La Promesa Foundation
- Assets
- $6.5m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 29
- Location
- Midland, TX
- Founding
- 05/1996
- Data as of
- 12/2022
- EIN
- 75-2648137
Organization Overview
La Promesa Foundation is located in Midland, TX. The organization was established in 1996. According to its NTEE Classification (X21) the organization is classified as: Protestant, under the broad grouping of Religion-Related and related organizations. As of 12/2022, LA Promesa Foundation employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. LA Promesa 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 12/2022, LA Promesa Foundation generated $5.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $5.1m during the year ending 12/2022. While expenses have increased by 3.4% per year over the past 8 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE CATHOLIC PROGRAMS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION OPERATES AND CONTINUES TO DEVELOP THE GUADALUPE RADIO NETWORK WHICH PROVIDES CATHOLIC PROGRAMMING.
THE FOUNDATION OPERATES THE GUADALUPE RESOURCE CENTER WHICH PROVIDES A LARGE BILINGUAL LIBRARY OF MATERIALS FOR PROMOTING THE TRUTHS OF THE CATHOLIC FAITH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Schuler Jr Dir Of Development | 40 | $114,221 | |
Kent Loney Engineer | 40 | $111,838 | |
Leonard J Oswald CEO | Officer | 40 | $110,400 |
Richard Reyna Vice President | Officer | 40 | $109,263 |
Sammy Rodriquez Jr President | Officer | 40 | $106,280 |
David Palmer Executive Director | 40 | $105,416 |
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 | $4,576,974 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,576,974 |
| Total Program Service Revenue | $53,084 |
| Investment income | $20,978 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $232,900 |
| Net Income from Fundraising Events | $430,270 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,314,206 |
| 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. | $840,492 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,012,407 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $554,885 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,712 |
| Fees for services: Accounting | $5,806 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $19,848 |
| Office expenses | $28,805 |
| Information technology | $53,985 |
| Royalties | $0 |
| Occupancy | $688,804 |
| Travel | $60,413 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,154 |
| Interest | $952 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $674,762 |
| Insurance | $50,236 |
| All other expenses | $352,571 |
| Total functional expenses | $5,054,959 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $417,728 |
| Savings and temporary cash investments | $2,513,935 |
| 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 | $75,307 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,485,445 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,035,688 |
| Other assets | $4,157 |
| Total assets | $6,532,260 |
| Accounts payable and accrued expenses | $111,015 |
| 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 | $0 |
| Total liabilities | $111,015 |
| Net assets without donor restrictions | $6,256,245 |
| Net assets with donor restrictions | $165,000 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $6,532,260 |