Friends Homes Inc
- Assets
- $204.4m
- Revenue
- $41.3m
- Investments
- $0.0
- Employees
- 598
- Location
- Greensboro, NC
- Founding
- 04/1970
- Data as of
- 09/2023
- EIN
- 56-0754599
Organization Overview
Friends Homes Inc is located in Greensboro, NC. The organization was established in 1970. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 09/2023, Friends Homes Inc employed 598 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Homes Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Friends Homes Inc generated $41.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $42.8m during the year ending 09/2023. While expenses have increased by 6.0% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ESTABLISH AND OPERATE CONTINUING CARE RETIREMENT COMMUNITIES IN ACCORDANCE WITH THE PRINCIPLES OF THE RELIGIOUS SOCIETY OF FRIENDS. THESE PRINCIPLES REQUIRE THAT OUR COMMUNITIES PROVIDE, AT A FAIR COST, AN ENVIRONMENT WHICH FOSTERS INDEPENDENCE AND A SENSE OF WHOLENESS, HEALTH, AND SECURITY SO THAT EACH RESIDENT MAY REALIZE HIS OR HER FULL POTENTIAL. IN DOING SO WE FACILITATE THE BASIC QUAKER PRINCIPLE THAT "THERE IS THAT OF GOD IN EVERY PERSON," MEANING THAT EVERYONE HAS WORTH AND VALUE. THROUGH CONTINUOUS IMPROVEMENT AND EXPANSION, THE ORGANIZATION WILL PROVIDE AFFORDABLE SERVICES TO THE AGED AND SUPPORT TO THE COMMUNITY AT LARGE. WE ACCEPT THE RESPONSIBILITY TO PROMOTE CONSISTENT QUALITY CARE WHILE PROVIDING A HOME FOR OUR RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THERE ARE 14 COTTAGES, 28 TOWNHOMES, 350 APARTMENTS, 54 VILLA APARTMENTS, 100 ASSISTED CARE BEDS AND 109 NURSING BEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Betty Turner Treasurer | OfficerTrustee | 0.25 | $0 |
Kathy Adams Board Member | Trustee | 0.25 | $0 |
Marshall Hurley Chairman | OfficerTrustee | 0.25 | $0 |
Reggie Beeson Board Member | Trustee | 0.25 | $0 |
Jennifer Brigman Board Member | Trustee | 0.25 | $0 |
Pete Cross Vice Chair | OfficerTrustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Phi Management Services Llc Management Services | 9/29/23 | $1,666,672 |
Deridder Case Salon Services | 9/29/23 | $123,963 |
Trinity Rehab Llc Rehab Services | 9/29/23 | $894,865 |
Id Collaborative Acquisition Llc Interior Design Services | 9/29/23 | $211,708 |
Neil Medical Group Medical Services | 9/29/23 | $105,392 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $332,777 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $332,777 |
| Total Program Service Revenue | $38,865,735 |
| Investment income | $2,073,401 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $41,919 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,313,832 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $486,046 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,448,774 |
| Pension plan accruals and contributions | $104,044 |
| Other employee benefits | $1,651,237 |
| Payroll taxes | $1,011,586 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,316 |
| Fees for services: Accounting | $71,085 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $118,122 |
| Fees for services: Other | $87,575 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,370,700 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,116,427 |
| Insurance | $0 |
| All other expenses | $6,865,274 |
| Total functional expenses | $42,829,838 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $28,639,816 |
| Pledges and grants receivable | $79,723 |
| Accounts receivable, net | $2,312,037 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $36,846 |
| Prepaid expenses and deferred charges | $283,579 |
| Net Land, buildings, and equipment | $121,254,138 |
| Investments—publicly traded securities | $49,384,518 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,458,351 |
| Total assets | $204,449,008 |
| Accounts payable and accrued expenses | $4,427,990 |
| Grants payable | $0 |
| Deferred revenue | $47,987,072 |
| Tax-exempt bond liabilities | $105,486,089 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $625,125 |
| Total liabilities | $158,526,276 |
| Net assets without donor restrictions | $44,880,425 |
| Net assets with donor restrictions | $1,042,307 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $204,449,008 |
Grants Awarded
Over the last fiscal year, Friends Homes Inc has awarded $669,177 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY FOUNDATION OF GREATER GREENSBORO INC PURPOSE: Resident Assistance | $60,000 |
CITY OF GREENSBORO PURPOSE: Greenway Connector Project | $609,177 |