Overview
What is King Street Center Foundation Inc?
King Street Center Foundation Inc (KSCF) was a supporting organization that aided King Street Center (KSC), a nonprofit dedicated to providing opportunities for children through learning and play in the community. KSCF served as a Qualified Active Low-Income Community Business, facilitating New Markets Tax Credits, allowing it to purchase real estate and complete major construction and renovations on KSC's facility in Burlington, Vermont. The foundation's primary mission was to support KSC, leasing the property back to them and pursuing any other legal activities that benefited the organization. The NMTC financing project was completed between November 2021 and March 2022, with KSCF's assets transferred to KSC upon its liquidation.
Is King Street Center Foundation Inc legitimate?
King Street Center Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. King Street Center Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of King Street Center Foundation Inc?
The King Street Center Foundation's mission is to support an organization named King Street Center (KSC) by various means. Specifically, the foundation aims to purchase certain real estate, lease property to KSC, and engage in activities that further support KSC's mission. The foundation's actions are all permitted by law. The exact purpose of KSC is to create an environment where children can meet opportunities through learning, play, and community. The King Street Center Foundation's role is to facilitate and contribute to this mission in various ways.
Who is the CEO of King Street Center Foundation Inc?
Shabnam Nolan is the President (Oct - Mar) of King Street Center Foundation Inc.
What is the revenue of King Street Center Foundation Inc?
King Street Center Foundation Inc's revenue in 2022 was $1,865,379.
Who are the executives of King Street Center Foundation Inc and what are their salaries?
There 4 volunteers at King Street Center Foundation Inc.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $25,915
- Other: $1,770
- Compensation: $0
- Related: $70,630
- Other: $14,121
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for King Street Center Foundation Inc?
King Street Center Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of King Street Center Foundation Inc
The King Street Center Foundation's mission is centered around supporting King Street Center, Inc. (KSC), a nonprofit organization dedicated to providing opportunities for children through learning, play, and community engagement. The Foundation's role involves several key activities. Firstly, it aims to purchase certain real estate properties and then lease them to KSC, thereby contributing to the latter's operations. Secondly, the Foundation is permitted by law to engage in any other activities that further the support of KSC. This broad mandate allows the Foundation to explore various avenues to help KSC in its mission. The King Street Center Foundation operates as a supporting entity, working in tandem with KSC to enhance its capabilities and reach.
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Impact
October, 2024
King Street Center Foundation Inc significantly impacted the community by providing vital support to the King Street Center (KSC), which focuses on creating opportunities for children through learning, play, and community engagement. By managing real property and facilitating renovations for the KSC facility, the foundation ensured that the center could offer a more conducive environment for youth development.
Through its status as a Qualified Active Low-Income Community Business, the foundation was able to leverage New Markets Tax Credits, enabling critical financing for major construction projects. This strategic financial arrangement allowed for improvements that enhanced the center's capacity to serve the community effectively.
The culmination of this effort was the transfer of assets back to KSC, ensuring its sustainability and allowing it to continue fulfilling its mission. The activities of King Street Center Foundation Inc have thus been instrumental in fostering a nurturing space for children in Burlington, Vermont, ultimately supporting the broader goal of community improvement.
This information is meant to be a general summary of King Street Center Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $26
- Gross Receipts: $1,865,379
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Organization Details
Founding Year
2014
Phone
(802) 862-6736Principal Officer
Shabnam Nolan
Main Address
PO Box 1615, Burlington, VT, 05402
NTEE Category
Code: S11 - Community improvement
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