K-Love/Air1 Parent Stayed In The Black In 2024 As Revenue Grew 8%.

Educational Media Foundation (EMF), the nonprofit broadcaster behind contemporary Christian networks K-Love and Air1 was solidly in the black in 2024. Radio’s largest religious broadcaster reported $261 million in total revenue for 2024, according to its annual filing with the Internal Revenue Service. That was an 8% increase from the prior year, when revenue totaled $242.2 million. The Tennessee-based ministry with 548 full-power stations and many more FM translators continues to rank among the largest nonprofit media organizations in the U.S.

The filing shows contributions and grants accounted for $223.4 million of EMF’s annual revenue last year, while underwriting and other income totaled $4.6 million. It also picked up $6.6 million in concert tour revenue and $529,000 in film investment revenue, plus more than $25 million in revenue from various investments.

EMF’s total expenses reached $168 million, including $98.8 million in broadcasting expenses, $2.4 million for professional fundraising, and $66.2 million for salaries and benefits — including $4 million to management. The filing covers the fiscal year ending Dec. 31, 2024.

The result was that the broadcaster finished last year $93 million in the black. It used that to grow its radio and media portfolio through the year, and that increased the overall value of its holdings. EMF says at the end of last year, it held total assets worth $1.19 billion. That was up from $1.12 billion a year earlier. At the same time, its liabilities also shrank, declining to $85 million in 2024, down from $95 million in 2023.

As a not-for-profit, EMF is exempt from income taxes and its latest filing with the IRS says even with its various ventures — including podcasting, digital media, book publishing, and other faith-based media — it has “not entered into any activities that would jeopardize its tax-exempt status.”

The company’s mission, as described on its website, is to “create compelling media that inspires and encourages” while helping people “to grow closer to God.” The network says it aims to provide a positive alternative through contemporary Christian music and faith-based content.

EMF’s charitable activities also included public outreach and disaster-relief initiatives through partnerships with nonprofit organizations and community programs.

The filing also reflects the flurry of management changes that have occurred at EMF during the past years. It includes separation payouts to former CEO Todd Woods ($260,000), former Chief Accounting Officer David Atkinson ($317,200), and former Chief Transition Officer Janet Cherry ($330,971) — all of whom exited in 2024. Former Chairman Donna Ecton, who also left, didn’t receive a similar payout. She sued the board for wrongful termination and reportedly secured an out-of-court settlement.

The filing also shows that several employees were paid relocation expenses as part of EMF’s headquarters relocation from Rocklin, CA, to Nashville.