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← PERMANENT ENDOWMENT FUND OF THE MOODY MEMORIAL FIRST UNITED METHOD

Form 990 for tax year 2024

Filed by PERMANENT ENDOWMENT FUND OF THE MOODY MEMORIAL FIRST UNITED METHOD.

Totals

Total revenue
$312,657,414
Total expenses
$25,828,349
Contributions and grants received
$292,533,380
Grants paid
$24,162,479
Program service revenue
$0
Investment income
$20,124,034
Other revenue
$0
Total assets, end of year
$412,025,898
Total liabilities, end of year
$8,521,091
Net assets or fund balances, end of year
$403,504,807
Program services expenses (Part IX)
$24,739,845
Management and general expenses
$1,088,504
Fundraising expenses
$0
Program service expenses (Part III)
$24,739,845

Program services were 95.8% 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

    $292,533,380

  • 3 · Investment income

    total $9,140,478 · excluded $9,140,478

  • 7a · Gross sales of assets other than inventory

    securities $436,586,115

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

    securities $425,602,559

  • 7c · Gain or loss

    securities $10,983,556

  • 7d · Net gain or loss

    total $10,983,556 · excluded $10,983,556

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $24,162,479 · program services $24,162,479

  • 5 · Compensation of officers, directors and key employees

    total $203,616 · program services $154,748 · management and general $48,868

  • 7 · Other salaries and wages

    total $218,647 · program services $164,270 · management and general $54,377

  • 8 · Pension plan contributions

    total $14,620 · program services $11,111 · management and general $3,509

  • 9 · Other employee benefits

    total $102,852 · program services $78,168 · management and general $24,684

  • 10 · Payroll taxes

    total $17,514 · program services $13,311 · management and general $4,203

  • 11b · Fees: legal

    total $133,669 · management and general $133,669

  • 11f · Fees: investment management

    total $661,519 · management and general $661,519

  • 11g · Fees: other

    total $80,708 · management and general $80,708

  • 13 · Office expenses

    total $101,445 · program services $68,358 · management and general $33,087

  • 14 · Information technology

    total $23,088 · program services $17,547 · management and general $5,541

  • 17 · Travel

    total $25,082 · program services $19,062 · management and general $6,020

  • 19 · Conferences, conventions and meetings

    total $53,892 · program services $50,791 · management and general $3,101

  • 23 · Insurance

    total $28,628 · management and general $28,628

  • 24a · Other expenses: Membership dues

    total $590 · management and general $590

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $922,440 · end of year $437,936

  • 2 · Savings and temporary cash investments

    beginning of year $10,717,388 · end of year $2,736,189

  • 3 · Pledges and grants receivable

    beginning of year $4,524,317 · end of year $3,749,336

  • 9 · Prepaid expenses and deferred charges

    beginning of year $23,226 · end of year $29,662

  • 11 · Investments: publicly traded securities

    beginning of year $102,277,678 · end of year $309,270,490

  • 12 · Investments: other securities

    end of year $90,696,283

  • 13 · Investments: program-related

    beginning of year $5,090,873 · end of year $5,106,002

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,271 · end of year $65,882

  • 18 · Grants payable

    beginning of year $1,693,476 · end of year $8,455,209

  • 27 · Net assets without donor restrictions

    beginning of year $121,861,175 · end of year $403,504,807

Mission and programs · 2024

Mission

The mission of the Endowment is to hold, administer and distribute funds exclusively to and in aid of the religious, charitable and educational purposes of Moody Methodist Church.

Activities or mission (Part I)

Advancing the care of people in the Name and Spirit of Jesus Christ.

  • The Permanent Endowment Fund of the Moody Memorial First Methodist Church (PEF) aids in the religious, charitable, educational, and missional purposes of the Moody Methodist Church and the United Methodist Church.

    Expenses $24,739,845 · Grants $24,162,479

As filed on the 2024 return.

Listed in Part VII

  • Bill Glenn III

    Chair, Director

    Total calculated
    $0
    Hours/week
    5

  • Ramona Webb Holbrook

    Secretary, Director

    Total calculated
    $0
    Hours/week
    5

  • Armin Cantini

    Director

    Total calculated
    $0
    Hours/week
    5

  • Edie Harrington

    Director

    Total calculated
    $0
    Hours/week
    5

  • Matthew Hay

    Director

    Total calculated
    $0
    Hours/week
    5

  • Donna Lang

    Director

    Total calculated
    $0
    Hours/week
    5

  • Jere Pederson

    Director

    Total calculated
    $0
    Hours/week
    5

  • Danica Premirelli

    Director

    Total calculated
    $96,320
    From this org
    $96,320
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Kelly Schwab

    Director

    Total calculated
    $0
    Hours/week
    5

  • Bert Bagley

    Executive Director

    Total calculated
    $203,616
    From this org
    $162,763
    From related orgs
    $0
    Other
    $40,853
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,763
    Bonus
    $0
    Other
    $0
    Deferred
    $5,364
    Nontaxable benefits
    $35,489
    Filer's total
    $203,616

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

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 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

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

  • Galveston ISD

    $8,100,000

    Performing Arts Center

  • Galveston ISD

    $2,250,000

    Operating Budget (Content Specialists)

  • Moody Memorial First United Methodist Church

    $1,550,000

    Operating Budget

  • Houston Methodist Hospital Foundation

    $1,500,000

    Spiritual Care Clinical Pastoral Education Center

  • Moody Memorial First United Methodist Church

    $1,320,485

    Trustees Budget

  • Moody Memorial First United Methodist Church

    $1,025,125

    Trustees Priority Maintenance Projects

  • Texas Annual Conference of the United Methodist Church

    $700,000

    Vitality & Leadership

  • Moody Methodist Day School

    $600,000

    Moody Methodist Day School

  • Moody Methodist Day School

    $550,000

    Moody Methodist Day School

  • First Baptist Church Galveston

    $375,000

    HVAC for the Education Building for First Baptist Church, Galveston

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

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.

  • Moody Methodist Church

    501(c)(3) · Church · TX

  • New Room Inc

    501(c)(3) · Support for Moody Methodist Church · TX

    Directly controlled by Moody Methodist Church

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202503219349322215

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