Psalms Of Life Inc
- Assets
- $1.8m
- Revenue
- $164.9k
- Investments
- $1.7m
- Employees
- 0
- Location
- Miami Lakes, FL
- Founding
- 02/2011
- Data as of
- 12/2021
- EIN
- 27-4287676
Organization Overview
Psalms Of Life Inc is located in Miami Lakes, FL. The organization was established in 2011. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Psalms Of Life Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Psalms Of Life Inc generated $164.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.7% each year . All expenses for the organization totaled $135.7k during the year ending 12/2021. While expenses have increased by 4.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Psalms Of Life Inc has awarded 48 individual grants totaling $444,850. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ENTITY DISTRIBUTED FUNDS TO 5 OTHER ORGANIZATIONS EXEMPT FROM FEDERAL INCOME TAXATION UNDER SECTION 501 (C) (3) OF THE CODE IN FURTHERANCE OF ITS CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lelenia Vasallo Executive Di | 2.5 | $18,000 | |
Joseph Brydon President | 2 | $0 | |
Chris Vasallo Director | 0.5 | $0 | |
Juliana Brydon Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1 |
| Dividends & Interest | $32,205 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $131,879 |
| Capital Gain Net Income | $131,879 |
| Net ST Capital Gain | $10,200 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $816 |
| Total Revenue | $164,901 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $18,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $10,900 |
| Interest | $0 |
| Taxes | $1,173 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $1,123 |
| Printing and publications | $0 |
| Other expenses | $13,609 |
| Total operating and administrative expenses | $51,455 |
| Contributions, gifts, grants paid | $84,250 |
| Total expenses and disbursements | $135,705 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $93,348 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,679,894 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $3,356 |
| Total assets | $1,776,598 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Psalms Of Life Inc has awarded $84,250 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
SAVANNAH COLLEGE OF ART & DESIGN PURPOSE: FUNIDNG FOR VARIOUS PROGRAMS & PROJ | $26,250 |
NC SCHOOL OF SCIENCE & MATH FNDN PURPOSE: FUNDING FOR VARIOUS PROGRAMS & PROJ | $25,000 |
Carrboro, NC PURPOSE: EDUCATIONAL | $12,500 |
Greenville, SC PURPOSE: FUNDING FOR VARIOUS PROGRAMS OR PROJ | $10,500 |
CHRIST IN THE ROCKIES PURPOSE: FUNDING FOR VARIOUS MINISTRIES | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Murray & Sydell Rosenberg Foundation Inc Atlanta, GA | $5,561,714 | $74,985,544 |
Joseph B Whitehead Foundation Atlanta, GA | $148,285,590 | $58,163,845 |
Emergency Assistance Foundation Inc West Palm Beach, FL | $75,784,415 | $87,494,207 |
Winshape Foundation Inc Atlanta, GA | $1,733,664,901 | $22,099,572 |
A Good Name Foundation Inc Atlanta, GA | $709,299,721 | $33,917,740 |
Jane Woodruff Foundation Inc Atlanta, GA | $0 | $54,999,988 |
Truist Foundation Inc Orlando, FL | $535,253,915 | $119,578,224 |
Ups Foundation Inc Atlanta, GA | $8,317,427 | $54,799,163 |
Leslie L Alexander Foundation Delray Beach, FL | $372,501,228 | $8,282,313 |
Publix Super Markets Charities Inc Lakeland, FL | $259,322,738 | $58,315,085 |
O Wayne Rollins Foundation Atlanta, GA | $468,654,801 | $21,609,282 |
Goizueta Foundation Inc Atlanta, GA | $444,757,286 | $34,966,270 |