Re:Center Ministries

The information in this column was provided to MinistryWatch by the ministry itself. It was last updated 1/6/2021. To update the information in this column, please email: info@ministrywatch.com


Summary

Re:Center is an organization dedicated to the Christian belief that we have a duty to help those in need. In our case, we rely on the gospel to help prevent homelessness, provide relief to the homeless, and rehabilitate the homeless population by repairing their relationship with Christ.


Contact information

Mailing address:
Re:Center Ministries
733 East Jefferson Street
Louisville, KY 40202

Website: recenterministries.org

Phone: 502-584-6543

Email: alexa@recenterministries.org


Organization details

EIN: 611328488

CEO/President: Cory Bledsoe

Chairman: Alex Nolan

Board size: 4

Founder: Steve P. Holcombe

Year founded: 1998

Tax deductible: Yes

Fiscal year end: 09/30

Member of ECFA: No

Member of ECFA since:


Purpose

We strive to meet the physical and spiritual needs of those around us.


Mission statement

We reconcile homeless and hurting people to God, family, and community by the power of Christ in partnership with the local church.


Statement of faith

We are committed to and guided by the whole counsel of God as revealed in the Bible. Additionally, our people and our programs adhere to the basic tenants of the Southern Baptist Convention's Baptist Faith and Message 2000.

Transparency grade

D

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Rescue Missions/Homeless Shelters

CategoryRatingOverall rankSector rank
Overall efficiency rating677 of 913127 of 160
Fund acquisition rating662 of 915125 of 160
Resource allocation rating724 of 915127 of 160
Asset utilization rating340 of 91371 of 160

Financial ratios

Funding ratiosSector median20202019201820172016
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
10%16%28%22%21%22%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
9%13%23%19%19%21%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
91%85%83%87%91%96%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
10%13%16%16%17%21%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
9%15%17%13%9%4%
 
Operating ratiosSector median20202019201820172016
Program expense ratio Program expense ratio =
Program services /
Total expenses
79%74%71%71%70%62%
Spending ratio Spending ratio =
Total expenses /
Total revenue
96%104%144%117%114%98%
Program output ratio Program output ratio =
Program services /
Total revenue
76%77%103%83%79%61%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
4%-4%-44%-17%-14%2%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
3%-3%-26%-8%-6%1%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
9%13%13%13%13%17%
 
Investing ratiosSector median20202019201820172016
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.580.630.720.510.400.30
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
3.765.959.903.703.082.77
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
2.263.737.141.891.250.83
 
Liquidity ratiosSector median20202019201820172016
Current ratio Current ratio =
Total current assets /
Total current liabilities
10.194.672.287.5612.4516.74
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.080.210.440.130.080.06
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
4.452.530.945.518.8613.64
 
Solvency ratiosSector median20202019201820172016
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
10%21%16%14%12%12%
Debt ratio Debt ratio =
Debt /
Total assets
1%17%12%10%10%10%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
141%126%116%169%217%295%

Financials

Balance sheet
 
Assets20202019201820172016
Cash$226,049$120,752$470,455$682,460$612,707
Receivables, inventories, prepaids$74,712$55,858$132,750$94,068$295,094
Short-term investments$0$0$0$0$0
Other current assets$0$0$0$0$0
Total current assets$300,761$176,610$603,205$776,528$907,801
Long-term investments$0$0$0$0$0
Fixed assets$1,487,470$1,570,307$1,628,830$1,613,089$1,601,620
Other long-term assets$1,983$1,983$1,983$1,983$1,983
Total long-term assets$1,489,453$1,572,290$1,630,813$1,615,072$1,603,603
Total assets$1,790,214$1,748,900$2,234,018$2,391,600$2,511,404
 
Liabilities20202019201820172016
Payables and accrued expenses$64,444$77,441$79,792$62,377$54,225
Other current liabilities$0$0$0$0$0
Total current liabilities$64,444$77,441$79,792$62,377$54,225
Debt$309,607$210,075$222,384$233,974$244,887
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$0$0$0$0$0
Total long-term liabilities$309,607$210,075$222,384$233,974$244,887
Total liabilities$374,051$287,516$302,176$296,351$299,112
 
Net assets20202019201820172016
Without donor restrictions$1,396,392$1,351,831$1,437,420$1,404,258$1,392,242
With donor restrictions$19,771$109,553$494,422$690,991$820,050
Net assets$1,416,163$1,461,384$1,931,842$2,095,249$2,212,292
 
Revenues and expenses
 
Revenue20202019201820172016
Total contributions$916,582$729,286$850,925$775,813$740,919
Program service revenue$144,556$142,707$121,153$68,237$20,940
Membership dues$0$0$0$0$0
Investment income$25$286$573$696$639
Other revenue$16,022$3,265$4,629$5,917$5,541
Total other revenue$160,603$146,258$126,355$74,850$27,120
Total revenue$1,077,185$875,544$977,280$850,663$768,039
 
Expenses20202019201820172016
Program services$828,450$898,457$808,393$674,596$466,000
Management and general$149,230$159,452$148,497$130,430$125,610
Fundraising$144,726$202,904$183,797$162,680$159,579
Total expenses$1,122,406$1,260,813$1,140,687$967,706$751,189
 
Change in net assets20202019201820172016
Surplus (deficit)($45,221)($385,269)($163,407)($117,043)$16,850
Other changes in net assets$0$0$0$0$0
Total change in net assets($45,221)($385,269)($163,407)($117,043)$16,850

Compensation

NameTitleCompensation
Cory BledsoeExecutive Director$73,004

Compensation data as of: 9/30/2020


Response from ministry

No response has been provided by this ministry.


The information below was provided to MinistryWatch by the ministry itself. It was last updated 1/6/2021. To update the information below, please email: info@ministrywatch.com


History

Founded by Steve P. Holcombe, a converted riverboat gambler and double-murderer, Re:Center began in a small room near City Hall where free meals and biblical teaching and counseling were offered to homeless and hurting people in our city. From the very beginning, we have been devoted to breaking the chains of homelessness and other life-dominating issues through the power of the gospel. 1881 - Steve P. Holcombe founds The Holcombe Mission. Each day, people come to the ministry for a meal and to hear Holcombe teach from the Bible. 1885 - The ministry is gifted an old mansion from the City of Louisville. The ministry relocates and expands its services to provide overnight care for men, women, and children. 1886 - The Holcombe Mission becomes Union Gospel Mission. 1943 - The ministry almost goes bankrupt. The Louisville Regional Baptist Association (then the Long Run Baptist Association) intervenes to protect the ministry from closing. 1944 - Union Gospel Mission becomes Central Baptist Mission. 1964 - Central Baptist Mission is renamed Jefferson Street Baptist Center after it merges with two church congregations and relocates to its current location. The ministry shifts from providing overnight care to focusing on daytime programs, including kids' camps, senior activities, and a soup kitchen. 1996 - The church congregation moves out of the facility. The ministry returns to being a parachurch organization that focuses exclusively on caring for people who are homeless and hurting. 1997 - The Louisville Baptist Regional Association (then the Long Run Baptist Association) votes to reestablish Jefferson Street Baptist Center as an independent 501c3. Jefferson Street Baptist Center establishes its own board of directors and bylaws but the association continues to play a crucial role in ministry operations. 2000 - The sanctuary and classrooms are converted into 25 simple, overnight living quarters for men. 2001 - In partnership with the U.S. Department of Housing and Urban Development, the ministry expands its facility to create 11 on-site apartments for men with a history of addiction and a diagnosed mental illness or other disability. 2009 - The ministry severs ties with approximately $90,000 in government funding - approximately 19% of its budget at the time - to reclaim its commitment to proclaiming the gospel through its programs. 2012 - Although the ministry experiences its most difficult financial season in 70 years, the year concludes with the ministry doubling its previous fundraising record. For the first time in its history, the ministry raises more than $1 million to care for people who are homeless and hurting. 2013 - The ministry joins Citygate Network (then the Association of Gospel Rescue Missions), a collective of 300+ gospel-centered organizations serving the homeless in North America. The ministry breaks ground on a $175,000 renovation to its Drop-In Program facilities and the residential LifeChange Program serves more people than ever. 2014 - In September, Jefferson Street Baptist Center becomes Louisville Rescue Mission. 2015 - The board of directors establishes the Holcombe Mercy Ministry Award to honor an individual or company each year who has made a substantial impact on the ministry. 2016 - The ministry earns the highly-coveted accreditation with the Evangelical Council for Financial Accountability. 2017 - In March, the ministry opens Thrift 'n' Thrive, its first social enterprise. Over the course of the summer, the ministry also begins taking steps to provide services through a new campus just across the river in Southern Indiana. 2018 - In September, Louisville Rescue Mission changes its name to Re:Center Ministries to facilitate the launch of a new campus in Southern Indiana. The ministry is financially strong and earns accreditation with the Better Business Bureau.


Program accomplishments


Needs