Building Lives Foundation
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$872,000.00
Projected Expenses
$381,780.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| building lives foundation irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $605,750.00 | $511,756.00 | $346,311.00 |
| Total Expenses | $486,945.00 | $404,192.00 | $385,848.00 |
| Revenue Less Expenses | $118,805.00 | $107,564.00 | ($39,537.00) |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $12,905.00 | $12,900.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $0.00 | $0.00 | $0.00 |
| Contributions, Gifts, and Grants | $368,543.00 | $249,686.00 | $253,050.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $50,400.00 | $172,705.00 | $55,040.00 |
| Investment Income, Net of Losses | $119.00 | $7.00 | $49.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $186,688.00 | $73,490.00 | $25,272.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $2,963.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $287,391.00 | $237,191.00 | $284,157.00 |
| Administration Expense | $69,969.00 | $75,967.00 | $72,039.00 |
| Fundraising Expense | $129,584.00 | $91,634.00 | $29,652.00 |
| Total Revenue/Total Expenses | 124% | 126% | 90% |
| Program Expense/Total Expenses | 59% | 59% | 74% |
| Fundraising Expense/Contributed Revenue | 27% | 23% | 8% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $368,543.00 | Contributions, Gifts, and Grants $249,686.00 | Contributions, Gifts, and Grants $253,050.00 |
| Second Highest Funding Source & Dollar Amount | Fundraising Events $186,688.00 | Program Revenue $172,705.00 | Program Revenue $55,040.00 |
| Third Highest Funding Source & Dollar Amount | Program Revenue $50,400.00 | Fundraising Events $73,490.00 | Fundraising Events $25,272.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $493,992.00 | $372,351.00 | $325,519.00 |
| Current Assets | $226,795.00 | $158,330.00 | $124,991.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $103,211.00 |
| Current Liabilities | $54,563.00 | $51,727.00 | $8,785.00 |
| Total Net Assets | $439,429.00 | $320,624.00 | $325,519.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
Yes
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
December
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| Building Lives financials have experienced steady growth from the first year's budget of $25,000 in 2007 to $352,000 for the budget ending June 2021. Projections for next year's income are at $650,000. The organization has achieved this growth by continuing to develop consistent corporate and individual donors, consistent grant partners, consistent Academy service contracts, and ever increasing fundraising event revenue. Challenges/opportunities include: Continued donor growth: -Initiated plan to engage increasing numbers of churches and local American Legion Posts. This is being done through a coordinated effort of contact, meet, and present lead by board member Ed Trowbridge. -Broaden our corporate reach through increased contact activity directly to corporations in middle Tennessee for participation in our Spring Concert. Then follow up to become consistent annual contributors to the cause. Efforts lead by Board Members Tim Brinkmann and Dorothy Scobey. -Broaden the number of churches involved with Building Lives. Efforts led by Kevin Wilkinson. Individual meetings arranged, church wide presentations given, and follow up on actionable items/interest.Increase Fundraising Revenue: -Deepen relationships with existing corporate donors. Efforts led by Executive Director Jeff Upton. Increase number of Christmas Warehouse Sales from 3 to 5. Add two new secondary product donors for these sales. New Grant Opportunities: -Added a part time grant writer to the staff to pursue additional grant partners. Building Lives has experienced consistent grant support from Baptist Healing Trust and the Memorial Foundation for a number of continuing years. The need is to broaden our grant partner base to help address the increasing needs of our mission in the future. Service Contract Growth: -The Academy service contracts have been developed to provide employment experience for men in that program and to provide the funding necessary for this program. Kevin Wilkinson, VP Operations, (615-481-3710) is spearheading these efforts to not only maintain existing contracts but to grow these contracts. Commercial cleaning and commercial yard care are the two service areas that this group provides. Secure Financial Foundation: -The Board has embarked on a 5 year plan to set aside cash reserves of $225,000 or 50% of our operating budget as a hedge against any potential downturn in expected revenues. The first $100,000 has already been set aside. The plan is to set aside $25,000 for each of the first four years of this plan and $25,000 in the last year for a total of $225,000. As our budget changes so will the targeted amount in order to reach the 50% of budget in the fifth year. In Fiscal year 2021 we were able to become a debt free organization. |
Foundation Staff Comments
| Financial figures taken from the Audit. Documents prepared by Joe Osterfield, CPA. Comments provided by Hayley Sulfridge 3/15/24. |
