Friends Homes Inc

Analysis

Friends Homes Inc is a registered charity in United States, based in Greensboro, NC. It received its IRS tax-exemption ruling in April 1970, 56 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Friends Homes Inc reported income of $41.3m and spending of $42.8m, spending 104% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $32.2m to $41.3m (+28%), an average of +6.5% a year. The sharpest change came in the year to September 2022, when income rose by 18%. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Friends Homes Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within NC. Charities of a similar size with the same main cause include Empath-Stratum Inc ($41.3m), Florida Network of Youth and Family Services Inc ($41.4m) and Carleton Willard Homes Inc ($41.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.8% and program service revenue 94% of the total. Other salaries and wages came to $14.4m. At year end it held assets of $204.4m against liabilities of $158.5m, net assets of $45.9m. It reported 598 employees.