Civic Intelligence

Passage Home Inc.

990 • Fiscal year 2020 • EIN 56-1765360

Jul 01, 2019 to Jun 30, 2020 • Filed on Nov 23, 2020

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

68th percentile

0.89x

Higher debt load relative to assets than 68% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

56th percentile

3.34x

Higher debt load relative to revenue than 56% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Source year 2020

Net Margin

34th percentile

-3.2%

Higher net margin than 34% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

28th percentile

$104,238

Higher top officer pay than 28% of similar nonprofits.

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

2020 filings • NTEE L • $10M-$25M nonprofits • Source year 2020

Asset Growth

55th percentile

2.3%

Faster asset growth than 55% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

78th percentile

9.9%

Faster revenue growth than 78% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets68th percentile

Assets

Up

$14,935,790

Up $329,290 (+2.3%) from 2019

Net Assets

Down

$1,687,888

Down $128,513 (-7.1%) from 2019

Liabilities

Up

$13,247,902

Up $457,803 (+3.6%) from 2019

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin34th percentile

Revenue

Up

$3,961,743

Up $356,296 (+9.9%) from 2019

Expenses

Up

$4,090,256

Up $145,666 (+3.7%) from 2019

Net Income

Up

-$128,513

Up $210,630 (+62%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth55th 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

2020

Assets$14,935,790
Liabilities$13,247,902
Net Assets$1,687,888
Open 2020 Filing

Operations Trend

Revenue Growth78th 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

2020

Revenue$3,961,743
Expenses$4,090,256
Net Income-$128,513
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 23, 2020
Return Version
2019v5.0
Gross Receipts
$3,961,743
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.

To break the cycle of poverty for families in wake county

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,108,792$12,746,617▼ $362,175
Savings and Temporary Cash Investments$282,992$1,198,365▲ $915,373
Cash and Non-Interest-Bearing Accounts$915,105$692,332▼ $222,773
Pledges and Grants Receivable$263,948$256,945▼ $7,003
Accounts Receivable$28,363$21,306▼ $7,057
Prepaid Expenses and Deferred Charges$2,300$15,225▲ $12,925
Other Notes and Loans Receivable, Net$5,000$5,000→ $0
Total Assets$14,606,500$14,935,790▲ $329,290
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,562,166$12,689,259▲ $127,093
Deferred Revenue$24,750$410,589▲ $385,839
Accounts Payable and Accrued Expenses$124,390$76,125▼ $48,265
Other Liabilities$78,793$71,929▼ $6,864
Total Liabilities$12,790,099$13,247,902▲ $457,803
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,652,633$1,567,376▼ $85,257
Net Assets With Donor Restrictions$163,768$120,512▼ $43,256
Total Net Assets Fund Balance$1,816,401$1,687,888▼ $128,513
Total Liabilities and Net Assets / Fund Balance$14,606,500$14,935,790▲ $329,290

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,074,482$3,990,833$14,065,315
Land$2,626,370-$2,626,370
Equipment$45,765$255,007$300,772
Compensation and Service Providers
Top Officer Pay28th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Seth FriedmanCEOFT$104,238$104,238

Board Members and Trustees

NameTitle
Alfred LeachBoard Chair
Joseph DurhamVice Chair
Beth TrahosDirector
Chris FoylesDirector
Corey BranchDirector
Jessica DayDirector
Jessie TaliaferroDirector
Keith SuttonDirector
Ken MarshburnDirector
Lisa BranchDirector
Michelle CassellDirector
Simon AkhamieDirector
Susan EvansDirector
Sylvannus SimmonsDirector
Yasmin MortonDirector
Yvonne HolleyDirector
Phyllis JonesSecretary
Rick PeeleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,139,165
Program Service Revenue
$761,269
Investment Income
$4,231
Other Revenue
$57,078
All Other Contributions
$908,606
Change in Net Assets
$-128,513

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$90,000Loan Forgiveness
Total Noncash Contributions1$90,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,961,743
Revenue Not Reported on Form 990
$77,695
Total Revenue per Audited Statements
$4,039,438
Total Revenue per Form 990
$3,961,743
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,727,869
Other Expenses$1,420,544
Grants and Similar Amounts Paid$941,843
Total Fundraising Expense$8,828
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$764,381$376,422$2,955$1,143,758
Grants to Domestic Individuals$917,163--$917,163
Depreciation Depletion$355,158$13,445-$368,603
Occupancy$330,033$26,761$1,161$357,955
Current Officers, Directors, Trustees, and Key Employees$159,342$78,469$615$238,426
Other Employee Benefits$140,605$71,787$746$213,138
Interest$170,324$15,897-$186,221
Payroll Taxes$72,848$37,193$387$110,428
Fees for Services Management$33,807$35,193-$69,000
Fees for Services Other$28,986$30,176-$59,162
Insurance$47,985$10,422-$58,407
Fees for Services Accounting$13,984$14,555-$28,539
Grants to Domestic Orgs$24,680--$24,680
Pension Plan Contributions$14,592$7,450$77$22,119
Office Expenses$10,987$8,405$150$19,542
Other Expenses$7,076$8,983$122$16,059
All Other Expenses$4,821$7,800$1,145$13,766
Information Technology$3,214$9,517-$12,731
Travel$7,222$4,947-$12,169
Fees for Services Legal$2,406$2,504-$4,910
Advertising$1,276$1,120-$2,396
Conferences and Meetings$735$934-$1,669
Total Functional Expenses$3,217,698$863,730$8,828$4,090,256

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,167,951
Expenses per Audited Statements$4,090,256
Total Expenses per Form 990$4,090,256
Expenses Not Reported on Form 990$77,695
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Greater Pleasant Grove DevelopmentWendell, NC501(c)Tuition$24,680
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$57,078
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraisers$77,462$57,078-$57,078
Total Events$77,462$57,078-$57,078
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$49,515
Client Savings$17,414
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 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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
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
2020-11-23
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
40
Volunteers
610

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, 2020 and 2019. Income tax returns from 2018 through 2020 are open for examination by taxing authorities.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
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IRS990/OrganizationFollowsFASB117Ind0X
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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$14,935,790
Liabilities
$13,247,902
Net assets
$1,687,888
Revenue
$3,961,743
Expenses
$4,090,256
Net income
-$128,513
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
2020Detailed filing. Detailed filing data is available for this year.$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
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