Foundation Of Praise Incorporated
- Assets
- $5.8m
- Revenue
- $516.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Escondido, CA
- Founding
- 03/1982
- Data as of
- 12/2023
- EIN
- 23-7448019
Organization Overview
Foundation Of Praise Incorporated is located in Escondido, CA. The organization was established in 1982. 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. As of 12/2023, Foundation Of Praise Incorporated employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation Of Praise Incorporated is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Foundation Of Praise Incorporated generated $516.6k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $639.5k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES INSPIRATIONAL MATERIALS TO MINISTRIES,PRISONS,HOSPITALS,PREGNANCY CENTERS,& THE MILITARY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING INSPIRATIONAL MATERIALS TO MINISTRIES, PRISONS, HOSPITALS, PREGNANCY CENTERS AND THE MILITARY. RESPOND TO MANY CALLS AND OTHER CORRESPONDENCE REQUESTING PRAYER AND SUPPORT FROM INDIVIDUALS AND PRISON INMATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joann Thomas Treasurer/gm | OfficerTrustee | 40 | $122,084 |
Bruce Carothers Secretary | OfficerTrustee | 8 | $13,000 |
Mary Carothers President | OfficerTrustee | 2 | $552 |
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 | $289,499 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $289,499 |
| Total Program Service Revenue | $89,805 |
| Investment income | $240,175 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $5,926 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$108,847 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $516,558 |
| 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. | $178,054 |
| Compensation of current officers, directors, key employees. | $35,611 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $76,180 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $25,281 |
| Payroll taxes | $16,559 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,007 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $28,166 |
| Fees for services: Other | $4,419 |
| Advertising and promotion | $0 |
| Office expenses | $16,064 |
| Information technology | $18,168 |
| Royalties | $0 |
| Occupancy | $33,100 |
| 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 | $25,245 |
| Insurance | $10,010 |
| All other expenses | $2,118 |
| Total functional expenses | $639,456 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $77,464 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $431,116 |
| Investments—publicly traded securities | $5,322,806 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,831,386 |
| 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 | $2,410 |
| Total liabilities | $2,410 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $5,828,976 |
| Total liabilities and net assets/fund balances | $5,831,386 |