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Nonprofiteer
← FAITH LEGACY PROPERTIES INC

Form 990 for tax year 2024

Filed by FAITH LEGACY PROPERTIES INC.

Totals

Total revenue
$94,885
Total expenses
$131,477
Contributions and grants received
$33,118
Grants paid
$2,545
Program service revenue
$55,087
Investment income
-$1,968
Other revenue
$8,648
Total assets, end of year
$2,438,995
Total liabilities, end of year
$72,171
Net assets or fund balances, end of year
$2,366,824
Program services expenses (Part IX)
$130,908
Management and general expenses
$569
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 99.6% 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.

  • 1d · Related organizations

    $33,118

  • 2a · Program service revenue: FBC LEASE

    total $32,540 · related or exempt $32,540

  • 2b · Program service revenue: GRAY HOUSE RENTAL

    total $10,510 · related or exempt $10,510

  • 2c · Program service revenue: FBS LEASE

    total $8,550 · related or exempt $8,550

  • 2d · Program service revenue: BETHANY FARMS RENTAL

    total $3,487 · related or exempt $3,487

  • 7a · Gross sales of assets other than inventory

    other assets $7,824

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

    other assets $9,792

  • 7c · Gain or loss

    other assets -$1,968

  • 7d · Net gain or loss

    total -$1,968 · excluded -$1,968

  • 11a · Other revenue: OTHER INCOME

    total $7,248 · related or exempt $7,248

  • 11b · Other revenue: RESTORATION BUILDING FUND

    total $1,400 · related or exempt $1,400

  • 11e · Other revenue, total

    $8,648

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,545 · program services $2,545

  • 11c · Fees: accounting

    total $1,392 · program services $1,392

  • 13 · Office expenses

    total $569 · management and general $569

  • 16 · Occupancy

    total $41,878 · program services $41,878

  • 22 · Depreciation, depletion and amortization

    total $85,071 · program services $85,071

  • 23 · Insurance

    total $22 · program services $22

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $107,057 · end of year $42,833

  • 2 · Savings and temporary cash investments

    beginning of year $27 · end of year $27

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

    $2,934,515

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

    $538,380

  • 10c · Land, buildings and equipment, net

    beginning of year $2,355,243 · end of year $2,396,135

  • 15 · Other assets

    beginning of year $12,650

  • 17 · Accounts payable and accrued expenses

    beginning of year $73,771 · end of year $72,171

  • 27 · Net assets without donor restrictions

    beginning of year $2,339,677 · end of year $2,353,370

  • 28 · Net assets with donor restrictions

    beginning of year $61,529 · end of year $13,454

Mission and programs · 2024

Mission

THE ORGANIZATION IS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF HOLDING TITLE TO PROPERTY, COLLECTING INCOME THEREFROM, AND TURN OVER THE ENTIRE AMOUNT THEREOF, LESS EXPENSES, TO FAITH BAPTIST CHURCH OF LAFAYETTE, INC. (AN EXEMPT ORGANIZATION UNDER SECTION 501 OF THE INTERNAL REVENUE CODE)

  • TO HOLD TITLE TO PROPERTY, COLLECT INCOME THEREFROM, AND TURNING OVER THE ENTIRE AMOUNT THEREFROM, LESS EXPENSES TO FAITH BAPTIST CHURCH OF LAFAYETTE, INC.

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

Listed in Part VII

  • Matthew Westhius

    CFO

    Total calculated
    $160,154
    From this org
    $0
    From related orgs
    $124,457
    Other
    $35,697
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $124,457 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $10,630 related
    Nontaxable benefits
    not reported + $25,067 related
    Filer's total
    not reported + $160,154 related
  • Scott Grass

    SECRETARY/TR

    Total calculated
    $131,250
    From this org
    $0
    From related orgs
    $77,532
    Other
    $53,718
    Hours/week
    0.5 + 39.5 related
  • Pete Forster

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Phil Leighty

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5
  • Erik Roe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 3
RELATED ORGANIZATION USES COMPENSATION COMMITTEE AND BOARD APPROVAL METHOD TO ESTABLISH COMPENSATION OF ORGANIZATION'S CEO/CFO/EXECUTIVE DIRECTOR.

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.

  • FAITH CHURCH OF LAFAYETTE INC

    501C3 · CHURCH · IN

  • FAITH PROPERTIES

    501C3 · HOLD ASSET · IN

    Directly controlled by FAITH CHUR

  • FAITH LEGACY FOUNDATION

    501C3 · HOLD ENDOW · IN

    Directly controlled by FAITH CHUR

  • FAITH CHRISTIAN SCHOOL

    501C3 · SCHOOL · IN

    Directly controlled by FAITH CHUR

  • FAITH BIBLICAL COUNSELING MINISTRIE

    501C3 · COUNSELING · IN

    Directly controlled by FAITH CHUR

  • FAITH GLOBAL MINISTRIES

    501C3 · MISSIONS · IN

    Directly controlled by FAITH CHUR

  • FAITH COMMUNITY MINISTRIES

    501C3 · COMMUNITY · IN

    Directly controlled by FAITH CHUR

  • FAITH BIBLE SEMINARY

    501C3 · SCHOOL · IN

    Directly controlled by FAITH CHUR

  • VISION OF HOPE

    501C3 · WOMENS FAC · IN

    Directly controlled by FAITH CHUR

  • FAITH WEST PROPERTIES

    501C3 · HOLDS PROP · IN

    Directly controlled by FAITH CHUR

  • FAITH CHRISITAN FELLOWSHIP

    501C3 · MINISTRY · IN

    Directly controlled by FAITH CHUR

  • FAITH COMMUNITY DEVELOPMENT CORPORA

    501C3 · LOW-INCOME · IN

    Directly controlled by FAITH CHUR

  • NORTHEND PROPERTIES INC

    501C3 · HOLD ASSET · IN

    Directly controlled by FAITH CHUR

  • CARWORKS OF LAFAYETTE

    501C3 · OUTREACH · IN

    Directly controlled by FAITH CHUR

  • NORTHEND COMMUNITY CENTER

    501C3 · OUTREACH · IN

    Directly controlled by FAITH CHUR

Provenance

Return type
form_990
Tax year
2024
Filed
16 February 2026
IRS schema version
2024v5.0
Source object
202600479349301715

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