King Street Center Foundation Inc

Nonprofit profile at a glance

EIN
472238708
IRS 990 coverage
2014–2021
Forms available
Form 990 2021
Location
Burlington, VT, USA
Phone
8028626736
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$1,865,379
Expenses
$353,971
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • Shabnam Nolan (President (Oct - Mar))
  • Victoria Smith (President (Apr - Nov))

Highest reported compensation

  • Victoria Smith (President (Apr - Nov)): $84,751 total reported compensation
  • Shabnam Nolan (President (Oct - Mar)): $27,685 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

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.

What it reported doing in 2021

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.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 78% for direct work, and 22% for grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 32
  • Transparency & Controls: 93
  • Accountability: 90
  • Sustainability: 52
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 13.8%; rating input score 14
  • Program expense ratio: 72.5%; rating input score 72
  • Fundraising efficiency: $0 raised per $1 spent on fundraising; rating input score 1; 1st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 75th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 81%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 4.5%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 9.8% per year; rating input score 100; 69th percentile among comparable filings
  • Revenue growth: 52.2% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: -13.4% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 13.8% of revenue deployed · 72.5% of spending went to programs
  • Governance: 4 of 4 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $257K in reported program spending
  • Leadership: top reported pay $85K · 6 people listed
  • Consistency: 40 of 40 current checks pass
  • Schedules: 6 filed schedules · includes grants
  • Filing history: 8 filing years from 2014 to 2021
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 14/100.
  • High — Financial Efficiency: Fundraising efficiency scored 1/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.