King Street Center Foundation INC FY2021 filing

Burlington, VTUnknown exempt organizationEIN 47-2238708

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To support King Street Center, Inc. ("KSC") by 1) purchasing certain real property, 2) leasing the Project Property to KSC and 3) all other purposes permitted by law that further the support of KSC.

61¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 2
filings with a surplus
Average surplus $632K a year · 65% of revenue · last 2 filings
Worth a look: a surplus in 1 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
61%
of spending
Worth a look: 61% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
11 mo
of spending, in cash
Looks good: 11.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $75
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$6.5M
130% of total assets
Concern: liabilities are 130% of assets; over 80%.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$83K
Spent
$330K
To programs
61%
Net assets
−$1.5M
By yearFY2021–FY2022
Revenue
$83K
FY2021
Revenue by fiscal year
FY2021$83K
FY2022$1.9M
Expenses
$330K
FY2021
Expenses by fiscal year
FY2021$330K
FY2022$354K
Net assets
−$1.5M
FY2021
Net assets by fiscal year
FY2021−$1.5M
FY2022$0

From the FY2021 Form 990 (year ending March 2021) · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2022) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2022.

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

Where the money goes

61 cents of each dollar spent went to programs.

Program services 61% · $200K Management & general 39% · $128K Fundraising 1% · $2K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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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
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
See King Street Center 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 15aYes

Programs and updates

Acquires and leases property to support King Street Center's mission.

Provided by the organization

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1 program · $200K · in their own filed words · FY2020
01

The King Street Center Foundation (KSCF) is a supporting organization of the King Street Center ("KSC") whose mission is to ".. create a place where kids meet opportunity through learning, play and community." ** KSCF is a "Qualified Active Low-Income Community Business" for purposes of entering into a financing arrangement involving…

$200Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2021
Total grants receivedfrom 1 funder$75

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$83K
Ln 12
Other incomeLn 4–11$83K
Investment incomeLn 3$49
Money outPt IX
$330K
Ln 25
Programscol B$200K
Managementcol C$128K
Fundraisingcol D$2K
Owns and owesPt X
−$1.5M
net assets · Ln 32
Cash and savingsLn 1–2$312K
Total assetsLn 16$5.0M
LiabilitiesLn 26$6.5M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Government grantsLn 1e$0
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Investment incomeLn 3$49
Other incomeLn 4–11$83K
Total revenueLn 12$83K
Assets in detailPt X, end of year
CashLn 1$177K
SavingsLn 2$135K
Cash and savings togetherLn 1–2$312K
Land, buildings, equipmentLn 10c$4.7M
Total assetsLn 16$5.0M
LiabilitiesLn 26$6.5M
Net assetsLn 32−$1.5M
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
Fiscal year endsHeaderMarch
Conflict-of-interest policyVI 12aYes
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$312K$312K
Land, buildings, equipmentLn 10c$4.9M$4.7M
Total assetsLn 16$5.3M$5.0M
LiabilitiesLn 26$6.5M$6.5M
Net assetsLn 32−$1.3M−$1.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0$0
Grants to domestic individualsLn 2$0$0
Grants and assistance to foreign recipientsLn 3$0$0
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$0$0$0$0
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$0$0$0$0
Pension plan contributionsLn 8$0$0$0$0
Other employee benefitsLn 9$0$0$0$0
Payroll taxesLn 10$0$0$0$0
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$435$0$435$0
Accounting feesLn 11c$2K$0$2K$0
Lobbying feesLn 11d$0$0$0$0
Professional fundraising feesLn 11e$0$0
Investment management feesLn 11f$0$0$0$0
Other fees for servicesLn 11g$0$0$0$0
Advertising and promotionLn 12$0$0$0$0
Office expensesLn 13$0$0$0$0
Information technologyLn 14$0$0$0$0
RoyaltiesLn 15$0$0$0$0
OccupancyLn 16$0$0$0$0
TravelLn 17$0$0$0$0
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$0$0$0$0
InterestLn 20$57K$0$57K$0
Payments to affiliatesLn 21$1K$0$1K$0
Depreciation, depletion and amortizationLn 22$247K$200K$45K$2K
InsuranceLn 23$0$0$0$0
Other expenses (24a–d)Ln 24$22K$0$22K$0
Total functional expensesLn 25$330K$200K$128K$2K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest $1.9M$354K$1.5M$0 990 PDF
FY2021 Viewing $83K$330K−$247K−$1.5M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $83,049 across 11 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$0
VIII-1f All other contributions, gifts and grants$0
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $49$49
VIII-6 Net rental income or lossRelated to mission $83,000$83,000
VIII-12 Total revenueRelated to mission $83,000 · Unrelated business $0 · Excluded from tax $49$83,049
Part IX · Statement of functional expenses $330,060 across 30 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $0$0
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $0 · Fundraising $0$0
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $0 · Management $0 · Fundraising $0$0
IX-8 Pension plan contributionsPrograms $0 · Management $0 · Fundraising $0$0
IX-9 Other employee benefitsPrograms $0 · Management $0 · Fundraising $0$0
IX-10 Payroll taxesPrograms $0 · Management $0 · Fundraising $0$0
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $0 · Management $435 · Fundraising $0$435
IX-11c Accounting feesPrograms $0 · Management $1,950 · Fundraising $0$1,950
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $0$0
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$0
IX-12 Advertising and promotionPrograms $0 · Management $0 · Fundraising $0$0
IX-13 Office expensesPrograms $0 · Management $0 · Fundraising $0$0
IX-14 Information technologyPrograms $0 · Management $0 · Fundraising $0$0
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $0 · Management $0 · Fundraising $0$0
IX-17 TravelPrograms $0 · Management $0 · Fundraising $0$0
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $0 · Fundraising $0$0
IX-20 InterestPrograms $0 · Management $57,428 · Fundraising $0$57,428
IX-21 Payments to affiliatesPrograms $0 · Management $1,232 · Fundraising $0$1,232
IX-22 Depreciation, depletion and amortizationPrograms $200,166 · Management $44,649 · Fundraising $2,052$246,867
IX-23 InsurancePrograms $0 · Management $0 · Fundraising $0$0
IX-24 Other expenses (24a–d)Programs $0 · Management $22,148 · Fundraising $0$22,148
IX-25 Total functional expensesPrograms $200,166 · Management $127,842 · Fundraising $2,052$330,060
Part X · Balance sheet $5,014,684 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $154,655$176,606
X-2 Savings and temporary cash investmentsStart of year $157,415$135,321
X-10c Land, buildings and equipment, netStart of year $4,880,315$4,675,016
X-14 Intangible assetsStart of year $69,310$27,741
X-16 Total assetsStart of year $5,261,695$5,014,684
X-17 Accounts payable and accrued expensesStart of year $19,893$19,893
X-25 Other liabilitiesStart of year $461,199$461,199
X-26 Total liabilitiesStart of year $6,526,092$6,526,092
X-27 Net assets without donor restrictionsStart of year −$1,264,397−$1,511,408
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year −$1,264,397−$1,511,408
X-33 Total liabilities and net assetsStart of year $5,261,695$5,014,684
Part XI · Reconciliation of net assets −$1,511,408 net assets at year end
XI-1 Total revenue$83,049
XI-2 Total expenses$330,060
XI-3 Revenue less expenses−$247,011
XI-4 Net assets at start of year−$1,264,397
XI-10 Net assets at end of year−$1,511,408

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

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