IBAC Corporation

EIN: 843874964 501(c)(3)

Elkmont, AL

Total Revenue
$468,602
Total Expenses
$445,546
Total Assets
$343,118
Net Assets
$271,944
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
2019
Tax Period
2024-01-01 to 2024-12-31

IBAC Corporation, founded in 2019, is a small nonprofit that reported $411K in total revenue in fiscal year 2022. The organization ran a surplus of $186K, a strong 45% operating margin.

Mission

Providing religious and theological training to pastors and leaders

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $468,602
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $468,602

Expense Breakdown

Grants Paid $0
Salaries & Benefits $224,864
Fundraising Expenses $0
Program Expenses $445,546
Other Expenses $220,682
TOTAL EXPENSES $445,546

Year-over-Year Comparison

2024 2023 Change
Revenue $468,602 $363,263 +0.3%
Expenses $445,546 $300,185 +0.5%
Net Income $23,056 $63,078 -0.6%
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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Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
6
Independent Members
6
Employees
N/A
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
0
$0
Total Directors
0
$0
Key Employees
0
$0
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Jay Grooters Vice President 20
Highest
$66,300 $0 $66,300
Jerry Vickers Secretary 1
$0 $0 $0
James L Wilson President 40
$0 $0 $0
Amy Grooters Treasurer 20
Highest
$8,900 $0 $8,900
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
2024 $468,602 $445,546 $343,118 $23,056
2023 $363,263 $300,185 $311,062 $63,078
2022 $411,045 $225,169 $205,224 $185,876
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