2024-11-13T16:31:07-05:00 2023-12-31 412024514 SOMMERVILLE & ASSOCIATES PC 2726 MATLOCK RD ARLINGTON TX 76015 990 2023-01-01 751717845 LOVERS LANE UNITED METHODIST CHURCH FOUNDATION LOVE 2147069561 9200 INWOOD ROAD DALLAS TX 75220 PAUL DITTO EXECUTIVE DIRECTOR 2147069561 2024-11-13 true false ELAINE L SOMMERVILLE CPA P00204458 8177955046 2024-11-13 2023 2024-10-15 13:58:12Z PAUL DITTO 9200 INWOOD ROAD DALLAS TX 75220 4082780 false X WWW.FOUNDATION.LLUMC.ORG X 1980 TX THE MISSION OF THE FOUNDATION IS TO BUILD AND MANAGE A FINANCIAL CORNERSTONE SUPPORTING THE MINISTRIES, OUTREACH, MAINTENANCE, OPERATIONS, AND EVANGELISM OF LOVERS LANE UNITED METHODIST CHURCH. 16 16 2 40 3862 291078 276910 32111 40087 513352 542912 60 23559 836601 883468 712501 1001297 0 199707 221486 0 112376 113177 157407 1025385 1380190 -188784 -496722 23286111 28085625 4735842 8670539 18550269 19415086 X TO BUILD A FINANCIAL CORNERSTONE IN SUPPORT OF LOVERS LANE UNITED METHODIST CHURCH AND ITS MISSION, OUTREACH AND EVANGELISM. false false 1083204 1001297 36225 THE LOVERS LANE UNITED METHODIST CHURCH FOUNDATION (THE "FOUNDATION") EXISTS SOLELY TO SUPPORT LOVERS LANE UNITED METHODIST CHURCH (THE "CHURCH") AND ITS MINISTRIES ("MINISTRIES"), THROUGH THE RECEIPT OF CONTRIBUTIONS TO ONE OR MORE ENDOWMENT FUNDS HELD BY THE FOUNDATION, WHICH ARE INVESTED AND THE INCOME AND GAINS FROM SUCH INVESTMENTS ARE USED TO MAKE DISTRIBUTIONS TO THE CHURCH, ITS MINISTRIES OR INDIVIDUALS SERVED BY THE CHURCH OR ITS MINISTRIES. 2023 WAS A GREAT YEAR FOR THE FOUNDATION. TOTAL ASSETS REMAIN AT THE HIGHEST LEVELS (ALMOST 28 MILLION DOLLARS). OUR DISTRIBUTIONS OR GRANTS TO THE CHURCH AND ITS MINISTRIES HAVE GROWN FROM APPROXIMATELY 440,000 IN 2019 TO MORE THAN HALF A MILLION IN 2020 AND 2021, MORE THAN 550,000 IN 2022 AND MORE THAN 750,000 IN 2023. BELOW ARE EXAMPLES OF HOW THE FOUNDATION HAS SUPPORTED OUR CHURCH WITH GRANTS IN 2023 (ROUNDED TO NEAREST APPROXIMATE NUMBER): FACILITIES 345,800 SCHOLARSHIPS 71,800 MUSIC & ARTS 56,000 BENEVOLENCE & CARE 27,200 IMANI KENYA MINISTRIES 17,057 MISSION AND OUTREACH 16,000 MODERN WORSHIP EQUIPMENT 15,000 SHIPP CHAPEL EQUIP 15,000 COMMUNICATION/TECH 14,500 FAMILY MINISTRIES 13,300 YOUTH/KIDS MIN 9,200 SPECIAL NEEDS CHILDREN 9,000 DEAF MINISTRIES 4,100 YAM MINISTRIES 3,700 PRISON MINISTRIES 1,500 LECTURE SERIES 14,571 12 STEP 16,500 WALNUT HILL CHURCH 38,000 AS OF 12-31-2023, THE FOUNDATION'S ENDOWMENT FUNDS CURRENTLY TOTAL ALMOST 19.5 MILLION DOLLARS. IN ADDITION, THE FOUNDATION HOLDS AND INVESTS FUNDS OF THE CHURCH AND ITS 501(C)(3) SUBSIDIARIES TOTALING APPROXIMATELY 8.4 MILLION. THE FOUNDATION IS MORE THAN JUST A SERIES OF ENDOWMENT TRUSTS -- IT IS LITERALLY THE FOUNDATION UPON WHICH MUCH OF THE FINANCES OF OUR CHURCH AND ITS MINISTRIES DEPEND. OUR CONGREGATION HAS MADE THE CHURCH PART OF THEIR LIVES -- THE FOUNDATION IS THEIR OPPORTUNITY TO MAKE THE CHURCH PART OF THEIR LEGACY. 1083204 true true false false false false false false true true false false false true true false false false false false true true false false false false false true true false false false false false false false false false false false false false false true false false false true X 13 0 true 2 true true true false false false false true true false false false false false false X 16 16 false false false false false false false true true false false true true true true true true true false false X PAUL DITTO 2147069561 9200 INWOOD ROAD DALLAS TX 75220 PAUL DITTO EXECUTIVE DI 50.00 X 120922 0 14167 ANNE ARNESON CHAIR/DIRECT 2.00 X X 0 0 0 CASSIDY BAIRD SECRETARY/DI 2.00 X X 0 0 0 MARK LANYON INVESTMENTS 2.00 X X 0 0 0 JIM BENTLEY DEV CO-CHAIR 2.00 X X 0 0 0 DARDEN MCFARLIN TREASURER/DI 2.00 X X 0 0 0 BRAD HOLCOMB VICE CHAIR/D 2.00 X X 0 0 0 ROYANNE KERR EVENTS CO-CH 2.00 X X 0 0 0 CECILLE LIJAUCO EVENTS CO-CH 2.00 X X 0 0 0 GERALD BOX DIRECTOR 1.00 X 0 0 0 JB BRILL DIRECTOR 1.00 X 0 0 0 UEL CROSBY DIRECTOR 1.00 X 0 0 0 RICK HERRICK DIRECTOR 1.00 X 0 0 0 DOUG HUGHES DIRECTOR 1.00 X 0 0 0 SHEILA MCLAUCHLIN DIRECTOR 1.00 X 0 0 0 BOB RICHARDSON DIRECTOR 1.00 X 0 0 0 MELISSA STALLINGS DIRECTOR 1.00 X 0 0 0 DENNIS STREET DIRECTOR 1.00 X 0 0 0 ANNE TODD DIRECTOR 1.00 X 0 0 0 120922 14167 1 false false false 276910 276910 NICHE SALES 900099 36225 36225 ART SALES 900099 3862 3862 40087 497101 497101 3245123 3199312 45811 45811 45811 OTHER INCOME 900099 23559 23559 23559 883468 36225 3862 566471 904888 904888 31023 31023 65386 65386 135090 40527 54036 40527 74886 22466 29954 22466 11510 3453 4604 3453 7067 7067 77917 77917 26088 338 25750 5014 2074 1910 1030 4002 2368 1432 202 4140 745 2650 745 669 669 20492 728 1739 18025 1983 1805 178 RECEPTION EXPENSES 4031 4031 DISPLAY EXPENSES 3926 3926 NICHE EXPENSES 920 920 MEMBERSHIP DUES 650 650 508 508 1380190 1083204 184610 112376 91173 122318 2516528 6049605 6657 500 35497 15947635 16073900 281563 229164 4407058 5610138 23286111 28085625 297 4090 94526 139756 4641019 8493751 32942 4735842 8670539 X 4875631 4382706 13674638 15032380 18550269 19415086 23286111 28085625 -496722 1449159 -87619 X X false false false X X 1 LOVERS LANE UNITED METHODIST CHURCH 750878547 1 true 888388 0 1 888388 0 true false false false false false false false false false false false false false false true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 8571179 200776 11523 8783478 8458053 280786 7400 8571179 7398648 1047581 11824 8458053 9497954 325772 -2425078 7398648 7587943 1910011 9497954 1.00000 false false HELD IN GUARDIANSHIP-WESLEY PREP 2181085 INVESTMENT FUNDS HELD IN GUARDIAN-12 1342151 INVESTMENT FUNDS HELD GUARDIAN LLUMC 819607 LIFE INSURANCE POLICY VALUE 806952 DUE FROM LOVERS LANE UMC 215000 INVESTMENT FUNDS HELD GUARDIAN - ROL 212945 CASH SURRENDER VALUE OF LIFE INS POL 32398 5610138 DUE TO LLUMC 32942 32942 SCHEDULE D, PAGE 2, PART IV, LINE 2B THE FOUNDATION, AS TRUSTEE, HOLDS FUNDS ON BEHALF OF LOVERS LANE UNITED METHODIST CHURCH, RAY'S OF LIGHT WHERE SPECIAL CHILDREN SHINE AND TWELFTH STEP MINISTRY AND INVESTS THEM AS APPROPRIATE. SINCE THE FOUNDATION IS NOT THE BENEFICIARY AND HAS NO VARIANCE POWER TO CONTROL THE FUNDS, THE FOUNDATION RECORDS A LIABILITY TO THE CHURCH, RAY'S OF LIGHT WHERE SPECIAL CHILDREN SHINE AND TWELFTH STEP MINISTRY FOR THESE FUNDS HELD IN GUARDIANSHIP. SCHEDULE D, PAGE 2, PART V, LINE 4 THE ENDOWMENTS ARE HELD IN MORE THAN 40 SEPARATE FUNDS AND INVESTED, WITH 4.5% OF THE THREE-YEAR TRAILING AVERAGE BALANCE IN EACH FUND BEING GENERALLY AVAILABLE EACH YEAR FOR DISTRIBUTION FOR THE SPECIFIC CHURCH- RELATED PURPOSE OF EACH FUND, INCLUDING BENEVOLENCE, OUTREACH, EVANGELISM, MISSIONS, CAMPUS AND BUILDING PRESERVATION, EDUCATION, LECTURES, MUSIC, FINE ARTS, AND TECHNOLOGY. true SUB-SAHARAN AFRICA GRANTS 65386 65386 65386 SUB-SAHARAN AFRICA SUPPORT 50386 WIRE SUB-SAHARAN AFRICA SUPPORT 15000 WIRE 2 true false false false false false SCHEDULE F, PAGE 1, PART I, LINE 3 SUB-SAHARAN AFRICA 65,386 0 SCHEDULE F, PAGE 5, PART V PART IV LINE 1 - THE TRANSFERS DO NOT REQUIRE THE FILING OF FORM 926. true LOVERS LANE UNITED METHODIST CHURCH 9200 INWOOD ROAD DALLAS TX 75220 750878547 501C3 888388 SEE PART IV TWELFTH STEP MINISTRY 9200 INWOOD ROAD DALLAS TX 75220 455152609 501C3 16500 SUPPORT 2 LIVING EXPENSES 10 10802 SCHOLARSHIPS 12 20221 SCHEDULE I, PAGE 1, PART I, LINE 2 THE FOUNDATION EXISTS AND GRANTS ARE MADE SOLELY TO SUPPORT LOVERS LANE UNITED METHODIST CHURCH AND ITS MINISTRIES. GRANTS ARE REQUESTED USING A STANDARD FORM OF GRANT REQUEST. GRANTS MUST COME FROM A STAFF PERSON, MINISTRY OR DEPARTMENT HEAD AT LOVERS LANE UNITED METHODIST CHURCH (OR SIMILAR PERSON) OR A FOUNDATION OFFICER OR DIRECTOR. THE GRANT REQUEST MUST BE DIRECTED TO ONE OR MORE OF OUR SPECIFIC ENDOWMENT FUNDS. EACH ENDOWMENT FUND HAS A MEMORANDUM OF UNDERSTANDING (MOU) OR GENERAL EXPLANATION OF THE PURPOSES OF SUCH ENDOWMENT AND PURPOSES TO WHICH FUNDS MAY BE DIRECTED FROM SUCH ENDOWMENT FUND. EACH ENDOWMENT FUND HAS A "GATEKEEPER" WHO IS THE PERSON MOST RESPONSIBLE FOR THE MINISTRY OR DEPARTMENT OF THE CHURCH OR THE FOUNDATION MOST CLOSELY ASSOCIATED WITH THE ENDOWMENT FUND AND THE GRANT REQUEST MUST INCLUDE THEIR APPROVAL OR DISAPPROVAL. THE GRANT REQUEST IS REVIEWED BY OUR EXECUTIVE DIRECTOR FOR COMPLIANCE WITH THE ABOVE, CONFIRMATION THAT THERE ARE FUNDS AVAILABLE FOR DISTRIBUTION UNDER POLICIES ESTABLISHED FOR SUCH ENDOWMENT FUND AND THAT THERE ARE SUFFICIENT FUNDS IN THE TEMPORARY RESTRICTED ACCOUNT FOR SUCH ENDOWMENT FUND (IF APPLICABLE). THEN THE GRANT REQUEST IS SUBMITTED TO THE GRANT COMMITTEE, CONSISTING OF BOARD MEMBERS (CURRENTLY 10 INDIVIDUALS) AND IT MUST RECEIVE APPROVAL BY 2/3 OF THE MEMBERS OF THE GRANT COMMITTEE. THEN A CHECK REQUEST IS SUBMITTED TO THE FINANCE DEPARTMENT WHERE IT IS REVIEWED FOR ACCURACY AND COMPLETENESS BY OUR DIRECTOR OF FINANCE. SCHEDULE I, PAGE 4, PART IV PART II, LINE 1 (H) - PURPOSE OF GRANT OR ASSISTANCE THE PURPOSE OF THE GRANTS TO LOVERS LANE UNITED METHODIST CHURCH WERE FOR BENEVOLENCE, OUTREACH, EVANGELISM, MISSIONS, CAMPUS AND BUILDING PRESERVATION, EDUCATION, LECTURES, MUSIC, FINE ARTS, AND TECHNOLOGY. FORM 990, PAGE 2, PART III, LINE 4A THE LOVERS LANE UNITED METHODIST CHURCH FOUNDATION (THE "FOUNDATION") EXISTS SOLELY TO SUPPORT LOVERS LANE UNITED METHODIST CHURCH (THE "CHURCH") AND ITS MINISTRIES ("MINISTRIES"), THROUGH THE RECEIPT OF CONTRIBUTIONS TO ONE OR MORE ENDOWMENT FUNDS HELD BY THE FOUNDATION, WHICH ARE INVESTED AND THE INCOME AND GAINS FROM SUCH INVESTMENTS ARE USED TO MAKE DISTRIBUTIONS TO THE CHURCH, ITS MINISTRIES OR INDIVIDUALS SERVED BY THE CHURCH OR ITS MINISTRIES. 2023 WAS A GREAT YEAR FOR THE FOUNDATION. TOTAL ASSETS REMAIN AT THE HIGHEST LEVELS (ALMOST 28 MILLION DOLLARS). OUR DISTRIBUTIONS OR GRANTS TO THE CHURCH AND ITS MINISTRIES HAVE GROWN FROM APPROXIMATELY 440,000 IN 2019 TO MORE THAN HALF A MILLION IN 2020 AND 2021, MORE THAN 550,000 IN 2022 AND MORE THAN 750,000 IN 2023. BELOW ARE EXAMPLES OF HOW THE FOUNDATION HAS SUPPORTED OUR CHURCH WITH GRANTS IN 2023 (ROUNDED TO NEAREST APPROXIMATE NUMBER): FACILITIES 345,800 SCHOLARSHIPS 71,800 MUSIC & ARTS 56,000 BENEVOLENCE & CARE 27,200 IMANI KENYA MINISTRIES 17,057 MISSION AND OUTREACH 16,000 MODERN WORSHIP EQUIPMENT 15,000 SHIPP CHAPEL EQUIP 15,000 COMMUNICATION/TECH 14,500 FAMILY MINISTRIES 13,300 YOUTH/KIDS MIN 9,200 SPECIAL NEEDS CHILDREN 9,000 DEAF MINISTRIES 4,100 YAM MINISTRIES 3,700 PRISON MINISTRIES 1,500 LECTURE SERIES 14,571 12 STEP 16,500 WALNUT HILL CHURCH 38,000 AS OF 12-31-2023, THE FOUNDATION'S ENDOWMENT FUNDS CURRENTLY TOTAL ALMOST 19.5 MILLION DOLLARS. IN ADDITION, THE FOUNDATION HOLDS AND INVESTS FUNDS OF THE CHURCH AND ITS 501(C)(3) SUBSIDIARIES TOTALING APPROXIMATELY 8.4 MILLION. THE FOUNDATION IS MORE THAN JUST A SERIES OF ENDOWMENT TRUSTS -- IT IS LITERALLY THE FOUNDATION UPON WHICH MUCH OF THE FINANCES OF OUR CHURCH AND ITS MINISTRIES DEPEND. OUR CONGREGATION HAS MADE THE CHURCH PART OF THEIR LIVES -- THE FOUNDATION IS THEIR OPPORTUNITY TO MAKE THE CHURCH PART OF THEIR LEGACY. FORM 990, PART V THE COMPENSATION REPORTED ON PARTS VII AND IX FOR THE EXECUTIVE DIRECTOR WAS PAID TO THE CHURCH AS REIMBURSEMENT FOR THE COMPENSATION PAID TO THE EXECUTIVE DIRECTOR BY LOVERS LANE UNITED METHODIST CHURCH. AS SUCH, THE FILING ORGANIZATION DOES NOT HAVE A REQUIREMENT TO FILE FORMS 941, 944, OR W-3 TO REPORT THE COMPENSATION AS SHOWN IN PARTS VII AND IX. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS PREPARED BY A THIRD PARTY CPA WHO PROVIDES THE FORM TO THE FOUNDATION FOR REVIEW. THE FOUNDATION'S EXECUTIVE DIRECTOR AND THE FINANCE DIRECTOR OF THE CHURCH REVIEW THE RETURN AND PROVIDE FOR ANY CHANGES TO THE INITIAL PREPARATION OF THE RETURN. AFTER THEIR REVIEW, THE RETURN IS SENT ELECTRONICALLY TO THE BOARD FOR ITS REVIEW. DUE TO DONOR WISHES, THE BOARD IS ONLY PROVIDED A PUBLIC INSPECTION COPY OF THE FORM 990 TO REVIEW. WHEN THE RETURN IS APPROVED BY THE FOUNDATION'S EXECUTIVE DIRECTOR AND THE FINANCE DIRECTOR FOR FILING, THE CPA FIRM PROCESSES THE RETURN. FINALLY, THE FOUNDATION ELECTRONICALLY SIGNS THE RETURN, AND THE CPA E- FILES THE RETURN WITH THE INTERNAL REVENUE SERVICE. FORM 990, PAGE 6, PART VI, LINE 12C EACH DIRECTOR, PRINCIPAL OFFICER, OR ANY MEMBER WITH GOVERNING BOARD DELEGATED POWERS, MUST DISCLOSE ANY EXISTENCE OF A FINANCIAL INTEREST TO THE BOARD OF DIRECTORS OR EXECUTIVE COMMITTEE. THE BOARD OR EXECUTIVE COMMITTEE WILL MEET TO DISCUSS AND VOTE TO DECIDE IF A CONFLICT OF INTEREST EXIST. THE PERSON WITH THE POTENTIAL CONFLICT IS TO BE RECUSED FROM INVOLVEMENT IN ANY DISCUSSION OR DECISION FOR DETERMINING IF THE CONFLICT EXISTS. FORM 990, PAGE 6, PART VI, LINE 15A THE COMPENSATION REPORTED IN PARTS VII AND IX FOR THE OFFICER WAS PAID TO LLUMC AS REIMBURSEMENT FOR THE COMPENSATION PAID TO THE FOUNDATION'S EXECUTIVE DIRECTOR BY THE CHURCH. THE FOUNDATION DETERMINES COMPENSATION USING OUTSIDE COMPENSATION SURVEYS. THE COMPENSATION IS APPROVED BY THE FOUNDATION'S APPROPRIATE COMMITTEE INDEPENDENT OF PERSONNEL BEING COMPENSATED. FORM 990, PAGE 6, PART VI, LINE 15B THE ORGANIZATION DOES NOT COMPENSATE ANY OTHER OFFICERS OR KEY EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 19 THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII LINE 2B - AT THE FILING OF THE FORM 990, THE ORGANIZATION WAS IN THE PROCESS OF HAVING ITS FINANCIAL STATEMENTS AUDITED BY AN INDEPENDENT ACCOUNTANT. A SEPARATE AUDITED FINANCIAL STATEMENT WILL BE ISSUED BY THE INDEPENDENT ACCOUNTANT, BUT IT WILL BE ISSUED AFTER THE DUE DATE FOR THE FILING OF THE FORM 990. 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