Church Finance Corporation
- Assets
- $83.8m
- Revenue
- $5.2m
- Investments
- $7.6m
- Employees
- 0
- Location
- Albuquerque, NM
- Founding
- 08/1968
- Data as of
- 12/2023
- EIN
- 85-0387276
Organization Overview
Church Finance Corporation is located in Albuquerque, NM. The organization was established in 1968. 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 a subordinate organization within an affiliated group for tax-exemption purposes. Church Finance Corporation 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 12/2023, Church Finance Corporation generated $5.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $3.2m during the year ending 12/2023. While expenses have increased by 4.1% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CHURCH FINANCE CORPORATION (CORPORATION) IS A NEW MEXICO NON-PROFIT CORPORATION FOUNDED IN 1960. THE CORPORATION WAS FORMED TO ASSIST SOUTHERN BAPTIST AND OTHER EVANGELICAL CHRISTIAN CHURCHES AND RELATED MINISTRIES IN OBTAINING OR PROVIDING FINANCING FOR THE PURPOSE OF PURCHASING PROPERTY AND ERECTING OR IMPROVING BUILDINGS. THE CORPORATION'S MAJOR REVENUE SOURCES ARE FROM INTEREST INCOME FROM LOANS RECEIVABLE AND LOAN PROCESSING FEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CHURCH FINANCE CORPORATION (CORPORATION) IS A NEW MEXICO NON-PROFIT CORPORATION FOUNDED IN 1960. THE CORPORATION FACILITATES THE GROWTH OF THE BAPTIST CHURCH'S WORK AND OTHER CHRISTIAN MINISTRIES BY PROVIDING FINANCIAL AND RELATED SERVICES AND INVESTMENT OPPORTUNITIES. THE CORPORATION MAKES LOAN FUNDS AVAILABLE TO CHURCHES AND MINISTRIES FOR PROPERTY ACQUISITION, BUILDING CONSTRUCTION, EXPANSION, AND REMODELING. THE CORPORATION ALSO PROVIDES INVESTMENT OPPORTUNITIES THAT HELPS GROW EXISTING RESOURCES THAT ALLOWS CHURCHES AND MINISTRIES TO EXPAND THE BODY OF CHRIST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Breeden President | Officer | 40 | $0 |
Lewis Williams Chairman | OfficerTrustee | 2 | $0 |
Joe Coey Vice Chairma | OfficerTrustee | 2 | $0 |
Kirk Hudson Secretary | OfficerTrustee | 2 | $0 |
Linda Dean Director | Trustee | 1 | $0 |
Eddie Mccall Director | Trustee | 1 | $0 |
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 | $1,196 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,196 |
| Total Program Service Revenue | $4,655,189 |
| Investment income | $579,215 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,235,600 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $427,500 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,419 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,958 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,603,559 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,236,162 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $881,272 |
| Savings and temporary cash investments | $10,843,199 |
| 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 | $64,447,773 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,615,067 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $83,787,311 |
| Accounts payable and accrued expenses | $9,249 |
| 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 | $47,115,612 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $26,605,419 |
| Total liabilities | $73,730,280 |
| Net assets without donor restrictions | $10,057,031 |
| Net assets with donor restrictions | $0 |
| 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 | $83,787,311 |