Missing money is a big red flag for investigators. So, let’s examine the Form 990s filed by televangelist Juanita Bynum’s new non-profit organization which was incorporated in 2016.
But first, a math quiz: Zero minus zero equals …
For 2016, The Juanita Bynum II Ministry Inc (That’s the official ministry name) reported zero total assets and zero liabilities. Subtracting zero from zero yielded an amazing answer: $163,854 in net assets.
What happened to net assets in 2017? They disappeared.
For 2017, the ministry reported total revenue of $383,272 and total expenses of $242,450 resulting in a surplus of $140,822 which disappeared with the net assets reported from the previous year.
For 2018, the ministry reported total revenue of $639,280 and total expenses of $399,139 resulting in a surplus of $240,141 which also disappeared.
At the end of 2018, the non-profit organization reported zero net assets.
The IRS should conduct an audit to determine where the $544,817 in unreported surpluses went.
Another troubling issue was noticed while reviewing the 990s. On page one of each 990, the ministry reports zero board members. There is zero accountability for the organization.