King Street Center Foundation
- Assets
- $0.0
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Burlington, VT
- Founding
- 07/2015
- Data as of
- 03/2022
- EIN
- 47-2238708
Organization Overview
King Street Center Foundation is located in Burlington, VT. The organization was established in 2015. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. King Street Center Foundation 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 03/2022, King Street Center Foundation generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 57.7% each year . All expenses for the organization totaled $354.0k during the year ending 03/2022. While expenses have increased by 1.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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 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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE KING STREET CENTER FOUNDATION (KSCF) WAS 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 WAS A "QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS" FOR PURPOSES OF ENTERING INTO A FINANCING ARRANGEMENT INVOLVING "NEW MARKETS TAX CREDITS." AS PART OF THE FINANCING STRUCTURE, KSC TRANSFERRED EXISTING REAL PROPERTY AND CONSTRUCTION IN PROGRESS TO KSCF WHO THEN COMPLETED THE MAJOR CONSTRUCTION AND RENOVATIONS ON THE "KING STREET CENTER" FACILITY IN DOWNTOWN BURLINGTON, VERMONT. ** THE NMTC FINANCING PROJECT WAS "UNWOUND" BEGINNING IN NOVEMBER 2021 AND ENDING IN MARCH 2022 WITH THE LIQUIDATION OF KSCF AND THE TRANSFER OF ITS ASSETS (CASH AND PROPERTY AND EQUIPMENT, AT NET BOOK VALUE) NET OF ITS LIABILITIES (CUMULATIVE AMOUNTS "DUE TO KSC") TO KSC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shabnam Nolan President (oct - Mar) | Officer | 2 | $0 |
Victoria Smith President (apr - Nov) | Officer | 2 | $0 |
Michael Monte Director | Trustee | 0.2 | $0 |
Anna Grady Director | Trustee | 0.2 | $0 |
Stacy Fagan Director | Trustee | 0.2 | $0 |
Eric Ode Director | Trustee | 0.2 | $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 | $0 |
| Investment income | $26 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $53,600 |
| 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 | $1,865,379 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $55,311 |
| 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 | $0 |
| Fees for services: Legal | $10,753 |
| Fees for services: Accounting | $1,900 |
| 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 | $0 |
| 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 | $0 |
| Interest | $37,092 |
| Payments to affiliates | $800 |
| Depreciation, depletion, and amortization | $234,099 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $353,971 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $0 |