Family Promise of Wake County Inc
Nonprofit profile at a glance
- EIN
- 561843022
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Raleigh, NC, USA
- Phone
- 9198326024
- Rating
- 89
- Verdict
- STRONG
- Rating confidence
- Moderate
Reported finances
- Revenue
- $772,380
- Expenses
- $1,112,053
- Assets
- $3,338,805
- Liabilities
- $42,414
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- SCOTT FERRIS (EXECUTIVE DIRECTOR)
Highest reported compensation
- SCOTT FERRIS (EXECUTIVE DIRECTOR): $107,309 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Moving families at risk of or experiencing homelessness into sustainable, permanent housing in our community through a continuum of support services.
What it reported doing in 2024
Annually, our emergency shelter program provides temporary shelter to about 25 families experiencing homelessness. With local congregations providing evening shelter and daily meals on a weekly basis, family promise of wake county provides supportive services and case management at the day center. The day center is also a safe place for families to be during the day while they work through individual barriers to permanent housing with staff assistance.through our homeless prevention program, a hand up, we helped 79 families avoid an eviction and safely remain in their homes. We partner(continued on schedule o)with the school social workers to provide coordinated assistance and case management to these families so that they and especially their children do not have to experience the trauma from an eviction event.annually, our permanent housing programs - rapid rehousing & new lease on life - places about 40 families in permanent housing. This housing is usually within wake county and provided at affordable rates. If necessary, family promise can provide minimal financial assistance to ensure that the families are able to maintain their permanent housing placements. As with our other programs, case management services are also provided to assist families as needed.
Operating model
- Revenue model
- Donor-supported. 71% of the money available for current operations came from contributions and gifts.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 57% for direct work, and 43% for grants.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 85
- Transparency & Controls: 94
- Accountability: 100
- Sustainability: 36
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 80.7%; rating input score 81
- Fundraising efficiency: $6.4 raised per $1 spent on fundraising; rating input score 24; 24th percentile among comparable filings
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: 100%; rating input score 100; 76th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- 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: -44%; rating input score 4; 4th percentile among comparable filings
- Total-asset coverage ratio: 3; rating input score 75; 75th percentile among comparable filings
- Liabilities to assets ratio: 0.01; rating input score 67; 67th percentile among comparable filings
- Officer compensation ratio: 9.6%; rating input score 38; 38th percentile among comparable filings
Growth
- Program expense growth: 8.9% per year; rating input score 100; 59th percentile among comparable filings
- Revenue growth: 10.6% per year; rating input score 100; 68th percentile among comparable filings
- Asset growth: 5.9% per year; rating input score 100; 43rd percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 80.7% of spending went to programs
- Governance: 15 of 15 board members independent · 8 of 8 filing controls reported
- Programs: 2 filed program accomplishments · $898K in reported program spending
- Leadership: top reported pay $107K · 16 people listed
- Highest-paid contractors: 1 contractor listed · $103K reported
- Consistency: 31 of 31 current checks pass
- Schedules: 6 filed schedules · includes major donors and grants
- Filing history: 13 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Fundraising efficiency scored 24/100.
- High — Sustainability: Operating margin scored 4/100.
- Moderate — Sustainability: Officer compensation ratio scored 38/100.