Project 58
- Assets
- $4.3m
- Revenue
- $4.1m
- Investments
- $2.6m
- Employees
- 0
- Location
- Lexington, NC
- Founding
- 11/2016
- Data as of
- 12/2021
- EIN
- 81-2188516
Organization Overview
Project 58 is located in Lexington, NC. The organization was established in 2016. 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. Project 58 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, Project 58 generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $1.8m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Project 58 has awarded 87 individual grants totaling $2,305,622. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Bartlett Secretary | 1 | $0 | |
Roy Morgan President | 8 | $0 | |
Scott Van Eerden Treasurer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $4,113,829 |
| Interest on Savings | $7 |
| Dividends & Interest | $17,343 |
| Net Rental Income | $12,000 |
| Net Gain on Sale of Assets | -$101 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $4,143,078 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,000 |
| Depreciation | $58,058 |
| Occupancy | $215,488 |
| Travel, conferences, and meetings | $11,148 |
| Printing and publications | $0 |
| Other expenses | $53,653 |
| Total operating and administrative expenses | $341,060 |
| Contributions, gifts, grants paid | $1,409,963 |
| Total expenses and disbursements | $1,751,023 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,029 |
| 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 | $1,713,450 |
| Other assets | $0 |
| Total assets | $4,313,582 |
| Accounts payable and accrued expenses | $10,742 |
| 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 | $3,345 |
| Total liabilities | $14,087 |
Grants Awarded
Over the last fiscal year, Project 58 has awarded $1,409,963 in support to 34 organizations.
| Grant Recipient | Amount |
|---|---|
HOPE CITY CHURCH PURPOSE: CHARITABLE | $1,239,200 |
LOVE LIFE PURPOSE: CHARITABLE | $40,000 |
Franklin, TN PURPOSE: CHARITABLE | $37,500 |
TRIAD COALITION FOR LIFE PURPOSE: CHARITABLE | $7,500 |
NEW LIFE FAMILY OUTREACH PURPOSE: CHARITABLE | $5,500 |
Greer, SC PURPOSE: CHARITABLE | $5,463 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Inspiritus Inc Atlanta, GA | $4,563,820 | $17,981,504 |
Rescue Missions Ministries Inc Durham, NC | $22,198,926 | $18,805,895 |
Lifeshape Inc Atlanta, GA | $41,056,311 | $15,846,732 |
Haggai International Institute For Advanced Leadership Training Inc Peachtree Corners, GA | $41,354,774 | $16,620,781 |
Elam Ministries Inc Alpharetta, GA | $5,679,728 | $12,042,641 |
Advancing Native Missions Afton, VA | $4,333,922 | $11,124,622 |
National Pro-Life Alliance Springfield, VA | $3,799,169 | $8,934,186 |
Wellspring Living Inc Atlanta, GA | $3,565,992 | $9,107,143 |
Sail-School For Arts-Infused Learning Evans, GA | $15,793,761 | $7,096,452 |
Artists In Christian Testimony Brentwood, TN | $4,393,846 | $10,064,345 |
South Carolina Christian Foundation Spartanburg, SC | $40,412,678 | $17,223,785 |
Acca Inc Annandale Christian Community For Action Annandale, VA | $4,445,077 | $8,164,971 |