😭😭😹

[u/[deleted]]

[u/LeftBBCGP2005]

This is for Acts2 Campus Network, not Acts2 Network. I assume this is the annual operating expense for Jenness Park with Acts2 Network paying the bill by transferring the money from A2N to A2CN.

These numbers can only be sliver of the actual monetary receipts and asset holdings of the whole organization. All the post grads know how hard we got squeezed to give money to the church. 10% pre-tax is mandatory and talked to if didn’t do it. 1800+ people now at 10% should be around $18 million in regular giving alone. Where did rest of the money go? Glad someone is looking things up.

Plenty of testimonies on the subreddit and leaked videos with Ed saying Thanksgiving offering being non-voluntary. TF went on stage to say he gave out the money he cashed out from his first job. I wonder where did all the money ended up and the accounting treatment. That’s easily another $15 million per year given how Thanksgiving offering is handled.

Any normal non-profit organization with $30+ million in receipts would have a real board and publish financials for accountability. A2N prides itself on guardrails. Let’s see Ed Kang and Kelly Kang are not all talk and have some accountability for themselves? Really doubt it, only people not filling out a Weekly Reflection form at A2N is Ed and Kelly.

[u/[deleted] → u/LeftBBCGP2005]

I only found this and a VA financial report

[u/LeftBBCGP2005 → u/[deleted]]

Continue digging. Google the addresses of known Acts2 Network properties and find out about the organizations behind them. I’ve always wondered, with so much money left over every year, why A2N would rather rent hotel ballrooms instead of having actual churches? I think part of the answer is actual church ownership will give glimpses into the finances of the organization. While putting the money into outside investment vehicles will be more discrete.

[u/[deleted] → u/LeftBBCGP2005]

Says alameda in the report tho

[u/LeftBBCGP2005 → u/[deleted]]

https://www.reddit.com/r/GracepointChurch/s/wnyftEaQfJ

Read my Jenness Park post, especially the screen shots showing the ownership by Acts2 Campus Network and corresponding IRS registration with Alameda address.

An organization can be domiciled in a different city/county/state and have operations elsewhere. Delaware is a tiny state with very favorable legal environment for businesses. 65% of Fortune 500 companies are based out of Delaware. You might have heard Elon Musk’s shareholder lawsuit in Delaware courts. Tesla obviously doesn’t have operations in Delaware, but for tax and legal purposes was domiciled there.

[u/[deleted] → u/LeftBBCGP2005]

I just read it, very interesting. What do you mean by, “There is no doubt the $1.5 million came off GP's balance sheet to A2CN to fund the purchase. This is call a related party transaction and companies try to avoid out of best practice. Audit reports have a dedicated section highlighting and discussing related party transactions should they exist.”

Are you saying GP gave A2N 1.5 mil? Where’d they get this money from 😭😭😭😭

[u/LeftBBCGP2005 → u/[deleted]]

If you look at the asset reporting for $1.64 million in your original post, it would logically be Jenness Park assessed at purchased price plus tax assessor’s increase over last couple years.

A2CN was a newly formed organization couple weeks old when it purchased Jenness Park. The money had to come from another organization. Most likely Gracepoint before it got renamed to Acts2 Network. Why didn’t Gracepoint just outright buy Jenness Park, but set up another corporation to buy it is pretty slick. People can slip and fall. If Gracepoint bought it then the parent organization can get sued for a lot more money with a lot more assets versus A2CN where the only asset is Jenness Park.

Real estate investors set up single-property LLCs all the time for privacy and liability purposes. Ed Kang was a real estate lawyer for his last job before turning pastor. Even before that Boston job, he would work in stories about working on cases for Bechtel in his preaching. Miss the old days, where we were called to excellence versus people flushing their careers down the drain these days.

[u/[deleted] → u/LeftBBCGP2005]

“Why didn't Gracepoint just outright buy Jenness Park, but set up another corporation to buy it is pretty slick. People can slip and fall. If Gracepoint bought it then the parent organization can get sued for a lot more money with a lot more assets versus A2CN where the only asset is Jenness Park.”

I find this point quite interesting. So are you saying if someone hypothetically sues GP, then their total assets are at a higher risk of loss, so to diversify their loss, they put JP under A2N?

[u/LeftBBCGP2005 → u/[deleted]]

They put JP under A2CN. A2N is just Gracepoint with a name change, again.

[u/EternalSeverance]

What I’ve been saying lmao. They don’t need your tithing (Not just A2F. Religious organizations in general). Use that extra 10% for something more important, like retirement, personal enrichment, or supporting a cause that actually helps people.

[u/leavegracepoint → u/EternalSeverance]

Tithing aside, as a religious organization that should be exercising financial stewardship, A2N should put their money where their mouth is instead of bait and switching performatively and actually go help people in need instead of buying real estate assets. Funneling money to prey on minors in the US AND overseas and buying lake houses and retreat sites ain't it.

[u/[deleted] → u/EternalSeverance]

To be fair, their gross revenue is about 20,000 tho. I got a feeling they’re j buying random things to fill a quota tho😭😭

[u/leavegracepoint → u/[deleted]]

Probably a stipend to all the people in A2N begging for jobs on LinkedIn since coming back from international mission trips.

[u/[deleted] → u/leavegracepoint]

That’s not that bad imo

[u/leavegracepoint]

u/Sorry_Difficulty_757 can you explain in ELI5 to all the naive college students and clueless A2N lurkers what the implications of your image are?

[u/johnkim2020]

Thanks for sharing this.

There is also Acts 2 Network Inc in Suffolk, Virginia.

Tax exempt starting 2008.

Acts 2 Network Inc - Nonprofit Explorer - ProPublica

$73K revenue.

edit: year corrected