Danang Foundation Corp
- Assets
- $1.7m
- Revenue
- $285.0k
- Investments
- $0.0
- Employees
- 2
- Location
- Jackson Heights, NY
- Founding
- 07/2009
- Data as of
- 12/2022
- EIN
- 20-8389978
Organization Overview
Danang Foundation Corp is located in Jackson Heights, NY. The organization was established in 2009. According to its NTEE Classification (X50) the organization is classified as: Buddhism, under the broad grouping of Religion-Related and related organizations. As of 12/2022, Danang Foundation Corp employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Danang Foundation Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Danang Foundation Corp generated $285.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (20.6%) each year. All expenses for the organization totaled $350.5k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE EDUCATION, ALLEVIATE POVERTY, PROVIDE HEALTHCARE, PRESERVE CULTURE AND CONSERVE THE ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IMPROVE EDUCATION, ALLEVIATE POVERTY, PROVIDE HEALTHCARE, PRESERVE CULTURE AND CONSERVE THE ENVIRONMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tashi Rinpoche Lama Tsewang President | Officer | 40 | $45,600 |
Mi Wu Secretary/cfo | Officer | 40 | $0 |
Drongpa Jampal Namgyal Director | Officer | 40 | $0 |
Wangchuk Tenzin Lama Tresurer | Officer | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $285,025 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $285,025 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,650 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $45,600 |
| Compensation of current officers, directors, key employees. | $15,200 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,291 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,925 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,000 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,366 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $133,031 |
| Travel | $1,608 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $72,466 |
| Interest | $25 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,658 |
| Insurance | $3,735 |
| All other expenses | $13,227 |
| Total functional expenses | $350,498 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $143,626 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,513,960 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $49,589 |
| Total assets | $1,707,175 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $20,128 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $310,450 |
| Other liabilities | $1,768 |
| Total liabilities | $332,346 |
| Net assets without donor restrictions | $1,374,829 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,707,175 |
Grants Awarded
Over the last fiscal year, Danang Foundation Corp has awarded $40,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TIBETAN COMMUNITY OF NY AND NJ PURPOSE: EVENT SPONSOR | $10,000 |
KARMA THEGSUM CHOLING - NJ PURPOSE: EVENT SPONSOR | $10,000 |
KARMAPA CENTER PURPOSE: EVENT SPONSOR | $20,000 |