Overview
What is Lovers Lane United Methodist Church Foundation?
Lovers Lane United Methodist Church Foundation is a nonprofit organization that primarily serves to financially support Lovers Lane United Methodist Church and its various ministries. Established to manage endowment funds, the foundation receives contributions, invests them, and distributes the income to the church, its ministries, or individuals they serve. In 2022, the foundation experienced significant growth, with its total assets reaching nearly $22 million and distributions to the church and its ministries exceeding half a million dollars. The foundation's support has been instrumental in numerous aspects of the church, including emergency aid, campus repairs, children's programs, and missions both local and international. As of December 31, 2022, the foundation's endowment funds totaled almost $18.7 million, and it also manages funds for the church and its subsidiaries worth approximately $4.6 million. The foundation plays a crucial role in ensuring the church's financial stability and continuity, allowing the congregation to leave a legacy for future generations.
Official website here: www.foundation.llumc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Lovers Lane United Methodist Church Foundation has an overall score of 81%, reflecting a strong commitment to accountability and finance. The rating is based solely on the Accountability & Finance beacon, which indicates the organization meets key standards for transparency and responsible financial management. The independent board is entirely composed of independent members, highlighting a robust governance structure.
The foundation excels in several areas, including a high program expense ratio of 73.09%, showing that a significant portion of its expenses is allocated to its programs rather than administrative costs. Additionally, the organization has no material diversion of assets and maintains a solid liabilities to assets ratio of 20.32%, which suggests good financial health.
Despite these strengths, the summary does not mention any areas for improvement, indicating that the organization is performing well in its accountability and finance practices. Overall, the rating reflects positively on the foundation's operations and governance.
This AI summary has been generated from information found on Charity Navigator.
Is Lovers Lane United Methodist Church Foundation legitimate?
Lovers Lane United Methodist Church Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lovers Lane United Methodist Church Foundation 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: $125,880
Professional Fundraising Fees: $0
Other Salaries and Wages: $53,517
For more financial information, click here
Official website here: www.foundation.llumc.org
What is the mission statement of Lovers Lane United Methodist Church Foundation?
The Lovers Lane United Methodist Church Foundation's mission is to establish and manage a financial foundation that supports the church's ministries, outreach, maintenance, operations, and evangelism. The primary objective of the foundation is to build a financial cornerstone that aids the church in achieving its mission and expanding its outreach and evangelism efforts. The foundation receives contributions, invests the funds, and distributes the income to the church and its ministries. In 2022, the foundation's distributions to the church and its ministries increased significantly, supporting various programs such as children's and youth ministries, music and arts, deaf ministries, and prison ministries, among others. The foundation's endowment funds currently total almost 18.7 million dollars, making it an essential financial support for the church and its ministries.
Official website here: www.foundation.llumc.org
Who is the CEO of Lovers Lane United Methodist Church Foundation?
Paul Ditto is the Executive Di of Lovers Lane United Methodist Church Foundation.
Official website here: www.foundation.llumc.org
What is the revenue of Lovers Lane United Methodist Church Foundation?
Lovers Lane United Methodist Church Foundation's revenue in 2022 was $836,601.
Official website here: www.foundation.llumc.org
Who are the executives of Lovers Lane United Methodist Church Foundation and what are their salaries?
The average compensation at Lovers Lane United Methodist Church Foundation during 2022 was $89,698. There are 2 employees and 40 volunteers at Lovers Lane United Methodist Church Foundation.
Here are 21 key members and their salaries:
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Official website here: www.foundation.llumc.org
Where can I find the form 990 for Lovers Lane United Methodist Church Foundation?
Lovers Lane United Methodist Church Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.foundation.llumc.org
Learn more at the official website: www.foundation.llumc.org
Mission Statement of Lovers Lane United Methodist Church Foundation
Lovers Lane United Methodist Church Foundation's mission is centered around providing a financial cornerstone to support the ministries, outreach, maintenance, operations, and evangelism of Lovers Lane United Methodist Church. In simpler terms, the foundation's role is to raise funds and manage them effectively, using the income and gains from investments to provide financial assistance to the church and its various initiatives.
The foundation's primary goal is to build and maintain a strong financial foundation for the church. This support extends to various ministries, outreach programs, and evangelism efforts, ensuring the church can continue its mission effectively. The foundation's contributions have significantly increased over the years, demonstrating its commitment to supporting the church's growth and development. In 2022 alone, the foundation provided grants to various church programs, including emergency aid for families, campus repairs and maintenance, music and arts, and prison ministries, among others.
The Lovers Lane United Methodist Church Foundation is more than just a series of endowment trusts. It serves as the foundation upon which much of the church's financial stability depends. The congregation's contributions to the foundation allow them to leave a lasting legacy for the church, ensuring its continued success and impact in the community.
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Impact
July, 2024
Lovers Lane United Methodist Church Foundation has had a significant impact on supporting the ministries, outreach, maintenance, operations, and evangelism of Lovers Lane United Methodist Church. In 2022, the Foundation's total assets reached almost $22 million, with distributions and grants to the church and its ministries growing consistently. The Foundation provided various grants in 2022, including support for activities such as Everybody's Christmas, emergency aid for families, campus repairs and maintenance, children/youth/young adults programs, music & arts, deaf ministries, lecture series, 12 Step ministries, family ministries, prison ministries, and Imani Kenya ministries.
These grants not only enhance the programs and services offered by the church but also have a direct impact on the lives of individuals served by these ministries. The Foundation's endowment funds, totaling nearly $18.7 million as of December 31, 2022, play a crucial role in ensuring the financial stability and sustainability of the church and its ministries.
Ultimately, the Foundation serves as the financial cornerstone that enables the church to continue its mission, outreach, and evangelism efforts, thanks to the generous contributions and support of the congregation. By investing in the Foundation, individuals are not only supporting the present work of the church but also ensuring a lasting legacy for future generations.
This information is meant to be a general summary of Lovers Lane United Methodist Church Foundation. 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: $513,352
- Program Service Revenue: $32,111
- Gross Receipts: $6,833,083
Assets and Liabilities:
- Total Assets: $23,286,111
- Total Liabilities: $4,735,842
- Net Assets: $18,550,269
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NICHE SALES
Revenue
$19,800
LECTURE SERIES
Revenue
$10,940
ART SALES
Revenue
$1,371
Organization Details
Founding Year
1980
Phone
(214) 706-9561Principal Officer
Paul Ditto
Main Address
9200 INWOOD ROAD, DALLAS, TX, 75220
Website
www.foundation.llumc.orgNTEE Category
Code: X21I - Religion related
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