Goremont Inc

Nonprofit profile at a glance

EIN
300177961
IRS 990-EZ coverage
2012–2024
Forms available
Form 990 2011, Form 990-EZ 2024
Location
Tabor City, NC, USA
Phone
9192653402
Rating
91
Verdict
STRONG
Rating confidence
Moderate
Sector
Developmentally Disabled Centers

Reported finances

Revenue
$48,811
Expenses
$49,180
Assets
$304,641
Liabilities
$1,274

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

Leadership & pay

9 people listed

People named in this filing

  • CHARLES FOSKEY (CHAIRMAN)
  • BOBBY BRITT (DIRECTOR)
  • REV JIMMY F CUMMINGS (TREASURER)

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

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

Overview

Mission

Goremont, inc. Provides housing to residents in the tabor city, nc area. The residents are mentally disabled.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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. Expenses are high relative to revenue and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 100
  • Transparency & Controls: 82
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: -0.8%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 6.19; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 10.3% per year; rating input score 100; 72nd percentile among comparable filings
  • Revenue growth: 9.2% per year; rating input score 100; 80th percentile among comparable filings
  • Asset growth: 1.6% per year; rating input score 100; 45th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 2 filed program accomplishments · $49K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 7 of 7 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 12 filing years from 2012 to 2024
  • 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.

  • Moderate — Sustainability: Operating margin scored 42/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.