PRAISE MINISTRIES INC

EIN: 751724889 501(c)(3) Religion

LINDALE, TX

Total Revenue
$103,124
Total Expenses
$149,013
Total Assets
$122,947
Net Assets
$120,336
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1980
Legal Domicile
TX
Principal Officer
DALLAS HOLM
Phone
9038826176
Tax Period
2020-01-01 to 2020-12-31

PRAISE MINISTRIES INC, founded in 1980, is a small nonprofit in the Religion sector that reported $103K in total revenue in fiscal year 2020. Revenue fell 61% from the prior year — a significant decline worth monitoring. Expenses of $149K exceeded revenue, resulting in a 44% operating deficit.

Mission

501(C)(3) RELIGIOUS ORGANIZATION

Program Service Accomplishments

Program 1
Expenses: $100,918

PRAISE MINISTRIES, INC. SPREADS THE GOSPEL OF JESUS CHRIST THROUGH MUSIC AND WORD IN CONCERT HALLS AND CHURCHES THROUGHOUT THE UNITED STATES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2020)

Revenue Breakdown

Contributions & Grants $93,449
Program Service Revenue $6,850
Investment Income $151
Other Revenue $2,674
TOTAL REVENUE $103,124

Expense Breakdown

Grants Paid $1,750
Salaries & Benefits $101,526
Fundraising Expenses $6,533
Program Expenses $100,918
Other Expenses $45,737
TOTAL EXPENSES $149,013

Year-over-Year Comparison

2020 2019 Change
Revenue $103,124 $262,847 -0.6%
Expenses $149,013 $184,644 -0.2%
Net Income $-45,889 $78,203 -1.6%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Liquidity & Cash Position

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Governance

Voting Members
5
Independent Members
2
Employees
4
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
2
$69,533
Total Directors
4
$69,533
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DALLAS HOLM PRES/TREAS 40.00
Officer Director
$27,120 $26,200 $53,320
JENNIFER KOESHALL SECRETARY 10.00
Officer Director
$16,213 $0 $16,213
AC MUSGRAVE DIRECTOR 1.00
Director
$0 $0 $0
RICK MCCRARY DIRECTOR 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2020 $103,124 $149,013 $122,947 $-45,889
2019 $262,847 $184,644 $168,092 $78,203
2018 $182,305 $196,472 $90,209 $-14,167
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