Bible Education Legacy Fund Inc

Nonprofit profile at a glance

EIN
208667680
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Scottsdale, AZ, USA
Phone
6028508000
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Private Grantmaking Foundations

Reported finances

Revenue
$982,607
Expenses
$508,613
Assets
$11,787,281
Liabilities
$52,690

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • GARY DAMORE (PRESIDENT)
  • JON HERMANSON (VICE PRESIDENT)

People named in this filing

  • GARY DAMORE (PRESIDENT)
  • JON HERMANSON (VICE PRESIDENT)
  • KEN BECKEMEYER (TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Bible education legacy fund (belf) is a supporting organization for the (cont'd on sch. O) benefit of, to perform the functions of, or to carry out the purposes of phoenix seminary, a 501(c)(3) organization.

What it reported doing in 2024

The organization managed property for the benefit of phoenix seminary, its supported organization. It also granted $24,068 to phoenix seminary allowing phoenix seminary to provide scholarships to 15 students during the fiscal year. Additionally, it granted $71,869 for faculty salaries in pastoral theology. We also supported phoenix seminary with general grants of 106,000.

Operating model

Revenue model
Affiliate-supported. 79% of the money available for current operations came from contributions from related organizations.
Distribution model
Hybrid. The nonprofit split its reported program spending across 57% for direct work, and 43% for grants.

The verdict

STRONG - The filed numbers largely add up and a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 94
  • Accountability: 100
  • Sustainability: 90
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 56.9%; rating input score 57
  • Program expense ratio: 91.5%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 48.2%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 23.18; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 74; 74th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 11.1% per year; rating input score 100; 66th percentile among comparable filings
  • Revenue growth: 0.8% per year; rating input score 100; 18th percentile among comparable filings
  • Asset growth: 1% per year; rating input score 100; 21st percentile among comparable filings

Details

  • Where the money goes: 56.9% of revenue deployed · 91.5% of spending went to programs
  • Governance: 4 of 4 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $465K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Mission deployment rate scored 57/100.