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Grace Housing INC

Tax-deductible

Okolona, MS501(c)(3)Since 2022HousingEIN 87-4626378

Provide affordable housing and social support to people in economic need.

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
1 of 3
filings with a surplus
Average surplus $171K a year · 80% of revenue · last 3 filings
Worth a look: a surplus in 1 of the last 3 filings.
Pt I · Ln 19 · 3 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
7 mo
of spending, in cash
Looks good: 6.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $22K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1K
0.3% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$26K
-18% vs prior year
Spent
$53K
To programs
90%
Net assets
$487K
By yearFY2022–FY2024
Revenue
$26K
FY2024▼ -18%
Revenue by fiscal year
FY2022$568K
FY2023$40K
FY2024$32K
FY2024$26K
Expenses
$53K
FY2024▲ +13%
Expenses by fiscal year
FY2022$30K
FY2023$49K
FY2024$47K
FY2024$53K
Net assets
$487K
FY2024▼ -5%
Net assets by fiscal year
FY2022$538K
FY2023$528K
FY2024$514K
FY2024$487K

From the FY2024 Form 990 · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2022.

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% · $47K Management & general 10% · $6K

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

Who runs it and what they're paid

8 people listed on the 990.

Part VII, Section A · reportable compensation
Gary Ervin
President
$0Pt VII · Sec A
Eldridge Lowe
Board Member
$0Pt VII · Sec A
Stella Smith
Board Member
$0Pt VII · Sec A
Bobbie Montgomery
Board Member
$0Pt VII · Sec A
Susan Schultz
Board Member
$0Pt VII · Sec A
Elizabeth Brown
Ex Official
$0Pt VII · Sec A
Nancy Schreck
Recording Secretary
$0Pt VII · Sec A
Debbra Shelton
Finance Officer
$0Pt VII · Sec A
See Grace Housing 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

Builds affordable homes and offers support for those facing financial hardship.

Provided by the organization

This section is blank until Grace Housing INC claims this page.

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1 program service account for $47K of program spending, described in the organization's own filed words · FY2024.
01

Provide affordable housing for senior citizens and temporary housing for women and children.

$47Kprogram expense

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Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2021
Excel INCFY2021$22K
Total grants receivedfrom 1 funder$22K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$26K
Ln 12
Other incomeLn 4–11$18K
Gifts and grantsLn 1h$8K
Money outPt IX
$53K
Ln 25
Programscol B$47K
Managementcol C$6K
Owns and owesPt X
$487K
net assets · Ln 32
Cash and savingsLn 1–2$29K
Total assetsLn 16$488K
LiabilitiesLn 26$1K
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$8K
Other incomeLn 4–11$18K
Total revenueLn 12$26K
Assets in detailPt X, end of year
CashLn 1$29K
Cash and savings togetherLn 1–2$29K
Land, buildings, equipmentLn 10c$459K
Total assetsLn 16$488K
LiabilitiesLn 26$1K
Net assetsLn 32$487K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$43K$29K
Land, buildings, equipmentLn 10c$471K$459K
Total assetsLn 16$515K$488K
LiabilitiesLn 26$1K$1K
Net assetsLn 32$514K$487K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$5K$5K
Other fees for servicesLn 11g$6K$6K
OccupancyLn 16$11K$11K
Depreciation, depletion and amortizationLn 22$13K$13K
InsuranceLn 23$17K$17K
Other expenses (24a–d)Ln 24$2K$2K
Total functional expensesLn 25$53K$47K$6K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $32K$47K−$15K$514K 990 PDF
FY2023 $40K$49K−$9K$528K 990 PDF
FY2022 $568K$30K$538K$538K 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 FY2024 990 (4 parts)
Part VIII · Statement of revenue $26,039 across 5 lines filed
VIII-1f All other contributions, gifts and grants$8,015
VIII-1h Total contributions, gifts and grants$8,015
VIII-6 Net rental income or lossRelated to mission $18,024$18,024
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueRelated to mission $18,024 · Unrelated business $0 · Excluded from tax $0$26,039
Part IX · Statement of functional expenses $52,625 across 6 lines filed
IX-11c Accounting feesPrograms $5,000$5,000
IX-11g Other fees for servicesManagement $5,500$5,500
IX-16 OccupancyPrograms $10,802$10,802
IX-22 Depreciation, depletion and amortizationPrograms $12,515$12,515
IX-23 InsurancePrograms $17,084$17,084
IX-24 Other expenses (24a–d)Programs $1,724$1,724
IX-25 Total functional expensesPrograms $47,125 · Management $5,500 · Fundraising $0$52,625
Part X · Balance sheet $488,236 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $43,325$29,351
X-10c Land, buildings and equipment, netStart of year $471,401$458,885
X-16 Total assetsStart of year $514,726$488,236
X-17 Accounts payable and accrued expensesStart of year $852$948
X-25 Other liabilitiesStart of year $275$275
X-26 Total liabilitiesStart of year $1,127$1,223
X-27 Net assets without donor restrictionsStart of year $510,891$484,208
X-28 Net assets with donor restrictionsStart of year $2,708$2,805
X-32 Total net assets or fund balancesStart of year $513,599$487,013
X-33 Total liabilities and net assetsStart of year $514,726$488,236
Part XI · Reconciliation of net assets $487,013 net assets at year end
XI-1 Total revenue$26,039
XI-2 Total expenses$52,625
XI-3 Revenue less expenses−$26,586
XI-4 Net assets at start of year$513,599
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$487,013

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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