Friends Homes INC: Nonprofit Profile, Financials & Form 990 (EIN 56-0754599)

Revenue by fiscal year
FY2020	$34.6M
FY2021	$36.2M
FY2023	$41.3M
FY2024	$48.6M
FY2025	$50.1M

Expenses by fiscal year
FY2020	$32.6M
FY2021	$34.1M
FY2023	$42.8M
FY2024	$46.3M
FY2025	$48.6M

Net assets by fiscal year
FY2020	$49.2M
FY2021	$58.5M
FY2023	$45.9M
FY2024	$58.0M
FY2025	$63.6M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1970.

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

Where the money goes

82 cents of each dollar spent went to programs.

82%

18%

Program services 82% · $39.6M Management & general 18% · $9.0M

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

19 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Betty Turner

Treasurer

$0Pt VII · Sec A

Kathy Adams

Board Member

$0Pt VII · Sec A

Marshall Hurley

Chairman

$0Pt VII · Sec A

Reggie Beeson

Board Member

$0Pt VII · Sec A

Jennifer Brigman

Board Member

$0Pt VII · Sec A

Jenny Ross

Board Member

$0Pt VII · Sec A

Jay Bumm

Vice Chair

$0Pt VII · Sec A

Bill Carroll

Board Member

$0Pt VII · Sec A

See Friends Homes 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 15aYes

Programs and updates

Provides affordable retirement living fostering independence and wholeness for residents.

Provided by the organization

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1 program · $39.6M · in their own filed words · FY2024

01

There are 14 cottages, 28 townhomes, 350 apartments, 54 villa apartments, 100 assisted care beds and 109 nursing beds.

$39.6Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid

Grants received · FY2024

Network for Good INCFY2024$16K

Religious Society of Friends Foundation for the Aging INCFY2024$8K

The Mary Lynn Richardson FundFY2024$5K

Ella and Les Swindell FoundationFY2024$1K

Total grants receivedfrom 4 funders$30K

See all 4 funders →

Grants paid · 12 grants · $2.2M · 2019–2024

Community Foundation of Greater Greensboro INCNC · FY2024$293,164

Leadership Academy - KinturaFY2024$150,000

Individual RecipientFY2024$100,000

Kellin FoundationNC · FY2024$25,000

Community Foundation of Greater Greensboro INCNC · FY2023$616,290

Community Foundation of Greater Greensboro INCNC · FY2022$486,046

Community Foundation of Greater Greensboro INCNC · FY2020$60,000

Friends of Greensboro Parks AndrecreationNC · FY2019$350,000

North Carolina Agricultural and Technical State UniversityFY2019$54,500

University of North Carolina at Greensboro Excellence FoundationFY2019$54,000

Guilford Technical Community College FoundationFY2019$32,700

Guilford Technical Community College FoundationFY2019$8,800

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$50.1M

Ln 12

Fees for servicesLn 2g$46.1M

Investment incomeLn 3$3.2M

Gifts and grantsLn 1h$756K

Money outPt IX

$48.6M

Ln 25

Programscol B$39.6M

Managementcol C$9.0M

Owns and owesPt X

$63.6M

net assets · Ln 32

Cash and savingsLn 1–2$15.0M

Total assetsLn 16$212.5M

LiabilitiesLn 26$148.8M

PeoplePt VI, VII

19

listed · VII A

PaidVII A0

Voting boardVI 1a19

IndependentVI 1b19

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$756K

Fees for servicesLn 2g$46.1M

Investment incomeLn 3$3.2M

Gains on assetsLn 7−$99K

Total revenueLn 12$50.1M

Assets in detailPt X, end of year

SavingsLn 2$15.0M

Cash and savings togetherLn 1–2$15.0M

InvestmentsLn 11–13$77.0M

Land, buildings, equipmentLn 10c$116.7M

Other assetsLn 15$2.3M

Total assetsLn 16$212.5M

LiabilitiesLn 26$148.8M

Net assetsLn 32$63.6M

OperationsPt I, VI

EmployeesI 5584

VolunteersI 675

Fiscal year endsHeaderSeptember

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$14.5M	$15.0M
InvestmentsLn 11–13	$79.4M	$77.0M
Land, buildings, equipmentLn 10c	$117.9M	$116.7M
Total assetsLn 16	$217.1M	$212.5M
LiabilitiesLn 26	$159.1M	$148.8M
Net assetsLn 32	$58.0M	$63.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$572K	$572K
Other salaries and wagesLn 7	$16.8M	$15.7M	$1.1M
Other employee benefitsLn 9	$1.9M		$1.9M
Payroll taxesLn 10	$1.1M	$1.0M	$70K
Management feesLn 11a	$2.0M		$2.0M
Legal feesLn 11b	$5K		$5K
Accounting feesLn 11c	$71K		$71K
Investment management feesLn 11f	$139K		$139K
InterestLn 20	$3.9M	$3.9M
Depreciation, depletion and amortizationLn 22	$7.3M	$7.3M
InsuranceLn 23	$803K		$803K
Other expenses (24a–d)Ln 24	$9.0M	$6.1M	$2.9M
All other expensesLn 24e	$5.1M	$5.1M	$35K
Total functional expensesLn 25	$48.6M	$39.6M	$9.0M	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$50.1M	$48.6M	$1.5M	$63.6M	990 PDF
FY2024	$48.6M	$46.3M	$2.2M	$58.0M	990 PDF
FY2023	$41.3M	$42.8M	−$1.5M	$45.9M	990 PDF
FY2022	Not on file
FY2021	$36.2M	$34.1M	$2.1M	$58.5M	990 PDF
FY2020	$34.6M	$32.6M	$2.0M	$49.2M	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 FY2025 990 (6 parts)

Part I · Summary $50,087,335 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $432,829$755,542

I-9 Program service revenuePrior year $44,371,700$46,087,973

I-10 Investment incomePrior year $3,788,215$3,243,820

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $48,592,744$50,087,335

I-13 Grants and similar amounts paidPrior year $616,290$571,565

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $18,029,238$19,787,355

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $27,700,529$28,247,441

I-18 Total expensesPrior year $46,346,057$48,606,361

I-19 Revenue less expensesPrior year $2,246,687$1,480,974

Part VI · Governance 19 of 19 board members independent, no flags

VI-1a Voting members of the governing body19

VI-1b Independent voting members19

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

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $50,087,335 across 6 lines filed

VIII-1f All other contributions, gifts and grants$755,542

VIII-1h Total contributions, gifts and grants$755,542

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $46,087,973$46,087,973

VIII-3 Investment incomeExcluded from tax $3,342,515$3,342,515

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$98,695−$98,695

VIII-12 Total revenueRelated to mission $46,087,973 · Unrelated business $0 · Excluded from tax $3,243,820$50,087,335

Part IX · Statement of functional expenses $48,606,361 across 13 lines filed

IX-1 Grants to domestic organizationsPrograms $571,565$571,565

IX-7 Other salaries and wagesPrograms $15,699,582 · Management $1,073,423$16,773,005

IX-9 Other employee benefitsManagement $1,930,038$1,930,038

IX-10 Payroll taxesPrograms $1,014,515 · Management $69,797$1,084,312

IX-11a Management feesManagement $1,990,639$1,990,639

IX-11b Legal feesManagement $5,427$5,427

IX-11c Accounting feesManagement $71,000$71,000

IX-11f Investment management feesManagement $139,114$139,114

IX-20 InterestPrograms $3,864,634$3,864,634

IX-22 Depreciation, depletion and amortizationPrograms $7,268,251$7,268,251

IX-23 InsuranceManagement $803,024$803,024

IX-24 Other expenses (24a–d)Programs $6,128,727 · Management $2,874,006$9,002,733

IX-24e All other expensesPrograms $5,067,681 · Management $34,938$5,102,619

IX-25 Total functional expensesPrograms $39,614,955 · Management $8,991,406 · Fundraising $0$48,606,361

Part X · Balance sheet $212,470,033 assets, 18 lines filed

X-2 Savings and temporary cash investmentsStart of year $14,538,417$14,992,487

X-3 Pledges and grants receivableStart of year $22,347$8,890

X-4 Accounts receivableStart of year $1,568,474$1,179,149

X-8 Inventories for sale or useStart of year $7,000$7,000

X-9 Prepaid expenses and deferred chargesStart of year $357,997$305,772

X-10c Land, buildings and equipment, netStart of year $117,938,154$116,742,180

X-11 Publicly traded securitiesStart of year $79,416,367$76,967,889

X-15 Other assetsStart of year $3,281,024$2,266,666

X-16 Total assetsStart of year $217,129,780$212,470,033

X-17 Accounts payable and accrued expensesStart of year $4,242,837$4,185,121

X-19 Deferred revenueStart of year $49,430,858$49,969,530

X-20 Tax-exempt bond liabilitiesStart of year $104,382,170$93,467,069

X-25 Other liabilitiesStart of year $1,072,525$1,200,825

X-26 Total liabilitiesStart of year $159,128,390$148,822,545

X-27 Net assets without donor restrictionsStart of year $56,840,126$62,397,532

X-28 Net assets with donor restrictionsStart of year $1,161,264$1,249,956

X-32 Total net assets or fund balancesStart of year $58,001,390$63,647,488

X-33 Total liabilities and net assetsStart of year $217,129,780$212,470,033

Part XI · Reconciliation of net assets $63,647,488 net assets at year end

XI-1 Total revenue$50,087,335

XI-2 Total expenses$48,606,361

XI-3 Revenue less expenses$1,480,974

XI-4 Net assets at start of year$58,001,390

XI-5 Net unrealized gains (losses) on investments$4,165,124

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$63,647,488

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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Friends Homes INC

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV