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Nonprofiteer
← FTC QALICB INC

Form 990 for tax year 2022

Filed by FTC QALICB INC.

Totals

Total revenue
$161,102
Total expenses
$780,062
Contributions and grants received
$11,102
Grants paid
$0
Program service revenue
$150,000
Investment income
$0
Other revenue
$0
Total assets, end of year
$15,121,969
Total liabilities, end of year
$16,075,057
Net assets or fund balances, end of year
-$953,088
Program services expenses (Part IX)
$758,960
Management and general expenses
$21,102
Fundraising expenses
$0
Program service expenses (Part III)
$758,960

Program services were 97.3% 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.

  • 1f · All other contributions, gifts and grants

    $11,102

  • 2a · Program service revenue: LEASE INCOME

    total $150,000 · related or exempt $150,000

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $19,500 · management and general $19,500

  • 11g · Fees: other

    total $20,016 · program services $20,016

  • 20 · Interest

    total $215,402 · program services $215,402

  • 22 · Depreciation, depletion and amortization

    total $523,542 · program services $523,542

  • 23 · Insurance

    total $1,602 · management and general $1,602

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $316,516 · end of year $249,516

  • 4 · Accounts receivable

    beginning of year $25,000 · end of year $25,000

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

    $15,973,147

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

    $1,125,694

  • 10c · Land, buildings and equipment, net

    beginning of year $15,370,995 · end of year $14,847,453

  • 17 · Accounts payable and accrued expenses

    beginning of year $33,678 · end of year $33,678

  • 25 · Other liabilities

    beginning of year $16,012,961 · end of year $16,041,379

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year -$334,128 · end of year -$953,088

Mission and programs · 2022

Mission

TO DEVELOP AND CONSTRUCT A MUSEUM TO BENEFIT, SUPPORT, PERFORM THE CHARITABLE FUNCTIONS OF, OR TO CARRY OUT THE CHARITABLE PURPOSES, OF THE MISSISSIPPI CHILDREN'S MUSEUM. FTC OBTAINED THE STATUS OF A QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS IN ORDER TO CONSTRUCT, DEVELOP, AND EQUIP A CHILDREN'S MUSEUM IN MERIDIAN, MISSISSIPPI THROUGH A NEW MARKETS TAX CREDIT (NMTC) TRANSACTION.

Activities or mission (Part I)

TO DEVELOP AND CONSTRUCT A MUSEUM TO BENEFIT, SUPPORT, PERFORM THE CHARITABLE FUNCTIONS OF, OR TO CARRY OUT THE CHARITABLE PURPOSES OF, THE MISSISSIPPI CHILDREN'S MUSEUM.

  • TO DEVELOP AND CONSTRUCT A MUSEUM TO BENEFIT, SUPPORT, PERFORM THE CHARITABLE FUNCTIONS OF, OR TO CARRY OUT THE CHARITABLE PURPOSES, OF THE MISSISSIPPI CHILDREN'S MUSEUM.

    Expenses $758,960 · Revenue $150,000

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Susan Garrard

    DIRECTOR

    Total calculated
    $157,230
    From this org
    $0
    From related orgs
    $147,000
    Other
    $10,230
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $147,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $4,410 related
    Nontaxable benefits
    $0 + $5,820 related
    Filer's total
    $0 + $157,230 related

  • Sarah Skelton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Barbara Zeller

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Janet Spain

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Mary Preston Dubberly

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations 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.

  • MISSISSIPPI CHILDREN'S MUSEUM

    501(C)3 · OPERATE CHILDREN'S MUSEUM · MS

  • MISSISSIPPI CHILDREN'S MUSEUM - MERIDIAN LLC

    501(C)3 · OPERATE CHILDREN'S MUSEUM · MS

    Directly controlled by MS CHILDREN'S MUSEUM

Provenance

Return type
form_990
Tax year
2022
Filed
19 March 2024
IRS schema version
2022v5.0
Source object
202410809349300246

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