Bread Of Life Inc
- Assets
- $1.0m
- Revenue
- $345.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Brevard, NC
- Founding
- 01/2001
- Data as of
- 12/2023
- EIN
- 56-2053857
Organization Overview
Bread Of Life Inc is located in Brevard, NC. The organization was established in 2001. According to its NTEE Classification (K31) the organization is classified as: Food Banks & Pantries, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2023, Bread Of Life Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bread 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 12/2023, Bread Of Life Inc generated $345.2k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $239.3k during the year ending 12/2023. While expenses have increased by 8.8% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY KITCHEN AND EMERGENCY PANTRY
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATED AN ALL VOLUNTEER FREE COMMUNITY KITCHEN WHERE FREE MEALS ARE PREPARED AND SERVED OR DELIVERED TO THE HOMELESS, FINANCIALLY NEEDY, ILL AND ELDERLY IN TRANSYLVANIA COUNTY, NC
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Collins Executive Director | 40 | $55,309 | |
Paula Wesley Finance Manager | Officer | 35 | $29,918 |
Carl Conley Jr Vice President | Officer | 12 | $0 |
Seth Mclennan Treasurer | Officer | 12 | $0 |
Jayne Field Secretary | Officer | 12 | $0 |
Paul Komar Director | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $38,984 |
| Related organizations | $0 |
| Government grants | $11,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $281,689 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $332,173 |
| Total Program Service Revenue | $0 |
| Investment income | $13,044 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $345,217 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $85,227 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,914 |
| Payroll taxes | $6,456 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,517 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,304 |
| Office expenses | $2,211 |
| Information technology | $1,667 |
| Royalties | $0 |
| Occupancy | $25,052 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,516 |
| Insurance | $6,550 |
| All other expenses | $10,651 |
| Total functional expenses | $239,278 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $165,783 |
| Savings and temporary cash investments | $112,193 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $571,333 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $181,375 |
| Total assets | $1,030,684 |
| Accounts payable and accrued expenses | $4,415 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $171,108 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $175,523 |
| 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 | $855,161 |
| Total liabilities and net assets/fund balances | $1,030,684 |