Legacy Endowment Inc
- Assets
- $1.9m
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Overland Park, KS
- Founding
- 06/2006
- Data as of
- 03/2023
- EIN
- 20-4626278
Organization Overview
Legacy Endowment Inc is located in Overland Park, KS. The organization was established in 2006. According to its NTEE Classification (X11) the organization is classified as: Single Organization Support, under the broad grouping of Religion-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Endowment Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO MANAGE AND GROW ASSETS FOR ITS PARENT ORGANIZATION, LEGACY CHRISTIAN CHURCH, FOR PURPOSES OF ENHANCED MINISTRY. IN THIS REGARD THE ORGANIZATIONS' MOST SIGNIFICANT ACTIVITY IS TO FUNCTION AS AN ENDOWMENT FUND, INVESTING FOR GROWTH AND INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S MOST SIGNIFICANT ACTIVITY IS TO ACT AS AN ENDOWMENT FUND FOR ITS PARENT, LEGACY CHRISTIAN CHURCH. IN THIS REGARD, VARIOUS INVESTMENTS HAVE BEEN MADE IN PUBLICLY TRADED SECURITIES AND A REAL ESTATE COLLATERALIZED LOAN. THESE ACTIVITIES ARE MANAGED THROUGH COMMITTEES WHICH REPORT DIRECTLY TO THE ORGANIZATION'S BOARD OF DIRECTORS. MANAGEMENT OF THESE ACTIVITIES IS CARRIED OUT BY VOLUNTEERS WHO RECEIVE NO REMUNERATION FOR THEIR SERVICES AND IS PART OF THEIR MINISTRY FOR LEGACY CHRISTIAN CHURCH.
THE ORGANIZATION HOLDS TITLE TO A SINGLE FAMILY RESIDENCE USED PRIMARILY AS TEMPORARY HOUSING FOR LEGACY CHRISTIAN CHURCH STAFF OR MISSIONARIES HOME ON FURLOUGH. MANAGEMENT OF THE RESIDENCE RESTS WITH LEGACY CHRISTIAN CHURCH, WHICH PAYS ALL EXPENSES FOR MAINTAINING THIS SINGLE FAMILY RESIDENCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Delbert Walls Director And President | OfficerTrustee | 2 | $0 |
Joe Mack Director And Secretary | OfficerTrustee | 2 | $0 |
Jon Carr Director | Trustee | 2 | $0 |
Troy Gariss Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $0 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,904 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,010 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $141,905 |
| Total functional expenses | $145,819 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,095 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $910,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $139,000 |
| Investments—publicly traded securities | $856,989 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,908,084 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,908,084 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,908,084 |