First Covenant Foundation
- Assets
- $385.3k
- Revenue
- $12.1k
- Investments
- $93.3k
- Employees
- 0
- Location
- Detroit, MI
- Founding
- Data as of
- 12/2023
- EIN
- 27-0098401
Organization Overview
First Covenant Foundation is located in Detroit, MI. According to its NTEE Classification (X83) the organization is classified as: Religious Printing & Publishing, 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. First Covenant Foundation 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, First Covenant Foundation generated $12.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (18.7%) each year. All expenses for the organization totaled $27.7k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION IN RELIGIOUS TEACHINGS BASED UPON SCRIPTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Dallen President | 0 | $0 | |
Rev Jack E Saunders Vice-Preside | 0 | $0 | |
Rabbi Michael Katz Director | 0 | $0 | |
Dr Robert E Buxbaum Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,308 |
| Interest on Savings | $4 |
| Dividends & Interest | $7,071 |
| Net Rental Income | $13,353 |
| Net Gain on Sale of Assets | -$20,636 |
| Capital Gain Net Income | $522 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $160 |
| Total Revenue | $12,132 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $10 |
| Taxes | $462 |
| Depreciation | $472 |
| Occupancy | $19,272 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $5,861 |
| Total operating and administrative expenses | $27,727 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $27,727 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,127 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $283,881 |
| Other assets | $0 |
| Total assets | $385,284 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |