Lex King Souter Memorial Fund Trust T-701

Nonprofit profile at a glance

EIN
046029671
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Dallas, TX, USA
Phone
8888663275
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Affiliation
Christianity

Reported finances

Revenue
$180,142
Expenses
$177,428
Assets
$3,200,271
Liabilities
$0

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

Leadership & pay

1 person listed

Highest reported compensation

  • BANK OF AMERICA (TRUSTEE): $29,829 total reported compensation

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

Overview

Mission

To give spiritual and material relief to any and all needy persons who shall at any time appeal to said church for such relief and assistance

What it reported doing in 2024

First cong church

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 92% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 93
  • Accountability: 24
  • Sustainability: 60
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 88.6%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: Limited
  • Governance controls: 4 of 9 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1.5%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 18.04; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 16.8%; rating input score 22; 22nd percentile among comparable filings

Growth

  • Program expense growth: 6.8% per year; rating input score 100; 61st percentile among comparable filings
  • Revenue growth: -4% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 4.5% per year; rating input score 100; 45th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 88.6% of spending went to programs
  • Governance: 4 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $157K in reported program spending
  • Leadership: top reported pay $30K · 1 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 3 filed schedules · includes grants
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.

Key Signals

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

  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • High — Sustainability: Officer compensation ratio scored 22/100.