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

Transparency grade

A

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Community Development

CategoryRatingOverall rankSector rank
Overall efficiency rating7 of 10776 of 142
Fund acquisition rating49 of 10783 of 142
Resource allocation rating20 of 10789 of 142
Asset utilization rating45 of 10778 of 142

Financial ratios

Funding ratiosSector median20202019201820172016
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
7%0%0%0%0%1%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
4%0%0%0%0%1%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
92%95%96%98%97%97%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
6%0%0%0%0%1%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
8%5%4%2%3%3%
 
Operating ratiosSector median20202019201820172016
Program expense ratio Program expense ratio =
Program services /
Total expenses
82%96%95%97%94%92%
Spending ratio Spending ratio =
Total expenses /
Total revenue
87%90%104%92%97%93%
Program output ratio Program output ratio =
Program services /
Total revenue
69%86%99%90%91%86%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
13%10%-4%8%3%7%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
18%62%-51%55%28%76%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
12%4%5%3%6%7%
 
Investing ratiosSector median20202019201820172016
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.874.379.434.384.4810.22
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
1.601.141.001.001.001.00
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.644.969.444.384.4810.22
 
Liquidity ratiosSector median20202019201820172016
Current ratio Current ratio =
Total current assets /
Total current liabilities
14.1814.404.362.901.8038.01
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.070.070.230.340.560.03
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
6.752.250.981.801.191.14
 
Solvency ratiosSector median20202019201820172016
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
10%22%23%34%56%3%
Debt ratio Debt ratio =
Debt /
Total assets
0%16%0%0%0%0%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
89%18%8%15%10%10%

Financials

Balance sheet
 
Assets20202019201820172016
Cash$266,341$114,475$207,772$119,409$39,416
Receivables, inventories, prepaids$3,612$3,315$720$0$0
Short-term investments$0$0$0$0$0
Other current assets$0$0$0$0$0
Total current assets$269,953$117,790$208,492$119,409$39,416
Long-term investments$0$0$0$0$0
Fixed assets$36,466$0$0$0$0
Other long-term assets$30$30$0$0$0
Total long-term assets$36,496$30$0$0$0
Total assets$306,449$117,820$208,492$119,409$39,416
 
Liabilities20202019201820172016
Payables and accrued expenses$1,245$7,024$3,082$66,377$1,037
Other current liabilities$17,500$20,000$68,715$0$0
Total current liabilities$18,745$27,024$71,797$66,377$1,037
Debt$50,200$0$0$0$0
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$0$0$0$0$0
Total long-term liabilities$50,200$0$0$0$0
Total liabilities$68,945$27,024$71,797$66,377$1,037
 
Net assets20202019201820172016
Without donor restrictions$210,142$27,358$101,074$16,378$38,379
With donor restrictions$27,362$63,438$35,621$36,654$0
Net assets$237,504$90,796$136,695$53,032$38,379
 
Revenues and expenses
 
Revenue20202019201820172016
Total contributions$1,418,246$1,021,377$969,451$530,981$417,611
Program service revenue$68,737$44,036$19,115$18,579$14,468
Membership dues$0$0$0$0$0
Investment income$16$15$14$9$0
Other revenue$0$0$0$0$0
Total other revenue$68,753$44,051$19,129$18,588$14,468
Total revenue$1,486,999$1,065,428$988,580$549,569$432,079
 
Expenses20202019201820172016
Program services$1,285,688$1,051,068$885,545$501,059$370,579
Management and general$54,603$60,510$25,142$32,524$28,736
Fundraising$0$0$2,658$968$3,606
Total expenses$1,340,291$1,111,578$913,345$534,551$402,921
 
Change in net assets20202019201820172016
Surplus (deficit)$146,708($46,150)$75,235$15,018$29,158
Other changes in net assets$0$0$0$0$0
Total change in net assets$146,708($46,150)$75,235$15,018$29,158

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.


Program accomplishments


Needs