Crown Financial Ministries Inc

“Form 990 is prepared by an independent cpa firm and reviewed by the organization's top management. The reviewed form 990 is then forwarded to the board of directors for review prior to filing.”

“Each officer and director is required to complete a conflict of interest questionnaire annually. This questionnaire is monitored by the human resource department for compliance.”

“The compensation process for the ceo and other officers include a review based on: 1) financial affordability 2) individual and organizational performance 3) comparable salary data obtained from similar organizations and from online compensation surveys. The compensation for the ceo is determined by the executive committee of the ministry's board of directors, providing accountability and independent oversight to the process. The ceo is responsible for compensation review of other officers using the above guidelines under oversight from crown's board of directors. The compensation approval for both the ceo and other officers are documented in the board minutes upon board approval via the budgetary process.”

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“In October 1997, Christian Financial Concepts, Inc. entered into an agreement to purchase rights to intellectual properties from its founder and former president. In October 2000, following the merger of Christian Financial Concepts, Inc. and Crown Ministries, Inc., the Board of Directors of the merged organization of Crown endorsed the agreement. These rights include the revocable rights to purchase, use and modify all copyrighted materials produced by the founder. Crown also purchased the exclusive rights to the publicity of Larry Burkett's image and name as part of its continuing ministry. In exchange for these rights, Crown provides an annual payment, of $75,000, along with certain medical benefits, (both indexed to inflation) to the co-founder's surviving spouse. Every three years the agreement requires a formal review of the actuarial calculation of the amount projected to meet all future payments. During 2025 and 2024, management, with the assistance of an independent third-party actuary assessed these assumptions and inputs and determined that, due to the adjusted life expectancy of the co-founder's surviving spouse, the future liability should be increased as of March 31, 2025 and 2024. This adjusted life expectancy resulted in an increase of $121,040 and $119,575, respectively, to the licensing agreement liability in the accompanying Statements of Financial Position for the years ended March 31, 2025 and 2024. There was no cash flow impact from these adjustments for the years ended March 31, 2025 and 2024. Assumptions used in the calculation of this liability include a discount rate of 6% and an assumed annual cost of living increase for expenses other than medical of 2.25% for the years ended March 31, 2025 and 2024. Future annual estimated cash flow impact resulting from these updated projections is not expected to be significant. The present value of these benefits was estimated to be $807,809 and $820,671 at March 31, 2025 and 2024, respectively.”

“Explanation of responsibility: the organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed since the prior year.”