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Grace House INC FY2023 filing

Rockville, MD501(c)(3) EIN 20-2023995Revenue $2.4M in FY2023

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.

90¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2023 · 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
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.3 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.7M
95% of total assets
Concern: liabilities are 95% 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
$2.4M
-3% vs prior year
Spent
$2.5M
To programs
90%
Net assets
$207K
By yearFY2020–FY2024
Revenue
$2.4M
FY2023▼ -3%
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
$2.5M
FY2023▼ -3%
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
$207K
FY2023▼ -19%
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 FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2023 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

90 cents of each dollar spent went to programs.

Program services 90% · $2.2M Management & general 10% · $249K

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

12 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Rev Daniel Carson
Director (until 12/22)
$0Pt VII · Sec A
Terry Farrell
Director (until 12/22)
$0Pt VII · Sec A
Michael Gill
Director (as of 1/23)
$0Pt VII · Sec A
James Pope
Director (as of 1/23)
$0Pt VII · Sec A
Julie Smith
Director (until 12/22)
$0Pt VII · Sec A
Donald Tomasso
Director (as of 1/23)
$0Pt VII · Sec A
Leila a Finucane
President & CEO
$0Pt VII · Sec A
Jacqueline R Smedley
Vice President
$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 · $2.2M · in their own filed words · FY2022
01

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

$2.2Mprogram 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 FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.4M
Ln 12
Fees for servicesLn 2g$2.4M
Gifts and grantsLn 1h$33K
Investment incomeLn 3$9K
Money outPt IX
$2.5M
Ln 25
Programscol B$2.2M
Managementcol C$249K
Owns and owesPt X
$207K
net assets · Ln 32
Cash and savingsLn 1–2$52K
Total assetsLn 16$3.9M
LiabilitiesLn 26$3.7M
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$33K
Government grantsLn 1e$28K
Fees for servicesLn 2g$2.4M
Investment incomeLn 3$9K
Gains on assetsLn 7−$41K
Total revenueLn 12$2.4M
Assets in detailPt X, end of year
CashLn 1$52K
SavingsLn 2$0
Cash and savings togetherLn 1–2$52K
Land, buildings, equipmentLn 10c$3.5M
Other assetsLn 15$318K
Total assetsLn 16$3.9M
LiabilitiesLn 26$3.7M
Net assetsLn 32$207K
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 FY23End FY23
Cash and savingsLn 1–2$2K$52K
Land, buildings, equipmentLn 10c$3.5M$3.5M
Total assetsLn 16$4.1M$3.9M
LiabilitiesLn 26$3.8M$3.7M
Net assetsLn 32$257K$207K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$75K$75K
Management feesLn 11a$1.7M$1.5M$202K
Legal feesLn 11b$87$87
Accounting feesLn 11c$46K$46K
Other fees for servicesLn 11g$10K$10K
Advertising and promotionLn 12$12K$12K
Office expensesLn 13$23K$23K
Information technologyLn 14$2K$2K
OccupancyLn 16$163K$163K
Conferences, conventions and meetingsLn 19$3K$3K
Depreciation, depletion and amortizationLn 22$129K$129K
Other expenses (24a–d)Ln 24$271K$271K
Total functional expensesLn 25$2.5M$2.2M$249K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $2.7M$2.6M$36K$137K 990 PDF
FY2023 Viewing $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 $2.2M$2.3M−$76K$528K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $2,404,844 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $193,490$33,228
I-9 Program service revenuePrior year $2,288,723$2,403,300
I-10 Investment incomePrior year −$4,113−$32,360
I-11 Other revenuePrior year $1,585$676
I-12 Total revenuePrior year $2,479,685$2,404,844
I-13 Grants and similar amounts paidPrior year $100,000$75,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,426,011$2,379,603
I-18 Total expensesPrior year $2,526,011$2,454,603
I-19 Revenue less expensesPrior year −$46,326−$49,759
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 $2,404,844 across 8 lines filed
VIII-1e Government grants$28,448
VIII-1f All other contributions, gifts and grants$4,780
VIII-1h Total contributions, gifts and grants$33,228
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,403,300$2,403,300
VIII-3 Investment incomeExcluded from tax $8,562$8,562
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$40,922−$40,922
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $676$676
VIII-12 Total revenueRelated to mission $2,403,300 · Unrelated business $0 · Excluded from tax −$31,684$2,404,844
Part IX · Statement of functional expenses $2,454,603 across 12 lines filed
IX-1 Grants to domestic organizationsPrograms $75,000$75,000
IX-11a Management feesPrograms $1,516,816 · Management $202,380$1,719,196
IX-11b Legal feesPrograms $87$87
IX-11c Accounting feesManagement $46,372$46,372
IX-11g Other fees for servicesPrograms $10,110$10,110
IX-12 Advertising and promotionPrograms $12,423$12,423
IX-13 Office expensesPrograms $23,205$23,205
IX-14 Information technologyPrograms $2,304$2,304
IX-16 OccupancyPrograms $163,127$163,127
IX-19 Conferences, conventions and meetingsPrograms $2,502$2,502
IX-22 Depreciation, depletion and amortizationPrograms $129,320$129,320
IX-24 Other expenses (24a–d)Programs $270,957$270,957
IX-25 Total functional expensesPrograms $2,205,851 · Management $248,752 · Fundraising $0$2,454,603
Part X · Balance sheet $3,878,321 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $300$52,320
X-2 Savings and temporary cash investmentsStart of year $1,511$0
X-4 Accounts receivableStart of year $10,333$5,306
X-9 Prepaid expenses and deferred chargesStart of year $402$0
X-10c Land, buildings and equipment, netStart of year $3,503,474$3,459,449
X-14 Intangible assetsStart of year $43,253$43,253
X-15 Other assetsStart of year $509,221$317,993
X-16 Total assetsStart of year $4,068,494$3,878,321
X-17 Accounts payable and accrued expensesStart of year $178,829$157,604
X-19 Deferred revenueStart of year $373$373
X-25 Other liabilitiesStart of year $7,589$3,025
X-26 Total liabilitiesStart of year $3,811,295$3,670,881
X-27 Net assets without donor restrictionsStart of year $255,699$205,940
X-28 Net assets with donor restrictionsStart of year $1,500$1,500
X-32 Total net assets or fund balancesStart of year $257,199$207,440
X-33 Total liabilities and net assetsStart of year $4,068,494$3,878,321
Part XI · Reconciliation of net assets $207,440 net assets at year end
XI-1 Total revenue$2,404,844
XI-2 Total expenses$2,454,603
XI-3 Revenue less expenses−$49,759
XI-4 Net assets at start of year$257,199
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$207,440

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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