Passage Home Inc

Nonprofit profile at a glance

EIN
561765360
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Raleigh, NC, USA
Phone
9198340666
Rating
94
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing, Shelter N.E.C.

Official website

Reported finances

Revenue
$3,437,955
Expenses
$3,599,386
Assets
$10,188,516
Liabilities
$9,405,545

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

Leadership & pay

15 people listed

Executive titles in this filing

  • MANOJ BHATIA (PRESIDENT)
  • DAQUANTA COPELAND (VICE PRESIDENT)
  • CARI BORAM (CEO (THRU MAY 2025))

Highest reported compensation

  • CARI BORAM (CEO (THRU MAY 2025)): $125,971 total reported compensation

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

Overview

Mission

To break the cycle of poverty and create multi-generational self-sufficiency for the individuals and families of wake county by helping them achieve housing and income security.

What it reported doing in 2024

Passage home is wake county's community action agency and supportive services to veteran families provider. Passage home works to prevent homelessness through housing stabilization services; to increase family financial stability through workforce development support; and to minimize the traumatic effects of homelessness and poverty on children through interventions targeting social and emotional development. Additionally, passage home manages over 90 affordable housing units in raleigh and works in partnership with local stakeholders to facilitate the development of additional affordable housing projects in our community.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 70% for direct work, and 30% for grants.

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 assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 99
  • Transparency & Controls: 94
  • Accountability: 100
  • Sustainability: 40
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.9%; rating input score 98
  • Fundraising efficiency: $1,641.65 raised per $1 spent on fundraising; rating input score 98; 98th 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; 72nd 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: -4.7%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 2.83; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.92; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 3.5%; rating input score 65; 65th percentile among comparable filings

Growth

  • Program expense growth: 4.5% per year; rating input score 100; 36th percentile among comparable filings
  • Revenue growth: 2.4% per year; rating input score 100; 23rd percentile among comparable filings
  • Asset growth: -3.5% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.9% of spending went to programs
  • Governance: 14 of 14 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $3.5M in reported program spending
  • Leadership: top reported pay $126K · 15 people listed
  • Consistency: 34 of 34 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 21/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.