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West Adams INC FY2022 filing

Tax-deductible

W Hollywood, CA501(c)(3)Education EIN 82-1699587Revenue $426K in FY2022Latest return filed Nov 4, 2024

On file with the IRSworldcitycenter.org8605 Santa Monica Blvd Pmb 83208, 90069-4109 · W Hollywood, CATax-exempt since Feb 2018School — 170(b)(1)(A)(ii)

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The mission of world city center foundation is to offer a development appropriate, stimulating and nurturing environment through play and dual-language learning.

501(c)(3) charity; gifts are tax-deductible.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 4
filings with a surplus
Average surplus $436K a year · 81% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 4.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.4M
68% of total assets
Worth a look: liabilities are 68% of assets; over 65%.
Pt X · Ln 26
Independent board members
2
of 2 voting members
Looks good: 2 of 2 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$426K
-65% vs prior year
Spent
$123K
To programs
0%
Net assets
$1.1M
By yearFY2019–FY2023
Revenue
$426K
FY2022▼ -65%
Tap a bar for its year
Revenue by fiscal year
FY2019$65K
FY2021$1.2M
FY2022$426K
FY2023$453K
Expenses
$123K
FY2022▼ -7%
Tap a bar for its year
Expenses by fiscal year
FY2019$0
FY2021$133K
FY2022$123K
FY2023$145K
Net assets
$1.1M
FY2022▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2019$65K
FY2021$1.1M
FY2022$1.1M
FY2023$1.0M

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2023) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023. IRS ruling in Feb 2018.

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

Where the money goes

What each dollar paid for.

Management & general 94% · $116K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

2 people listed on the 990.

Part VII, Section A · reportable compensation
Andre Gaines
Director
$0Pt VII · Sec A
Lauren Gaines
Secretary
$0Pt VII · Sec A
See West Adams INC executive salaries →

Questions the 990 asks

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

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides play-based, dual-language learning in a nurturing environment for children.

Questions for West Adams INC

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1 program · in their own filed words · FY2022
01

The mission of world city center is to offer a development appropriate stimulating and nurturing environment through play and dual language learning.

Pt IX · col B

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$426K
Ln 12
Gifts and grantsLn 1h$426K
Money outPt IX
$123K
Ln 25
Managementcol C$116K
Owns and owesPt X
$1.1M
net assets · Ln 32
Cash and savingsLn 1–2$49K
Total assetsLn 16$3.5M
LiabilitiesLn 26$2.4M
PeoplePt VI, VII
2
listed · VII A
PaidVII A0
Voting boardVI 1a2
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$426K
Total revenueLn 12$426K
Assets in detailPt X, end of year
CashLn 1$49K
Cash and savings togetherLn 1–2$49K
Land, buildings, equipmentLn 10c$1.1M
Total assetsLn 16$3.5M
LiabilitiesLn 26$2.4M
Net assetsLn 32$1.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderDecember
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 FY22End FY22
Cash and savingsLn 1–2$33K$49K
Land, buildings, equipmentLn 10c$1.1M$1.1M
Total assetsLn 16$4.4M$3.5M
LiabilitiesLn 26$3.6M$2.4M
Net assetsLn 32$808K$1.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Depreciation, depletion and amortizationLn 22$8K
Other expenses (24a–d)Ln 24$107K$107K
All other expensesLn 24e$8K$8K
Total functional expensesLn 25$123K$0$116K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 LatestFiled with the IRS Nov 4, 2024 $453K$145K$308K$1.0M 990 PDF
FY2022 ViewingFiled with the IRS Nov 11, 2024 $426K$123K$302K$1.1M 990 PDF
FY2021Filed with the IRS Sep 7, 2022 $1.2M$133K$1.1M$1.1M 990 PDF
FY2020 Not on file
FY2019Filed with the IRS May 10, 2021 $65K$0$65K$65K 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $425,685 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,201,780$425,685
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $1,201,780$425,685
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $133,024$123,274
I-18 Total expensesPrior year $133,024$123,274
I-19 Revenue less expensesPrior year $1,068,756$302,411
Part VI · Governance 2 of 2 board members independent, 4 to look at
VI-1a Voting members of the governing body2
VI-1b Independent voting members2
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $425,685 across 3 lines filed
VIII-1f All other contributions, gifts and grants$425,685
VIII-1h Total contributions, gifts and grants$425,685
VIII-12 Total revenue$425,685
Part IX · Statement of functional expenses $123,274 across 3 lines filed
IX-22 Depreciation, depletion and amortization$7,692
IX-24 Other expenses (24a–d)Management $107,236$107,236
IX-24e All other expensesManagement $8,346$8,346
IX-25 Total functional expensesPrograms $0 · Management $115,582 · Fundraising $0$123,274
Part X · Balance sheet $3,460,962 assets, 6 lines filed
Asset lines not itemized here account for $2,350,184; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $32,880$48,929
X-10c Land, buildings and equipment, netStart of year $1,100,000$1,061,849
X-16 Total assetsStart of year $4,388,278$3,460,962
X-26 Total liabilitiesStart of year $3,579,911$2,350,184
X-32 Total net assets or fund balancesStart of year $808,367$1,110,778
X-33 Total liabilities and net assetsStart of year $4,388,278$3,460,962
Part XI · Reconciliation of net assets $1,110,778 net assets at year end
XI-1 Total revenue$425,685
XI-2 Total expenses$123,274
XI-3 Revenue less expenses$302,411
XI-4 Net assets at start of year$808,367
XI-10 Net assets at end of year$1,110,778

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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