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Nonprofiteer
← CHURCH FINANCE CORPORATION

Form 990 for tax year 2023

Filed by CHURCH FINANCE CORPORATION.

Totals

Total revenue
$5,235,600
Total expenses
$3,236,162
Contributions and grants received
$1,196
Grants paid
$0
Program service revenue
$4,655,189
Investment income
$579,215
Other revenue
$0
Total assets, end of year
$83,787,311
Total liabilities, end of year
$73,730,280
Net assets or fund balances, end of year
$10,057,031
Program services expenses (Part IX)
$3,099,431
Management and general expenses
$136,731
Fundraising expenses
$0
Program service expenses (Part III)
$3,099,431

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

    $1,196

  • 2a · Program service revenue: INTEREST INCOME

    total $4,384,260 · related or exempt $4,384,260

  • 2b · Program service revenue: LOAN FEE INCOME

    total $270,929 · related or exempt $270,929

  • 3 · Investment income

    total $579,215 · related or exempt $579,215

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $427,500 · program services $346,275 · management and general $81,225

  • 11c · Fees: accounting

    total $24,419 · program services $18,976 · management and general $5,443

  • 11g · Fees: other

    total $16,958 · program services $16,958

  • 20 · Interest

    total $2,603,559 · program services $2,603,559

  • 24a · Other expenses: LOAN SERVICING FEES

    total $113,393 · program services $113,393

  • 24b · Other expenses: BAD DEBT

    total $50,000 · management and general $50,000

  • 24c · Other expenses: LICENSES/FEES

    total $333 · program services $270 · management and general $63

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,264,233 · end of year $881,272

  • 2 · Savings and temporary cash investments

    beginning of year $22,694,238 · end of year $10,843,199

  • 7 · Other notes and loans receivable

    beginning of year $57,050,573 · end of year $64,447,773

  • 12 · Investments: other securities

    beginning of year $7,126,969 · end of year $7,615,067

  • 17 · Accounts payable and accrued expenses

    end of year $9,249

  • 23 · Secured mortgages and notes payable

    beginning of year $50,554,144 · end of year $47,115,612

  • 25 · Other liabilities

    beginning of year $29,878,476 · end of year $26,605,419

  • 27 · Net assets without donor restrictions

    beginning of year $7,703,393 · end of year $10,057,031

Mission and programs · 2023

Mission

THE CHURCH FINANCE CORPORATION (CORPORATION) IS A NEW MEXICO NON-PROFIT CORPORATION FOUNDED IN 1960. THE CORPORATION WAS FORMED TO ASSIST SOUTHERN BAPTIST AND OTHER EVANGELICAL CHRISTIAN CHURCHES AND RELATED MINISTRIES IN OBTAINING OR PROVIDING FINANCING FOR THE PURPOSE OF PURCHASING PROPERTY AND ERECTING OR IMPROVING BUILDINGS. THE CORPORATION'S MAJOR REVENUE SOURCES ARE FROM INTEREST INCOME FROM LOANS RECEIVABLE AND LOAN PROCESSING FEES.

  • THE CHURCH FINANCE CORPORATION (CORPORATION) IS A NEW MEXICO NON-PROFIT CORPORATION FOUNDED IN 1960. THE CORPORATION FACILITATES THE GROWTH OF THE BAPTIST CHURCH'S WORK AND OTHER CHRISTIAN MINISTRIES BY PROVIDING FINANCIAL AND RELATED SERVICES AND INVESTMENT OPPORTUNITIES. THE CORPORATION MAKES LOAN FUNDS AVAILABLE TO CHURCHES AND MINISTRIES FOR PROPERTY ACQUISITION, BUILDING CONSTRUCTION, EXPANSION, AND REMODELING. THE CORPORATION ALSO PROVIDES INVESTMENT OPPORTUNITIES THAT HELPS GROW EXISTING RESOURCES THAT ALLOWS CHURCHES AND MINISTRIES TO EXPAND THE BODY OF CHRIST.

    Expenses $3,099,431

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Rick Breeden

    PRESIDENT

    Total calculated
    $352,108
    From this org
    $0
    From related orgs
    $279,170
    Other
    $72,938
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    not reported + $276,170 related
    Bonus
    not reported + $3,000 related
    Other
    not reported
    Deferred
    not reported + $72,938 related
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $352,108 related

  • Lewis Williams

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Joe Coey

    VICE CHAIRMA

    Total calculated
    $0
    Hours/week
    2

  • Kirk Hudson

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Linda Dean

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Eddie McCall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard Gomez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Francis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Ewing

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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
  • 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)

SCHEDULE J, PART III
RICK BREEDEN'S COMPENSATION IS DETERMINED AND APPROVED BY THE BOARD OF DIRECTORS OF THE NEW MEXICO BAPTIST FOUNDATION (FOUNDATION). THE ANNUAL MANAGEMENT FEE CHARGED TO THE CORPORATION BY THE FOUNDATION INCLUDES AN ANALYSES OF TIME TO BE SPENT ON CORPORATION ACTIVITIES BY FOUNDATION EMPLOYEES. RICK BREEDEN IS COMPENSATED SOLELY THROUGH THE FOUNDATION AND DOES NOT RECEIVE ANY COMPENSATION DIRECTLY FROM THE CORPORATION.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
4 June 2024
IRS schema version
2023v5.0
Source object
202431569349301483

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