Kensington Corridor Trust
- Assets
- $6.1m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 3
- Location
- Philadelphia, PA
- Founding
- Data as of
- 12/2023
- EIN
- 84-2453611
Organization Overview
Kensington Corridor Trust is located in Philadelphia, PA. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Kensington Corridor Trust employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kensington Corridor Trust 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, Kensington Corridor Trust generated $1.2m in total revenue. All expenses for the organization totaled $903.2k during the year ending 12/2023. While expenses have increased by 30.0% per year over the past 2 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE KENSINGTON CORRIDOR TRUST WORKS CLOSELY WITH COMMUNITY STAKEHOLDERS AND RESIDENTS TO DEVELOP A NEW MODEL FOR INCREASING NEIGHBORHOOD CONTROL, FOCUSING ON FUELING THE KENSINGTON AVENUE CORRIDOR AS AN ECONOMIC ENGINE THAT CAN DRIVE STABILITY AND ECONOMIC PROSPERITY IN THE NEIGHBORHOOD. THE ORGANIZATION RECOGNIZES HOW CRITICAL THE DEVELOPMENT OF PHYSICAL SPACE IS TO OVERCOMING POVERTY AND WILL LEVERAGE THE AREAS PHYSICAL ASSETS (TRANSPORTATION INFRASTRUCTURE, WALKABILITY, AVAILABILITY OF PROPERTIES) AND NEIGHBORHOOD STRENGTHS (MOBILIZED RESIDENTS, STRONG NEIGHBORHOOD-BASED ORGANIZATION) TO CREATE LASTING CHANGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROGRAM EXPENSES ARE ALLOCATED TOWARDS DRIVING STABILITY AND ECONOMIC PROSPERITY IN THE KENSINGTON NEIGHBORHOOD INVOLVING THE DEVELOPMENT OF PHYSICAL SPACE TO PRESERVE AFFORDABILITY IN THE NEIGHBORHOOD AND ADVANCE COLLECTIVE OWNERSHIP.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adriana Abizadeh Executive Director | 40 | $141,200 | |
Jonathan Arrieta Director | Trustee | 2 | $0 |
Darlene Burton Director | Trustee | 2 | $0 |
Charles Evans Director | Trustee | 2 | $0 |
Juan Perez Director | Trustee | 2 | $0 |
Tayyib Smith Director | Trustee | 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 | $1,136,492 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,136,492 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,332 |
| 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 | $1,181,289 |
| 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 | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $141,200 |
| Compensation of current officers, directors, key employees. | $7,060 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $185,975 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $26,929 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,738 |
| Fees for services: Accounting | $12,580 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $63,989 |
| Advertising and promotion | $0 |
| Office expenses | $8,938 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $57 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $51,158 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,533 |
| Insurance | $46,152 |
| All other expenses | $62,639 |
| Total functional expenses | $903,179 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,670,456 |
| 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 | $50,984 |
| Net Land, buildings, and equipment | $2,329,729 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,996 |
| Total assets | $6,060,165 |
| Accounts payable and accrued expenses | $67,156 |
| 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 | $5,600,000 |
| Other liabilities | $6,775 |
| Total liabilities | $5,673,931 |
| Net assets without donor restrictions | $119,859 |
| Net assets with donor restrictions | $266,375 |
| 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 | $6,060,165 |