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Non-profit

Christian Community Foundation (WaterStone)

Website:

waterstone.org
Location:

Colorado Springs, CO
Tax ID:

75-1750059
Tax-Exempt Status:

501(c)(3)

Budget (2022):

Revenue: $194,166,172
Expenses: $97,210,512
Assets: $497,894,733
Type:

Donor-advised fund (DAF)
Formation:

1981
CEO:

Kenneth Harrison
CEO's Salary (2022):

$335,827 15

References

  1. Christian Community Foundation Inc, Return of Organization Exempt from Income Tax (Form 990), 2022, Part VII, Section A, Line 1a.

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The Christian Community Foundation, which operates as WaterStone, is a Christian donor-advised fund provider that functions as an intermediary between donors and causes aligned with Christian beliefs. 1 Founded in 1980, WaterStone currently manages over $545 million in assets. 2

Grantmaking

WaterStone makes contributions to charitable and educational organizations, churches, and Christian ministries. In 2022, WaterStone’s two largest contributions were made to the Waterstone Supporting Organization Trust 1 ($12.1 million) and the Waterstone Real Estate Foundation ($11.16 Million), both related tax-exempt organizations. Other sizable contributions were made to the Hexagon Foundation ($7.5 Million), the National Foundation ($6 million), the right-of-center America First Legal Foundation ($4.78 Million), and Focus ($3.1 million). 3

In 2022, WaterStone also made contributions to right-leaning public policy and advocacy organizations like the Texas Public Policy Foundation ($470,000), Turning Point USA ($64,200), the Heritage Foundation ($30,930), and the California Family Council ($26,200), and public interest law firms that defend religious liberty like the Alliance Defending Freedom ($1.49 million), the Becket Fund for Religious Liberty ($50,000), and the Pacific Justice Institute ($29,200). 3

Funding

WaterStone is funded by donations from individuals, foundations, and businesses. While WaterStone does not disclose its donors, tax filings confirm donations from the Bradley Impact Fund ($5.1 million in 2022),  4 the National Christian Charitable Foundation ($3.7 million in 2022),  5 and the Servant Foundation ($3.25 million in 2022). 6

Board of Directors

Doug Kiesewetter is a co-founder and chair of the board of WaterStone and the chief executive officer of Cogency Power. 7

John Mulder is the president and chief generosity advisor of WaterStone. Mulder formerly worked as a regional president of U.S. Bank, CEO of Technology Concepts, and an adjunct faculty member at Northwestern College in St. Paul, Minnesota. 8

Rick von Gnechten is the chief operating officer, chief gift strategist, and vice president of the board of WaterStone. Von Gnechten formerly worked as chief financial officer of Sapere Wealth Management, the Ravon Corporation, and the Hawaiian Electric Company, and as CEO of the Council on Health Costs. 9

Ken Harrison is the CEO of WaterStone, the chair of Promise Keepers, and a Colson Fellow. Harrison is a former Los Angeles police officer and sat on the boards of FCA, Corban University, Colorado Uplift, and Urban Youth Ministries. 10

Chris Start is the chief financial officer and treasurer of the board of WaterStone. Start formerly worked as a finance manager at Procter and Gamble and a vice president of the Northern Trust Corporation. 11

Os Guinness is an English author and social critic. Guinness is a former guest scholar at the Woodrow Wilson Center for International Studies, a former visiting fellow at the Brookings Institution, and a former senior fellow at the Trinity Forum and the EastWest Institute. 12

Richard Lavinski is the secretary of the board of WaterStone and a managing partner at East 57th Street Partners. 13

Alan Brown is the president and general counsel for Petroleum Strategies and a former CEO of Carbon Creek Energy. 7

Gregory Vigil is the founder and manager of Castle Rock Resources. 7

Kim Cobb is a partner and managing director at Little GG Capital. 7

Kittie Watson is the founder and president of Innolect and a former member of the board of the Greater Women’s Business Council. 14

Thomas (Tim) Lyles is the president of MedCare Holdings. Lyles is a former president of both Mission City Management, Inc. and MedCare Investment Funds. 7

Joel Sanders directs asset management for Hamann Property Management and is a former youth pastor for All Peoples Church in Southern California. 7

Bob Brown sits on the board of Word of Life Fellowship, where he formerly worked as executive vice president. Brown is a former vice president at the Marathon Oil Company. 7

References

  1. “About.” WaterStone. Accessed October 26, 2024. https://waterstone.org/about/.
  2.  Christian Community Foundation Inc, Return of Organization Exempt from Income Tax (Form 990), 2022, Part II, Line 20.
  3. Christian Community Foundation Inc, Return of Organization Exempt from Income Tax (Form 990), 2022, Schedule I, Part II.
  4. Bradley Impact Fund, Return of Organization Exempt from Income Tax (Form 990), 2022, Schedule I, Part II.
  5. National Christian Charitable Foundation, Return of Organization Exempt from Income Tax (Form 990), 2022, Schedule I, Part II.
  6. Servant Foundation, Return of Organization Exempt from Income Tax (Form 990), 2022, Schedule I, Part II.
  7. “WaterStone Board.” WaterStone. Accessed October 26, 2024. https://waterstone.org/waterstone-board/.
  8. “John Mulder.” WaterStone. Accessed October 26, 2024. https://waterstone.org/about/john-mulder/.
  9. “Richard von Gnechten.” LinkedIn. Accessed October 26, 2024. https://www.linkedin.com/in/richard-von-gnechten/.
  10. “Ken Harrison.” WaterStone. Accessed October 26, 2024. https://waterstone.org//about/ken-harrison/.
  11. “Chris Start.” LinkedIn. Accessed October 26, 2024. https://www.linkedin.com/in/chris-start-565b169b/.
  12. “About Os.” Os Guiness. Accessed October 26, 2024. https://osguinness.com/about-os-guinness/.
  13. “Richard Lavinski, CPA.” LinkedIn. Accessed October 26, 2024. https://www.linkedin.com/in/richlavinski/.
  14. “Kittie Watson.” LinkedIn. Accessed October 26, 2024. https://www.linkedin.com/in/kittiewatson/.
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Nonprofit Information

  • Accounting Period: March - February
  • Tax Exemption Received: May 1, 1981

    • Available Filings

    Period Form Type Total revenue Total functional expenses Total assets (EOY) Total liabilities (EOY) Unrelated business income? Total contributions Program service revenue Investment income Comp. of current officers, directors, etc. Form 990
    2022 Mar Form 990 $194,166,172 $97,210,512 $497,894,733 $51,892,317 Y $158,434,768 $8,743,683 $12,372,764 $1,290,313 PDF
    2021 Mar Form 990 $134,429,553 $94,230,373 $414,242,613 $46,952,139 Y $99,302,026 $13,482,706 $8,978,556 $1,104,122
    2020 Mar Form 990 $137,774,056 $84,714,643 $312,024,471 $32,576,377 Y $125,812,481 $-2,162,943 $9,556,745 $1,076,396 PDF
    2019 Mar Form 990 $91,631,328 $57,836,885 $284,411,375 $35,002,735 Y $77,746,890 $3,416,599 $8,481,910 $818,935 PDF
    2018 Mar Form 990 $81,003,056 $56,276,818 $247,407,027 $26,517,495 Y $69,375,982 $3,394,128 $6,898,286 $884,322 PDF
    2017 Mar Form 990 $52,499,597 $48,296,763 $219,947,240 $25,164,293 Y $40,942,052 $3,632,353 $5,591,201 $0 PDF
    2016 Mar Form 990 $49,123,029 $54,106,819 $205,346,872 $20,442,422 Y $46,316,149 $-2,712,735 $5,753,876 $801,549 PDF
    2015 Mar Form 990 $79,267,832 $37,516,062 $214,492,856 $16,605,412 Y $68,143,763 $1,915,058 $5,731,563 $576,634 PDF
    2014 Mar Form 990 $35,727,563 $28,678,767 $171,549,966 $10,729,200 Y $27,794,930 $1,373,364 $4,541,936 $582,225 PDF
    2013 Mar Form 990 $41,908,178 $30,703,788 $164,598,830 $10,312,279 Y $34,822,177 $1,319,591 $4,232,377 $837,064 PDF
    2012 Mar Form 990 $42,100,063 $40,125,522 $149,350,333 $8,147,435 N $33,060,891 $3,124,977 $4,942,665 $604,743 PDF

    Additional Filings (PDFs)

    Christian Community Foundation (WaterStone)

    10807 NEW ALLEGIANCE DR STE 240
    Colorado Springs, CO 80921-3803