MasterKey Ministries of Grayson County

The information on this page was last updated 1/22/2025. If you see errors or omissions, please email: [email protected]


Summary

MasterKey Ministries of Grayson County Inc. is a nonprofit faith-based organization strengthening families by helping them overcome physical, educational and spiritual obstacles to success. We focus on the low-income and limited-English populations in our community, offering programs to help meet immediate needs, empowerment programs that lead to a better future, and the eternal hope only found in the Gospel of Jesus Christ.


Contact information

Mailing address:
MasterKey Ministries of Grayson County
209 S Heritage Parkway
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

MasterKey Ministries of Grayson County, Inc. was formed to address the struggles of families with limited resources. We have designed a three prong approach to poverty and have made an incredible difference in Grayson County.

First, What can we do TODAY? - Food assistance to address the hunger and food insecurity issues that are common in poverty.

Second, What can we do for a better TOMORROW? - Educational opportunities for children and adults that target the root of poverty by filling in learning gaps.

Third, What can we do FOREVER? - Wrapping all that we do with the love of Jesus and finding ways to communicate that God cares for each one of us


Statement of faith

Donor confidence score

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Transparency grade

C

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Community Development

CategoryRatingOverall rankSector rank
Overall efficiency rating18 of 11234 of 108
Fund acquisition rating90 of 112412 of 108
Resource allocation rating61 of 11248 of 108
Asset utilization rating118 of 112311 of 108

Financial ratios

Funding ratiosSector median20232022202120202019
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
8%1%0%0%0%0%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
5%1%0%0%0%0%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
90%98%97%96%95%96%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
5%1%0%0%0%0%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
10%2%3%4%5%4%
 
Operating ratiosSector median20232022202120202019
Program expense ratio Program expense ratio =
Program services /
Total expenses
83%96%97%98%96%95%
Spending ratio Spending ratio =
Total expenses /
Total revenue
99%95%94%95%90%104%
Program output ratio Program output ratio =
Program services /
Total revenue
83%91%90%93%86%99%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
1%5%6%5%10%-4%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
1%21%28%35%62%-51%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
11%4%3%2%4%5%
 
Investing ratiosSector median20232022202120202019
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.942.232.667.074.379.43
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
1.912.461.971.111.141.00
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
2.155.495.267.854.969.44
 
Liquidity ratiosSector median20232022202120202019
Current ratio Current ratio =
Total current assets /
Total current liabilities
12.040.0049.8860.9314.404.36
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.070.000.020.020.070.23
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
5.062.192.241.502.250.98
 
Solvency ratiosSector median20232022202120202019
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
11%41%35%1%22%23%
Debt ratio Debt ratio =
Debt /
Total assets
0%41%34%0%16%0%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
83%26%24%14%18%8%

Financials

Balance sheet
 
Assets20232022202120202019
Cash$441,558$392,704$328,783$266,341$114,475
Receivables, inventories, prepaids$3,345$3,350$5,731$3,612$3,315
Short-term investments$0$0$0$0$0
Other current assets$0$0$0$0$0
Total current assets$444,903$396,054$334,514$269,953$117,790
Long-term investments$0$0$0$0$0
Fixed assets$650,759$226,663$37,219$36,466$0
Other long-term assets$0$158,998$0$30$30
Total long-term assets$650,759$385,661$37,219$36,496$30
Total assets$1,095,662$781,715$371,733$306,449$117,820
 
Liabilities20232022202120202019
Payables and accrued expenses$0$7,940$4,340$1,245$7,024
Other current liabilities$0$0$1,150$17,500$20,000
Total current liabilities$0$7,940$5,490$18,745$27,024
Debt$450,126$264,863$0$50,200$0
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$0$0$0$0$0
Total long-term liabilities$450,126$264,863$0$50,200$0
Total liabilities$450,126$272,803$5,490$68,945$27,024
 
Net assets20232022202120202019
Without donor restrictions$545,328$310,857$223,061$210,142$27,358
With donor restrictions$100,208$198,055$143,182$27,362$63,438
Net assets$645,536$508,912$366,243$237,504$90,796
 
Revenues and expenses
 
Revenue20232022202120202019
Total contributions$2,517,981$2,166,104$2,647,428$1,418,246$1,021,377
Program service revenue$59,396$58,754$58,432$68,737$44,036
Membership dues$0$0$0$0$0
Investment income$56$35$17$16$15
Other revenue$0$0$50,200$0$0
Total other revenue$59,452$58,789$108,649$68,753$44,051
Total revenue$2,577,433$2,224,893$2,756,077$1,486,999$1,065,428
 
Expenses20232022202120202019
Program services$2,339,343$2,012,033$2,565,984$1,285,688$1,051,068
Management and general$87,949$70,191$61,354$54,603$60,510
Fundraising$13,517$0$0$0$0
Total expenses$2,440,809$2,082,224$2,627,338$1,340,291$1,111,578
 
Change in net assets20232022202120202019
Surplus (deficit)$136,624$142,669$128,739$146,708($46,150)
Other changes in net assets$0$0$0$0$0
Total change in net assets$136,624$142,669$128,739$146,708($46,150)

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 1/22/2025. To update the information below, please email: [email protected]


History


Program accomplishments


Needs