PASSAGE HOME INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1991

Legal Domicile

Principal Officer

TRESHAWNA CRYSTAL GWENDO

Phone

9198340666

Tax Period

2024-07-01 to 2025-06-30

PASSAGE HOME INC, founded in 1991, is a community nonprofit in the Housing & Shelter sector that reported $3.4M in total revenue in fiscal year 2024. Revenue fell 22% from the prior year — a significant decline worth monitoring.

Mission

TO BREAK THE CYCLE OF POVERTY AND CREATE MULTI-GENERATIONAL SELF-SUFFICIENCY FOR THE INDIVIDUALS AND FAMILIES OF WAKE COUNTY BY HELPING THEM ACHIEVE HOUSING AND INCOME SECURITY.

Program Service Accomplishments

Program 1

Expenses: $3,524,738 Revenue: $704,294

PASSAGE HOME IS WAKE COUNTY'S COMMUNITY ACTION AGENCY AND SUPPORTIVE SERVICES TO VETERAN FAMILIES PROVIDER. PASSAGE HOME WORKS TO PREVENT HOMELESSNESS THROUGH HOUSING STABILIZATION SERVICES; TO...

PASSAGE HOME IS WAKE COUNTY'S COMMUNITY ACTION AGENCY AND SUPPORTIVE SERVICES TO VETERAN FAMILIES PROVIDER. PASSAGE HOME WORKS TO PREVENT HOMELESSNESS THROUGH HOUSING STABILIZATION SERVICES; TO INCREASE FAMILY FINANCIAL STABILITY THROUGH WORKFORCE DEVELOPMENT SUPPORT; AND TO MINIMIZE THE TRAUMATIC EFFECTS OF HOMELESSNESS AND POVERTY ON CHILDREN THROUGH INTERVENTIONS TARGETING SOCIAL AND EMOTIONAL DEVELOPMENT. ADDITIONALLY, PASSAGE HOME MANAGES OVER 90 AFFORDABLE HOUSING UNITS IN RALEIGH AND WORKS IN PARTNERSHIP WITH LOCAL STAKEHOLDERS TO FACILITATE THE DEVELOPMENT OF ADDITIONAL AFFORDABLE HOUSING PROJECTS IN OUR COMMUNITY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,733,344

Program Service Revenue $704,294

Investment Income $317

Other Revenue $0

TOTAL REVENUE $3,437,955

Expense Breakdown

Grants Paid $1,047,187

Salaries & Benefits $1,379,475

Fundraising Expenses $1,665

Program Expenses $3,524,738

Other Expenses $1,172,724

TOTAL EXPENSES $3,599,386

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,437,955	$4,392,915	-0.2%
Expenses	$3,599,386	$4,916,788	-0.3%
Net Income	$-161,431	$-523,873	-0.7%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$125,971

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MANOJ BHATIA	PRESIDENT	1.00	Officer Director	$0	$0	$0
DAQUANTA COPELAND	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
EMMA PAUL	SECRETARY	1.00	Officer Director	$0	$0	$0
CANDICE TIMMONS	TREASURER	1.00	Officer Director	$0	$0	$0
FRED AIKENS	DIRECTOR	1.00	Director	$0	$0	$0
J RUSSELL ALLEN	DIRECTOR	1.00	Director	$0	$0	$0
MICHELLE CASSELL	DIRECTOR	1.00	Director	$0	$0	$0
IVEY CHAVIS	DIRECTOR	1.00	Director	$0	$0	$0
CORTINA CLARKSON	DIRECTOR	1.00	Director	$0	$0	$0
DEMIAN DELLINGER	DIRECTOR	1.00	Director	$0	$0	$0
WANDA HUNTER	DIRECTOR	1.00	Director	$0	$0	$0
SAFIYAH JACKSON	DIRECTOR	1.00	Director	$0	$0	$0
QUENTIN MILES	DIRECTOR	1.00	Director	$0	$0	$0
YASMIN MORTON	DIRECTOR	1.00	Director	$0	$0	$0
CARI BORAM	CEO (THRU MAY 2025)	40.00	Officer	$112,755	$13,216	$125,971

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$3,437,955	$3,599,386	$10,188,516	$-161,431
2024	$4,392,915	$4,916,788	$10,392,237	$-523,873
2023	$4,628,188	$4,732,071	$10,649,821	$-103,883
2022	$5,411,567	$5,200,628	$13,185,958	$210,939
2021	$5,275,274	$5,601,943	$13,846,729	$-326,669
2020	$3,961,743	$4,090,256	$14,935,790	$-128,513
2019	$3,605,447	$3,944,590	$14,606,500	$-339,143
2018	$3,588,334	$3,903,113	$15,120,069	$-314,779