New Covenant Foundation Inc
- Assets
- $3.9m
- Revenue
- $127.7k
- Investments
- $0.0
- Employees
- 0
- Location
- McLean, VA
- Founding
- 02/2015
- Data as of
- 06/2017
- EIN
- 47-1766951
Organization Overview
New Covenant Foundation Inc is located in McLean, VA. The organization was established in 2015. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. New Covenant Foundation Inc 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 06/2017, New Covenant Foundation Inc generated $127.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (59.6%) each year. All expenses for the organization totaled $306.4k during the year ending 06/2017. 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
ITS PRINCIPAL MISSION IS TO HELP IMPROVE THE QUALITY OF LIFE OF ECONOMICALLY DISADVANTAGED INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAKING DONATIONS TO OTHER TAX-EXEMPT ORGANIZATION WHICH IMPROVE THE QUALITY OF LIFE FOR ECONOMICALLY DISADVANTAGED INDIVIDUALS BY PROVIDING JOB TRAINING SKILLS FOR THE ECONOMICALLY DISADVANTAGED, AND/OR MISSIONARY WORK.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bum Hyun Son Med Executive Director | OfficerTrustee | 1 | $0 |
Joseph Son ESQ Treasurer | OfficerTrustee | 1 | $0 |
Rev Hillary Toa Secretary | OfficerTrustee | 1 | $0 |
Eskender Beyene MD Board Member | Trustee | 1 | $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 | $3,836 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,836 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $123,825 |
| 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 | $127,661 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,840 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $6,000 |
| Fees for services: Legal | $6,439 |
| Fees for services: Accounting | $400 |
| 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 | $99 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $108 |
| Interest | $72,544 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $91,694 |
| Insurance | $8,660 |
| All other expenses | $9,516 |
| Total functional expenses | $306,404 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $194,367 |
| 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 | $3,724,555 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,918,922 |
| Accounts payable and accrued expenses | $90,146 |
| 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 | $0 |
| Secured mortgages and notes payable | $1,697,163 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,787,309 |
| Unrestricted restricted net Assets | $2,131,613 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $2,131,613 |