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Kappa Foundation INC FY2021 filing

Not tax-deductible

Ithaca, NY501(c)(7)Mutual / membership EIN 15-6022994Revenue $157K in FY2021

On file with the IRSkappazbt.orgCo Sciarabba Walker 410 E Upland, 14850-0000 · Ithaca, NYTax-exempt since Dec 1947

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Provide undergraduate matriculated cornell students who are members of the fraternity housing, meal plans, and a space for chapter functions.

501(c)(7) social or recreational club; gifts are not tax-deductible as charitable contributions.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

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FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(7)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $47K a year · 25% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Cash reserves
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$397K
30% of total assets
Looks good: liabilities are 30% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$157K
-4% vs prior year
Spent
$142K
Net assets
$940K
By yearFY2020–FY2025
Revenue
$157K
FY2021▼ -4%
Tap a bar for its year
Revenue by fiscal year
FY2020$163K
FY2021$157K
FY2022$175K
FY2023$176K
FY2024$223K
FY2025$222K
Expenses
$142K
FY2021▲ +13%
Tap a bar for its year
Expenses by fiscal year
FY2020$125K
FY2021$142K
FY2022$145K
FY2023$134K
FY2024$148K
FY2025$140K
Net assets
$940K
FY2021▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020$926K
FY2021$940K
FY2022$970K
FY2023$1.0M
FY2024$1.1M
FY2025$1.2M

From the FY2021 Form 990 (year ending June 2021) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1947.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
David Burrows
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Dave Coyne
Director-Alumnus Facility
$0Pt VII · Sec A
$0Pt VII · Sec A
Len Herstein
Director
$0Pt VII · Sec A
See Kappa Foundation INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Supports Cornell students in fraternities with housing, meals, and event spaces.

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1 program · in their own filed words · FY2020
01

Provide undergraduate matriculated cornell students who are members of the fraternity housing, meal plans, and a space for chapter functions.

Pt IX · col B

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$157K
Ln 12
Fees for servicesLn 2g$156K
Gifts and grantsLn 1h$725
Money outPt IX
$142K
Ln 25
Owns and owesPt X
$940K
net assets · Ln 32
Cash and savingsLn 1–2$3K
Total assetsLn 16$1.3M
LiabilitiesLn 26$397K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$725
Fees for servicesLn 2g$156K
Total revenueLn 12$157K
Assets in detailPt X, end of year
CashLn 1$3K
Cash and savings togetherLn 1–2$3K
Land, buildings, equipmentLn 10c$1.3M
Other assetsLn 15$1K
Total assetsLn 16$1.3M
LiabilitiesLn 26$397K
Net assetsLn 32$940K
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$8K$3K
Land, buildings, equipmentLn 10c$1.3M$1.3M
Total assetsLn 16$1.3M$1.3M
LiabilitiesLn 26$401K$397K
Net assetsLn 32$926K$940K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$4K
Other fees for servicesLn 11g$16K
Information technologyLn 14$540
OccupancyLn 16$90K
Depreciation, depletion and amortizationLn 22$17K
Other expenses (24a–d)Ln 24$15K
Total functional expensesLn 25$142K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $222K$140K$82K$1.2M 990 PDF
FY2024 $223K$148K$76K$1.1M 990 PDF
FY2023 $176K$134K$42K$1.0M 990 PDF
FY2022 $175K$145K$30K$970K 990 PDF
FY2021 Viewing $157K$142K$14K$940K 990 PDF
FY2020 $163K$125K$38K$926K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $156,665 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $535$725
I-9 Program service revenuePrior year $162,590$155,940
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $163,125$156,665
I-13 Grants and similar amounts paidPrior year $1,000$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $124,416$142,278
I-18 Total expensesPrior year $125,416$142,278
I-19 Revenue less expensesPrior year $37,709$14,387
Part VI · Governance 5 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $156,665 across 4 lines filed
VIII-1b Membership dues$725
VIII-1h Total contributions, gifts and grants$725
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $155,940$155,940
VIII-12 Total revenueRelated to mission $155,940 · Unrelated business $0 · Excluded from tax $0$156,665
Part IX · Statement of functional expenses $142,278 across 6 lines filed
IX-11c Accounting fees$4,410
IX-11g Other fees for services$16,011
IX-14 Information technology$540
IX-16 Occupancy$89,739
IX-22 Depreciation, depletion and amortization$16,823
IX-24 Other expenses (24a–d)$14,755
IX-25 Total functional expenses$142,278
Part X · Balance sheet $1,337,367 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $7,824$2,538
X-9 Prepaid expenses and deferred chargesStart of year $1,500$1,500
X-10c Land, buildings and equipment, netStart of year $1,314,201$1,330,035
X-14 Intangible assetsStart of year $2,534$2,294
X-15 Other assetsStart of year $1,000$1,000
X-16 Total assetsStart of year $1,327,059$1,337,367
X-17 Accounts payable and accrued expensesStart of year $26,877$54,042
X-26 Total liabilitiesStart of year $401,338$397,259
X-32 Total net assets or fund balancesStart of year $925,721$940,108
X-33 Total liabilities and net assetsStart of year $1,327,059$1,337,367
Part XI · Reconciliation of net assets $940,108 net assets at year end
XI-1 Total revenue$156,665
XI-2 Total expenses$142,278
XI-3 Revenue less expenses$14,387
XI-4 Net assets at start of year$925,721
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$940,108

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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