Eight Torches Foundation
- Assets
- $2.9m
- Revenue
- $1.1m
- Investments
- $2.3m
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 11/2018
- Data as of
- 12/2022
- EIN
- 82-3337600
Organization Overview
Eight Torches Foundation is located in Wilmington, DE. The organization was established in 2018. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Eight Torches 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, Eight Torches Foundation generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 23.2% each year . All expenses for the organization totaled $1.2m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Eight Torches Foundation has awarded 12 individual grants totaling $1,169,000. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
D G Elmore Dir, Pres, Sec, Treas | 1 | $0 | |
David Gant Elmore III VP | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,100,000 |
| Interest on Savings | $1,396 |
| Dividends & Interest | $50,984 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$2,405 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,149,975 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $4,500 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $15,157 |
| Total operating and administrative expenses | $40,923 |
| Contributions, gifts, grants paid | $1,117,000 |
| Total expenses and disbursements | $1,157,923 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $187,852 |
| 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 | $38,570 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $477,328 |
| Total assets | $2,920,443 |
| 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 | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Eight Torches Foundation has awarded $1,117,000 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
CITY CHURCH FOR ALL NATIONS INC PURPOSE: GENERAL & UNRESTRICTED | $15,000 |
THE NAVIGATORS PURPOSE: KENYA OFFICE FUND | $25,000 |
CHRISTIAN HERALD ASSN INC - THE BOWERY MISSION PURPOSE: GENERAL & UNRESTRICTED | $150,000 |
LAUSANNE COMMITTEE FOR WORLD EVANGELIZATION PURPOSE: GENERAL & UNRESTRICTED | $20,000 |
RE SOURCE GLOBAL PURPOSE: GENERAL & UNRESTRICTED | $45,000 |
THE NEW YORK CITY LEADERSHIP CENTER INC PURPOSE: GENERAL & UNRESTRICTED | $100,000 |