Civic Intelligence

Passage Home Inc.

990 • Fiscal year 2021 • EIN 56-1765360

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 18, 2022

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

72nd percentile

0.90x

Higher debt load relative to assets than 72% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

44th percentile

2.37x

Higher debt load relative to revenue than 44% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

Net Margin

32nd percentile

-6.2%

Higher net margin than 32% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

32nd percentile

$111,534

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

Asset Growth

10th percentile

-7.3%

Faster asset growth than 10% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

85th percentile

33%

Faster revenue growth than 85% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Down

$13,846,729

Down $1,089,061 (-7.3%) from 2020

Net Assets

Down

$1,361,219

Down $326,669 (-19%) from 2020

Liabilities

Down

$12,485,510

Down $762,392 (-5.8%) from 2020

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin32nd percentile

Revenue

Up

$5,275,274

Up $1,313,531 (+33%) from 2020

Expenses

Up

$5,601,943

Up $1,511,687 (+37%) from 2020

Net Income

Down

-$326,669

Down $198,156 (-154%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth10th 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 2021: $13,846,729Liabilities 2021: $12,485,510Net Assets 2021: $1,361,2192021Assets 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

2021

Assets$13,846,729
Liabilities$12,485,510
Net Assets$1,361,219
Open 2021 Filing

Operations Trend

Revenue Growth85th 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 2021: $5,275,274Expenses 2021: $5,601,943Net Income 2021: -$326,6692021Revenue 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

2021

Revenue$5,275,274
Expenses$5,601,943
Net Income-$326,669
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 18, 2022
Return Version
2020v4.0
Gross Receipts
$5,596,326
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$12,746,617$12,273,285▼ $473,332
Cash and Non-Interest-Bearing Accounts$692,332$980,032▲ $287,700
Pledges and Grants Receivable$256,945$286,000▲ $29,055
Savings and Temporary Cash Investments$1,198,365$214,365▼ $984,000
Accounts Receivable$21,306$82,740▲ $61,434
Prepaid Expenses and Deferred Charges$15,225$5,307▼ $9,918
Other Notes and Loans Receivable, Net$5,000$5,000→ $0
Total Assets$14,935,790$13,846,729▼ $1,089,061
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,689,259$11,918,428▼ $770,831
Deferred Revenue$410,589$391,744▼ $18,845
Accounts Payable and Accrued Expenses$76,125$110,892▲ $34,767
Other Liabilities$71,929$64,446▼ $7,483
Total Liabilities$13,247,902$12,485,510▼ $762,392
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,567,376$1,267,521▼ $299,855
Net Assets With Donor Restrictions$120,512$93,698▼ $26,814
Total Net Assets Fund Balance$1,687,888$1,361,219▼ $326,669
Total Liabilities and Net Assets / Fund Balance$14,935,790$13,846,729▼ $1,089,061

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,640,424$4,326,838$13,967,262
Land$2,607,006-$2,607,006
Equipment$25,855$274,916$300,771
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Seth FriedmanCEOFT$111,534$111,534

Board Members and Trustees

NameTitle
Chris FoylesBoard Chair
Keith SuttonVice Chair
Amanda BambrickDirector
Corey BranchDirector
Demian DellingerDirector
Emma PaulDirector
Jennifer LampmanDirector
Jessica DayDirector
Jessie TaliaferroDirector
Lisa BranchDirector
Phyllis JonesDirector
Russell AllenDirector
Simon AkhamieDirector
Susan EvansDirector
Sylvannus SimmonsDirector
Yasim MortonSecretary
Michelle CassellTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,419,647
Program Service Revenue
$831,692
Investment Income
$15,189
Other Revenue
$8,746
All Other Contributions
$330,308
Change in Net Assets
$-326,669

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,275,274
Revenue Not Reported on Form 990
$111,448
Total Revenue per Audited Statements
$5,386,722
Total Revenue per Form 990
$5,275,274
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,083,028
Grants and Similar Amounts Paid$1,918,033
Other Expenses$1,600,882
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,918,033--$1,918,033
Other Salaries and Wages$1,002,810$408,612-$1,411,422
Occupancy$349,563$41,707-$391,270
Depreciation Depletion$341,903$27,477-$369,380
Current Officers, Directors, Trustees, and Key Employees$182,574$74,573-$257,147
Other Employee Benefits$176,993$74,278-$251,271
Payroll Taxes$97,065$40,734-$137,799
Information Technology$108,465$26,960-$135,425
Interest$115,146$12,476-$127,622
Insurance$58,059$18,793-$76,852
Fees for Services Other$13,330$51,940-$65,270
Fees for Services Management$7,438$28,679-$36,117
Office Expenses$18,836$15,175-$34,011
Fees for Services Accounting$6,387$24,084-$30,471
Pension Plan Contributions$17,881$7,508-$25,389
Other Expenses$11,036$8,254-$19,290
All Other Expenses$9,318$6,970-$16,288
Advertising$45$627-$672
Fees for Services Legal$64$246-$310
Travel-$11-$11
Total Functional Expenses$4,621,253$980,690$0$5,601,943

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,713,391
Expenses per Audited Statements$5,601,943
Total Expenses per Form 990$5,601,943
Expenses Not Reported on Form 990$111,448
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$9,759
Fundraising Direct Expenses$1,013
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$52,012
Client Savings$7,434
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 board of directors 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
2022-02-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Seth Friedman
Formed
1991
Legal Domicile
Nc
Voting Board Members
17
Independent Board Members
17
Employees
50

Preparer

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

Additional Explanations

Form 990, Part XI, Line 9

“Fundraising exp deducted on statement of revenue 1,013 fundraising exp deducted on statement of revenue -1,013”

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, 2021 and 2020.”

Schedule D, Page 4, Part XI, Line 2D

“Fundraising exp deducted on statement of revenue 1,013”

Schedule D, Page 4, Part XII, Line 2D

“Fundraising exp deducted on statement of revenue 1,013”

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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,846,729
Liabilities
$12,485,510
Net assets
$1,361,219
Revenue
$5,275,274
Expenses
$5,601,943
Net income
-$326,669
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
2021Detailed filing. Detailed filing data is available for this year.$13.8$12.5$1.36$5.28$5.60$0.33
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
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