Friends of Faith Ret Homes Inc

Nonprofit profile at a glance

EIN
510245745
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Waterloo, IA, USA
Phone
3192918100
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$26,301,801
Expenses
$31,055,500
Assets
$99,657,300
Liabilities
$108,538,628

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

Leadership & pay

13 people listed

Executive titles in this filing

  • SHERRY TURNER (PRESIDENT/CE)

Highest reported compensation

  • SHERRY TURNER (PRESIDENT/CE): $282,866 total reported compensation

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

Overview

Mission

Lifecare for adults 62 and over.

What it reported doing in 2025

To promote the dignity of adults 62 and over by providing a continuum of care including independent living, assisted living and skilled nursing care living accommodations and services whereby these adults may be assisted in maximizing their physical and spiritual well-being while maintaining their financial independence in a congenial environment with a christian ministry.

Operating model

Revenue model
Other-operating. 82% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 87% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 92
  • Transparency & Controls: 71
  • Accountability: 100
  • Sustainability: 33
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.8%; rating input score 88
  • Fundraising efficiency: $28.07 raised per $1 spent on fundraising; rating input score 64; 64th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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: Scored; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 64th 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: -18.1%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 3.21; rating input score 69; 69th percentile among comparable filings
  • Liabilities to assets ratio: 1.09; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 0.9%; rating input score 87; 87th percentile among comparable filings

Growth

  • Program expense growth: 4.9% per year; rating input score 100; 39th percentile among comparable filings
  • Revenue growth: 5% per year; rating input score 100; 41st percentile among comparable filings
  • Asset growth: 6.6% per year; rating input score 100; 47th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.8% of spending went to programs
  • Governance: 12 of 12 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $27.3M in reported program spending
  • Leadership: top reported pay $283K · 13 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 15 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 7 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.