the internal revenue service. Income taxes did not have a material impact on the financial position or results of operations of the corporation as of and for the years ended june 30, 2017 and 2016. Income tax returns from 2014 through 2016 are open for examination by taxing authorities.”

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,632,370
Liabilities
$8,983,300
Net assets
$6,649,070
Revenue
$3,686,424
Expenses
$3,705,388
Net income
-$18,964
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.4$9.45$0.94$4.39$4.92$0.52
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.2$11.6$1.57$5.41$5.20$0.21
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.9$13.2$1.69$3.96$4.09$0.13
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.6$12.8$1.82$3.61$3.94$0.34
2017Detailed filing. Detailed filing data is available for this year.$15.6$8.98$6.65$3.69$3.71$0.02
2016Detailed filing. Detailed filing data is available for this year.$11.3$4.62$6.67$3.50$3.94$0.43