2025-01-15T12:01:32-06:00 2024-06-30 450250958 EIDE BAILLY LLP 2355 E CAMELBACK RD STE 900 PHOENIX AZ 850169065 990 2023-07-01 208667680 BIBLE EDUCATION LEGACY FUND INC BIBL 6028508000 7901 EAST SHEA BLVD SCOTTSDALE AZ 85260 GARY DAMORE PRESIDENT 6028508000 2025-01-15 1 1 BRENDA ANN BLUNT CPA P00075126 4803151040 2025-01-15 2023 2024-10-15 13:58:12Z GARY DAMORE 7901 EAST SHEA BLVD SCOTTSDALE AZ 85260 1549230 0 X N/A X 2006 AZ BIBLE EDUCATION LEGACY FUND (BELF) IS A SUPPORTING ORGANIZATION FOR THE (CONT'D ON SCH. O) BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF PHOENIX SEMINARY, A 501(C)(3) ORGANIZATION. 4 4 0 4 0 0 100600 600 60000 60000 -32530 152665 0 0 128070 213265 879222 821117 0 0 0 0 0 0 0 351795 252694 1231017 1073811 -1102947 -860546 11698857 11036155 630 72552 11698227 10963603 N/A 0 0 1032304 821117 60000 THE ORGANIZATION MANAGED PROPERTY FOR THE BENEFIT OF PHOENIX SEMINARY, ITS SUPPORTED ORGANIZATION. IT ALSO GRANTED $34,761 TO PHOENIX SEMINARY ALLOWING PHOENIX SEMINARY TO PROVIDE SCHOLARSHIPS TO 16 STUDENTS DURING THE FISCAL YEAR. ADDITIONALLY, IT GRANTED $36,356 FOR FACULTY SALARIES IN PASTORAL THEOLOGY. WE ALSO SUPPORTED PHOENIX SEMINARY WITH GENERAL GRANTS OF $750,000. 1032304 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 4 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 X RYAN BABCOCK 6028508000 7901 E SHEA BLVD SCOTTSDALE AZ 85260 X GARY DAMORE PRESIDENT 1.00 X X 0 0 0 JON HERMANSON VICE PRESIDENT 1.00 X X 0 0 0 KEN BECKEMEYER TRUSTEE 1.00 X X 0 0 0 BILL BARTLETT TRUSTEE 1.00 X X 0 0 0 0 0 0 0 0 0 0 0 600 600 RENTAL INCOME 561000 60000 60000 60000 148708 148708 1339922 1335965 3957 3957 3957 213265 60000 0 152665 821117 821117 679 679 3800 3800 32406 32406 195004 195004 20805 16183 4622 1073811 1032304 41507 0 51646 106659 756933 668811 3956 4135 8991540 1573107 7613437 7418433 2883946 2420859 388939 417258 11698857 11036155 630 72552 630 72552 X 10123174 9317259 1575053 1646344 11698227 10963603 11698857 11036155 -860546 125922 0 X 0 1 X 1 0 X X X 1 PHOENIX SEMINARY INC 860711495 2 1 821117 0 1 821117 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PART I, LINE 12G, COL, VI THROUGH ITS WHOLLY OWNED SUBSIDIARY, (SEE SCH R, PART I), THE ORGANIZATION HOLDS LAND AND FACILITIES FOR THE USE OF ITS SUPPORTED ORGANIZATION, PHOENIX SEMINARY. IT ALSO HOLDS, AND INVESTS, FUNDS FOR THE BENEFIT OF PHOENIX SEMINARY FOR THE PURPOSES OF PROVIDING SCHOLARSHIPS, FUNDING FACULTY SALARIES AND FOR THE GENERAL NEEDS OF SUPPORTED ORGANIZATION. PART IV, SECTION B, LINE 1 AS REQUIRED TO QUALIFY AS A TYPE I SUPPORTING ORGANIZATION AS DEFINED IN INTERNAL REVENUE CODE SECTIONS 509(A)(3)(B)(I) AND 4942(G)(4)(B), PHOENIX SEMINARY, INC., ("SUPPORTED ORGANIZATION"), HAS BOTH AN ECONOMIC AND CONTROLLING INTEREST IN BIBLE EDUCATION LEGACY FUND, INC. ("BELF") AND ITS WHOLLY-OWNED SUBSIDIARIES. SUPPORTED ORGANIZATION MUST RATIFY OR REJECT THE SLATE OF TRUSTEES NOMINATED BY BELF. IF THE SLATE IS REJECTED, A NEW SLATE MUST BE PRESENTED BY BELF TO SUPPORTED ORGANIZATION FOR CONSIDERATION. ONCE SUPPORTED ORGANIZATION RATIFIES A SLATE, THE TRUSTEES ARE CONSIDERED ELECTED. IN ADDITION, THERE IS AN OFFICER ON THE BELF BOARD OF TRUSTEES THAT IS A DIRECTOR OF SUPPORTED ORGANIZATION'S BOARD OF DIRECTORS. 1479139 150863 79306 1550696 1336829 100000 118622 -76312 1479139 1542773 -139970 65974 1336829 1299953 254778 11958 1542773 1433242 -562 132727 1299953 0.00000 0.87000 0.13000 0 0 2031250 2031250 6960290 1573107 5387183 7418433 DUE TO RELATED ENTITIES 72552 72552 X PART V, LINE 4: ENDOWMENT FUNDS ARE HELD FOR THE BENEFIT OF PHOENIX SEMINARY INC. TO PROVIDE STUDENT SCHOLARSHIPS AND FUND FACULTY SALARIES. PART X, LINE 2: MANAGEMENT BELIEVES THAT EACH ENTITY HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. 1 PHOENIX SEMINARY INC 7901 EAST SHEA BLVD SCOTTSDALE AZ 85260 860711495 501(C)(3) 821117 0 SCHOLARSHIPS, SALARY SUPPORT, AND GENERAL OPERATING SUPPORT 1 0 PART I, LINE 2: BELF RELIED ON THE GOVERNANCE PRACTICES OF THE RECIPIENT ORGANIZATION, A RELATED TAX-EXEMPT ENTITY, TO MONITOR THE USE OF GRANT FUNDS. FORM 990, PART VI, SECTION A, LINE 7A EACH YEAR, THE EXISTING TRUSTEES MUST PRESENT A SLATE OF NOMINEES TO FILL OPEN TRUSTEE POSITIONS. PHOENIX SEMINARY MUST RATIFY OR REJECT THE SLATE. IF THE SLATE IS REJECTED, A NEW SLATE MUST BE PRESENTED BY THE EXISTING TRUSTEES TO PHOENIX SEMINARY FOR CONSIDERATION. ONCE PHOENIX SEMINARY RATIFIES A SLATE, THE TRUSTEES ARE CONSIDERED ELECTED. FORM 990, PART VI, SECTION A, LINE 7B PHOENIX SEMINARY HAS THE RIGHT AND AUTHORITY TO APPROVE THESE CORPORATE ACTIONS, WHICH ACTIONS MAY ONLY BE UNDERTAKEN WITH THE RATIFICATION OF THE BOARD OF DIRECTORS OF PHOENIX SEMINARY: - AMENDMENTS TO THE ARTICLES OF INCORPORATION OR THE BYLAWS - APPROVAL OF TRUSTEES - INCURRENCE OF INDEBTEDNESS BY THE CORPORATION (OTHER THAN TRADE DEBT INCURRED IN THE ORDINARY COURSE OF CORPORATION'S OPERATIONS) - ADOPTION OF A PLAN OF MERGER OR CONSOLIDATION - SALE, LEASE, EXCHANGE, MORTGAGE, PLEDGE OR OTHER DISPOSITION OF ALL, OR SUBSTANTIALLY ALL, THE ASSETS OF THE CORPORATION - DISSOLUTION OF THE CORPORATION FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWS THE FORM 990 BEFORE IT IS SIGNED AND SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS COMPLETE A CONFLICT OF INTEREST FORM EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. SHEA SEMINARY LLC 7901 E SHEA BLVD SCOTTSDALE AZ 85260 OWN REAL AND PERSONAL PROPERTY AZ 60000 7528963 BIBLE EDUCATION LEGACY FUND INC PHOENIX SEMINARY INC 7901 E SHEA BLVD SCOTTSDALE AZ 85260 860711495 GRADUATE THEOLOGICAL EDUCATION AZ 501(C)(3) LINE 2 N/A 0 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0