Better Business Bureau Report for
Sherwood & Myrtie Foster's Home For Children

Better Business Bureau Report issued July 2015
Better Business Bureau Report expires July 2016


This BBB Accredited charity meets all 20 Standards for Charity Accountability and is a Seal Holder. Find out more...


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Charity Contact Information

Name: Sherwood & Myrtie Foster's Home For Children
Address: P O Box 978
  Stephenville, TX 76401
Phone: (254) 968-2143
Web Address: http://www.fostershome.org
Also known as:Foster's Home For Children
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Better Business Bureau Comments

Year, State Incorporated: 1972, Texas
Affiliates: None
Stated Purpose: "to heal the wounds of troubled children and families."

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Evaluation Conclusions

              

Sherwood & Myrtie Foster's Home For Children (FHC) meets the 20 Standards for Charity Accountability.
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Programs

              

Residential group care is provided for children who come from trauma-related backgrounds of abuse, neglect, and abandonment. Care is provided for both private and public placements. Children in care live in a group setting with a couple who are full-time caregivers. Sibling groups are very often able to live in the same home. Children in care receive regular medical/dental visits, educational tutoring, psychological counseling and a program of spiritual care.

For the fiscal year ended August 31, 2014, FHC's program expenses were:

  
Direct Care 1,594,734
Campus Operation 766,727
Total Program Expenses: $2,361,461
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Governance

              

Chief Executive : Glenn Newberry, President/CEO
Compensation*: 

Chair of the Board: Steven Herod
Chair's Profession / Business Affiliation: Volunteer

Board Size: 15

Paid Staff Size: 36

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

              

Method(s) Used:

direct mail, invitations to fund raising events, planned giving arrangements
Fund raising costs were 14% of related contributions. (Related contributions, which totaled $1,932,086, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on FHC's audited financial statements - consolidated for the fiscal year ended August 31, 2014.

Source of Funds  
Contributions 1,932,086
Realized and Unrealized Gains on Investments 1,088,746
Contracted Services 522,991
Investment Income 445,632
Net Assets Released from Restrictions 57,470
Other Income 37,604
Loss on Sale of Property -176,916
Total Income $3,907,613


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Uses of Funds as a % of Total Expenses

Programs: 73%  Fund Raising: 8%  Administrative: 15%  Other Expenses: 4%

Total income $3,907,613
Program expenses $2,361,461
Fund raising expenses 274,783
Administrative expenses 481,931
Other Expenses 116,511
Total expenses $3,234,686
Income in Excess of Expenses 672,927
Beginning net assets 15,161,257
Ending net assets 15,976,259
Total liabilities 1,243,452
Total assets $17,219,711


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Notes to Financial Section

              

The financial information provided is from a consolidated audit for Sherwood and Myrtie Foster's Home for Children and The Foster's Home Foundation.  These are affiliated organizations that operate indepedently of one another. 

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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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