Aldersgate Renewal Ministries
Fiscal Year
Fiscal Year Start
01/01/2024
Fiscal Year End
12/31/2024
Projected Revenue
$765,000.00
Projected Expenses
$763,138.00
Organizational Budgets and Other Documents
| Budget | 2024 |
| Budget | 2023 |
| 2022 Budget | 2022 |
| Projected Budget | 2021 |
| Budget 2020 | 2020 |
| Budget | 2019 |
| Budget | 2018 |
IRS Letter of Exemption
| aldersgate renewal ministries irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $456,968.00 | $390,252.00 | $480,619.00 |
| Total Expenses | $869,852.00 | $578,600.00 | $550,172.00 |
| Revenue Less Expenses | ($412,884.00) | ($188,348.00) | ($69,553.00) |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| 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 | $283,284.00 | $374,594.00 | $359,560.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $173,684.00 | $15,658.00 | $51,693.00 |
| Investment Income, Net of Losses | $0.00 | $0.00 | $40,004.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $0.00 | $1,952.00 |
| Other | $0.00 | $0.00 | $27,410.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $381,334.00 | $311,891.00 | $395,187.00 |
| Administration Expense | $488,518.00 | $266,709.00 | $154,985.00 |
| Fundraising Expense | $0.00 | $0.00 | $0.00 |
| Total Revenue/Total Expenses | 53% | 67% | 87% |
| Program Expense/Total Expenses | 44% | 54% | 72% |
| Fundraising Expense/Contributed Revenue | 0% | 0% | 0% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $283,284.00 | Contributions, Gifts, and Grants $374,594.00 | Contributions, Gifts, Grants $359,560.00 |
| Second Highest Funding Source & Dollar Amount | Program Revenue $173,684.00 | Program Revenue $15,658.00 | Program Revenue $51,693.00 |
| Third Highest Funding Source & Dollar Amount | $0.00 | $0.00 | Interest Income $40,004.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $1,363,101.00 | $1,532,467.00 | $1,532,464.00 |
| Current Assets | $153,935.00 | $66,091.00 | $64,139.00 |
| Long-Term Liabilities | $9,782.00 | $0.00 | $0.00 |
| Current Liabilities | $20,629.00 | $11,429.00 | $11,426.00 |
| Total Net Assets | $1,332,690.00 | $1,521,038.00 | $1,521,038.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$414,610.00
What is the spending policy for your endowment?
Percentage
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
June
Permit Expiration Year
2024
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| In order to increase effectiveness, ARM has been intentional to reduce expenses and sought to increase income. ARM has eliminated positions, reduced contract services, renegotiated healthcare, and minimized administrative expenses, while producing more revenue generating resources to equip the local church to minister in the power of the Holy Spirit. |
Foundation Staff Comments
| Financials taken from audited financial statements. Any foundation or corporate grants are included in Individual Contributions sum, as figures are not separated in financial documents. Financials completed by Puryear & Noonan, CPAs. Comment provided by Hayley Sulfridge 6/25/24. |
