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Phi Omega Incorporated FY2022 filing

Tax-deductible

Winston Salem, NC501(c)(3) EIN 56-1518660Revenue $252K in FY2022

On file with the IRS973 Bryansplace Rd, 27104-5010 · Winston Salem, NCTax-exempt since Sep 1988Publicly supported — 509(a)(2)

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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.

501(c)(3) charity; gifts are tax-deductible.
92¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2022 · 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
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
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
4 of 5
filings with a surplus
Average surplus $29K a year · 12% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Plus $293K in investments, Pt X · Ln 11–13
Looks good: 3.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$90K
17% of total assets
Looks good: liabilities are 17% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$252K
+0.4% vs prior year
Spent
$218K
To programs
92%
Net assets
$434K
By yearFY2020–FY2024
Revenue
$252K
FY2022+0.4%
Tap a bar for its year
Revenue by fiscal year
FY2020$258K
FY2021$251K
FY2022$252K
FY2023$233K
FY2024$244K
Expenses
$218K
FY2022▼ -5%
Tap a bar for its year
Expenses by fiscal year
FY2020$265K
FY2021$230K
FY2022$218K
FY2023$175K
FY2024$204K
Net assets
$434K
FY2022▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2020$379K
FY2021$400K
FY2022$434K
FY2023$493K
FY2024$533K

From the FY2022 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2022 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 Sep 1988.

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

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $201K Management & general 8% · $17K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
Janet Wheeler
President
$0Pt VII · Sec A
Virginia Newell
V. President
$0Pt VII · Sec A
Brenda Hodge
Treasurer
$0Pt VII · Sec A
Hazel McGill
Secretary
$0Pt VII · Sec A
Alma Corbett
Corresponding Secretary
$0Pt VII · Sec A
Annette Wilson
Financial Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2021FY2020
Mary Andrews$6,000$15,570

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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

Builds affordable homes and offers community programs for students and residents.

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Provided by the organization

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1 program · $201K · in their own filed words · FY2022
01

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.

$201Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$252K
Ln 12
Fees for servicesLn 2g$246K
Investment incomeLn 3$6K
Money outPt IX
$218K
Ln 25
Programscol B$201K
Managementcol C$17K
Owns and owesPt X
$434K
net assets · Ln 32
Cash and savingsLn 1–2$56K
Total assetsLn 16$524K
LiabilitiesLn 26$90K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$246K
Investment incomeLn 3$6K
Total revenueLn 12$252K
Assets in detailPt X, end of year
CashLn 1$43
SavingsLn 2$56K
Cash and savings togetherLn 1–2$56K
InvestmentsLn 11–13$293K
Land, buildings, equipmentLn 10c$176K
Total assetsLn 16$524K
LiabilitiesLn 26$90K
Net assetsLn 32$434K
OperationsPt I, VI
EmployeesI 50
VolunteersI 670
Fiscal year endsHeaderDecember
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 FY22End FY22
Cash and savingsLn 1–2$42K$56K
InvestmentsLn 11–13$248K$293K
Land, buildings, equipmentLn 10c$217K$176K
Total assetsLn 16$507K$524K
LiabilitiesLn 26$107K$90K
Net assetsLn 32$400K$434K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$15K$0$15K$0
Accounting feesLn 11c$2K$0$2K$0
Office expensesLn 13$212$0$212$0
InterestLn 20$9$9$0$0
Depreciation, depletion and amortizationLn 22$73K$73K$0$0
InsuranceLn 23$13K$13K$0$0
Other expenses (24a–d)Ln 24$114K$114K$0$0
All other expensesLn 24e$219$219$0$0
Total functional expensesLn 25$218K$201K$17K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $244K$204K$40K$533K 990 PDF
FY2023 $233K$175K$58K$493K 990 PDF
FY2022 Viewing $252K$218K$34K$434K 990 PDF
FY2021 $251K$230K$21K$400K 990 PDF
FY2020 $258K$265K−$7K$379K 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 FY2022 990 (6 parts)
Part I · Summary $251,987 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,000$0
I-9 Program service revenuePrior year $244,064$245,785
I-10 Investment incomePrior year $6,013$6,202
I-11 Other revenue$0
I-12 Total revenuePrior year $251,077$251,987
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $229,871$217,756
I-18 Total expensesPrior year $229,871$217,756
I-19 Revenue less expensesPrior year $21,206$34,231
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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 $251,987 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$245,785
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$6,202
VIII-12 Total revenueRelated to mission $251,987 · Unrelated business $0 · Excluded from tax $0$251,987
Part IX · Statement of functional expenses $217,756 across 8 lines filed
IX-11a Management feesPrograms $0 · Management $15,400 · Fundraising $0$15,400
IX-11c Accounting feesPrograms $0 · Management $1,600 · Fundraising $0$1,600
IX-13 Office expensesPrograms $0 · Management $212 · Fundraising $0$212
IX-20 InterestPrograms $9 · Management $0 · Fundraising $0$9
IX-22 Depreciation, depletion and amortizationPrograms $73,299 · Management $0 · Fundraising $0$73,299
IX-23 InsurancePrograms $13,341 · Management $0 · Fundraising $0$13,341
IX-24 Other expenses (24a–d)Programs $113,676 · Management $0 · Fundraising $0$113,676
IX-24e All other expensesPrograms $219 · Management $0 · Fundraising $0$219
IX-25 Total functional expensesPrograms $200,544 · Management $17,212 · Fundraising $0$217,756
Part X · Balance sheet $524,275 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $43$43
X-2 Savings and temporary cash investmentsStart of year $41,808$55,668
X-10c Land, buildings and equipment, netStart of year $217,185$175,965
X-13 Program-related investmentsStart of year $248,010$292,599
X-16 Total assetsStart of year $507,046$524,275
X-26 Total liabilitiesStart of year $106,886$89,885
X-27 Net assets without donor restrictionsStart of year $400,160$434,390
X-32 Total net assets or fund balancesStart of year $400,160$434,390
X-33 Total liabilities and net assetsStart of year $507,046$524,275
Part XI · Reconciliation of net assets $434,390 net assets at year end
XI-1 Total revenue$251,987
XI-2 Total expenses$217,756
XI-3 Revenue less expenses$34,231
XI-4 Net assets at start of year$400,160
XI-9 Other changes in net assets−$1
XI-10 Net assets at end of year$434,390

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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