Permanent Endowment Fund of the Moody Memorial First United Method

Analysis

Permanent Endowment Fund of the Moody Memorial First United Method is a registered charity in United States, based in Galveston, TX. It received its IRS tax-exemption ruling in August 2001, 25 years ago. Its declared purposes cover religion-related, which this site groups under religion. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, Permanent Endowment Fund of the Moody Memorial First United Method reported income of $12.6m and spending of $9.8m, leaving 22% of income unspent that year. Across the 4 years on record, from December 2019 to December 2022, income fell from $13.8m to $12.6m (-9.0%), an average of -3.1% a year. The sharpest change came in the year to December 2022, when income dropped by 34%. Over the whole period it spent 63% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Permanent Endowment Fund of the Moody Memorial First United Method sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within TX. Charities of a similar size with the same main cause include 1889-Chs Foundation Inc ($12.5m), Foundation for the Charlotte Jewish Community ($12.7m) and Pulse Outreach ($12.5m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 66% of the total. Compensation of current officers, directors and key employees was $322k (3.3% of expenses). Other salaries and wages came to $85k. At year end it held assets of $104.2m against liabilities of $560k, net assets of $103.6m. It reported 4 employees.