Foundation For Truth
- Assets
- $53.0m
- Revenue
- $8.1m
- Investments
- $15.5m
- Employees
- 0
- Location
- San Angelo, TX
- Founding
- 11/2011
- Data as of
- 12/2022
- EIN
- 45-2747584
Organization Overview
Foundation For Truth is located in San Angelo, TX. The organization was established in 2011. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. Foundation For Truth 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 12/2022, Foundation For Truth generated $8.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 23.2% each year . All expenses for the organization totaled $2.2m during the year ending 12/2022. While expenses have increased by 6.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Foundation For Truth has awarded 140 individual grants totaling $9,393,362. 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S EVANGELISM PROGRAM INCLUDES THE PURCHASE AND BROADCAST OF EVANGELISTIC LITERATURE AND MATERIALS TO CONGREGATIONS OF THE CHURCH OF THE CHRIST AND VARIOUS INDIVIDUALS WITHIN THE UNITED STATES AS WELL AS ABROAD; ALL OF WHICH PROMOTE THE GOSPEL OF CHRIST. RYAN SMITHEY, AN EMPLOYEE OF THE FOUNDATION, ALSO CONDUCTS DIRECT EVANGELISTIC ACTIVITIES IN THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Reed President | 25 | $0 | |
Don Mckee Secretary/treasurer | 1 | $0 | |
Michael Light Vice President | 1 | $0 | |
Bryan Braswell Director | 40 | $85,000 | |
Morey Mast Director | 1 | $0 | |
Paden Reed Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $115,000 |
| Interest on Savings | $9,121 |
| Dividends & Interest | $294,057 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $6,265,768 |
| Capital Gain Net Income | $6,265,768 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,404,414 |
| Total Revenue | $8,088,360 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $85,000 |
| Other employee salaries and wages | $30,200 |
| Pension plans, employee benefits | $56,361 |
| Interest | $0 |
| Taxes | $169,730 |
| Depreciation | $75,827 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $11,364 |
| Printing and publications | $0 |
| Other expenses | $52,219 |
| Total operating and administrative expenses | $634,988 |
| Contributions, gifts, grants paid | $1,523,600 |
| Total expenses and disbursements | $2,158,588 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,015,812 |
| Savings and temporary cash investments | $2,343,572 |
| 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 | $13,661,710 |
| Investments—mortgage loans | $0 |
| Investments—other | $15,509,861 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $19,466,688 |
| Total assets | $52,997,643 |
| 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 |
Grants Awarded
Over the last fiscal year, Foundation For Truth has awarded $1,523,600 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
SIERRA VENTANA CHURCH OF CHRIST PURPOSE: FINANCIAL ASSISTANCE FOR MONTHLY SUPPORT OF MISSION WORK, RADIO PROGRAM, SCHOOL OF PREACHING, TRAVEL AND FOM | $85,800 |
SOUTHWEST CHURCH OF CHRIST PURPOSE: FINANCIAL ASSISTANCE WITH ITS STAFF SUPPORT AND OPERATING EXPENSES FOR 2022 | $40,000 |
SAN ANGELO AREA FOUNDATION - FLYNN ENDOWMENT FUND PURPOSE: FLYNN ENDOWMENT FUND, A DAF CREATED TO FUND EVANGELISM AND BENEVOLENCE | $200,000 |
WORLD VIDEO BIBLE SCHOOL PURPOSE: FINANCIAL ASSISTANCE WITH ITS ONLINE BIBLE SCHOOL AND STAFF SUPPORT FOR 2022 | $70,000 |
SAN ANGELO AREA FOUNDATION - SACA ENDOWMENT FUND PURPOSE: DESIGNATED PURPOSE FUND OF THE SAAF FOR SAN ANGELO CHRISTIAN ACADEMY | $520,000 |
WORLD VIDEO BIBLE SCHOOL PURPOSE: MATCHING GRANT TO HELP RAISE OPERATIONAL FUNDS FOR 2022 | $50,000 |