Jesus a Go Go has a tough row to hoe hoe.
IRS forms 990 (available online) indicate that the Missouri Southern Foundation’s revenues decreased in tax years 2008 and 2009. And dropped from $2.503,372 in tax year 2007 to $892,720 in tax year 2009.
The current 990 for tax year 2010, the first full year under Dr. Mark Parsons, is not yet available online but is likely available from the Foundation.
Expenses have also gone up, but not anywhere approaching tax year 2007 when expenses topped $3m due primarily to nearly $2.2m spent on MSSU “facilities improvements.”
Expenses are likely to be higher on the latest tax forms, as this is the first year for the salaries of Michael Fontana and JoAnn Graffam to join the ledger. And by higher, we mean historically. That 2007 spike seems an aberration. We don’t expect another $3m year.
So, let’s look at some numbers.
During the 2007 tax year, things didn’t go so well as far as building the Foundation endowment. Total assets that year took a nearly $1.8m hit. That fiscal year started with Foundation total assets of $28,197,277 and ended with assets of $26,398,418.
The 2008 tax year was equally unkind to the Foundation. Those $26.3m in assets dwindled to $24,922,173 by that fiscal year’s end.
The 2009 tax year saw something of a rebound for the Foundation as it grew its net assets. The $24.9m from the previous year’s end grew to $25,783,463 as of June 30, 2010.
The theme here is that the endowment isn’t really going anywhere. In fact, from the starting point of the documents we examined, it has gone south.
These are just some of the raw numbers. An upcoming post will seek to analyze the tax forms and look for patterns/reasons.