Friends Homes

Legal name: Friends Homes Inc

Nonprofit profile at a glance

EIN
560754599
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Greensboro, NC, US
Phone
(336) 369-2559
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults

Official website

Reported finances

Revenue
$50,087,335
Expenses
$48,606,361
Assets
$212,470,033
Liabilities
$148,822,545

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

19 people listed

People named in this filing

  • BETTY TURNER (TREASURER)
  • KATHY ADAMS (BOARD MEMBER)
  • MARSHALL HURLEY (CHAIRMAN)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Guided by Quaker values, Friends Homes offers an environment which encourages independence and a sense of wholeness, wellness and security, at reasonable cost, so that each resident may live a fulfilling life.

What it reported doing in 2024

There are 14 cottages, 28 townhomes, 350 apartments, 54 villa apartments, 100 assisted care beds and 109 nursing beds.

Operating model

Revenue model
Earned-program. 92% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 99% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.7%; rating input score 74
  • Program expense ratio: 81.5%; rating input score 82
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 21st percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.4%; rating input score 99; 40th 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; 77th 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: 3%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 4.37; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.7; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 98; 98th percentile among comparable filings

Growth

  • Program expense growth: 6.2% per year; rating input score 100; 51st percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 48th percentile among comparable filings
  • Asset growth: 9.2% per year; rating input score 100; 66th percentile among comparable filings

Details

  • What they do: 6 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 73.7% of revenue deployed · 81.5% of spending went to programs
  • Governance: 19 of 19 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $39.6M in reported program spending
  • Leadership: top reported pay $0 · 19 people listed
  • Highest-paid contractors: 5 contractors listed · $3.6M reported
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 2 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.
  • 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.

  • Moderate — Sustainability: Operating margin scored 47/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.