Cannon Housing Inc

Nonprofit profile at a glance

EIN
581743456
IRS 990 coverage
2010–2021
Forms available
Form 990 2021
Location
Dunn, NC, USA
Phone
9108920436
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$1,274,711
Expenses
$146,304
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

7 people listed

People named in this filing

  • Don G Wellons (Pres/Director)
  • John H Wellons Jr (VP/Director)
  • Leigh Anna Thompson (Sec/Treas/Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Reduced rent housing for elderly & handicapped

What it reported doing in 2021

Provide elderly & handicapped persons with reduced rent housing & services specially designed to meet their physical, social & phychological needs & to promote their health, security, happiness, & usefulness in longer living. 40 units provided

Operating model

Revenue model
Other-operating. 87% of the money available for current operations came from other operating 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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 30
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 56
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 8.6%; rating input score 9
  • Program expense ratio: 74.8%; rating input score 75
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 88.5%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: -6.5% per year; rating input score 0; 11th percentile among comparable filings
  • Revenue growth: 10.4% per year; rating input score 100; 70th percentile among comparable filings
  • Asset growth: -11.7% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 8.6% of revenue deployed · 74.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $110K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 12 filing years from 2010 to 2021
  • Contacts: How to reach this organization
  • 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 9/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.