United Faith Ministries Inc
- Assets
- $11.5m
- Revenue
- $51.8m
- Investments
- $0.0
- Employees
- 111
- Location
- Norfolk, VA
- Founding
- 09/2019
- Data as of
- 12/2022
- EIN
- 36-4948535
Organization Overview
United Faith Ministries Inc is located in Norfolk, VA. The organization was established in 2019. According to its NTEE Classification (X20) the organization is classified as: Christianity, under the broad grouping of Religion-Related and related organizations. As of 12/2022, United Faith Ministries Inc employed 111 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. United Faith Ministries Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
UNITED FAITH MINISTRIES INC. IS A NOT-FOR-PROFIT HEALTH CARE SHARING MINISTRY. IN GENERAL, A HEALTH CARE SHARING MINISTRY IS A TAX-EXEMPT ORGANIZATION WHOSE MEMBERS SHARE A COMMON SET OF ETHICAL OR RELIGIOUS BELIEFS AND SHARE MEDICAL EXPENSES IN ACCORDANCE WITH THOSE BELIEFS, EVEN AFTER A MEMBER DEVELOPS A MEDICAL CONDITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNITED FAITH MINISTRIES INC. IS A NOT-FOR-PROFIT HEALTH CARE SHARING MINISTRY. IN GENERAL, A HEALTH CARE SHARING MINISTRY IS A TAX-EXEMPT ORGANIZATION WHOSE MEMBERS SHARE A COMMON SET OF ETHICAL OR RELIGIOUS BELIEFS AND SHARE MEDICAL EXPENSES IN ACCORDANCE WITH THOSE BELIEFS, EVEN AFTER A MEMBER DEVELOPS A MEDICAL CONDITION.
UNITED FAITH MINISTRIES INC. IS A NOT-FOR-PROFIT HEALTH CARE SHARING MINISTRY. IN GENERAL, A HEALTH CARE SHARING MINISTRY IS A TAX-EXEMPT ORGANIZATION WHOSE MEMBERS SHARE A COMMON SET OF ETHICAL OR RELIGIOUS BELIEFS AND SHARE MEDICAL EXPENSES IN ACCORDANCE WITH THOSE BELIEFS, EVEN AFTER A MEMBER DEVELOPS A MEDICAL CONDITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Jin President/ceo | OfficerTrustee | 40 | $334,648 |
Brooke Schasteen-Smith VP Marketing | 40 | $255,833 | |
Andrew Downer Bus. Analyst | Trustee | 40 | $247,917 |
Molly M Ransone Dir. Of Technology | 40 | $115,365 | |
Jason E Prater Sr. Program Mgr | 40 | $113,650 | |
James Grass Director | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Healthrive Tpa/claims Administrator | 12/30/22 | $23,533,591 |
Surecompanies Inc Tpa/marketing/claim Admin | 12/30/22 | $12,205,493 |
Diab Medical Group Inc Tpa/ Telemedicine Admin | 12/30/22 | $5,597,633 |
Multiplan Inc Medical Network Admin | 12/30/22 | $1,986,312 |
Cvscaremark Pharmacy Medical Mgt. | 12/30/22 | $1,619,433 |
Healthrive Tpa/claims Administrator | 12/30/22 | $23,533,591 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $52,090,440 |
| Investment income | -$222,685 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$73,670 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,794,085 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $334,648 |
| Compensation of current officers, directors, key employees. | $135,867 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,826,569 |
| Pension plan accruals and contributions | $86,081 |
| Other employee benefits | $14,316 |
| Payroll taxes | $368,438 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $425,857 |
| Fees for services: Accounting | $7,926 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,292,730 |
| Advertising and promotion | $0 |
| Office expenses | $68,383 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $177,175 |
| Travel | $89,982 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $61,232 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,179 |
| Insurance | $0 |
| All other expenses | $9,509,319 |
| Total functional expenses | $49,154,280 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,461,147 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $35,502 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $104,603 |
| Net Land, buildings, and equipment | $246,816 |
| Investments—publicly traded securities | $7,323,170 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,279,783 |
| Total assets | $11,451,021 |
| Accounts payable and accrued expenses | $10,090,365 |
| Grants payable | $0 |
| Deferred revenue | $3,633,278 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $675,682 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $14,399,325 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | -$2,948,304 |
| Total liabilities and net assets/fund balances | $11,451,021 |