Phi Omega Incorporated

Nonprofit profile at a glance

EIN
561518660
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Winstonsalem, NC, USA
Phone
3367689381
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$243,697
Expenses
$203,861
Assets
$589,162
Liabilities
$56,654

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

Leadership & pay

9 people listed

Executive titles in this filing

  • Janet Wheeler (President)
  • Virginia Newell (V. President)

People named in this filing

  • Janet Wheeler (President)
  • Virginia Newell (V. President)
  • Brenda Hodge (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. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide quality affordable housing for low and moderate income citizens and a facility for community activities such as educational workshops for middle and high school students.

What it reported doing in 2024

Provide quality affordable housing to citizens of the community, including a community center. The community center is used for various community functions such as educational workshop for middle and high school students.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 100
  • Accountability: 82
  • Sustainability: 64
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.4%; rating input score 72
  • Program expense ratio: 91.2%; rating input score 91
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 16.3%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 2.89; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 27; 27th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -1.9% per year; rating input score 0; 24th percentile among comparable filings
  • Revenue growth: -0.2% per year; rating input score 0; 23rd percentile among comparable filings
  • Asset growth: -7.1% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 72.4% of revenue deployed · 91.2% of spending went to programs
  • Governance: 9 of 9 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $186K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 14 filing years from 2010 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.

  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 27/100.