Grace & Joy Heritage Foundation
- Assets
- $910.3k
- Revenue
- $223.2k
- Investments
- $844.3k
- Employees
- 0
- Location
- Milpitas, CA
- Founding
- 02/2016
- Data as of
- 09/2021
- EIN
- 47-5518505
Organization Overview
Grace & Joy Heritage Foundation is located in Milpitas, CA. The organization was established in 2016. According to its NTEE Classification (X99) the organization is classified as: Religion-Related N.E.C., 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. Grace & Joy Heritage 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 09/2021, Grace & Joy Heritage Foundation generated $223.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (16.0%) each year. All expenses for the organization totaled $144.2k during the year ending 09/2021. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE ATTACHMENT
2. CHURCH WEBPAGE AND MOBILE APPLICATIONSTHE TRUE JESUS CHURCH AND THE GRACE AND JOY HERITAGE FOUNDATION HAS AGREED TO PERFORM THE JOB FOR THE FOLLOWING WORK TO PROVIDE THE RELIGIOUS INFORMATION AND HYMNAL PRESENTATIONS ON THE CHURCH WEBSITE TO BENEFIT THE CHURCH MEMBERS AND THE GENERAL PUBLIC TO ACCESS THIS INFORMATION. THE ACTIVITIES INCLUDE BUT NOT LIMITED TO THE LIST BELOW. CREATE WEBPAGE CONTENTS AND STRUCTURE FOR THE CHURCH MAINTAIN AND IMPROVE TJC WEBPAGE USER INTERFACE MAINTAIN AND IMPROVE THE MOBILE APPS FOR IOS AND ANDROID MOBILE DEVICES INCLUDE WEBPAGE FOR MULTIPLE LANGUAGES SUPPORT, SUCH AS SPANISH, PORTUGUESE, ETC. MAINTAIN MOBILE APPS USER COMMUNICATION CREATE AND MAINTAIN THE HYMNAL MOBILE APPS USER COMMUNICATIONTHE ACTIVITIES WILL BE SUPPORTED BY PETER KYONE AND ADDITIONAL PERSONNEL PROVIDED BY THE GRACE & JOY HERITAGE FOUNDATION. THIS PROJECT WILL START FROM JULY 2017 AND CONTINUE UNTIL THE FOUNDATION DECIDE TO STOP THE PROJECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gracie L Chen Secretary | 2 | $0 | |
Joseph Y Chen President & CEO | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $105,000 |
| Interest on Savings | $23 |
| Dividends & Interest | $32,725 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $75,113 |
| Capital Gain Net Income | $75,113 |
| Net ST Capital Gain | $13,212 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $10,292 |
| Total Revenue | $223,153 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,089 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $116,827 |
| Total operating and administrative expenses | $119,211 |
| Contributions, gifts, grants paid | $25,000 |
| Total expenses and disbursements | $144,211 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $66,007 |
| 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 | $60,000 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $910,347 |
| 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 | $54,914 |
| Total liabilities | $54,914 |
Grants Awarded
Over the last fiscal year, Grace & Joy Heritage Foundation has awarded $40,065 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
TRUE JESUS CHURCH IN EAST BAY PURPOSE: DONATION | $30,000 |
Milpitas, CA PURPOSE: DONATION | $10,000 |
KQED PURPOSE: DONATION | $60 |
WIKIMEDIA PURPOSE: DONATION | $5 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Grace & Joy Heritage Foundation has recieved totaling $243,871.
| Awarding Organization | Amount |
|---|---|
Grace & Joy Family Foundation Milpitas, CA PURPOSE: GRACE & JOY FAMILY FOUNDATION WAS DISSOLVED BY TRANFTERING ALL ITS ASSETS TO GRACE & JOY HERITAGE FOUNDATION. | $206,370 |
Grace & Joy Family Foundation Milpitas, CA PURPOSE: GRACE & JOY FAMILY FOUNDATION WAS DISSOLVED BY TRANFTERING ALL ITS ASSETS TO GRACE & JOY HERITAGE FOUNDATION. | $37,501 |
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