(Photo: Trinity Broadcasting Network jet at Fort Worth Alliance airport.)

(Correction: The headline has been changed from “Trinity Broadcasting Network Jet’s Value Drops $20 Million in Three Years” to “Trinity Broadcasting Network Jet Depreciates $20 Million in Three Years.” Also, a paragraph has been added providing an IRS definition for depreciation.)

IRS form 990s and audited financial statements prove that churches and ministries waste millions of dollars annually by purchasing business-class jets.

In 2017, Trinity Broadcasting of Florida (TBF), a non-profit affiliate of Trinity Broadcasting Network, replaced its older Bombardier Global Express jet with a newer 2010 model. On its 2017 form 990, TBF reported $8,814,590 in depreciation but did not disclose how much of the depreciation was for aircraft.

For 2018, TBF reported $6,780,942 in airplane depreciation expense. For 2019, TBF reported total $6,846,838 in total airplane depreciation and $6,929,106 for 2020.

In three years the TBF jet depreciated by $20,556,886.

Depreciation totals are not available for 2021 or 2022 as 990s for these years are not yet available.

According to the IRS, “Depreciation is an annual income tax deduction that allows you to recover the cost or other basis of certain property over the time you use the property. It is an allowance for the wear and tear, deterioration, or obsolescence of the property.”

Organizations with lower-priced aircraft also report large losses for aircraft. LIFE Outreach International, the ministry led by James Robison, is the parent organization of Zoe Aviation which owns a Cessna 560XL jet manufactured in 2000.

Zoe Aviation had net operating losses of $782,292 in 2021 and $745,207 in 2020.