Sola Media / White Horse Inc 
The information on this page was last updated 10/4/2025. If you see errors or omissions, please email: [email protected]
Summary
Sola Media is home to Core Christianity, White Horse Inn, Modern Reformation, and Theo Global. We initiate and shape conversations that uphold the historic Christian faith "entrusted once for all the saints."
Contact information
Mailing address:
Sola Media
13230 Evening Creek Drive S
Suite 220-222
San Diego, CA 92128
Website: solamedia.org
Phone: 877-876-0989
Email: [email protected]
Organization details
EIN: 270565982
CEO/President: Robert Olson
Chairman: Robert Guzak
Board size: 12
Founder: Michael Horton
Ruling year: 2011
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: Yes
Member of ECFA since: 2015
Purpose
Our vision is to see reformation in hearts, homes, and churches around the world-so Christians know the good news of justification in Christ alone through faith alone and experience joy in the sufficiency of Christ, confidence in the assurance of salvation, freedom for their callings in the world, and relentless hope in Christ's coming kingdom. Soli Deo Gloria.
Mission statement
Sola Media serves today's global church by producing resources for reformation grounded in the historic Christian faith.
Statement of faith
Articles
| 10/31/2025 | Samaritan's Purse Falls Into 'Withhold Giving' Category |
Donor confidence score
Show donor confidence score details
To understand our donor confidence score, click here.
Transparency grade
C
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Educational Media
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 1242 of 1420 | 39 of 47 |
| Fund acquisition rating | | 1407 of 1420 | 47 of 47 |
| Resource allocation rating | | 1397 of 1420 | 46 of 47 |
| Asset utilization rating | | 335 of 1421 | 11 of 47 |
To understand our financial efficiency ratings, click here.
Financial ratios
| Funding ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 7% | 40% | 30% | 25% | 19% | 9% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 5% | 38% | 32% | 28% | 24% | 9% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 94% | 94% | 107% | 112% | 121% | 102% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 6% | 32% | 21% | 21% | 19% | 17% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 6% | 6% | -7% | -12% | -21% | -2% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Program expense ratio Program expense ratio = Program services / Total expenses | 80% | 55% | 71% | 69% | 70% | 71% |
Spending ratio Spending ratio = Total expenses / Total revenue | 94% | 119% | 152% | 135% | 127% | 52% |
Program output ratio Program output ratio = Program services / Total revenue | 74% | 65% | 108% | 92% | 89% | 37% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 6% | -19% | -52% | -35% | -27% | 48% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 6% | -32% | -58% | -26% | -18% | 58% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 13% | 13% | 8% | 11% | 11% | 12% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.82 | 1.84 | 1.41 | 0.90 | 0.78 | 0.59 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.33 | 1.07 | 4.83 | 2.12 | 1.68 | 1.72 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.50 | 1.96 | 6.80 | 1.91 | 1.31 | 1.01 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Current ratio Current ratio = Total current assets / Total current liabilities | 11.67 | 12.24 | 1.61 | 15.25 | 8.57 | 9.98 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.08 | 0.08 | 0.62 | 0.07 | 0.12 | 0.10 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.67 | 5.61 | 0.67 | 5.88 | 8.10 | 10.73 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 12% | 9% | 16% | 12% | 7% | 6% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 88% | 49% | 59% | 98% | 120% | 161% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash | $1,655,968 | $479,742 | $1,822,873 | $2,605,280 | $2,816,391 |
| Receivables, inventories, prepaids | $236,856 | $104,105 | $163,704 | $287,932 | $437,933 |
| Short-term investments | $0 | $0 | $0 | $0 | $48,625 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1,892,824 | $583,847 | $1,986,577 | $2,893,212 | $3,302,949 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $102,114 | $196,112 | $227,910 | $163,794 | $209,077 |
| Other long-term assets | $21,587 | $2,039,796 | $2,006,975 | $1,816,757 | $2,162,793 |
| Total long-term assets | $123,701 | $2,235,908 | $2,234,885 | $1,980,551 | $2,371,870 |
| Total assets | $2,016,525 | $2,819,755 | $4,221,462 | $4,873,763 | $5,674,819 |
| Liabilities | 2025 | 2024 | 2023 | 2022 | 2021 |
| Payables and accrued expenses | $154,593 | $336,866 | $93,482 | $286,287 | $267,413 |
| Other current liabilities | $0 | $26,430 | $36,783 | $51,487 | $63,492 |
| Total current liabilities | $154,593 | $363,296 | $130,265 | $337,774 | $330,905 |
| Debt | $0 | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $22,335 | $97,771 | $371,858 | $1 | $1 |
| Total long-term liabilities | $22,335 | $97,771 | $371,858 | $1 | $1 |
| Total liabilities | $176,928 | $461,067 | $502,123 | $337,775 | $330,906 |
| Net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Without donor restrictions | $1,416,554 | ($30,985) | $1,375,347 | $2,014,895 | $2,952,509 |
| With donor restrictions | $423,043 | $2,389,673 | $2,343,992 | $2,521,093 | $2,391,404 |
| Net assets | $1,839,597 | $2,358,688 | $3,719,339 | $4,535,988 | $5,343,913 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total contributions | $2,936,801 | $2,795,093 | $3,158,322 | $3,614,809 | $6,534,248 |
| Program service revenue | $125,187 | $99,601 | $57,501 | $66,377 | $68,880 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $48,006 | $10,433 | $13,155 | ($351,715) | ($58) |
| Other revenue | $15,776 | ($294,176) | ($413,573) | ($352,741) | ($185,698) |
| Total other revenue | $188,969 | ($184,142) | ($342,917) | ($638,079) | ($116,876) |
| Total revenue | $3,125,770 | $2,610,951 | $2,815,405 | $2,976,730 | $6,417,372 |
| Expenses | 2025 | 2024 | 2023 | 2022 | 2021 |
| Program services | $2,045,362 | $2,813,698 | $2,603,610 | $2,654,547 | $2,358,716 |
| Management and general | $497,024 | $328,100 | $403,205 | $426,798 | $399,054 |
| Fundraising | $1,174,138 | $829,804 | $780,033 | $703,310 | $566,609 |
| Total expenses | $3,716,524 | $3,971,602 | $3,786,848 | $3,784,655 | $3,324,379 |
| Change in net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Surplus (deficit) | ($590,754) | ($1,360,651) | ($971,443) | ($807,925) | $3,092,993 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | ($590,754) | ($1,360,651) | ($971,443) | ($807,925) | $3,092,993 |
Compensation
| Name | Title | Compensation |
| Robert Olson | President and CEO | $174,845 |
| David Merchant | Major Gift Officer | $150,499 |
| Adam Smith | Director of Theo Global | $141,513 |
| Michael Horton | Founder, Editor in Chief | $132,021 |
| Douglas Astor | Director of Development | $120,494 |
Compensation data as of: 6/30/2025
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 10/4/2025. To update the information below, please email: [email protected]
History
Since our founding 1990 by Dr. Michael Horton, we have expanded from our original White Horse Inn radio show on KKLA in Los Angeles to a multimedia platform downloaded and distributed millions of times and in over 200 countries. With your support and prayers over the years, White Horse Inn, Modern Reformation magazine, Core Christianity, and our international efforts at Theo Global have grown substantially.
Beginning in December 2021, our parent organization name is changing from White Horse, Inc. to Sola Media to encompass and reflect each of these growing efforts. As Sola Media, our leadership and emphasis remain the same. We continue to stay rooted in Christ and his gospel articulated in the Christian confessions, proclaimed during the 16th century Protestant Reformation, and summarized in the five Solas of the Reformation: Scripture alone, by grace alone, through faith alone, through Christ alone, and for God's glory alone.
Through "conversational theology" we feature voices from four confessional Christian traditions-Anglicans, Baptists, Lutherans, and Reformed-without minimizing our differences but engaging in respectful dialogue while remaining united around the core truths of the gospel. With this clear focus on the teachings of our Lord Jesus Christ, together, we believe that we can and will see a modern reformation with Christ at the center of our lives and the global church.