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Nonprofiteer
← K-LOVE & AIR1 FOUNDATION

Form 990 for tax year 2024

Filed by K-LOVE & AIR1 FOUNDATION.

Totals

Total revenue
$328,960
Total expenses
$520,660
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$240,000
Investment income
$750
Other revenue
$88,210
Total assets, end of year
$1,215,778
Total liabilities, end of year
$392,740
Net assets or fund balances, end of year
$823,038
Program services expenses (Part IX)
$374,503
Management and general expenses
$137,362
Fundraising expenses
$8,795
Program service expenses (Part III)
$374,503

Program services were 71.9% 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.

  • 2a · Program service revenue: PUBLISHING FEES

    total $240,000 · related or exempt $240,000

  • 5 · Royalties

    total $88,210 · excluded $88,210

  • 7a · Gross sales of assets other than inventory

    other assets $750

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    other assets $750

  • 7d · Net gain or loss

    total $750 · excluded $750

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $284,785 · program services $242,551 · management and general $36,538 · fundraising $5,696

  • 8 · Pension plan contributions

    total $9,751 · program services $8,306 · management and general $1,251 · fundraising $194

  • 9 · Other employee benefits

    total $40,733 · program services $34,693 · management and general $5,226 · fundraising $814

  • 10 · Payroll taxes

    total $22,443 · program services $19,114 · management and general $2,880 · fundraising $449

  • 11c · Fees: accounting

    total $565 · management and general $565

  • 11g · Fees: other

    total $29,125 · program services $24,806 · management and general $3,737 · fundraising $582

  • 13 · Office expenses

    total $5,374 · program services $4,577 · management and general $689 · fundraising $108

  • 14 · Information technology

    total $12,776 · program services $10,881 · management and general $1,639 · fundraising $256

  • 16 · Occupancy

    total $33,775 · program services $28,767 · management and general $4,333 · fundraising $675

  • 17 · Travel

    total $951 · program services $808 · management and general $122 · fundraising $21

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $76,669 · management and general $76,669

  • 24b · Other expenses: MISCELLANEOUS

    total $3,713 · management and general $3,713

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,207,347 · end of year $901,233

  • 4 · Accounts receivable

    beginning of year $333,903 · end of year $60,623

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $253,922

  • 17 · Accounts payable and accrued expenses

    beginning of year $144,746 · end of year $51,924

  • 25 · Other liabilities

    beginning of year $381,766 · end of year $340,816

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,014,738 · end of year $823,038

Mission and programs · 2024

Mission

KLOVE & AIR1 FOUNDATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, RELIGIOUS AND EDUCATIONAL PURPOSES AND FOR THE SUPPORT OR BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES PRIMARILY OF EDUCATIONAL MEDIA FOUNDATION (CONTINUED ON SCHEDULE O) AND OTHER EXEMPT ORGANIZATIONS WHICH SUPPORT AND PROMOTE CHRISTIAN EVANGELISM, EDIFICATION, AND VALUES.

Activities or mission (Part I)

KLOVE & AIR1 FOUNDATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, RELIGIOUS AND EDUCATIONAL PURPOSES AND FOR THE SUPPORT OR BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES PRIMARILY OF EDUCATIONAL MEDIA FOUNDATION AND OTHER EXEMPT ORGANIZATIONS WHICH SUPPORT AND PROMOTE CHRISTIAN EVANGELISM, EDIFICATION, AND VALUES.

  • K-LOVE & AIR1 FOUNDATION, THROUGH ITS WHOLLY OWNED SUBSIDIARY, WTA MEDIA LLC, CONTINUED ITS WORK TO DEVELOP, MARKET, AND DISTRIBUTE CHRISTIAN MEDIA INCLUDING, BUT NOT LIMITED TO FILM AND LITERATURE.

    Expenses $374,503 · Revenue $240,000

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Todd Woods

    CEO/DIRECTOR (ENDED 5/15/24)

    Total calculated
    $688,340
    From this org
    $0
    From related orgs
    $639,885
    Other
    $48,455
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $219,712 related
    Bonus
    $0 + $100,000 related
    Other
    $0 + $320,173 related
    Deferred
    $0 + $16,590 related
    Nontaxable benefits
    $0 + $31,865 related
    Filer's total
    $0 + $688,340 related

  • Tom Stultz

    CEO/DIRECTOR

    Total calculated
    $159,099
    From this org
    $0
    From related orgs
    $158,020
    Other
    $1,079
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $126,923 related
    Bonus
    $0
    Other
    $0 + $31,097 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $1,079 related
    Filer's total
    $0 + $159,099 related

  • Matthew Reynolds

    CFO/TREASURER

    Total calculated
    $334,847
    From this org
    $0
    From related orgs
    $291,564
    Other
    $43,283
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $234,549 related
    Bonus
    $0 + $37,600 related
    Other
    $0 + $19,415 related
    Deferred
    $0 + $11,959 related
    Nontaxable benefits
    $0 + $31,324 related
    Filer's total
    $0 + $334,847 related

  • Kendra Hickey

    ASSISTANT TREASURER

    Total calculated
    $199,596
    From this org
    $0
    From related orgs
    $164,790
    Other
    $34,806
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $144,470 related
    Bonus
    $0 + $9,000 related
    Other
    $0 + $11,320 related
    Deferred
    $0 + $3,482 related
    Nontaxable benefits
    $0 + $31,324 related
    Filer's total
    $0 + $199,596 related

  • Susan Myers

    COUNSEL/SECRETARY

    Total calculated
    $217,185
    From this org
    $0
    From related orgs
    $199,229
    Other
    $17,956
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $181,158 related
    Bonus
    $0 + $2,200 related
    Other
    $0 + $15,871 related
    Deferred
    $0 + $7,937 related
    Nontaxable benefits
    $0 + $10,019 related
    Filer's total
    $0 + $217,185 related

  • Rory McKean

    ASSISTANT SECRETARY (ENDED 4/2025)

    Total calculated
    $220,836
    From this org
    $0
    From related orgs
    $189,512
    Other
    $31,324
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $185,505 related
    Bonus
    $0 + $2,000 related
    Other
    $0 + $2,007 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $31,324 related
    Filer's total
    $0 + $220,836 related

  • Janet Cherry

    FORMER CHIEF OPERATIONS OFFICER

    Total calculated
    $330,971
    From this org
    $0
    From related orgs
    $330,971
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $330,971 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $330,971 related

  • Joseph Miller

    FORMER ASST TREASURER (ENDED 12/2023)

    Total calculated
    $325,442
    From this org
    $0
    From related orgs
    $291,717
    Other
    $33,725
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $272,013 related
    Bonus
    $0 + $500 related
    Other
    $0 + $19,204 related
    Deferred
    $0 + $11,795 related
    Nontaxable benefits
    $0 + $21,930 related
    Filer's total
    $0 + $325,442 related

  • David Atkinson

    FORMER CFO

    Total calculated
    $317,281
    From this org
    $0
    From related orgs
    $317,281
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $317,281 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $317,281 related

  • Emf Corporation

    INSTITUTIONAL TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4A
JANET CHERRY RECEIVED SEVERANCE PAY OF $330,971. DAVID ATKINSON RECEIVED SEVERANCE PAY OF $317,200. TODD WOODS RECEIVED SEVERANCE PAY OF $260,000.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • WTA MEDIA LLC

    CHRISTIAN MEDIA ACTIVITIES · DE · income $328,960 · assets $1,215,678

    Directly controlled by K-LOVE & AIR1 FOUNDATION

Provenance

Return type
form_990
Tax year
2024
Filed
31 July 2025
IRS schema version
2024v5.2
Source object
202512169349302021

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