Prayer Closet
- Assets
- $3.9m
- Revenue
- -$7.1k
- Investments
- $3.8m
- Employees
- 0
- Location
- Plano, TX
- Founding
- 03/2005
- Data as of
- 12/2022
- EIN
- 20-1849802
Organization Overview
Prayer Closet is located in Plano, TX. The organization was established in 2005. According to its NTEE Classification (X20) the organization is classified as: Christianity, under the broad grouping of Religion-Related and related organizations. This organization is the central organization for a national or regional group of organizations. Prayer Closet is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Since 2014, Prayer Closet has awarded 247 individual grants totaling $1,796,013. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sharon Thomas President | 30 | $72,000 | |
Sam H Thomas Treasurer | 5 | $0 | |
Samuel Judson Thomas Secretary | 15 | $32,400 | |
Sara Standerfer Director | 15 | $41,400 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $92,764 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$98,074 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$1,818 |
| Total Revenue | -$7,128 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $145,800 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $11,154 |
| Interest | $0 |
| Taxes | $7,631 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,609 |
| Total operating and administrative expenses | $212,938 |
| Contributions, gifts, grants paid | $160,000 |
| Total expenses and disbursements | $372,938 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $98,997 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,213,871 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $3,937,749 |
| Accounts payable and accrued expenses | $3,001 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,001 |
Grants Awarded
Over the last fiscal year, Prayer Closet has awarded $160,000 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
BEYOND ORDINARY WOMEN PURPOSE: MINISTER AND EQUIP WOMEN | $5,000 |
ALIVE AT LAST PURPOSE: OPERATIONAL SUPPORT | $15,000 |
DALLAS THEOLOGICAL SEMINARY PURPOSE: SCHOLARSHIPS | $10,000 |
EAST TEXAS CRISIS CENTER PURPOSE: PROVIDING FOR VICTIMS | $15,000 |
HARVESTERS REACHING THE NATIONS PURPOSE: CARE FOR ORPHANS WORLDWIDE | $10,000 |
HELPING HAND HOME FOR CHILDREN PURPOSE: NEW HOUSING | $25,000 |