Overview
What is United Faith Ministries Inc?
United Faith Ministries Inc is a tax-exempt, not-for-profit healthcare sharing ministry based in Norfolk, Virginia. Their members, united by shared ethical or religious beliefs, contribute to a pooled fund to cover each other's medical expenses. With approximately 111 employees, United Faith Ministries Inc acts as a platform for individuals to support one another during healthcare-related financial burdens, regardless of when a medical condition arises.
Official website here: www.uhsm.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
United Faith Ministries Inc has received a two-star rating from Charity Navigator, indicating that there are several areas of concern despite its strengths in accountability and financial practices. The organization scored an impressive 100% in accountability and finance, showcasing strong governance practices, such as having a majority of independent board members and no material diversion of assets. However, the overall score of 73% reflects some significant deficiencies.
The nonprofit's program expense ratio is commendable at 89.35%, suggesting that a large portion of its funds is directed toward its programs rather than administrative costs. However, the organization has several gaps in its compliance and policy documentation, notably the absence of a whistleblower policy and a document retention policy. Additionally, the liabilities to assets ratio of 125.74% raises concerns about financial stability, as it indicates that the organization's liabilities exceed its assets.
Overall, while United Faith Ministries Inc demonstrates strong financial oversight and a commitment to its programs, the lack of essential policies and the concerning financial ratios highlight areas that require improvement. Stakeholders may want to keep these factors in mind when considering their support for the organization.
This AI summary has been generated from information found on Charity Navigator.
Is United Faith Ministries Inc legitimate?
United Faith Ministries Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. United Faith Ministries Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $334,648
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,850,910
For more financial information, click here
Official website here: www.uhsm.com
What is the mission statement of United Faith Ministries Inc?
United Faith Ministries Inc. is a not-for-profit health care sharing ministry where members, bound by shared ethical or religious beliefs, pool together to cover each other's medical expenses. This tax-exempt organization continues to support its members, even after they develop medical conditions. The mission of United Faith Ministries Inc. revolves around the concepts of community, mutual support, and ethical or religious convictions in the health care sphere. Members come together to share the financial burden of medical costs and offer each other solidarity and compassion during challenging times. The ministry's primary objective is to provide a platform for individuals to band together and address their medical needs based on their common values and beliefs.
Official website here: www.uhsm.com
Who is the CEO of United Faith Ministries Inc?
Unavailable The CEO's salary of United Faith Ministries Inc is $334,648 and their total compensation is $334,648.
Official website here: www.uhsm.com
What is the revenue of United Faith Ministries Inc?
United Faith Ministries Inc's revenue in 2022 was $51,619,333.
Official website here: www.uhsm.com
Who are the executives of United Faith Ministries Inc and what are their salaries?
The average compensation at United Faith Ministries Inc during 2022 was $28,699. There are 111 employees at United Faith Ministries Inc.
Here are 13 key members and their salaries (United Faith Ministries Inc's CEO's salary is $334,648 and their total compensation is $334,648):
- Compensation: $334,648
- Related: $0
- Other: $0
- Compensation: $255,833
- Related: $0
- Other: $0
- Compensation: $247,917
- Related: $0
- Other: $0
- Compensation: $115,365
- Related: $0
- Other: $0
- Compensation: $113,650
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.uhsm.com
Where can I find the form 990 for United Faith Ministries Inc?
United Faith Ministries Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.uhsm.com
Learn more at the official website: www.uhsm.com
Mission Statement of United Faith Ministries Inc
United Faith Ministries Inc is a notable tax-exempt organization that functions as a health care sharing ministry. This means that its members, united by a shared set of ethical or religious beliefs, come together to collectively cover each other's medical expenses according to these shared beliefs, even after a member develops a medical condition. In essence, this ministry offers a community of support for its members in managing their healthcare costs.
At the heart of United Faith Ministries Inc's mission lies the idea of shared responsibility. Members contribute towards the medical needs of their fellow community members, fostering a sense of solidarity and mutual care. The organizational structure of this ministry allows it to operate as a tax-exempt entity, enabling it to provide essential healthcare support to its members while adhering to their common ethical or religious principles.
United Faith Ministries Inc serves as a vital safety net for its members, offering them financial assistance during challenging times. By pooling their resources together, members can share the burden of healthcare expenses and rely on one another in times of need. The ministry's mission empowers its members to come together and provide for each other, fostering a spirit of unity and compassion within its community.
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Impact
October, 2024
United Faith Ministries Inc plays a significant role in providing an alternative approach to traditional healthcare costs through its health care sharing model. This organization fosters a community where members, who share common ethical or religious beliefs, collaborate to support one another in managing medical expenses.
The impact of United Faith Ministries Inc extends beyond mere financial assistance; it cultivates a sense of belonging and shared values among its members. By prioritizing ethical and religious tenets, the ministry encourages members to engage in a supportive network that emphasizes communal responsibility and compassion in times of health crises. This method not only alleviates the financial burden of medical costs but also strengthens community ties and promotes a holistic approach to wellness.
Moreover, the flexibility offered by the ministry enables individuals to participate in health care cost-sharing even after the onset of medical conditions, which is particularly beneficial for those who might find themselves excluded from conventional health insurance options. Through its unique model, United Faith Ministries Inc demonstrates a comprehensive understanding of the intersection between faith, community, and health, making a meaningful impact on the lives of its members.
This information is meant to be a general summary of United Faith Ministries Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$272,673
- Program Service Revenue: $51,892,006
- Gross Receipts: $51,619,333
Assets and Liabilities:
- Total Assets: $9,133,978
- Total Liabilities: $13,346,804
- Net Assets: -$4,212,826
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBERSHIP DUES & FEES
Revenue
$51,892,006
Organization Details
Founding Year
2019
Phone
(757) 703-3553Main Address
999 WATERSIDE DRIVE 2600, NORFOLK, VA, 23510
Website
www.uhsm.comNTEE Category
Code: X20 - Religion related
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