Project 58
- Assets
- $4.3m
- Revenue
- $571.7k
- Investments
- $2.6m
- Employees
- 0
- Location
- Lexington, NC
- Founding
- 11/2016
- Data as of
- 12/2022
- 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 12/2022, Project 58 generated $571.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (18.0%) each year. All expenses for the organization totaled $585.1k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Project 58 has awarded 119 individual grants totaling $2,631,777. 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
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roy Morgan President | 8 | $0 | |
Todd Bartlett Secretary | 1 | $0 | |
Scott Van Eerden Treasurer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $518,943 |
| Interest on Savings | $0 |
| Dividends & Interest | $67,581 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$14,782 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $571,742 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $3 |
| Depreciation | $58,056 |
| Occupancy | $180,140 |
| Travel, conferences, and meetings | $5,128 |
| Printing and publications | $0 |
| Other expenses | $14,597 |
| Total operating and administrative expenses | $258,909 |
| Contributions, gifts, grants paid | $326,155 |
| Total expenses and disbursements | $585,064 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,306 |
| 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 | $1,655,394 |
| Other assets | $0 |
| Total assets | $4,299,600 |
| 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 | $2,685 |
| Total liabilities | $2,685 |
Grants Awarded
Over the last fiscal year, Project 58 has awarded $326,155 in support to 32 organizations.
| Grant Recipient | Amount |
|---|---|
121 INC PURPOSE: CHARITABLE | $6,200 |
ENERGIZE MINISTRIES PURPOSE: CHARITABLE | $5,440 |
HANDS AND FEET PROJECT PURPOSE: CHARITABLE | $37,000 |
PREMIER ARTS COLLECTIVE PURPOSE: CHARITABLE | $5,000 |
GOSPEL MUSIC ASSOCIATION PURPOSE: CHARITABLE | $12,222 |
BRIAN CHARLES PURPOSE: ADOPTION ASSISTANCE | $7,585 |