Walking the Text

“Line 1a: There are 5 members of the governing body although Brad Gray (Executive Director/President), does not have voting rights. President Brad Gray will cast a vote in the case of a tie. We also added another Board Member (this will be 6) at the end of 2024 but he did not start officially until Jan 2025.”

“Line 2: The Executive Director/Officer Brad Gray and Board Member Director Gary Gray are related in that Brad is Gary's son.”

“Line 9: Gary Gray 2701 Pfister Hwy Adrian MI 49221 Richard Lyons 6712 Bryant Ave Holland MI 49423 Nathan Young PO Box 550 Douglas MI 49406 Marcus Naugler 846 Rands Way Columbia TN 38401 Bradley Nelson 1300 Legend Dr Greensboro GA 30642 Hala Saad 412 Mills St Fort Worth TX 76102”

“Line 11ab: Form 990 was completed initially by Finance Manager Shallon Gray and then reviewed by Capin Crouse during audit compilation.”

“Line 12 a-c: Written Conflict of Interest Policy is adhered to according to Section 25 of the WTT Employee Handbook and also the Board Conflict of Interest Policy. Any person with a complaint should address the Board Chair Nathan Young. In the case of a Board Member complaint, that member will leave a meeting after presenting the conflict in order for the board to vote.”

“Line 12 a-c: Written Conflict of Interest Policy is adhered to according to Section 25 of the WTT Employee Handbook and also the Board Conflict of Interest Policy. Any person with a complaint should address the Board Chair Nathan Young. In the case of a Board Member complaint, that member will leave a meeting after presenting the conflict in order for the board to vote.”

“Line 15 ab: The Board uses comparability data, COLA statistics, etc. to determine salaries for Director level employees. Executive Director Brad Gray does not have voting rights in this determination. All information used to determine salaries is recorded in minutes.”

“Line 19: All documents and policies are available to all board members, directors, officers, and the public upon request. Any changes or updates to policies are approved by the Board and then final updated policies are distributed to each member.Some information is available online on our website www.walkingthetext.com but additional information is available upon request. Public information can be accessed by searching Federal and State non-profit charitable organization search websites.”

“Line 1b: Column F line 1b/d reflects the amount given to Directors for HRA reimbursement benefits.”

“Line 1: Evolve Studios is the production company we are working with to develop the television docuseries The Sacred Thread and The Lord's Prayer Film. We will continue to work with them in order to produce the remainder of Season 1 in 2025. We have plans to produce up to 7 seasons and thus will require significant funds payable to them to produce the show. Funds paid to them are capitalized as intangible assets.”

“Line 1f: Of these total contributions, $399,552 was specifically earmarked for the upcoming video series we are producing. Production began 2021 and is scheduled to complete by years end 2025. These funds will cover the program, management, and production costs for a portion of Season 1 of The Sacred Thread and The Lord's Prayer film. This year all of those funds were capitalized as intangible assets. In addition, $67,537 of these were specifically earmarked (and released) for scholarships for study trips. Also, worth noting here that $38,062 was the donated interest received from two loans. See schedule M.”

“$38,062 of these non cash contributions were donated interest received from two loans we received. The remaining $113,470 was received from stock contributions which were immediately sold. See schedule M.”

“It's worth noting that COGS on the 990 is represented on the Statement of Revenue and not the Statement of Expenses. When Capin Crouse performs the audit they represent COGS on the expense side which is why the total revenue total is different on the 990 and audited statements. See schedule D for more detailed explanation and reconciliation.”

“Line 2: $72,325 was given to a total of 11 individuals for assistance on study trips to Israel and Turkey. We received $67,537 of funding specifically designated for scholarships this year.”

“$12450 paid towards HRA for employee Brad Gray, $12,135 paid towards HRA for employee Marcus Naugler, $12,450 paid towards HRA for employee Brad Nelson, $9338 paid towards HRA for employee April Gaddis, and $1498 paid towards HRA for employee Paul Weber for a total of HRA Benefits of $47,870. The family IRS limit for full-time, all year employees was $12,450.”

“Line 11b: $445 for general legal services and cost of updating current and creating new policies, and $36400 was paid to a consultant for fundraising strategy.”

“Total expenses here are $14430 and these are contractors expenses for April Gaddis before she was hired as an employee, as well as web development contractors expense.”

“Line 17: $17947 were total travel expenses and then $5303 of these expenses were reimbursed by years end.”

“This interest expense reflects the expense side of the transaction for the donated interest received of $38,062. The received interest is reflected in non cash contributions on Part XIII, line 1g. Because donated interest was received and then expensed, the balance is $0.”

“Total expense here is $9050 which includes $145 gifts given, $737 online store setup, $3817 equipment expense, $1689 software expense, and $2662 utilities expense, Then a decrease of $1227 other business expenses were recorded to increase retained earnings and adjust per Capin Crouse recommendation so total on this line is $7678.”

“These intangible assets are all The Sacred Thread docuseries and The Lord's Prayer Film. We received two loans this year totaling 1.25 million and these funds were paid to Evolve Studios and classified as intangible assets.”

“This is deferred revenue from a book contract that will be complete November 2025. This payment of $35,700 is the first installment of the advance. The second will come after final drafts are edited and the third will come once the book releases.”

“As previously mentioned we received two loans this year that were interest free for the first year. One totaled $1M and the other $250K. These loans plan to be repaid by March 2026. These funds went to Evolve Studios to pay for production, filming, and other costs associated with completing The Sacred Thread and Lord' Prayer film. The loan of $250K was from related party board member Nate Young. See note Part X, line 23 for other loan.”

“As previously mentioned we received two loans this year that were interest free for the first year. One totaled $1M and the other $250K. These loans plan to be repaid by March 2026. These funds went to Evolve Studios to pay for production, filming, and other costs associated with completing The Sacred Thread and Lord' Prayer film. The $1M loan was from the Lanting Foundation and is secured by a $1M life insurance policy payable to the Lanting Foundation.”

“Line 2bc: This year we conducted an audit with Capin Crouse. Our Finance Manager Shallon Gray, along with the Board, oversaw the audit. This is the third year we have conducted an audit compilation. The final audit is provided with form 990.”