Civic Intelligence

Sibi Foundation

990 • Fiscal year 2023 • EIN 26-3204092

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 04, 2024

Organization ProfileSIBI.CC/FOUNDATION
3723 34th StreetLubbock, TX 79410

(806) 788-3242

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

94th percentile

63%

Higher net margin than 94% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

77th percentile

19%

Faster asset growth than 77% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

19th percentile

-15%

Faster revenue growth than 19% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets3rd percentile

Assets

Up

$26,497,052

Up $4,171,078 (+19%) from 2022

Net Assets

Up

$26,497,052

Up $4,171,078 (+19%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue3rd percentileNet Margin94th percentile

Revenue

Down

$2,906,668

Down $516,732 (-15%) from 2022

Expenses

Up

$1,088,724

Up $95,040 (+9.6%) from 2022

Net Income

Down

$1,817,944

Down $611,772 (-25%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth77th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2012: $0Net Assets 2012: $02012Assets 2013: $7,084,421Liabilities 2013: $0Net Assets 2013: $7,084,4212013Assets 2014: $6,996,006Liabilities 2014: $15,670Net Assets 2014: $6,980,3362014Assets 2016: $7,188,285Liabilities 2016: $51,731Net Assets 2016: $7,136,5542016Assets 2017: $10,523,640Liabilities 2017: $52,180Net Assets 2017: $10,471,4602017Assets 2019: $14,080,005Liabilities 2019: $82,795Net Assets 2019: $13,997,2102019Assets 2020: $17,519,318Liabilities 2020: $79,312Net Assets 2020: $17,440,0062020Assets 2021: $22,658,439Liabilities 2021: $314,909Net Assets 2021: $22,343,5302021Assets 2022: $22,325,974Liabilities 2022: $0Net Assets 2022: $22,325,9742022Assets 2023: $26,497,052Liabilities 2023: $0Net Assets 2023: $26,497,0522023Assets 2024: $29,165,924Liabilities 2024: $36,700Net Assets 2024: $29,129,2242024

Highlighted filing

2023

Assets$26,497,052
Liabilities$0
Net Assets$26,497,052
Open 2023 Filing

Operations Trend

Revenue Growth19th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2012: $02012Revenue 2013: $7,084,421Expenses 2013: $0Net Income 2013: $7,084,4212013Revenue 2014: $206,624Expenses 2014: $310,709Net Income 2014: -$104,0852014Revenue 2016: $837,400Expenses 2016: $373,893Net Income 2016: $463,5072016Revenue 2017: $3,817,817Expenses 2017: $482,911Net Income 2017: $3,334,9062017Revenue 2019: $3,308,531Expenses 2019: $501,985Net Income 2019: $2,806,5462019Revenue 2020: $4,055,892Expenses 2020: $613,096Net Income 2020: $3,442,7962020Revenue 2021: $3,935,219Expenses 2021: $812,635Net Income 2021: $3,122,5842021Revenue 2022: $3,423,400Expenses 2022: $993,684Net Income 2022: $2,429,7162022Revenue 2023: $2,906,668Expenses 2023: $1,088,724Net Income 2023: $1,817,9442023Revenue 2024: $2,357,099Expenses 2024: $1,275,233Net Income 2024: $1,081,8662024

Highlighted filing

2023

Revenue$2,906,668
Expenses$1,088,724
Net Income$1,817,944
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 4, 2024
Return Version
2023v5.1
Gross Receipts
$2,906,668
Mission and Program Overview

Mission

SIBI Foundation solely supports the activities and missions of Sunset International Bible Institute, Inc.

Sibi foundation solely supports the activities and missions of sunset international bible institute, inc

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$21,720,946$25,414,230▲ $3,693,284
Accounts Receivable$481,328$481,329▲ $1
Investments Other Securities-$374,175-
Savings and Temporary Cash Investments-$180,000-
Cash and Non-Interest-Bearing Accounts$123,700$47,318▼ $76,382
Total Assets$22,325,974$26,497,052▲ $4,171,078
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$20,801,714$24,972,792▲ $4,171,078
Net Assets With Donor Restrictions$1,524,260$1,524,260→ $0
Total Net Assets Fund Balance$22,325,974$26,497,052▲ $4,171,078
Total Liabilities and Net Assets / Fund Balance$22,325,974$26,497,052▲ $4,171,078

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$1,524,260---$1,524,260
2022$1,524,260---$1,524,260
2021$1,524,260---$1,524,260
2020$1,524,260---$1,524,260
2019$1,524,260---$1,524,260
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Truitt AdairPresident
Kenzel MayVice President
Chris RaneyDirector
Don BrownDirector
Gene McguireDirector
Jay ReynoldsDirector
Mark SamsillDirector
Sam HawthorneDirector
Sean McnielSecretary
Steve CrockettTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,123,589
Program Service Revenue
$0
Investment Income
$783,079
Other Revenue
$0
All Other Contributions
$86,800
Change in Net Assets
$1,817,944

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,912,676
Revenue Not Reported on Financial Statements
$993,992
Revenue Not Reported on Form 990
$2,353,134
Other Revenue Adjustments
$993,992
Total Revenue per Audited Statements
$4,265,810
Total Revenue per Form 990
$2,906,668
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,088,724
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Payments to Affiliates$993,992--$993,992
Fees for Service Investment Mgmnt Fees-$75,000-$75,000
Fees for Services Accounting-$6,188-$6,188
Other Expenses-$4,229-$4,229
Insurance-$2,442-$2,442
Information Technology-$1,298-$1,298
Office Expenses-$850-$850
Conferences and Meetings-$159-$159
Total Functional Expenses$993,992$94,732$0$1,088,724

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,088,724
Expenses Not Reported on Financial Statements$993,992
Other Expense Adjustments$993,992
Expenses per Audited Statements$94,732
Total Expenses per Audited Statements$94,732
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Each year, the sibi foundation president and treausurer, along with the treasurer of the supported organization, sunset international bible institute, inc., review the form 990 for accuracy and completeness prior to its filing.”

Form 990, Part VI, Section C, Line 18

“Form 990 not made available to the public”

Form 990, Part VI, Section C, Line 19

“No other documents available to the public”

Filing and Contact Details

Filer

Filer Name
Sibi Foundation
EIN
26-3204092
Phone
8067883242
Address
3723 34TH STREET, LUBBOCK, TX 79410

Signing Officer

Name
Truitt Adair
Title
President
Phone
8067883242
Signed
2024-11-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Truitt Adair
Formed
2011
Legal Domicile
TX
Voting Board Members
9
Independent Board Members
8
Employees
0
Volunteers
0

Preparer

Firm
Carr Riggs & Ingram LLC
Address
2403 82ND STREET, LUBBOCK, TX 79423
Preparer
Kimberly D Warren CPA
Phone
8067456789
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Under section 501(c)(3) of the internal revenue code, the organization is exempt from taxes on income other than unrelated business income. Unrelated business income results from rent, administration of self-insurance activities, and commissions. The organization utilizes the accounting requirements associated with uncertainty in income taxes using the provisions of financial accounting standards board (fasb) asc 740, income taxes. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely-than-not the positions will be sustained upon examination by the tax authorities. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of december 31, 2023 and 2022, the organization has no uncertain tax provisions that qualify for recognition or disclosure in the financial statements.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“PAYMENTS TO AFFILIATE”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“PAYMENTS TO AFFILIATE”

Raw XML AppendixShowing 400 of 424 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE ORGANIZATION IS EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. UNRELATED BUSINESS INCOME RESULTS FROM RENT, ADMINISTRATION OF SELF-INSURANCE ACTIVITIES, AND COMMISSIONS. THE ORGANIZATION UTILIZES THE ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF DECEMBER 31, 2023 AND 2022, THE ORGANIZATION HAS NO UNCERTAIN TAX PROVISIONS THAT QUALIFY FOR RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1PAYMENTS TO AFFILIATE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2PAYMENTS TO AFFILIATE
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 4B - OTHER ADJUSTMENTS:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EACH YEAR, THE SIBI FOUNDATION PRESIDENT AND TREAUSURER, ALONG WITH THE TREASURER OF THE SUPPORTED ORGANIZATION, SUNSET INTERNATIONAL BIBLE INSTITUTE, INC., REVIEW THE FORM 990 FOR ACCURACY AND COMPLETENESS PRIOR TO ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 NOT MADE AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO OTHER DOCUMENTS AVAILABLE TO THE PUBLIC
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,497,052
Liabilities
$0
Net assets
$26,497,052
Revenue
$2,906,668
Expenses
$1,088,724
Net income
$1,817,944
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.2$0.04$29.1$2.36$1.28$1.08
2023Detailed filing. Detailed filing data is available for this year.$26.5$0.00$26.5$2.91$1.09$1.82
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.3$0.00$22.3$3.42$0.99$2.43
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.7$0.31$22.3$3.94$0.81$3.12
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.5$0.08$17.4$4.06$0.61$3.44
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.1$0.08$14.0$3.31$0.50$2.81
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.5$0.05$10.5$3.82$0.48$3.33
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.19$0.05$7.14$0.84$0.37$0.46
2014Detailed filing. Detailed filing data is available for this year.$7.00$0.02$6.98$0.21$0.31$0.10
2013Detailed filing. Detailed filing data is available for this year.$7.08$0.00$7.08$7.08$0.00$7.08
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00