Midas Touch Ministries Corporation

EIN 41-2207554 • 501(c)3 • Dallas, TX

Profile

Midas touch ministries' mission is to endow men, women, and children destitute of life or spirit with the enrichment tools necessary to live a spirit-filled, healthy and victorious life. We are organized for charitable, religious, educational, and scientific purposes to stimulate interest and support in life skills and education.

2829 Trailhouse DrDallas, TX 75237

midastouchministries.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

18.99x

Higher debt load relative to assets than 99% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2023

1.05x

Higher debt load relative to revenue than 95% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2023

39%

Higher net margin than 86% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2023

Higher top officer pay than 81% of similar nonprofits.

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

501(c)3 • <$500k nonprofits • Source year 2023

-91%

Faster asset growth than 12% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2022 to 2023

Balance Sheet

Liabilities / Assets99th percentile

Assets

Down

$79

Down $812 (-91%) from 2022

Liabilities

Down

$1,500

Down $19,103 (-93%) from 2022

Net Assets

-$1,421

Up $18,291 (+93%) from 2022

Operations

Liabilities / Revenue95th percentile Net Margin86th percentile

Revenue

$1,430

Up $1,430 from 2022

Expenses

Down

$873

Down $18,849 (-96%) from 2022

Net Income

$557

Up $20,279 (+103%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth12th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

Highlighted filing

2023

Assets$79

Liabilities$1,500

Net Assets-$1,421

Open 2023 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

Highlighted filing

2023

Revenue$1,430

Expenses$873

Net Income$557

Open 2023 Filing

Filings

Most recent year

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

Open filing

Assets: $79
Liabilities: $1,500
Net assets: -$1,421
Revenue: $1,430
Expenses: $873
Net income: $557

	Balance Sheet			Operations
Year	Assets	Liabilities	Net Assets	Revenue	Expenses	Net Income
2023Detailed filing. Detailed filing data is available for this year.	$0.08	$1.50	$1.42	$1.43	$0.87	$0.56
2022Detailed filing. Detailed filing data is available for this year.	$0.89	$20.6	$19.7	$0.00	$19.7	$19.7
2020Detailed filing. Detailed filing data is available for this year.	$0.01		$0.48	$1.42	$0.97	$0.45
2012Summary only. Only limited summary data is available for this year.	$0.80	$0.00		$1.72	$1.63	$0.09

Latest Filing Detail

Jump To

Filing Snapshot

Filing Period: Jan 1, 2023 to Dec 31, 2023
Signed: Oct 8, 2024
Return Version: 2023v5.1
Gross Receipts: $1,430

Mission and Program Overview

Mission

Charitable, education, & scient

Midas touch ministries mission is to endow men, women, and children desititure of life or spirit with the enrichment tools necessary to live a spirit-filled, healthy and victorious life.

Balance Sheet Detail

Line	Beginning	End	Change
Assets
Cash and Non-Interest-Bearing Accounts	$891	$79	▼ $812
Land, Buildings, and Equipment, Net	$0	$0	→ $0
Total Assets	$891	$79	▼ $812
Liabilities
Unsecured Notes Loans Payable	$20,603	$1,500	▼ $19,103
Total Liabilities	$20,603	$1,500	▼ $19,103
Net Assets / Fund Balance
Total Net Assets Fund Balance	$-19,712	$-1,421	▲ $18,291
Total Liabilities and Net Assets / Fund Balance	$891	$79	▼ $812

Compensation and Service Providers

Top Officer Pay81st percentile

Board Members and Trustees

Name	Title
Karen C Frazier	President Director
Anissa Atkins	Vice President Director
Pearle Robinson	Secretary Director
Irene Sims	Treasurer Director

Revenue and Support

Revenue Composition

Contributions and Grants: $1,430
Program Service Revenue: $0
Investment Income: $0
Other Revenue: $0
All Other Contributions: $1,300
Change in Net Assets: $557

Expenses and Functional Allocation

Major Expense Lines

Line Item	Amount
Other Expenses	$873
Total Fundraising Expense	$210
Grants and Similar Amounts Paid	$0
Professional Fundraising Fees	$0
Salaries, Compensation, and Employee Benefits	$0

Functional Expense Allocation

Line Item	Program	Management	Fundraising	Total
Advertising	-	-	-	$421
Office Expenses	-	-	-	$50
Other Expenses	-	-	$210	$35
Fees for Services Accounting	-	-	-	$17
Total Functional Expenses	$0	$0	$210	$873

Fundraising, Events, and Gaming

Fundraising activities: No
Gaming activities: No
Professional fundraiser used: No

Fundraising and Gaming Totals

Line Item	Amount
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
Annual disclosure for covered persons: Yes
Audit committee: No
Backup withholding compliance: No
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: Yes
Audited financial statements prepared: No
Key decisions subject to board approval: No
Management duties delegated: No

Governance Explanations

Form 990, Part VI, Line 2 - Related Party Information Among Officers

“Karen c. Frazier, president and irene s. Sims, treasurer (daughter / mother)”

Form 990, Part VI, Line 2 - Related Party Information Among Officers

“Karen c. Frazier, president and pearle robinson, secretary (niece / aunt)”

Form 990, Part VI, Line 2 - Related Party Information Among Officers

“Irene s. Sims, treasurer and pearle robinson, secretary (sisters)”

Form 990, Part VI, Line 9 - Officers Who Cannot Be Reached

“Karen c frazer, 60 sarasue ln, wichita falls, tx 76302”

FORM 990, PART VI, LINE 11B - ORGANIZATION'S PROCESS TO REVIEW FORM 990

“No review was or will be conducted”

Form 990, Part VI, Line 12A - Conflicts of Interest Policy

“Governing board recognizes that karen c. Frazier, director / president family relationship as described in part vi, section a, line 2, which could be viewed as conflict of interest. To remedy this matter the governing board resolved to adopt and implement a conflict of interest policy.”

Form 990, Part VI, Line 12B - Conflicts of Interest Policy

“Enforcement of conflicts of interest policy”

Form 990, Part VI, Line 12C - Conflicts of Interest Policy

“The management of the corporation is vested in its directors and such committees that the directors may establish. The directors of the corporation shall meet annually for the purpose of electing president, vice president, treasurer, and secretary who shall also serve as the directors of the corporation. Notice shall be given to the membership of such meeting as determined by the by-laws of the corporation. Each director shall have one vote. The above stated officers shall be elected by the majority vote of the directors in good standing, present and attending such annual meeting. A director shall not be liable to the corporation for monetary damages for an act or omission in the director's capacity as director except as otherwise provided by a texas statute.”

Form 990, Part VI, Line 14 - Articles of Incorporation

“The corporation shall keep correct and complete books and records of accounts for at least three years after the end of each fiscal year and shall make them available to the members of the corporation for inspection and copying upon request. (midas touch ministries articles of incorporation, section xv, page 4).”

Form 990, Part VI, Line 19 - Governing Documents Disclosure Explanation

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name: Midas Touch Ministries Corporation
EIN: 41-2207554
Phone: 8177033093
Address: 2829 TRAILHOUSE DR, DALLAS, TX 75237

Signing Officer

Name: Karen
Title: President and Director
Phone: 8177033093
Signed: 2024-10-08
Discuss with paid preparer: No

Organization Details

Formed: 2006
Legal Domicile: TX
Voting Board Members: 4
Independent Board Members: 4
Employees: 0
Volunteers: 10

Preparer

Firm: Exacutax & Financial Services LLC
Address: 60 Sarasue Ln, Wichita Falls, TX 76302
Preparer: Karen C Frazier
Phone: 8177033093

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IRS990ScheduleA/DistributionsGrp/CYTotalAnnualDistributionsAmt	0	0
IRS990ScheduleA/DistributionsGrp/ExemptUseAssetsAcquisPaidAmt	0	0
IRS990ScheduleA/DistributionsGrp/QualifiedSetAsideAmt	0	0
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt	0	300
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt	0	300
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/CurrentTaxYearAmt	0	1075
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt	0	1075
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/AcquisitionIndebtednessGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/AdjustedFMVLessIndebtednessGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyCashBalancesGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyFMVOfSecGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/DiscountClaimedAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/FMVOtherNonExemptUseAssetGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/NetVlNonExemptUseAssetsGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/PctOfNetVlNonExemptUseAstGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/RecoveriesPYDistriMinAssetGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/TotalFMVOfNonExemptUseAssetGrp/CurrentYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/TotalFMVOfNonExemptUseAssetGrp/PriorYearAmt	0	0
IRS990ScheduleA/MinimumAssetAmountGrp/TotalMinimumAssetGrp/PriorYearAmt	0	0
IRS990ScheduleA/OtherIncome170Grp/TotalAmt	0	0
IRS990ScheduleA/PublicOrganization170Ind	0	X
IRS990ScheduleA/PublicSupportCY170Pct	0	1.00000
IRS990ScheduleA/PublicSupportTotal170Amt	0	1375
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt	0	0
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt	0	1375
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt	0	0
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt	0	0
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt	0	0
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt	0	0
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt	0	1375
IRS990ScheduleA/TotalSupportAmt	0	1375
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt	0	0
IRS990/ScheduleBRequiredInd	0	false
IRS990/ScheduleJRequiredInd	0	false
IRS990/ScheduleORequiredInd	0	false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	0	KAREN C. FRAZIER, PRESIDENT AND IRENE S. SIMS, TREASURER (DAUGHTER / MOTHER)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	1	KAREN C. FRAZIER, PRESIDENT AND PEARLE ROBINSON, SECRETARY (NIECE / AUNT)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	2	IRENE S. SIMS, TREASURER AND PEARLE ROBINSON, SECRETARY (SISTERS)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	3	KAREN C FRAZER, 60 SARASUE LN, WICHITA FALLS, TX 76302
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	4	NO REVIEW WAS OR WILL BE CONDUCTED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	5	GOVERNING BOARD RECOGNIZES THAT KAREN C. FRAZIER, DIRECTOR / PRESIDENT FAMILY RELATIONSHIP AS DESCRIBED IN PART VI, SECTION A, LINE 2, WHICH COULD BE VIEWED AS CONFLICT OF INTEREST. TO REMEDY THIS MATTER THE GOVERNING BOARD RESOLVED TO ADOPT AND IMPLEMENT A CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	6	ENFORCEMENT OF CONFLICTS OF INTEREST POLICY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	7	THE MANAGEMENT OF THE CORPORATION IS VESTED IN ITS DIRECTORS AND SUCH COMMITTEES THAT THE DIRECTORS MAY ESTABLISH. THE DIRECTORS OF THE CORPORATION SHALL MEET ANNUALLY FOR THE PURPOSE OF ELECTING PRESIDENT, VICE PRESIDENT, TREASURER, AND SECRETARY WHO SHALL ALSO SERVE AS THE DIRECTORS OF THE CORPORATION. NOTICE SHALL BE GIVEN TO THE MEMBERSHIP OF SUCH MEETING AS DETERMINED BY THE BY-LAWS OF THE CORPORATION. EACH DIRECTOR SHALL HAVE ONE VOTE. THE ABOVE STATED OFFICERS SHALL BE ELECTED BY THE MAJORITY VOTE OF THE DIRECTORS IN GOOD STANDING, PRESENT AND ATTENDING SUCH ANNUAL MEETING. A DIRECTOR SHALL NOT BE LIABLE TO THE CORPORATION FOR MONETARY DAMAGES FOR AN ACT OR OMISSION IN THE DIRECTOR'S CAPACITY AS DIRECTOR EXCEPT AS OTHERWISE PROVIDED BY A TEXAS STATUTE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	8	THE CORPORATION SHALL KEEP CORRECT AND COMPLETE BOOKS AND RECORDS OF ACCOUNTS FOR AT LEAST THREE YEARS AFTER THE END OF EACH FISCAL YEAR AND SHALL MAKE THEM AVAILABLE TO THE MEMBERS OF THE CORPORATION FOR INSPECTION AND COPYING UPON REQUEST. (MIDAS TOUCH MINISTRIES ARTICLES OF INCORPORATION, SECTION XV, PAGE 4).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	9	NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	0	FORM 990, PART VI, LINE 2 - RELATED PARTY INFORMATION AMONG OFFICERS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	1	FORM 990, PART VI, LINE 2 - RELATED PARTY INFORMATION AMONG OFFICERS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	2	FORM 990, PART VI, LINE 2 - RELATED PARTY INFORMATION AMONG OFFICERS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	3	FORM 990, PART VI, LINE 9 - OFFICERS WHO CANNOT BE REACHED
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	4	FORM 990, PART VI, LINE 11B - ORGANIZATION'S PROCESS TO REVIEW FORM 990
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	5	FORM 990, PART VI, LINE 12A - CONFLICTS OF INTEREST POLICY
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	6	FORM 990, PART VI, LINE 12B - CONFLICTS OF INTEREST POLICY
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	7	FORM 990, PART VI, LINE 12C - CONFLICTS OF INTEREST POLICY
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	8	FORM 990, PART VI, LINE 14 - ARTICLES OF INCORPORATION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	9	FORM 990, PART VI, LINE 19 - GOVERNING DOCUMENTS DISCLOSURE EXPLANATION
IRS990/SchoolOperatingInd	0	false
IRS990/SignificantChangeInd	0	false
IRS990/SignificantNewProgramSrvcInd	0	false
IRS990/SubjectToExcsTaxNetInvstIncInd	0	false
IRS990/SubjectToProxyTaxInd	0	false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd	0	false
IRS990/TaxableDistributionsInd	0	false
IRS990/TaxablePartyNotificationInd	0	false
IRS990/TaxExemptBondsInd	0	false
IRS990/TerminateOperationsInd	0	false
IRS990/TotalAssetsBOYAmt	0	891
IRS990/TotalAssetsEOYAmt	0	79
IRS990/TotalAssetsGrp/BOYAmt	0	891
IRS990/TotalAssetsGrp/EOYAmt	0	79
IRS990/TotalCompGreaterThan150KInd	0	false
IRS990/TotalContributionsAmt	0	1430
IRS990/TotalEmployeeCnt	0	0
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt	0	210
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt	0	0
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt	0	0
IRS990/TotalFunctionalExpensesGrp/TotalAmt	0	873
IRS990/TotalGrossUBIAmt	0	0
IRS990/TotalLiabilitiesBOYAmt	0	20603
IRS990/TotalLiabilitiesEOYAmt	0	1500
IRS990/TotalLiabilitiesGrp/BOYAmt	0	20603
IRS990/TotalLiabilitiesGrp/EOYAmt	0	1500
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt	0	-19712
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt	0	-1421
IRS990/TotalOtherCompensationAmt	0	0
IRS990/TotalProgramServiceExpensesAmt	0	529
IRS990/TotalProgramServiceRevenueAmt	0	0
IRS990/TotalReportableCompFromOrgAmt	0	0
IRS990/TotalRevenueGrp/ExclusionAmt	0	0
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt	0	0
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt	0	1430
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt	0	0
IRS990/TotalVolunteersCnt	0	10
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt	0	891
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt	0	79
IRS990/TotReportableCompRltdOrgAmt	0	0
IRS990/TransactionWithControlEntInd	0	false
IRS990/TrnsfrExmptNonChrtblRltdOrgInd	0	false
IRS990/TypeOfOrganizationCorpInd	0	X
IRS990/UnrelatedBusIncmOverLimitInd	0	false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt	0	20603
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt	0	1500
IRS990/USAddress/AddressLine1Txt	0	60 SARASUE LN
IRS990/USAddress/CityNm	0	WICHITA FALLS
IRS990/USAddress/StateAbbreviationCd	0	TX
IRS990/USAddress/ZIPCd	0	76302
IRS990/VotingMembersGoverningBodyCnt	0	4
IRS990/VotingMembersIndependentCnt	0	4
IRS990/WebsiteAddressTxt	0	MIDASTOUCHMINISTRIES.ORG
IRS990/WhistleblowerPolicyInd	0	true
IRS990/WrittenPolicyOrProcedureInd	0	false
ReturnHeader/BuildTS	0	2024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd	0	false
ReturnHeader/BusinessOfficerGrp/PersonNm	0	KAREN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt	0	PRESIDENT AND DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum	0	8177033093
ReturnHeader/BusinessOfficerGrp/SignatureDt	0	2024-10-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt	0	MIDAS TOUCH MINISTRIES CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt	0	MIDA
ReturnHeader/Filer/EIN	0	412207554
ReturnHeader/Filer/PhoneNum	0	8177033093
ReturnHeader/Filer/USAddress/AddressLine1Txt	0	2829 TRAILHOUSE DR
ReturnHeader/Filer/USAddress/CityNm	0	DALLAS
ReturnHeader/Filer/USAddress/StateAbbreviationCd	0	TX
ReturnHeader/Filer/USAddress/ZIPCd	0	75237
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN	0	853227676
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt	0	Exacutax & Financial Services LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt	0	60 Sarasue Ln
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm	0	Wichita Falls
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd	0	TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd	0	76302
ReturnHeader/PreparerPersonGrp/PhoneNum	0	8177033093
ReturnHeader/PreparerPersonGrp/PreparerPersonNm	0	Karen C Frazier
ReturnHeader/ReturnTs	0	2024-10-17T04:12:13-05:00
ReturnHeader/ReturnTypeCd	0	990
ReturnHeader/TaxPeriodBeginDt	0	2023-01-01
ReturnHeader/TaxPeriodEndDt	0	2023-12-31

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