The Foundation For Good News
- Assets
- $572.5k
- Revenue
- $15.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Clinton, NC
- Founding
- 07/1989
- Data as of
- 12/2021
- EIN
- 56-1635295
Organization Overview
The Foundation For Good News is located in Clinton, NC. The organization was established in 1989. According to its NTEE Classification (X20) the organization is classified as: Christianity, 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. Foundation For Good News 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 12/2021, Foundation For Good News generated $15.7k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 52.9% each year . All expenses for the organization totaled $214.7k during the year ending 12/2021. While expenses have increased by 44.8% per year over the past 7 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDED RESIDENCY FREE OF CHARGE TO MISSIONARY FAMILIES IN NEED. "FAMILIES- AND "NEED" ARE PREQUALIFIED BY THE INTERNATIONAL PENTECOSTAL HOLINESS CHURCH, ET. AL., WITH REFERRAL THEN MADE TO THE FOUNDATION DIRECTORS.
THE FOUNDATION PRESERVES AND MAINTAINS A CHURCH FACILITY WHICH IT PROVIDES EQUAL, NONDENOMINATIONAL ACCESS TO THE GENERAL PUBLIC UPON REQUEST. DURING THE YEAR, THE PUBLIC MADE USE OF THE FACILITY FOR PURPOSES OF MEETINGS, GATHERINGS, AND INDEPENDENT PRAYER AND REFLECTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George E Wilson President | 0 | $0 | |
Jeffrey S Wilson Vice Pres | 0 | $0 | |
Regina W Parker Secretary | 0 | $0 | |
Sharlene W Tew Treasurer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $15,640 |
| Interest on Savings | $34 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $15,674 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,674 |
| Depreciation | $167,102 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $44,955 |
| Total operating and administrative expenses | $214,731 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $214,731 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,948 |
| 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 | $538,939 |
| Other assets | $26,581 |
| Total assets | $572,468 |
| Accounts payable and accrued expenses | $21,946 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $556,592 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $578,538 |
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