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Nonprofiteer
← KINGSTON EDUCATIONAL HOLDINGS 1 INC

Form 990 for tax year 2023

Filed by KINGSTON EDUCATIONAL HOLDINGS 1 INC.

Totals

Total revenue
$6,004,738
Total expenses
$7,714,607
Contributions and grants received
$4,174,255
Grants paid
$630,295
Program service revenue
$1,610,186
Investment income
$220,297
Other revenue
$0
Total assets, end of year
$69,854,534
Total liabilities, end of year
$78,947,212
Net assets or fund balances, end of year
-$9,092,678
Program services expenses (Part IX)
$7,674,934
Management and general expenses
$39,673
Fundraising expenses
$0
Program service expenses (Part III)
$7,674,934

Program services were 99.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $4,174,255

  • 2a · Program service revenue: INTEREST ON NOTES RECE

    total $1,080,023 · related or exempt $1,080,023

  • 2b · Program service revenue: RENTAL INCOME

    total $530,163 · related or exempt $530,163

  • 3 · Investment income

    total $220,297 · excluded $220,297

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $630,295 · program services $630,295

  • 11b · Fees: legal

    total $1,225 · management and general $1,225

  • 11c · Fees: accounting

    total $25,250 · management and general $25,250

  • 13 · Office expenses

    total $11,750 · management and general $11,750

  • 20 · Interest

    total $6,088,176 · program services $6,088,176

  • 22 · Depreciation, depletion and amortization

    total $921,089 · program services $921,089

  • 23 · Insurance

    total $35,374 · program services $35,374

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $1,448 · management and general $1,448

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $5,297,574 · end of year $7,421,970

  • 4 · Accounts receivable

    beginning of year $639,994 · end of year $1,085,856

  • 10a · Land, buildings and equipment: cost or other basis

    $37,398,534

  • 10b · Land, buildings and equipment: accumulated depreciation

    $8,260,154

  • 10c · Land, buildings and equipment, net

    beginning of year $30,059,469 · end of year $29,138,380

  • 13 · Investments: program-related

    beginning of year $33,303,351 · end of year $30,468,402

  • 15 · Other assets

    beginning of year $1,809,011 · end of year $1,739,926

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,106,642 · end of year $1,129,313

  • 23 · Secured mortgages and notes payable

    beginning of year $73,960,103 · end of year $75,337,933

  • 25 · Other liabilities

    beginning of year $3,425,463 · end of year $2,479,966

  • 27 · Net assets without donor restrictions

    beginning of year -$7,382,809 · end of year -$9,092,678

Mission and programs · 2023

Mission

TO ASSIST TEAM ACADEMY CHARTER SCHOOL, INC. ("TEAM") WITH FINANCING IMPROVEMENTS AND RENOVATIONS TO VARIOUS SCHOOL FACILITIES OPERATED OR TO BE OPERATED BY TEAM AS PUBLIC CHARTER SCHOOL FACILITIES IN NEWARK, NEW JERSEY.

  • ASSIST TEAM ACADEMY CHARTER SCHOOL, INC. ("TEAM") IN FINANCING IMPROVEMENTS AND RENOVATIONS TO VARIOUS SCHOOL FACILITIES OPERATED OR TO BE OPERATED BY TEAM AS PUBLIC CHARTER SCHOOL FACILITIES IN NEWARK, NEW JERSEY.

    Expenses $7,674,934 · Grants $630,295 · Revenue $1,610,186

As filed on the 2023 return.

Listed in Part VII

  • TIMOTHY CARDEN

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • DANIEL ADAN

    TREASURER

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • STEVEN SMALL

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • GABRIELLA DIFILIPPO

    SECRETARY (NON-VOTING)

    Total calculated
    $0
    Hours/week
    2 + 7 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • USBCDC INVESTMENT FUND 10 LLC

    SCHOOL REAL ESTATE FINANCING · MN · income $164,783 · assets $5,403,277

    Directly controlled by KINGSTON EDUCATIONAL HOLDINGS I INC

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202511329349306636

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