Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: RENTAL INCOME

  total $1,230,403 · related or exempt $1,230,403

• 3 · Investment income

  total $629,686 · excluded $629,686

• 7a · Gross sales of assets other than inventory

  securities $1,913,676

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

  securities $1,746,628

• 7c · Gain or loss

  securities $167,048

• 7d · Net gain or loss

  total $167,048 · excluded $167,048

Functional expenses

Part IX, the statement of functional expenses.

• 11a · Fees: management

  total $363,000 · management and general $363,000

• 11c · Fees: accounting

  total $14,626 · management and general $14,626

• 11f · Fees: investment management

  total $12,275 · management and general $12,275

• 11g · Fees: other

  total $36,893 · management and general $36,893

• 13 · Office expenses

  total $25,495 · program services $25,495

• 16 · Occupancy

  total $239,785 · program services $239,785

• 20 · Interest

  total $14,815 · program services $14,815

• 22 · Depreciation, depletion and amortization

  total $243,829 · program services $243,829

• 23 · Insurance

  total $19,524 · program services $19,524

• 24a · Other expenses: REPAIRS AND MAINTENANCE

  total $139,089 · program services $139,089

• 24b · Other expenses: MINOR DURABLES

  total $24,800 · program services $24,800

• 24c · Other expenses: OTHER TAXES

  total $24,563 · program services $24,563

• 24d · Other expenses: BANKING FEES

  total $9,898 · program services $9,898

• 24e · All other expenses

  total $8,363 · program services $8,363

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $170,141 · end of year $439,123

• 4 · Accounts receivable

  beginning of year $15,510 · end of year $26,665

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

  $14,994,651

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

  $10,123,416

• 10c · Land, buildings and equipment, net

  beginning of year $4,971,836 · end of year $4,871,235

• 11 · Investments: publicly traded securities

  beginning of year $12,373,893 · end of year $12,671,839

• 17 · Accounts payable and accrued expenses

  beginning of year $77,544 · end of year $84,941

• 19 · Deferred revenue

  beginning of year $1,190 · end of year $53,558

• 20 · Tax-exempt bond liabilities

  beginning of year $1,078,354

• 25 · Other liabilities

  beginning of year $108,568 · end of year $140,970

• 27 · Net assets without donor restrictions

  beginning of year $16,265,724 · end of year $17,729,393

The filer's explanations (Part III)

PART I, LINE 4B

PART I, LINE 4B: DAVID RAMSEY HAS BEEN PAID OUT HIS SERP. CHAD HOVIS IS APART OF THE DEFINED CONTRIBUTION SERP. A DEFINED CONTRIBUTION SERP IS OFFERED TO SELECT EXECUTIVES, WITH AN ANNUAL 10 PERCENT OF SALARY CONTRIBUTION. EACH ANNUAL CONTRIBUTION VESTS THE EARLIER OF 5 YEARS OR AGE 65. TAXES ARE ADVANCED FROM VESTED ACCOUNTS, WITH THE REMAINING BALANCE HELD UNTIL TERMINATION. ALL CONTRIBUTIONS ARE VESTED IN THE EVENT OF DEATH, DISABILITY, INVOLUNTARY TERMINATION WITHOUT CAUSE, OR VOLUNTARY TERMINATION FOR GOOD REASON FOLLOWING CHANGE OF CONTROL. UNVESTED CONTRIBUTIONS ARE FORFEITED FOR VOLUNTARY TERMINATION OR TERMINATION FOR CAUSE. UNDER THE EXECUFLEX BENEFIT PLAN 409A, EXECUTIVES RECEIVE 11 PERCENT OF THEIR SALARY IN FLEX ALLOWANCE. THIS FLEX ALLOWANCE IS USED TO ELECT EXECUTIVE BENEFITS. ANY REMAINING FLEX ALLOWANCE IS CREDITED TO A TAX DEFERRED CAPITAL ACCUMULATION ACCOUNT. THE MINIMUM VESTING PERIOD IS TWO YEARS, MAXIMUM AGE IS 68. A TWO YEAR NONCOMPETE AGREEMENT SUBSTANTIAL RISK OF FORFEITURE AGREEMENT APPLIES IF TERMINATION OF EMPLOYMENT OCCURS PRIOR TO THE VESTING DATE. CERTAIN PARTICIPANTS HAD AMOUNTS VESTED AND INCLUDED AS REPORTABLE COMPENSATION THIS YEAR, AS DETAILED: DAVE RAMSEY $154,224 & CHAD HOVIS $29,414