Sk Foundation Usa Inc
- Assets
- $10.0m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Chattanooga, TN
- Founding
- Data as of
- 12/2023
- EIN
- 84-2344419
Organization Overview
Sk Foundation Usa Inc is located in Chattanooga, TN. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sk Foundation USA 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 12/2023, Sk Foundation USA Inc generated $5.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (4.8%) each year. All expenses for the organization totaled $767.6k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SK FOUNDATION'S MISSION IS TO PROVIDE FINANCIAL SUPPORT FOR MINISTRY AND RELATED WORK PROVIDED BY OTHERS ABROAD. THE FOUNDATION ADOPTS THESE PRINCIPLES AND GUIDELINES TO ASSIST IT TO EXERCISE NECESSARY CONTROL OVER SUPPORT PROVIDED FOR SUCH WORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDES FUNDING TO SUPPORT HUMANITARIAN SERVICES TO CARE FOR THE NEEDY, SICK, POOR, WIDOWED, AND/OR ELDERLY PERSONS, INCLUDING THOSE OVERSEAS, WHICH INCLUDES, BUT IS NOT LIMITED TO, PURCHASING PROPERTY, BUILDING, MAINTAINING, AND STAFFING HOSPITALS, PHARMACIES, ASSISTED LIVING RETIREMENT HOMES, AND CHILDREN'S HOMES; PURCHASING AND MAINTAINING AMBULANCES; AND PROVIDING WATER CENTERS, NUTRITION, PENSION FOR WIDOWS AND ORPHANS, AND DISASTER RELIEF. THE CURRENT YEAR PRIMARY FOCUS WAS TO AID IN ESTABLISHING A HOSPITAL IN INDIA THAT WOULD AID IN THE COVID RELIEF EFFORTS. THE GRANT PROVIDED FUNDS FOR THE HOSPITAL'S CONSTRUCTION, PURCHASE OF MEDICAL EQUIPMENT AND SUPPLIES, AMBULANCES, AND PHYSICIAN AND HOSPITAL STAFF SALARIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr John Ankerberg Member | Trustee | 10 | $0 |
Jeffrey Pallansch Member | Trustee | 5 | $0 |
Darlene Ankerberg Chairman Of The Board | OfficerTrustee | 15 | $0 |
Satish Kumar President/founder | OfficerTrustee | 10 | $0 |
Debbie Parsons Secretary | OfficerTrustee | 5 | $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 | $5,000,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,000,000 |
| Total Program Service Revenue | $0 |
| Investment income | $297,304 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,034 |
| 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 | $5,298,338 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $705,200 |
| 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 | $4,767 |
| Fees for services: Accounting | $1,224 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,301 |
| Advertising and promotion | $0 |
| Office expenses | $248 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $53,046 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,851 |
| All other expenses | $0 |
| Total functional expenses | $767,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $417,652 |
| Savings and temporary cash investments | $8,616,614 |
| 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 | $928,450 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,962,716 |
| Accounts payable and accrued expenses | $15,184 |
| 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 | $15,184 |
| Net assets without donor restrictions | $4,947,532 |
| Net assets with donor restrictions | $5,000,000 |
| 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 | $9,962,716 |