2022-09-23T07:52:23-07:00 2022-03-31 471371818 Tapia & Huckabay PC PO Box 38 Vergennes VT 05491 990 2021-04-01 472238708 King Street Center Foundation Inc KING 8028626736 PO Box 1615 Burlington VT 05402 Shabnam Nolan President 8028626736 2022-09-22 true Shabnam Nolan XXX-XX-XXXX William S Huckabay CPA P00154308 8028707086 3 AAL1 IAL1 FAL1 2021 2022-09-23 18:48:47Z X Shabnam Nolan 87 King Street Burlington VT 05401 1865379 false X N/A X 2014 VT 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. X 4 4 0 4 0 0 0 0 0 49 26 83000 1865353 83049 1865379 0 55311 0 0 0 0 0 0 2064 330060 298660 330060 353971 -247011 1511408 5014684 0 6526092 0 -1511408 0 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. false false 256510 55311 0 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. 256510 true false false false false false false false false false false false false false false false false true false false false false false false false false false true false false false false false false false false false false false false true false false true false false false true 0 0 0 false false false false false false false false false false false false X 4 4 false false false false false false false true true false false true true true true false false true true false X Shabnam Nolan 8028626736 87 King Street Burlington VT 05401 Shabnam Nolan President (Oct - Mar) 2.00 X 0 25915 1770 Victoria Smith President (Apr - Nov) 2.00 X 0 70630 14121 Michael Monte Director 0.20 X 0 0 0 Anna Grady Director 0.20 X 0 0 0 Stacy Fagan Director 0.20 X 0 0 0 Eric Ode Director 0.20 X 0 0 0 0 96545 15891 0 false false false 0 0 0 0 0 0 0 0 0 26 0 26 53600 0 53600 53600 53600 0 Gain on Unwinding of NMTC Financing Project 900099 1811753 0 0 1811753 1811753 1865379 53600 0 1811779 55311 55311 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10753 0 10753 0 1900 0 1900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 37092 0 37092 0 800 0 800 0 234099 201199 30836 2064 0 0 0 0 Asset Management Fee 12916 0 12916 0 Bank & Wire Fees 100 0 100 0 Put Fee 1000 0 1000 0 353971 256510 95397 2064 176606 0 135321 0 0 0 4675016 0 27741 0 5014684 0 19893 0 6045000 0 461199 0 6526092 0 X -1511408 0 0 0 -1511408 0 5014684 0 1511408 X false true X true false X X X 1 King Street Center Inc 237236312 7 true 353971 0 1 353971 0 0 0 0 0 true false false false false false false false false false false false false false false true false 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Due to Parent / Affiliate (King Street Center, Inc.) 0 0 true King Street Center Inc PO Box 1615 Burlington VT 05402 237236312 501(c)(3) 0 55311 Net Book Value See Schedules N & O General Operations 1 0 Pt I Line 2 The one and only grant made in the Organization's seven year existence was a liquidating distribution to its controlling and supported non-profit affiliate - King Street Center, Inc. - into which its assets net of liabilities were merged effective on 3/31/2022. See Schedules O and N for additional information. Cash & PPE, net of liability. 2022-03-31 55311 Net Book Value 237236312 King Street Center Inc PO Box 1615 Burlington VT 05402 501(c)(3) false false false false true true true true false Pt VI, Line 11b A draft of Form 990 is reviewed by the President with a final version made available to the Board prior to filing. Pt VI, Line 12c The President inquiries of Board members annually about any potential conflicts of interest. Pt VI, Line 15a The Organization has no employees and does not compensate any of its officers or directors. Pt VI, Line 15b See above. Pt VI, Line 19 The Organization has never been asked for its organizational documents, financial statements, or conflict of interest policy and has no formal policy related to the public inspection of this information. Other As discussed on Page 2 / Line 4a and Schedules I and N, the Organization, after the "unwinding" of the New Markets Tax Credits financing project beginning in November 2021, liquidated, dissolved and merged into its controlling and supported affiliate organization: King Street Center, Inc. Assets transferred on 3/31/22 included $156,929 in cash and $4,489,856 in real property (at net book value, net of accumulated depreciation). Liabilities assumed included $4,591,474 in cumulative advances owed by KSCF to KSC. The net effect of the liquidating distribution was a $55,311 contribution from KSCF to KSC on 3/31/22. King Street Center Inc PO Box 1615 Burlington VT 05402 237236312 Human Service NPO VT 501(c)(3) 509(a)(1) NA false false true false false true false false false false true false false true false false false false false false King Street Center Inc (Liquidating Distribution) b 55311 Net Book Value King Street Center Inc (Advances 33121 461199)) e 0 Cost King Street Center Inc (Loan Guarantee 33121 6045000) e 0 Cost King Street Center Inc j 53600 Cost King Street Center Inc m 800 Cost