Great Khalid Foundation INC

Tax-deductible

East Point, GA501(c)(3)EducationEIN 83-4629710Revenue $113K in FY2024

On file with the IRSthegreatkhalidfoundation.org3645 Marketplace Blvd 130-318, 30344-5940 · East Point, GATax-exempt since Jan 2020Publicly supported charity — 170(b)(1)(A)(vi)

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The Great Khalid Foundation is committed to impacting the lives of children by alleviating a burden of need. We are reaching out when IT matters most, when a supportive gesture can make all the difference. We believe that the power of music not only has the ability to build confidence and camaraderie, we believe that IT positively impacts social change for children, families and communities. We are committed to creating an atmosphere of support and freedom for kids to dream big! Through our music education programs, scholarship awards, community partnerships and gift giveaways, we are investing in our children and their future.

501(c)(3) charity; gifts are tax-deductible.
30¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $38K a year · 17% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
30%
of spending
Concern: 30% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $35
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% 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
$113K
-57% vs prior year
Spent
$152K
To programs
30%
Net assets
$18K
By yearFY2020–FY2024
Revenue
$113K
FY2024▼ -57%
Tap a bar for its year
Revenue by fiscal year
FY2020$254K
FY2021$289K
FY2022$223K
FY2023$265K
FY2024$113K
Expenses
$152K
FY2024▼ -29%
Tap a bar for its year
Expenses by fiscal year
FY2020$265K
FY2021$417K
FY2022$285K
FY2023$215K
FY2024$152K
Net assets
$18K
FY2024▼ -68%
Tap a bar for its year
Net assets by fiscal year
FY2020$196K
FY2021$68K
FY2022$6K
FY2023$57K
FY2024$18K

From the FY2024 Form 990 · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 2020.

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

Where the money goes

30 cents of each dollar spent went to programs.

Program services 30% · $46K Management & general 70% · $106K

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
$0Pt VII · Sec A
Vice Chairman
$0Pt VII · Sec A
President
$0Pt VII · Sec A
Treasurer & Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
See Great Khalid 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides music education, scholarships, and gifts to support children and their futures.

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Provided by the organization

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2 programs · $46K · in their own filed words · FY2024
01

The Performing Arts Scholarship is a $10,000 merit-based scholarship awarded to high school seniors pursuing higher education in a performing arts program. Students are recognized for their academic achievements and artistic ability. Since its inception, The Great Khalid Foundation has awarded more than $50,000 in academic scholarships.

$46Kprogram expense
02

Christmas with Khalid is an El Paso area need-based program striving to keep the spirit of Christmas alive for young children who might not otherwise have a gift to open on Christmas Day. Khalid personally distributes brand new, wrapped Christmas gifts to elementary school children every December.

Pt IX · col B

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2023
Total grants receivedfrom 1 funder$35
Grants paid · 19 grants · $230K · 2020–2024
Unitemized GrantFY2024$10,000
El Paso Public LibraryFY2024$10,000
El Paso Public LibraryFY2023$15,000
Unitemized GrantFY2023$10,000
Unitemized GrantFY2022$30,030
A&a All the Way FoundationMD · FY2022$5,000
El Paso Public LibraryFY2022$5,000
Right Hand Foundation INCGA · FY2022$5,000
Right Hand Foundation INCGA · FY2021$50,000
Texas State UniversityFY2021$10,000
Utep - the University of Texas at El PasoFY2021$10,000
Right Hand Foundation INCGA · FY2020$20,000
Arizona State UniversityFY2020$10,000
Texas State UniversityFY2020$10,000
Utep - the University of Texas at El PasoFY2020$10,000
See all 19 grants →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$113K
Ln 12
Gifts and grantsLn 1h$113K
Money outPt IX
$152K
Ln 25
Programscol B$46K
Managementcol C$106K
Owns and owesPt X
$18K
net assets · Ln 32
Cash and savingsLn 1–2$18K
Total assetsLn 16$18K
LiabilitiesLn 26$0
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$113K
Noncash giftsLn 1g$7K
Total revenueLn 12$113K
Assets in detailPt X, end of year
CashLn 1$18K
Cash and savings togetherLn 1–2$18K
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$18K
LiabilitiesLn 26$0
Net assetsLn 32$18K
OperationsPt I, VI
EmployeesI 56
VolunteersI 60
Fiscal year endsHeaderDecember
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 FY24End FY24
Cash and savingsLn 1–2$60K$18K
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$60K$18K
LiabilitiesLn 26$4K$0
Net assetsLn 32$57K$18K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$10K$10K
Grants to domestic individualsLn 2$10K$10K
Other salaries and wagesLn 7$48K$48K
Payroll taxesLn 10$5K$5K
Legal feesLn 11b$9K$9K
Accounting feesLn 11c$6K$6K
Other fees for servicesLn 11g$2K$2K
Advertising and promotionLn 12$1K$750$560
Office expensesLn 13$4K$4K$298
OccupancyLn 16$32K$32K
TravelLn 17$8K$8K$185
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$15K$11K$4K
Total functional expensesLn 25$152K$46K$106K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $113K$152K−$39K$18K 990 PDF
FY2023 $265K$215K$50K$57K 990 PDF
FY2022 $223K$285K−$62K$6K 990 PDF
FY2021 $289K$417K−$128K$68K 990 PDF
FY2020 $254K$265K−$12K$196K 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 FY2024 990 (6 parts)
Part I · Summary $113,439 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $264,760$113,439
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $264,760$113,439
I-13 Grants and similar amounts paidPrior year $26,000$20,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $83,179$53,375
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $105,385$78,728
I-18 Total expensesPrior year $214,564$152,103
I-19 Revenue less expensesPrior year $50,196−$38,664
Part VI · Governance 5 of 5 board members independent, 5 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsYes
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
Part VIII · Statement of revenue $113,439 across 4 lines filed
VIII-1f All other contributions, gifts and grants$113,439
VIII-1g Noncash contributions (included above)$7,053
VIII-1h Total contributions, gifts and grants$113,439
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$113,439
Part IX · Statement of functional expenses $152,103 across 13 lines filed
IX-1 Grants to domestic organizationsPrograms $10,000$10,000
IX-2 Grants to domestic individualsPrograms $10,000$10,000
IX-7 Other salaries and wagesManagement $48,462$48,462
IX-10 Payroll taxesManagement $4,913$4,913
IX-11b Legal feesManagement $9,069$9,069
IX-11c Accounting feesManagement $5,775$5,775
IX-11g Other fees for servicesManagement $1,505$1,505
IX-12 Advertising and promotionPrograms $750 · Management $560$1,310
IX-13 Office expensesPrograms $4,013 · Management $298$4,311
IX-16 OccupancyManagement $31,548$31,548
IX-17 TravelPrograms $7,641 · Management $185$7,826
IX-23 InsurancePrograms $2,331$2,331
IX-24 Other expenses (24a–d)Programs $10,955 · Management $4,098$15,053
IX-25 Total functional expensesPrograms $45,690 · Management $106,413 · Fundraising $0$152,103
Part X · Balance sheet $17,903 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $60,232$17,903
X-10c Land, buildings and equipment, netStart of year $0$0
X-16 Total assetsStart of year $60,232$17,903
X-17 Accounts payable and accrued expensesStart of year $3,665$0
X-26 Total liabilitiesStart of year $3,665$0
X-27 Net assets without donor restrictionsStart of year $56,567$17,903
X-32 Total net assets or fund balancesStart of year $56,567$17,903
X-33 Total liabilities and net assetsStart of year $60,232$17,903
Part XI · Reconciliation of net assets $17,903 net assets at year end
XI-1 Total revenue$113,439
XI-2 Total expenses$152,103
XI-3 Revenue less expenses−$38,664
XI-4 Net assets at start of year$56,567
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$17,903

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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