STEER, Inc.

The information on this page was last updated 12/26/2023. If you see errors or omissions, please email: [email protected]


Summary

STEER, Inc. ("STEER") is an evangelical, agricultural, fundraising organization which supports missions around the world. The goal of STEER's ministry is to assist selected mission organizations with the fundraising necessary to bring about world evangelization. The ministry works to bring together the contributions of donors with farmers who also desire to be involved in missions, but who may lack the capital needed to expand their herds or acreage in order to support missions. STEER's stewardship program operates as follows: Donors provide cash for a $700 Unit. This Unit is insured by STEER, Inc. The $700 UNIT is invested with a farmer/rancher to buy livestock or assist in planting a crop for missions. This is only an investment from which earnings are sent to missions each year. When the farmer/rancher markets the livestock or crop, the gain is processed for missions by STEER and the Unit is reinvested. STEER sends no money to any organizations that have not first been approved by the Board of Directors.


Contact information

Mailing address:
STEER, Inc.
PO Box 1236
Bismarck, ND 58502

Website: www.steerinc.com

Phone: (701) 258-4911

Email: [email protected]


Organization details

EIN: 450262160

CEO/President: Keith Kost

Chairman: Bruce Brunner

Board size: 15

Founder: Rev. Ed Folden

Ruling year: 1962

Tax deductible: Yes

Fiscal year end: 06/30

Member of ECFA: Yes

Member of ECFA since: 1987


Purpose

STEER endeavors to strengthen and enlarge the ministries of these missions through its stewardship plan. Essentially, through the stewardship plan donors purchase a 'multiplied giving Unit' for $700 which is then invested in livestock or crops with a participating farmer who becomes a partner in missions with the donor. The Unit can be designated for any one of STEER's member mission organizations (more than 80) or where most needed. The Unit becomes the property of STEER and a percentage is used for operating expenses and an insurance fund. The Unit is protected by STEER's insurance fund.

Eligible mission societies must make application in order to receive support. STEER directs the Unit funds through to the farmer-rancher who uses it to buy the livestock or crops of their choice, and where they join with the donor in directing a percentage of the gain from each project through to the mission of choice. Funds are distributed to designated mission organizations upon the sale of livestock and related assets. Risk is associated with the Unit due to the fluctuation of prices in the grain and livestock markets. STEER projects are scattered across 36 states with around 1100 farmers/ranchers. On average 10% of expenses are allocated to insurance, depreciation and operations, and 90% is directed to designated missions organizations. STEER has a 15 member board of directors and has six fulltime headquarters staff, and is helped by volunteer area representatives in different parts of the country. STEER was founded in Park River, ND in 1957.


Mission statement

Centered on the Lord Jesus Christ, the mission of STEER Inc. shall be to advance the work of the Lord Jesus Christ on earth by providing financial support for member mission societies to take the gospel to all nations of the world before the coming of Jesus Christ.


Statement of faith

STEER subscribes to the following doctrinal statement:

We believe the Bible, consisting of Old and New Testaments, to be the only verbally inspired by the Holy Spirit, inerrant, infallible and authoritative Word of God written.

We believe there is one God, eternally existent in three persons: Father, Son and Holy Ghost.

We believe in the deity of Christ, His virgin birth, His sinless life, His miracles, His vicarious and atoning death through His shed blood, His bodily resurrection and His ascension to the right hand of God the Father where He is now making intercession for us.

We believe Jesus Christ's return is imminent, and will be visible and personal.

We believe that Adam, created in the image of God, was tempted by Satan, the Devil, and fell. Because of Adam's sin all men have guilt imputed, are totally depraved and need to be regenerated by the Holy Spirit for salvation.

We believe salvation consists of the remission of sins, the imputation of Christ's righteousness and the gift of eternal life received by faith alone, apart from works.

We believe in the resurrection of both the saved and the lost; they that saved unto the resurrection of everlasting life and blessedness in Heaven; and they that are lost, unto the resurrection of everlasting punishment in Hell.

We believe the Church, the body of Christ, consists of those who are born again and who are baptized by the Holy Spirit unto Christ at the time of regeneration.

We believe in the spiritual unity of all believers in Christ.

We believe Jesus Christ commanded the Church to go into all the world and preach the Gospel to every creature, baptizing and teaching those who believe.

Donor confidence score

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Transparency grade

A

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Evangelism Support

CategoryRatingOverall rankSector rank
Overall efficiency rating1067 of 110432 of 35
Fund acquisition rating977 of 110531 of 35
Resource allocation rating931 of 110526 of 35
Asset utilization rating955 of 110429 of 35

Click here to read STEER, Inc.'s response to our ratings


Financial ratios

Funding ratiosSector median20232022202120202019
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
6%40%32%26%39%25%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
5%8%8%7%8%6%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
99%21%27%29%22%24%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
5%9%9%8%9%7%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
1%79%73%71%78%76%
 
Operating ratiosSector median20232022202120202019
Program expense ratio Program expense ratio =
Program services /
Total expenses
84%77%78%79%79%83%
Spending ratio Spending ratio =
Total expenses /
Total revenue
97%91%90%91%91%89%
Program output ratio Program output ratio =
Program services /
Total revenue
83%70%70%72%72%74%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
3%9%10%9%9%11%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
4%3%3%3%3%4%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
12%13%13%12%12%10%
 
Investing ratiosSector median20232022202120202019
Total asset turnover Total asset turnover =
Total expenses /
Total assets
1.170.270.280.260.290.32
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
1.331.271.281.301.401.47
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.690.340.350.340.400.46
 
Liquidity ratiosSector median20232022202120202019
Current ratio Current ratio =
Total current assets /
Total current liabilities
39.03205.72184.24165.56120.91110.58
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.030.000.010.010.010.01
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
6.5935.4833.9234.9129.4025.66
 
Solvency ratiosSector median20232022202120202019
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
6%2%0%0%1%1%
Debt ratio Debt ratio =
Debt /
Total assets
0%0%0%0%0%0%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
79%369%362%380%344%314%

Financials

Balance sheet
 
Assets20232022202120202019
Cash$2,323,879$2,213,266$2,048,048$1,874,236$1,650,409
Receivables, inventories, prepaids$13,805$12,237$13,045$12,967$12,128
Short-term investments$3,082,869$2,780,249$2,968,919$2,340,052$2,293,306
Other current assets$0$0$0$0$0
Total current assets$5,420,553$5,005,752$5,030,012$4,227,255$3,955,843
Long-term investments$1,264,292$1,321,511$1,448,061$1,612,010$1,762,410
Fixed assets$72,000$72,933$75,363$79,274$83,480
Other long-term assets$124,689$0$0$0$0
Total long-term assets$1,460,981$1,394,444$1,523,424$1,691,284$1,845,890
Total assets$6,881,534$6,400,196$6,553,436$5,918,539$5,801,733
 
Liabilities20232022202120202019
Payables and accrued expenses$26,349$27,170$30,381$34,961$35,773
Other current liabilities$0$0$0$0$0
Total current liabilities$26,349$27,170$30,381$34,961$35,773
Debt$0$0$0$0$0
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$124,689$0$0$0$0
Total long-term liabilities$124,689$0$0$0$0
Total liabilities$151,038$27,170$30,381$34,961$35,773
 
Net assets20232022202120202019
Without donor restrictions$5,823,995$5,580,209$5,723,031$5,190,760$5,104,490
With donor restrictions$906,501$792,817$800,024$692,818$661,470
Net assets$6,730,496$6,373,026$6,523,055$5,883,578$5,765,960
 
Revenues and expenses
 
Revenue20232022202120202019
Total contributions$423,192$528,023$546,420$406,729$490,453
Program service revenue$111,515$116,289$51,348$108,255$116,513
Membership dues$33,351$0$0$35,569$35,824
Investment income$129,392$87,835$35,635$75,449$77,066
Other revenue$1,316,288$1,235,243$1,254,497$1,244,448$1,332,564
Total other revenue$1,590,546$1,439,367$1,341,480$1,463,721$1,561,967
Total revenue$2,013,738$1,967,390$1,887,900$1,870,450$2,052,420
 
Expenses20232022202120202019
Program services$1,413,615$1,370,079$1,363,971$1,344,408$1,528,156
Management and general$241,961$224,364$213,851$209,266$180,608
Fundraising$168,793$167,089$140,745$157,345$124,678
Total expenses$1,824,369$1,761,532$1,718,567$1,711,019$1,833,442
 
Change in net assets20232022202120202019
Surplus (deficit)$189,369$205,858$169,333$159,431$218,978
Other changes in net assets$0$0$0$0$0
Total change in net assets$189,369$205,858$169,333$159,431$218,978

Compensation

NameTitleCompensation
Keith KostExecutive Director/CEO$127,915
Karn LamonController$61,350

Compensation data as of: 6/30/2023


Response from ministry

STEER, Inc. as an organization is dedicated to bringing together the talents and gifts of three groups of people, Donors, Farmers/Ranchers, and Missionaries, so that the Gospel of Jesus Christ may be proclaimed around the world. The Board of Directors and staff are very concerned about financial and organizational integrity and accountability which includes being good stewards of the funds we receive as contributions as well as the funds that are generated within our program for the support of our member mission societies. In that regard STEER is a member of the Evangelical Council for Financial Accountability (ECFA) which has a much more stringent standards requirement and requires in-depth information from our organization as a whole including but not limited to its financial statements.

The STEER program is unique in its concept. We have donors who give funds to purchase UNITS that are invested in agricultural projects with ranchers and the proceeds from the donor investment are processed by STEER and forwarded to missions around the world. Comparing our Contributions Reliance Ratio by comparing Contributions to Total Revenue is therefore not an appropriate measure of Fund Acquisition efficiency, since it includes the income from agricultural investments that will be sent on to other missions. We would be glad to explain how this unique but effective program works to anyone.

A more appropriate comparison of STEER would be comparing how much income our total donor (UNIT) contributions, which is really invested capital, produce for missions. STEER estimates that the average annual rate of gain is between 40% to 60%.

When I contacted Rod Pitzer at Wall Watchers. I also discussed with him the Asset Utilization ratio. STEER sent Wall Watchers a copy of our current 990 form as well as our Audited Financial Statements. In the 990 form the agricultural investments were not broken out into current assets and long term assets, however they were broken out in our financial Statements. Wall Watchers included all of our current agricultural investment in our long term asset amount and would not adjust their figure to correctly state our actual current assets. This provides for a grossly inaccurate ratio on Wall Watchers report of STEER, Inc.'s current assets. They have the correct information and by incorrectly stating our current assets are therefore not following generally accepted accounting principles. The correct Total asset to current asset ratio should be 4.57 instead of the 43.52 ratio they have stated in their report.

In our discussion Mr. Pitzer informed me that they do not have the resources to spend time understanding the unique aspects of the organizations they are rating. However, with very limited information and virtually no understanding of STEER, Inc. as an organization they are issuing a very inaccurate opinion on the STEER ministry. Wall Watchers claim that their ratio should not affect those who give to our organization because of personal involvement and therefore we should not be concerned about the rating they give us. However, what is the purpose of this organization if not to give potential donors a quantifiable "good" or "bad" rating for organizations that they are researching via the Internet. I am deeply disappointed concerning their lack of understanding of our organization and the unique aspects that affect these ratios as compared to other non-profit organizations as discussed above. They had many months to review the information we sent to them but gave us only 19 days to respond and have no interest in correctly adjusting their ratio information.

If you take the time to read this response I ask that you contact our organization personally to get a better understanding of what STEER is about. In the end, what really matters is that STEER has funnelled over $8.5 million to missions since its inception in 1957 and over $580,000 of that was in the fiscal year reported in this report. I can assure you that through the ministry of STEER, Inc. people are coming to know Jesus Christ as their Lord and Savior.

Keith Kost, Executive Director
STEER, Inc.

Kathleen Jorgenson, Accountant
STEER, Inc.


The information below was provided to MinistryWatch by the ministry itself. It was last updated 12/26/2023. To update the information below, please email: [email protected]


History


Program accomplishments



$1,169,296 was sent to missions through the STEER program in the last fiscal year.

16 new ranchers and farmers became involved in the STEER program this past year.

Currently there are 779 farmers and ranchers involved in STEER from 35 states.

Over $31.4 million has been sent to missions through STEER Inc. since its beginning in 1957.

As of June 30, 2021 there were 1457 cows, 156 feeders, as well as crop projects, dairy cows, sheep, hogs and other projects all placed for missions through STEER Inc. for the advancement of the Gospel.


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