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Nonprofiteer
← WORLD OLIVET ASSEMBLY INC

Form 990 for tax year 2022

Filed by WORLD OLIVET ASSEMBLY INC.

Totals

Total revenue
$17,208,664
Total expenses
$14,511,839
Contributions and grants received
$15,442,048
Grants paid
$4,529,995
Program service revenue
$570,000
Investment income
$24
Other revenue
$1,196,592
Total assets, end of year
$91,611,996
Total liabilities, end of year
$42,129,169
Net assets or fund balances, end of year
$49,482,827
Program services expenses (Part IX)
$7,544,636
Management and general expenses
$6,707,562
Fundraising expenses
$259,641
Program service expenses (Part III)
$7,544,636

Program services were 52.0% 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.

  • 1b · Membership dues

    $763,278

  • 1f · All other contributions, gifts and grants

    $14,678,770

  • 1g · Noncash contributions included above

    $947,400

  • 2a · Program service revenue: Consulting fees

    total $570,000 · unrelated business $570,000

  • 3 · Investment income

    total $24 · unrelated business $24

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $1,196,592

  • 6c · Rental income or loss

    real property $1,196,592

  • 6d · Net rental income or loss

    total $1,196,592 · unrelated business $1,196,592

  • 7d · Net gain or loss

    total $0

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,732,338 · program services $1,732,338

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $2,797,657 · program services $2,797,657

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $75,000 · program services $75,000

  • 6 · Compensation of disqualified persons

    total $543,141 · program services $357,699 · management and general $123,628 · fundraising $61,814

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $48,576 · program services $34,003 · management and general $9,715 · fundraising $4,858

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $499,125 · management and general $499,125

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $1,208,400 · program services $751,400 · management and general $457,000

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $42,872 · program services $30,010 · management and general $10,718 · fundraising $2,144

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $32,000 · program services $24,000 · management and general $6,400 · fundraising $1,600

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $130,457 · program services $91,320 · management and general $26,091 · fundraising $13,046

  • 19 · Conferences, conventions and meetings

    total $432,438 · program services $432,438

  • 20 · Interest

    total $2,218,890 · management and general $2,218,890

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,397,559 · program services $908,496 · management and general $359,278 · fundraising $129,785

  • 23 · Insurance

    total $293,087 · management and general $293,087

  • 24a · Other expenses: Bad debt expense

    total $2,006,704 · management and general $2,006,704

  • 24b · Other expenses: Bank Charges

    total $417,875 · management and general $417,875

  • 24c · Other expenses: Repairs & Maintenance

    total $254,774 · program services $178,342 · management and general $50,955 · fundraising $25,477

  • 24d · Other expenses: Utilities

    total $202,018 · program services $121,211 · management and general $60,605 · fundraising $20,202

  • 24e · All other expenses

    total $178,928 · program services $10,722 · management and general $167,491 · fundraising $715

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,513,973 · end of year $2,056,417

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $11,289,459 · end of year $13,740,237

  • 4 · Accounts receivable

    beginning of year $847,339 · end of year $730,834

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,328,899 · end of year $6,190,004

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

    $74,328,708

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

    $5,434,204

  • 10c · Land, buildings and equipment, net

    beginning of year $63,681,903 · end of year $68,894,504

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $591,434 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $188,199 · end of year $218,777

  • 19 · Deferred revenue

    beginning of year $1,459,910 · end of year $1,257,306

  • 23 · Secured mortgages and notes payable

    beginning of year $25,163,173 · end of year $29,126,816

  • 24 · Unsecured notes and loans payable

    beginning of year $11,655,723 · end of year $11,510,836

  • 25 · Other liabilities

    end of year $15,434

  • 27 · Net assets without donor restrictions

    beginning of year $38,900,382 · end of year $41,597,207

  • 28 · Net assets with donor restrictions

    beginning of year $7,885,620 · end of year $7,885,620

Mission and programs · 2022

Mission

World Olivet Assembly's mission is to proclaim God's word, to help others come to faith in Jesus Christ, and to seek fulfillment of the Great Commission that the Lord has entrusted to all believers.

Activities or mission (Part I)

An association of churches organized exclusively for religious and religious churches

  • In the last twelve months, there has been notable progress and broadening of our church and missionary networks. We have successfully initiated fresh church establishments across various regions, including strengthening of our mission network in post-Christian countries in Europe, the U.S. to the global south, including rapid expansion in Latin America, South East Asia and Africa. The recruitment and training of new missionaries have been a significant focus, resulting in the deployment of several individuals to support these newly established churches.

    Expenses $5,097,398 · Grants $3,260,010

  • Support has been extended to ministries spanning design, business, education, family, healing, humanitarian causes, information technology, justice, media, medical, music, and youth. These ministries serve to channel the diverse interests found globally towards the fulfillment of God's purpose, ultimately benefiting the communities where they are established.

    Expenses $1,574,196 · Grants $806,576

  • In the domain of Education and Training, our Christian denomination has excelled in fostering spiritual growth both intellectually and vocationally. Through tailored programs, we offer accessible, high-quality education, empowering individuals for academic and professional success. Our training initiatives focus on skill enhancement, personal development, and spiritual well-being. This achievement reflects our commitment to integrating Christian values into education, demonstrating the transformative power of knowledge.

    Expenses $873,042 · Grants $463,409

As filed on the 2022 return.

Listed in Part VII

  • Marian Spisak

    Executive Dir.

    Total calculated
    $50,000
    From this org
    $50,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Chunmei Fu

    Associate Pasto

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Alma Osorio

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • David Chang

    Chairman

    Total calculated
    $0
    Hours/week
    10

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

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • Christian Innovation Center LLC

    own and mange properties, Hold assets · DC · assets $10,103,467

  • Evangelical Estates LLC

    own and mange properties, Hold assets · NY

  • Mere Missions LLC

    Support mission activities · NY

  • 7725 Penrose LLC

    own and mange properties, Hold assets · PA · assets $2,871,795

  • Evangelical Estates of Georgia LLC

    own and mange properties, Hold assets · GA · assets $784,957

  • 1000 East First Estates LLC

    own and mange properties, Hold assets · FL · assets $5,907,692

  • Prec Construction

    Construction Project Nehemiah · NY

Provenance

Return type
form_990
Tax year
2022
Filed
15 December 2023
IRS schema version
2022v5.0
Source object
202323499349301362

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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