Gladstone Housing Inc

Nonprofit profile at a glance

EIN
582168448
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Winstonsalem, NC, USA
Phone
3367653906
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$145,674
Expenses
$188,476
Assets
$552,010
Liabilities
$26,219

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

Leadership & pay

6 people listed

Executive titles in this filing

  • CRAIG PEATROSS (PRESIDENT)

Highest reported compensation

  • TAMMY VERNON (OUTGOING TREASURER): $121,695 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Operate a section 811 apartment complex for the physically handicapped

What it reported doing in 2024

Operating a section 811 apartment complex for the physically handicapped

Operating model

Revenue model
Grant-funded. 69% of the money available for current operations came from government grants.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 29
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95.8%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -29.4%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 2.93; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 2.8% per year; rating input score 100; 44th percentile among comparable filings
  • Revenue growth: 1.1% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: -3.4% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95.8% of spending went to programs
  • Governance: 4 of 4 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $181K in reported program spending
  • Leadership: top reported pay $122K · 6 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 20 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.

  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Sustainability: Operating margin scored 10/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.