Passage Home Inc
- Assets
- $13.2m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 53
- Location
- Raleigh, NC
- Founding
- 05/1992
- Data as of
- 06/2022
- EIN
- 56-1765360
Organization Overview
Passage Home Inc is located in Raleigh, NC. The organization was established in 1992. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Passage Home Inc employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Passage Home Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Passage Home Inc generated $5.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $5.2m during the year ending 06/2022. While expenses have increased by 4.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BREAK THE CYCLE OF POVERTY FOR FAMILIES IN WAKE COUNTY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PASSAGE HOME PROGRAMS CONNECT FAMILIES TO AFFORDABLE HOUSING, REDUCE HOMELESSNESS, ADDRESS FOOD SECURITY, INCREASE ECONOMIC SELF-SUFFICIENCY, HELP YOUTH DEVELOP, PROVIDE JOB TRAINING AND PLACEMENT, AND IMPROVE THE BUILT ENVIRONMENT. PASSAGE HOME PROVIDED MORE THAN 6,500 ANTI-POVERTY SERVICES TO ADULTS AND CHILDREN OVER THE PAST YEAR, WHICH INCLUDES NEARLY 2,000 MEALS TO FAMILIES LIVING IN HOTELS DUE TO HOUSING UNAFFORDABILITY. DURING THIS PERIOD, WE SPENT MORE THAN 1.3 MILLION TO PREVENT FAMILIES FROM BECOMING HOMELESS, PAYING 747 MONTHS OF RENT TO OUR CLIENTS. PASSAGE HOME ALSO MADE 326 JOB REFERRALS, PROVIDED 467 FINANCIAL LITERACY SUPPORTS,AND HELPED 154 ADULTS GAIN EMPLOYMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Seth Friedman CEO | Officer | 40 | $109,493 |
Yasmin Morton Vice Chair | OfficerTrustee | 1 | $0 |
Chris Foyles Board Chair | OfficerTrustee | 1 | $0 |
Michelle Cassell Treasurer | OfficerTrustee | 1 | $0 |
Emma Paul Secretary | OfficerTrustee | 1 | $0 |
Jennifer Lampman Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $104,134 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,063,367 |
| All other contributions, gifts, grants, and similar amounts not included above | $476,638 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,644,139 |
| Total Program Service Revenue | $670,256 |
| Investment income | $76 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $95,000 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,411,567 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,574,138 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $255,106 |
| Compensation of current officers, directors, key employees. | $67,501 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,518,775 |
| Pension plan accruals and contributions | $29,116 |
| Other employee benefits | $301,491 |
| Payroll taxes | $142,548 |
| Fees for services: Management | $26,897 |
| Fees for services: Legal | $850 |
| Fees for services: Accounting | $31,489 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $48,953 |
| Advertising and promotion | $949 |
| Office expenses | $69,859 |
| Information technology | $18,124 |
| Royalties | $0 |
| Occupancy | $127,310 |
| Travel | $1,854 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $111,997 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $355,346 |
| Insurance | $83,735 |
| All other expenses | $120,439 |
| Total functional expenses | $5,200,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $362,358 |
| Savings and temporary cash investments | $217,652 |
| Pledges and grants receivable | $578,702 |
| Accounts receivable, net | $72,142 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,300 |
| Net Land, buildings, and equipment | $11,927,804 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,185,958 |
| Accounts payable and accrued expenses | $159,852 |
| Grants payable | $0 |
| Deferred revenue | $62,271 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $11,212,008 |
| Unsecured mortgages and notes payable | $100,000 |
| Other liabilities | $79,669 |
| Total liabilities | $11,613,800 |
| Net assets without donor restrictions | $1,572,158 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $13,185,958 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Passage Home Inc has recieved totaling $346,076.
| Awarding Organization | Amount |
|---|---|
United Way Of The Greater Triangle Inc Durham, NC PURPOSE: GENERAL SUPPORT | $104,489 |
John Rex Endowment Raleigh, NC PURPOSE: CAPACITY BUILDING | $80,000 |
Wake County Smartstart Raleigh, NC PURPOSE: FINANCIAL ASSISTANCE CONTRACT | $62,232 |
American Endowment Foundation Hudson, OH PURPOSE: COMMUNITY DEVELOPMENT | $50,000 |
National Council For Community Development Inc Brooklyn, NY PURPOSE: COVID-19 ASSISTANCE | $25,000 |
John Rex Endowment Raleigh, NC PURPOSE: EASTERN WAKE CHILD DEVELOPMENT PARTNERSHIP | $24,250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lutheran Home-Hickory West Inc Salisbury, NC | $4,616,109 | $14,117,518 |
Lutheran Home - Wilmington Inc Salisbury, NC | $3,485,965 | $12,654,546 |
Community Affordable Housing Equity Corporation Raleigh, NC | $30,228,876 | $11,307,712 |
Lutheran Home-Albemarle Inc Salisbury, NC | $5,090,743 | $9,142,249 |
Chambliss Center For Children Chattanooga, TN | $13,773,339 | $7,553,657 |
Passage Home Inc Raleigh, NC | $13,185,958 | $5,411,567 |
Covenant House Georgia Inc Atlanta, GA | $22,755,199 | $6,304,494 |
Seacliff Village Shopping Center Inc Charlotte, NC | $151,078,311 | $8,901,233 |
Mason Housing Inc Fairfax, VA | $24,839,248 | $3,905,662 |
The House Inc Woodbridge, VA | $1,787,552 | $4,341,712 |
Monroe Harding Inc Nashville, TN | $12,177,860 | $4,360,503 |
South Carolina Community Loan Fund Charleston, SC | $42,539,456 | $4,959,016 |