Passage Home Inc

Analysis

Passage Home Inc is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in May 1992, 34 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Passage Home Inc reported income of $4.6m and spending of $4.7m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.6m to $4.6m (+28%), an average of +6.4% a year. The sharpest change came in the year to June 2021, when income rose by 33%. Over the whole period it spent 103% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Passage Home Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within NC. Charities of a similar size with the same main cause include People United for Sustainable Housing Incorporated ($4.6m), Kor Community Land Trust ($4.6m) and Eastern Connecticut Housing Opportunities Inc ($4.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 84% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $135k (2.8% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $10.6m against liabilities of $9.2m, net assets of $1.5m. It reported 47 employees.