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Grace House INC FY2020 filing

Rockville, MD501(c)(3)EIN 20-2023995Revenue $2.2M in FY2020

On file with the IRS6001 Executive Blvd Ste 300, 20852-3886 · Rockville, MDTax-exempt since Mar 1946Publicly supported — 509(a)(2)

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Assisted living residence for low- and moderate-income frail elderly persons.

89¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $72K a year · 3% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
89%
of spending
Looks good: 89% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 2.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.2M
89% of total assets
Concern: liabilities are 89% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.2M
Spent
$2.3M
To programs
89%
Net assets
$528K
By yearFY2020–FY2024
Revenue
$2.2M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$2.2M
FY2021$2.2M
FY2022$2.5M
FY2023$2.4M
FY2023$1.2M
FY2024$2.7M
Expenses
$2.3M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$2.3M
FY2021$2.5M
FY2022$2.5M
FY2023$2.5M
FY2023$1.3M
FY2024$2.6M
Net assets
$528K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$528K
FY2021$304K
FY2022$257K
FY2023$207K
FY2023$100K
FY2024$137K

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1946.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

89 cents of each dollar spent went to programs.

Program services 89% · $2.0M Management & general 11% · $239K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Paul E Johnson JR
Chair (outgoing - December 2019)
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Julie Smith
Chair (incoming - January 2020)
$0Pt VII · Sec A
Kathleen McWilliams
Treasurer (outgoing - December 2019)
$0Pt VII · Sec A
Leila a Finucane
CEO/President
$0Pt VII · Sec A
Jacqueline R Smedley
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
See Grace House INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides affordable housing and care for low-income seniors.

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Provided by the organization

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1 program · $2.0M · in their own filed words · FY2019
01

Assisted living residence for low- and moderate-income frail elderly persons.

$2.0Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 5 grants · $330K · 2019–2024
Victory Housing INCMD · FY2024$75,000
Victory Housing INCMD · FY2022$75,000
Victory Housing INCMD · FY2021$100,000
Victory Housing INCMD · FY2020$40,000
Victory Housing INCMD · FY2019$40,000

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.2M
Ln 12
Fees for servicesLn 2g$2.2M
Investment incomeLn 3$5K
Money outPt IX
$2.3M
Ln 25
Programscol B$2.0M
Managementcol C$239K
Owns and owesPt X
$528K
net assets · Ln 32
Cash and savingsLn 1–2$432K
Total assetsLn 16$4.7M
LiabilitiesLn 26$4.2M
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$2.2M
Investment incomeLn 3$5K
Gains on assetsLn 7−$5K
Total revenueLn 12$2.2M
Assets in detailPt X, end of year
CashLn 1$300
SavingsLn 2$431K
Cash and savings togetherLn 1–2$432K
Land, buildings, equipmentLn 10c$3.7M
Other assetsLn 15$533K
Total assetsLn 16$4.7M
LiabilitiesLn 26$4.2M
Net assetsLn 32$528K
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$218K$432K
Land, buildings, equipmentLn 10c$3.8M$3.7M
Total assetsLn 16$4.6M$4.7M
LiabilitiesLn 26$4.0M$4.2M
Net assetsLn 32$604K$528K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$40K$40K
Management feesLn 11a$914K$724K$190K
Legal feesLn 11b$575$575
Accounting feesLn 11c$46K$46K
Advertising and promotionLn 12$8K$8K
Office expensesLn 13$9K$9K
Information technologyLn 14$2K$2K
OccupancyLn 16$51K$51K
InterestLn 20$101K$101K
Depreciation, depletion and amortizationLn 22$168K$168K
InsuranceLn 23$8K$8K
Other expenses (24a–d)Ln 24$892K$892K
All other expensesLn 24e$12K$12K
Total functional expensesLn 25$2.3M$2.0M$239K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $2.7M$2.6M$36K$137K 990 PDF
FY2023 $2.4M$2.5M−$50K$207K 990 PDF
FY2022 $2.5M$2.5M−$46K$257K 990 PDF
FY2021 $2.2M$2.5M−$225K$304K 990 PDF
FY2020 Viewing $2.2M$2.3M−$76K$528K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $2,176,963 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $2,130,154$2,177,326
I-10 Investment incomePrior year $2,459−$363
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $2,132,613$2,176,963
I-13 Grants and similar amounts paidPrior year $0$40,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $576,453$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,517,088$2,212,717
I-18 Total expensesPrior year $2,093,541$2,252,717
I-19 Revenue less expensesPrior year $39,072−$75,754
Part VI · Governance 3 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $2,176,963 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,177,326$2,177,326
VIII-3 Investment incomeExcluded from tax $4,800$4,800
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$5,163−$5,163
VIII-12 Total revenueRelated to mission $2,177,326 · Unrelated business $0 · Excluded from tax −$363$2,176,963
Part IX · Statement of functional expenses $2,252,717 across 13 lines filed
IX-1 Grants to domestic organizationsPrograms $40,000$40,000
IX-11a Management feesPrograms $723,960 · Management $190,419$914,379
IX-11b Legal feesPrograms $575$575
IX-11c Accounting feesManagement $45,972$45,972
IX-12 Advertising and promotionPrograms $7,756$7,756
IX-13 Office expensesPrograms $8,866$8,866
IX-14 Information technologyManagement $2,304$2,304
IX-16 OccupancyPrograms $50,882$50,882
IX-20 InterestPrograms $101,360$101,360
IX-22 Depreciation, depletion and amortizationPrograms $168,276$168,276
IX-23 InsurancePrograms $8,389$8,389
IX-24 Other expenses (24a–d)Programs $891,924$891,924
IX-24e All other expensesPrograms $12,034$12,034
IX-25 Total functional expensesPrograms $2,014,022 · Management $238,695 · Fundraising $0$2,252,717
Part X · Balance sheet $4,719,594 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $300$300
X-2 Savings and temporary cash investmentsStart of year $217,555$431,330
X-4 Accounts receivableStart of year $25$8,488
X-10c Land, buildings and equipment, netStart of year $3,841,302$3,703,013
X-14 Intangible assetsStart of year $43,253$43,253
X-15 Other assetsStart of year $495,712$533,210
X-16 Total assetsStart of year $4,598,147$4,719,594
X-17 Accounts payable and accrued expensesStart of year $65,318$384,689
X-19 Deferred revenueStart of year $1,333$1,013
X-25 Other liabilitiesStart of year $187,162$190,160
X-26 Total liabilitiesStart of year $3,993,987$4,191,188
X-27 Net assets without donor restrictionsStart of year $602,660$526,906
X-28 Net assets with donor restrictionsStart of year $1,500$1,500
X-32 Total net assets or fund balancesStart of year $604,160$528,406
X-33 Total liabilities and net assetsStart of year $4,598,147$4,719,594
Part XI · Reconciliation of net assets $528,406 net assets at year end
XI-1 Total revenue$2,176,963
XI-2 Total expenses$2,252,717
XI-3 Revenue less expenses−$75,754
XI-4 Net assets at start of year$604,160
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$528,406

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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