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Nonprofiteer
← FOSTER COLLEGE

Form 990 for tax year 2024

Filed by FOSTER COLLEGE.

Totals

Total revenue
$591,471
Total expenses
$977,134
Contributions and grants received
$575,673
Grants paid
$0
Program service revenue
$82,508
Investment income
$204
Other revenue
-$66,914
Total assets, end of year
$576,184
Total liabilities, end of year
$749,377
Net assets or fund balances, end of year
-$173,193
Program services expenses (Part IX)
$504,083
Management and general expenses
$176,445
Fundraising expenses
$296,606
Program service expenses (Part III)
$504,083

Program services were 51.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $575,673

  • 1g · Noncash contributions included above

    $1,175

  • 2a · Program service revenue: Tuitions

    total $80,183 · related or exempt $80,183

  • 2b · Program service revenue: Major Revenue Event

    total $2,325 · related or exempt $2,325

  • 3 · Investment income

    total $204 · related or exempt $204

  • 8c · Net income from fundraising events

    total $0

  • 10a · Gross sales of inventory

    $331

  • 10b · Cost of goods sold

    $30

  • 10c · Net income from sales of inventory

    total $301

  • 11a · Other revenue: Graduation Fees

    total $350 · related or exempt $350

  • 11b · Other revenue: Bad debt losses on receiv

    total -$87,950 · related or exempt -$87,950

  • 11c · Other revenue: Insurance Proceeds

    total $19,923 · related or exempt $19,923

  • 11d · All other revenue

    total $462 · related or exempt $462

  • 11e · Other revenue, total

    -$67,215

Functional expenses

Part IX, the statement of functional expenses.

  • 6 · Compensation of disqualified persons

    total $306,773 · program services $115,616 · management and general $49,523 · fundraising $141,634

  • 11c · Fees: accounting

    total $34,384 · program services $6,877 · management and general $27,507

  • 12 · Advertising and promotion

    total $62,876 · program services $11,528 · management and general $11,168 · fundraising $40,180

  • 13 · Office expenses

    total $41,244 · program services $20,997 · management and general $13,239 · fundraising $7,008

  • 16 · Occupancy

    total $63,741 · program services $35,872 · management and general $9,544 · fundraising $18,325

  • 20 · Interest

    total $30,954 · program services $14,595 · management and general $5,161 · fundraising $11,198

  • 22 · Depreciation, depletion and amortization

    total $33,453 · program services $15,773 · management and general $5,578 · fundraising $12,102

  • 23 · Insurance

    total $40,940 · program services $23,040 · management and general $6,130 · fundraising $11,770

  • 24a · Other expenses: Contract Labor

    total $331,123 · program services $237,438 · management and general $46,023 · fundraising $47,662

  • 24b · Other expenses: Repairs and Maintenance

    total $6,881 · program services $3,480 · management and general $1,165 · fundraising $2,236

  • 24c · Other expenses: Bad Debt Expense

    total $7,504 · program services $7,504

  • 24e · All other expenses

    total $17,261 · program services $11,363 · management and general $1,407 · fundraising $4,491

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $49,068 · end of year $21,201

  • 3 · Pledges and grants receivable

    beginning of year $303,594

  • 4 · Accounts receivable

    beginning of year $31,711 · end of year $49,392

  • 8 · Inventories for sale or use

    beginning of year $190,541 · end of year $190,680

  • 10a · Land, buildings and equipment: cost or other basis

    $1,757,477

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,456,021

  • 10c · Land, buildings and equipment, net

    beginning of year $323,664 · end of year $301,456

  • 15 · Other assets

    beginning of year $13,025 · end of year $13,455

  • 17 · Accounts payable and accrued expenses

    beginning of year $199,133 · end of year $249,377

  • 23 · Secured mortgages and notes payable

    beginning of year $500,000 · end of year $500,000

  • 27 · Net assets without donor restrictions

    beginning of year -$268,163 · end of year -$330,368

  • 28 · Net assets with donor restrictions

    beginning of year $480,633 · end of year $157,175

Mission and programs · 2024

Mission

The mission of Foster College is to equip students to live, serve, and lead with Godly influence and impact in their communities and throughout the world.

Activities or mission (Part I)

Our mission is to equip students to live serve and lead with Godly influence and impact in their communities and throughout the world

  • Our focus is to prepare individuals through rigorous academic instruction in truth of Holy Scripture, for more effective service in their home, church, community, and in the world. The desire is to produce graduates who are servant leaders in the ministry field regardless of denominational affiliation and distinctively marked by Foster Colleges branding statement: Transforming lives through education for Godly impact.

    Expenses $504,083 · Revenue $570,581

As filed on the 2024 return.

Listed in Part VII

  • Terrance Ford

    President

    Total calculated
    $113,465
    From this org
    $86,044
    From related orgs
    $0
    Other
    $27,421
    Hours/week
    40

  • James Thompson

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Lelious Johnson

    Board Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Walt Waldie

    Director

    Total calculated
    $0
    Hours/week
    1

  • Marilyn Fair

    Director

    Total calculated
    $0
    Hours/week
    1

  • David Allen

    Director

    Total calculated
    $0
    Hours/week
    1

  • Richard Willis

    Director

    Total calculated
    $0
    Hours/week
    1

  • Trina Stone

    Director

    Total calculated
    $0
    Hours/week
    1

  • Nehemiah Jefferson

    Director

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2026
IRS schema version
2024v5.2
Source object
202611359349309976

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