Phi Omega Incorporated
- Assets
- $524.3k
- Revenue
- $252.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Winstonsalem, NC
- Founding
- 09/1988
- Data as of
- 12/2022
- EIN
- 56-1518660
Organization Overview
Phi Omega Incorporated is located in Winstonsalem, NC. The organization was established in 1988. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Phi Omega Incorporated 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 12/2022, Phi Omega Incorporated generated $252.0k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $217.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janet Wheeler President | OfficerTrustee | 2 | $0 |
Virginia Newell V. President | OfficerTrustee | 2 | $0 |
Brenda Hodge Treasurer | OfficerTrustee | 2 | $0 |
Hazel Mcgill Secretary | OfficerTrustee | 2 | $0 |
Alma Corbett Corresponding Secretary | OfficerTrustee | 1 | $0 |
Annette Wilson Financial Secretary | OfficerTrustee | 1 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $245,785 |
| Investment income | $6,202 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $251,987 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $15,400 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $212 |
| 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 | $9 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $73,299 |
| Insurance | $13,341 |
| All other expenses | $219 |
| Total functional expenses | $217,756 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43 |
| Savings and temporary cash investments | $55,668 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $175,965 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $292,599 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $524,275 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $20,875 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $69,010 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $89,885 |
| Net assets without donor restrictions | $434,390 |
| Net assets with donor restrictions | $0 |
| 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 | $524,275 |