MasterKey Ministries of Grayson County 
The information on this page was last updated 4/5/2023. If you see errors or omissions, please email: [email protected]
Summary
MasterKey Ministries is God's vision for reaching our community with the Gospel of Jesus Christ. Instead of preaching on a street corner (nothing wrong with that!), we look for ways to fill significant needs for those that face instability, develop loving relationships with those we serve, and earn the right to share our faith. Does that mean that we only serve those that share our beliefs? Absolutely not! We count it our privilege to provide assistance to everyone...regardless of who they are and what they believe.
Contact information
Mailing address:
MasterKey Ministries of Grayson County
209 S FM 1417
Sherman , TX 75092
Website: masterkeyministries.org
Phone: 903.771.2816
Email: [email protected]
Organization details
EIN: 270956504
CEO/President: Julie Rickey
Chairman: Dr. Clint Long
Board size: 8
Founder: Julie Rickey
Ruling year: 2010
Tax deductible: Yes
Fiscal year end: 05/31
Member of ECFA: Yes
Member of ECFA since: 2019
Purpose
We envision a community where every family has the opportunity to be successful. Our desire is to improve the quality of life for those that are hurting and to provide exactly what is needed educationally so no one has to continue a life of poverty one more year!
Mission statement
Statement of faith
Donor confidence score
Transparency grade
A
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Community Development
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 8 of 1096 | 5 of 142 |
| Fund acquisition rating | | 42 of 1098 | 6 of 142 |
| Resource allocation rating | | 22 of 1098 | 7 of 142 |
| Asset utilization rating | | 59 of 1096 | 9 of 142 |
Financial ratios
| Funding ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 8% | 0% | 0% | 0% | 0% | 0% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 6% | 0% | 0% | 0% | 0% | 0% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 92% | 97% | 96% | 95% | 96% | 98% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 6% | 0% | 0% | 0% | 0% | 0% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 8% | 3% | 4% | 5% | 4% | 2% |
| Operating ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Program expense ratio Program expense ratio = Program services / Total expenses | 82% | 97% | 98% | 96% | 95% | 97% |
Spending ratio Spending ratio = Total expenses / Total revenue | 92% | 94% | 95% | 90% | 104% | 92% |
Program output ratio Program output ratio = Program services / Total revenue | 74% | 90% | 93% | 86% | 99% | 90% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 8% | 6% | 5% | 10% | -4% | 8% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 10% | 28% | 35% | 62% | -51% | 55% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 11% | 3% | 2% | 4% | 5% | 3% |
| Investing ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.87 | 2.66 | 7.07 | 4.37 | 9.43 | 4.38 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.67 | 1.97 | 1.11 | 1.14 | 1.00 | 1.00 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.55 | 5.26 | 7.85 | 4.96 | 9.44 | 4.38 |
| Liquidity ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Current ratio Current ratio = Total current assets / Total current liabilities | 17.03 | 49.88 | 60.93 | 14.40 | 4.36 | 2.90 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.06 | 0.02 | 0.02 | 0.07 | 0.23 | 0.34 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.96 | 2.24 | 1.50 | 2.25 | 0.98 | 1.80 |
| Solvency ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 8% | 35% | 1% | 22% | 23% | 34% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 34% | 0% | 16% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 105% | 24% | 14% | 18% | 8% | 15% |
Financials
| Balance sheet | |||||
| Assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Cash | $392,704 | $328,783 | $266,341 | $114,475 | $207,772 |
| Receivables, inventories, prepaids | $3,350 | $5,731 | $3,612 | $3,315 | $720 |
| Short-term investments | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $396,054 | $334,514 | $269,953 | $117,790 | $208,492 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $226,663 | $37,219 | $36,466 | $0 | $0 |
| Other long-term assets | $158,998 | $0 | $30 | $30 | $0 |
| Total long-term assets | $385,661 | $37,219 | $36,496 | $30 | $0 |
| Total assets | $781,715 | $371,733 | $306,449 | $117,820 | $208,492 |
| Liabilities | 2022 | 2021 | 2020 | 2019 | 2018 |
| Payables and accrued expenses | $7,940 | $4,340 | $1,245 | $7,024 | $3,082 |
| Other current liabilities | $0 | $1,150 | $17,500 | $20,000 | $68,715 |
| Total current liabilities | $7,940 | $5,490 | $18,745 | $27,024 | $71,797 |
| Debt | $264,863 | $0 | $50,200 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 |
| Total long-term liabilities | $264,863 | $0 | $50,200 | $0 | $0 |
| Total liabilities | $272,803 | $5,490 | $68,945 | $27,024 | $71,797 |
| Net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Without donor restrictions | $310,857 | $223,061 | $210,142 | $27,358 | $101,074 |
| With donor restrictions | $198,055 | $143,182 | $27,362 | $63,438 | $35,621 |
| Net assets | $508,912 | $366,243 | $237,504 | $90,796 | $136,695 |
| Revenues and expenses | |||||
| Revenue | 2022 | 2021 | 2020 | 2019 | 2018 |
| Total contributions | $2,166,104 | $2,647,428 | $1,418,246 | $1,021,377 | $969,451 |
| Program service revenue | $58,754 | $58,432 | $68,737 | $44,036 | $19,115 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $35 | $17 | $16 | $15 | $14 |
| Other revenue | $0 | $50,200 | $0 | $0 | $0 |
| Total other revenue | $58,789 | $108,649 | $68,753 | $44,051 | $19,129 |
| Total revenue | $2,224,893 | $2,756,077 | $1,486,999 | $1,065,428 | $988,580 |
| Expenses | 2022 | 2021 | 2020 | 2019 | 2018 |
| Program services | $2,012,033 | $2,565,984 | $1,285,688 | $1,051,068 | $885,545 |
| Management and general | $70,191 | $61,354 | $54,603 | $60,510 | $25,142 |
| Fundraising | $0 | $0 | $0 | $0 | $2,658 |
| Total expenses | $2,082,224 | $2,627,338 | $1,340,291 | $1,111,578 | $913,345 |
| Change in net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Surplus (deficit) | $142,669 | $128,739 | $146,708 | ($46,150) | $75,235 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $142,669 | $128,739 | $146,708 | ($46,150) | $75,235 |
Compensation
Compensation data for this ministry has not been collected.
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 4/5/2023. To update the information below, please email: [email protected]
History
In 2019, MasterKey Ministries launched its first annual fundraising event called HeART to Heart. Using art as our theme, we offered local artist-designed preschool chairs based on famous book themes at a silent auction, displayed three Canstructions built by community businesses, and shared our story with more than 200 attendees. We envisioned physical ways to demonstrate our three core aspects of our mission: food assistance improves the quality of life for a person with limited resources TODAY, education for children and adults empowers families for a better TOMORROW, and sharing faith in Jesus Christ that will impact their lives FOREVER. It was a wonderful success!
In March of 2020, after many months of preparation and for the completion of four new Canstructions, our event was canceled as our community shut down in response to the COVID-19 Pandemic. Fortunately, our four great participating Canstruction businesses and schools' work was preserved on video and shared here for you to view.
By 2021, MasterKey has determined to celebrate HeART to Heart Annual Fundraising Event in a unique and safe way. Instead of an on-site luncheon, we have opted to recognize our community partners through a Day at MasterKey Ministries. Company banners were prominently displayed and each volunteer proudly sported a company tee shirt. As families moved up in line to receive their food, MasterKey proudly shared that we are able to do what we do because of the help of our community partners.