Civic Intelligence

Passage Home Inc.

990 • Fiscal year 2018 • EIN 56-1765360

Jul 01, 2017 to Jun 30, 2018 • Filed on Jan 25, 2019

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

41st percentile

0.58x

Higher debt load relative to assets than 41% of similar nonprofits.

2018 filings • NTEE L • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

49th percentile

2.45x

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

2018 filings • NTEE L • $10M-$25M nonprofits • Source year 2018

Net Margin

29th percentile

-8.8%

Higher net margin than 29% of similar nonprofits.

2018 filings • NTEE L • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

25th percentile

$0

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • NTEE L • $10M-$25M nonprofits • Source year 2018

Asset Growth

24th percentile

-3.3%

Faster asset growth than 24% of similar nonprofits.

2018 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

22nd percentile

-2.7%

Faster revenue growth than 22% of similar nonprofits.

2018 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets41st percentile

Assets

Down

$15,120,069

Down $512,301 (-3.3%) from 2017

Net Assets

Down

$6,334,291

Down $314,779 (-4.7%) from 2017

Liabilities

Down

$8,785,778

Down $197,522 (-2.2%) from 2017

Revenue And Expenses
Liabilities / Revenue49th percentileNet Margin29th percentile

Revenue

Down

$3,588,334

Down $98,090 (-2.7%) from 2017

Expenses

Up

$3,903,113

Up $197,725 (+5.3%) from 2017

Net Income

Down

-$314,779

Down $295,815 (-1560%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth24th 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 2018: $15,120,069Liabilities 2018: $8,785,778Net Assets 2018: $6,334,2912018Assets 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

2018

Assets$15,120,069
Liabilities$8,785,778
Net Assets$6,334,291
Open 2018 Filing

Operations Trend

Revenue Growth22nd 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 2018: $3,588,334Expenses 2018: $3,903,113Net Income 2018: -$314,7792018Revenue 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

2018

Revenue$3,588,334
Expenses$3,903,113
Net Income-$314,779
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Jan 25, 2019
Return Version
2017v2.3
Gross Receipts
$3,591,759
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$13,921,025$13,680,014▼ $241,011
Cash and Non-Interest-Bearing Accounts$348,917$769,895▲ $420,978
Savings and Temporary Cash Investments$810,498$331,896▼ $478,602
Pledges and Grants Receivable$311,181$264,991▼ $46,190
Accounts Receivable$76,487$61,473▼ $15,014
Other Notes and Loans Receivable, Net$16,249$9,500▼ $6,749
Prepaid Expenses and Deferred Charges$4,800$2,300▼ $2,500
Total Assets$15,632,370$15,120,069▼ $512,301
Other Assets Total$143,213--
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,718,741$8,575,063▼ $143,678
Other Liabilities$138,676$92,714▼ $45,962
Accounts Payable and Accrued Expenses$104,088$67,081▼ $37,007
Deferred Revenue$21,795$50,920▲ $29,125
Total Liabilities$8,983,300$8,785,778▼ $197,522
Net Assets / Fund Balance
Unrestricted Net Assets$6,176,057$5,918,139▼ $257,918
Temporarily Rstr Net Assets$473,013$416,152▼ $56,861
Total Net Assets Fund Balance$6,649,070$6,334,291▼ $314,779
Total Liabilities and Net Assets / Fund Balance$15,632,370$15,120,069▼ $512,301

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,868,278$3,350,421$14,218,699
Land$2,723,566-$2,723,566
Equipment$88,170$212,601$300,771
Compensation and Service Providers
Top Officer Pay25th percentile

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
Sylvannus SimmonsDirector
Yvonne HolleyDirector
Seth FriedmanCEO
Telecia HartsfieldSecretary
Rick PeeleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,680,146
Program Service Revenue
$906,639
Investment Income
$1,549
Other Revenue
$0
All Other Contributions
$431,877
Change in Net Assets
$-314,779

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,588,334
Revenue Not Reported on Form 990
$102,246
Total Revenue per Audited Statements
$3,690,580
Total Revenue per Form 990
$3,588,334
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,739,908
Salaries, Compensation, and Employee Benefits$1,494,629
Grants and Similar Amounts Paid$668,576
Total Fundraising Expense$11,921
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$735,490$284,355$2,527$1,022,372
Grants to Domestic Individuals$668,576--$668,576
Occupancy$384,963$22,928$1,916$409,807
Depreciation Depletion$361,222$20,376-$381,598
Interest$185,198$16,209-$201,407
Other Employee Benefits$142,602$54,754$455$197,811
Current Officers, Directors, Trustees, and Key Employees$117,795$45,536$409$163,740
Fees for Services Management$55,563$46,125$14$101,702
Payroll Taxes$71,778$27,560$229$99,567
Fees for Services Other$52,760$43,799$13$96,572
Insurance$69,487$19,410$18$88,915
Fees for Services Accounting$18,422$15,293$5$33,720
Other Expenses$20,395$4,012$25$24,432
All Other Expenses$8,838$14,202$1,179$24,219
Travel$15,226$1,588$9$16,823
Office Expenses$3,821$7,571$144$11,536
Pension Plan Contributions$8,030$3,083$26$11,139
Advertising$980$3,024$180$4,184
Fees for Services Legal$410$340-$750
Total Functional Expenses$3,223,152$668,040$11,921$3,903,113

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,005,359
Expenses per Audited Statements$3,903,113
Total Expenses per Form 990$3,903,113
Expenses Not Reported on Form 990$102,246
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
Tenant Security Deposits$65,697
Client Savings$22,017
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
Seth Friedman
Title
CEO
Phone
9198340666
Signed
2019-01-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Seth Friedman
Formed
1991
Legal Domicile
Nc
Voting Board Members
18
Independent Board Members
18
Employees
39
Volunteers
746

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, 2018 and 2017. Income tax returns from 2016 through 2018 are open for examination by taxing authorities.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
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IRS990/OtherExpensesGrp/Desc2SUPPLIES
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IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt0229
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt027560
IRS990/PayrollTaxesGrp/ProgramServicesAmt071778
IRS990/PayrollTaxesGrp/TotalAmt099567
IRS990/PensionPlanContributionsGrp/FundraisingAmt026
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IRS990/PYExcessBenefitTransInd0false
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISC REVENUE 255,533
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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,120,069
Liabilities
$8,785,778
Net assets
$6,334,291
Revenue
$3,588,334
Expenses
$3,903,113
Net income
-$314,779
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
2018Detailed filing. Detailed filing data is available for this year.$15.1$8.79$6.33$3.59$3.90$0.31
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$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