Better Homes for North Carolina Inc C/o Waj Management

Nonprofit profile at a glance

EIN
561783194
IRS 990 coverage
2012–2025
Forms available
Form 990 2025
Location
Raleigh, NC, USA
Phone
9198478350
Rating
40
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$28,997
Expenses
$60,543
Assets
$641,740
Liabilities
$1,450

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • THOMASINE KENNEDY (VICE PRESIDENT)
  • ANN LOVE (PRESIDENT)

Highest reported compensation

  • A HOBGOOD IV (TREASURER): $19,000 total reported compensation
  • MILLAN EDMONDSON (SECRETARY): $12,000 total reported compensation
  • THOMASINE KENNEDY (VICE PRESIDENT): $10,500 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The entity was organized to fill a perceived void in the non-profit housing corporation population in non-metropolitan areas of eastern North Carolina. Particularly, several civic and community leaders formed the organization as they were concerned that while there are growing numbers of operational low-income housing non-profit organizations in the metropolitan areas of eastern North Carolina, the predominantly rural areas, and small and medium size communities just outside of thriving metropolitan areas are under-served, both in availability of low-income housing and the existence of viable non-profit organizations dedicated to producing new low-income housing stock.

What it reported doing in 2025

Low income housing projects are provided to benefit disadvantaged families in eastern North Carolina.

Operating model

Revenue model
Earned-program. 91% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 12
  • Transparency & Controls: 90
  • Accountability: 18
  • Sustainability: 31
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 16.5%; rating input score 16
  • Program expense ratio: 8.7%; rating input score 9
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 10th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -108.8%; rating input score 17; 17th percentile among comparable filings
  • Total-asset coverage ratio: 10.6; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 27; 27th percentile among comparable filings
  • Officer compensation ratio: 70.5%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 3.6% per year; rating input score 100; 59th percentile among comparable filings
  • Revenue growth: -2.6% per year; rating input score 0; 47th percentile among comparable filings
  • Asset growth: 7.9% per year; rating input score 100; 72nd percentile among comparable filings

Details

  • Where the money goes: 16.5% of revenue deployed · 8.7% of spending went to programs
  • Governance: 0 of 3 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5K in reported program spending
  • Leadership: top reported pay $19K · 4 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 14 filing years from 2012 to 2025
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 4 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 16/100.
  • High — Financial Efficiency: Program expense ratio scored 9/100.
  • High — Accountability: Independent voting board scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 9 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 17/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 27/100.