Bible Education Legacy Fund Inc
- Assets
- $11.7m
- Revenue
- $128.1k
- Investments
- $388.9k
- Employees
- 0
- Location
- Scottsdale, AZ
- Founding
- 01/2008
- Data as of
- 06/2023
- EIN
- 20-8667680
Organization Overview
Bible Education Legacy Fund Inc is located in Scottsdale, AZ. The organization was established in 2008. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bible Education Legacy Fund 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
BIBLE EDUCATION LEGACY FUND (BELF) IS A SUPPORTING ORGANIZATION FOR THE (CONT'D ON SCH. O) BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF PHOENIX SEMINARY, A 501(C)(3) ORGANIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION MANAGED PROPERTY FOR THE BENEFIT OF PHOENIX SEMINARY, ITS SUPPORTED ORGANIZATION. IT ALSO GRANTED $44,979 TO PHOENIX SEMINARY ALLOWING PHOENIX SEMINARY TO PROVIDE SCHOLARSHIPS TO SIX STUDENTS DURING THE FISCAL YEAR. ADDITIONALLY, IT GRANTED $34,243 FOR FACULTY SALARIES IN PASTORAL THEOLOGY. WE ALSO SUPPORTED PHOENIX SEMINARY WITH GENERAL GRANTS OF $800,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Damore President | OfficerTrustee | 1 | $0 |
Jon Hermanson Vice President | OfficerTrustee | 1 | $0 |
Ken Beckemeyer Trustee | OfficerTrustee | 1 | $0 |
Bill Bartlett Trustee | OfficerTrustee | 1 | $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 | $100,600 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,600 |
| Total Program Service Revenue | $60,000 |
| Investment income | $142,791 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$175,321 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $128,070 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $879,222 |
| 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 | $1,045 |
| Fees for services: Accounting | $3,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,091 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $297,457 |
| Insurance | $18,902 |
| All other expenses | $0 |
| Total functional expenses | $1,231,017 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,646 |
| Savings and temporary cash investments | $756,933 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,956 |
| Net Land, buildings, and equipment | $7,613,437 |
| Investments—publicly traded securities | $2,883,946 |
| Investments—other securities | $388,939 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,698,857 |
| 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 | $630 |
| Total liabilities | $630 |
| Net assets without donor restrictions | $10,123,174 |
| Net assets with donor restrictions | $1,575,053 |
| Capital stock or trust principal, or current funds | $0 |
| 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 | $11,698,857 |