Trinity Foundation Inc.

“Note that out of the $170,550 in overall donations, $125,000 in outstanding loans to the Foundation (owed by the Foundation) were forgiven and this is reflected in our overall donations amount. Only $45,550 in donations were actually received during 2014. We received $7,200 rental income from an apartment we own. We also received $516 from the sale of donated medical equipment.”

“In descending order, largest to least, other expenses include: religious watchdog activities (state license fees, ins., online searches, etc.)--$5,151 ; autos--$3,798 ; bank charges--$144 ; residual income and expenses from the Wittenburg Door magazine (-$1,068) ; reimbursements for repairs and other work done by TFI employees (-$693) ; (Note that our telephone expense of $3,401 is included with "occupancy and utilities" this year and our depreciation expense of $3,406 is also included in "occupancy and utilities"--this catches us up on posting depreciation expenses for several years)”

“Inventory of $11,049 was inadvertently left off the depreciation schedule in 2012 and 2013 and has been added back. Also, we made a $ 470 adjustment to retained income in order to balance (11,049 - 470 = 10,579).”

“In 2012 and 2013, our inventory assets of $11,049 (magazines, DVDs, videotapes, etc.) was inadvertently left off our Form 990EZ. All other assets have been fully depreciated except a small apartment owned by the Foundation.”

“Loans worth $125,000 were forgiven. A loan of $50,000 from Gene Phillips to the Trinity Foundation in 1999 was forgiven and added as donation income to the Trinity Foundation. Also, out of a number of accumulated loans to the Foundation over the years from Ole Anthony, an amount of $75,000 was forgiven and added as donation income to the Foundation. A total of $51,928 was still owed from 2013 to Anthony plus more loans made during 2014 of $11,246 (total, $63,174) and we had a positive Payroll tax liability of ($307) = $62,866”