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

Show donor confidence score details

Transparency grade

A

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Community Development

CategoryRatingOverall rankSector rank
Overall efficiency rating11 of 11044 of 122
Fund acquisition rating73 of 11056 of 122
Resource allocation rating19 of 11058 of 122
Asset utilization rating80 of 11048 of 122

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
92%98%97%96%95%96%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
6%1%0%0%0%0%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
8%2%3%4%5%4%
 
Operating ratiosSector median20232022202120202019
Program expense ratio Program expense ratio =
Program services /
Total expenses
82%96%97%98%96%95%
Spending ratio Spending ratio =
Total expenses /
Total revenue
97%95%94%95%90%104%
Program output ratio Program output ratio =
Program services /
Total revenue
75%91%90%93%86%99%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
3%5%6%5%10%-4%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
5%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
0.842.232.667.074.379.43
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
1.742.461.971.111.141.00
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.725.495.267.854.969.44
 
Liquidity ratiosSector median20232022202120202019
Current ratio Current ratio =
Total current assets /
Total current liabilities
14.070.0049.8860.9314.404.36
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)
6.272.192.241.502.250.98
 
Solvency ratiosSector median20232022202120202019
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
10%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
101%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 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