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
Transparency grade
C
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Community Development
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 18 of 1123 | 4 of 108 |
| Fund acquisition rating | | 90 of 1124 | 12 of 108 |
| Resource allocation rating | | 61 of 1124 | 8 of 108 |
| Asset utilization rating | | 118 of 1123 | 11 of 108 |
Financial ratios
| Funding ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
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 ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
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 ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.94 | 2.23 | 2.66 | 7.07 | 4.37 | 9.43 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.91 | 2.46 | 1.97 | 1.11 | 1.14 | 1.00 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 2.15 | 5.49 | 5.26 | 7.85 | 4.96 | 9.44 |
| Liquidity ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Current ratio Current ratio = Total current assets / Total current liabilities | 12.04 | 0.00 | 49.88 | 60.93 | 14.40 | 4.36 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.07 | 0.00 | 0.02 | 0.02 | 0.07 | 0.23 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 5.06 | 2.19 | 2.24 | 1.50 | 2.25 | 0.98 |
| Solvency ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
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 | |||||
| Assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| 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 |
| Liabilities | 2023 | 2022 | 2021 | 2020 | 2019 |
| 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 assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| 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 | |||||
| Revenue | 2023 | 2022 | 2021 | 2020 | 2019 |
| 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 |
| Expenses | 2023 | 2022 | 2021 | 2020 | 2019 |
| 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 assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| 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]