Civic Intelligence

King Solomon Humanitarian Foundation For

990 • Fiscal year 2020 • EIN 04-6128271

Oct 01, 2019 to Sep 30, 2020 • Filed on Feb 06, 2022

470 Pine StreetBridgewater, MA 02324

(508) 697-7557

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

60th percentile

0.18x

Higher debt load relative to assets than 60% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

84th percentile

0.92x

Higher debt load relative to revenue than 84% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

4th percentile

-101%

Higher net margin than 4% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

53rd percentile

$66,434

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 22.1% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

9th percentile

-9.4%

Faster asset growth than 9% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2020

Revenue Growth

9th percentile

-45%

Faster revenue growth than 9% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2020

Assets

Down

$1,577,758

Down $345,451 (-18%) from 2018

Net Assets

Down

$1,300,276

Down $439,471 (-25%) from 2018

Liabilities

Up

$277,482

Up $94,020 (+51%) from 2018

Revenue

Down

$300,340

Down $700,362 (-70%) from 2018

Expenses

Down

$602,201

Down $789,903 (-57%) from 2018

Net Income

Up

-$301,861

Up $89,541 (+23%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $3,406,665Liabilities 2011: $105,443Net Assets 2011: $3,301,2222011Assets 2012: $3,329,917Liabilities 2012: $106,475Net Assets 2012: $3,223,4422012Assets 2013: $3,156,553Liabilities 2013: $126,530Net Assets 2013: $3,030,0232013Assets 2014: $3,010,585Liabilities 2014: $159,435Net Assets 2014: $2,851,1502014Assets 2015: $2,917,984Liabilities 2015: $227,540Net Assets 2015: $2,690,4442015Assets 2016: $2,620,835Liabilities 2016: $196,805Net Assets 2016: $2,424,0302016Assets 2017: $2,258,215Liabilities 2017: $127,066Net Assets 2017: $2,131,1492017Assets 2018: $1,923,209Liabilities 2018: $183,462Net Assets 2018: $1,739,7472018Assets 2020: $1,577,758Liabilities 2020: $277,482Net Assets 2020: $1,300,2762020Assets 2021: $1,331,915Liabilities 2021: $232,269Net Assets 2021: $1,099,6462021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2020

Assets$1,577,758
Liabilities$277,482
Net Assets$1,300,276

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $1,083,275Expenses 2011: $1,148,779Net Income 2011: -$65,5042011Expenses 2012: $1,203,2972012Revenue 2013: $1,043,395Expenses 2013: $1,236,814Net Income 2013: -$193,4192013Revenue 2014: $1,101,930Expenses 2014: $1,280,803Net Income 2014: -$178,8732014Revenue 2015: $1,171,472Expenses 2015: $1,332,178Net Income 2015: -$160,7062015Revenue 2016: $1,063,370Expenses 2016: $1,360,940Net Income 2016: -$297,5702016Revenue 2017: $1,036,242Expenses 2017: $1,329,123Net Income 2017: -$292,8812017Revenue 2018: $1,000,702Expenses 2018: $1,392,104Net Income 2018: -$391,4022018Revenue 2020: $300,340Expenses 2020: $602,201Net Income 2020: -$301,8612020Revenue 2021: $47,873Expenses 2021: $248,503Net Income 2021: -$200,6302021Revenue 2022: $47,531Expenses 2022: $35,480Net Income 2022: $12,0512022

Highlighted filing

2020

Revenue$300,340
Expenses$602,201
Net Income-$301,861
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
Feb 6, 2022
Return Version
2019v5.0
Gross Receipts
$300,850
Mission and Program Overview

Mission

To promote the general welfare of challenged persons, especially challenged children, regardless of race, religion or national origin. To encourage and assist them to receive the best therapeutic and recreational services available. To promote better public understanding of their problems and cooperate with the public, private and religious agencies in the furtherance of these ends to associate with similiar organizations in this cause.

To promote the general welfare of challenged persons. Especially challenged children, regardless of race, religion or national origin. To encourage and assist them to receive the best therapeutic and recreational services available. To promote better public understanding of their problems and cooperate with the public, private and religious agencies in the furtherance of these ends to associate with similiar organizations in this cause.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,607,959$1,429,513▼ $178,446
Cash and Non-Interest-Bearing Accounts$40,768$123,530▲ $82,762
Accounts Receivable$89,891$22,210▼ $67,681
Prepaid Expenses and Deferred Charges$21,139$2,505▼ $18,634
Total Assets$1,759,757$1,577,758▼ $181,999
Liabilities
Other Liabilities-$143,100-
Accounts Payable and Accrued Expenses$92,376$107,097▲ $14,721
Deferred Revenue$65,244$27,285▼ $37,959
Total Liabilities$157,620$277,482▲ $119,862
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,517,054$1,197,298▼ $319,756
Net Assets With Donor Restrictions$85,083$102,978▲ $17,895
Total Net Assets Fund Balance$1,602,137$1,300,276▼ $301,861
Total Liabilities and Net Assets / Fund Balance$1,759,757$1,577,758▼ $181,999

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,231,548$3,027,059$4,258,607
Equipment$37,715$363,320$401,035
Other Land Buildings-$295,525$295,525
Land$160,250-$160,250
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Jaclyn RossExecutive DiFT$66,434$66,434

Board Members and Trustees

NameTitle
Thomas WalshPresident
Alan ZamanskyBoard Member
Amanda CortBoard Member
Andrew BankBoard Member
Barry BernsteinBoard Member
Barry ShoreBoard Member
Bob SocciBoard Member
Caroline HumphreyBoard Member
Daniel RealeBoard Member
Harvey SlobodkinBoard Member
James DevinsBoard Member
Jason CortBoard Member
Jerold RutbergBoard Member
John DalimonteBoard Member
Keith PerryBoard Member
Leonard TeperowBoard Member
Michael FlattoBoard Member
Neal AndelmanBoard Member
Paul WaitzeBoard Member
Stuart LaddBoard Member
Dov YoffeClerk
Ron LudvigsenTreasurer
David DelouryVice Preside
Ron CortVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$115,063
Program Service Revenue
$170,841
Investment Income
$6
Other Revenue
$14,430
All Other Contributions
$115,063
Change in Net Assets
$-301,861
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$407,044
Salaries, Compensation, and Employee Benefits$195,157
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$160,601$17,845-$178,446
Comp Disqual Persons$122,295$33,043-$155,338
Insurance$47,419$8,368-$55,787
Occupancy$29,192$13,506-$42,698
Fees for Services Accounting-$22,162-$22,162
Payroll Taxes$14,161$3,391-$17,552
Other Employee Benefits$6,890$4,428-$11,318
Current Officers, Directors, Trustees, and Key Employees-$10,949-$10,949
Other Expenses$761$7,066-$7,827
All Other Expenses$6,604$243-$6,847
Office Expenses-$4,632-$4,632
Advertising-$3,909-$3,909
Interest-$2,678-$2,678
Travel$529$305-$834
Fees for Services Other-$797-$797
Total Functional Expenses$456,474$145,727$0$602,201
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$14,940
Fundraising Direct Expenses$510
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long Term Debt$136,740
Current Portion of Long Term Debt$6,360
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The 990 is presented to the board along with the audit report upon completion.

Form 990, Page 6, Part VI, Line 12C

Conflict of interest policy requires annual disclosure. Any conflicts are declared annually by board members and are addressed or made public if they arise.

Form 990, Page 6, Part VI, Line 15A

The executive committee, at the leadership of the board president and the approval of the full board, determine the executive director's salary. Key employees' salaries are set by the executive director and reviewed by the board president. All salaries are based on comparative analysis

Form 990, Page 6, Part VI, Line 19

Governing documents, conflict of interest policy and financial statements are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
King Solomon Humanitarian Foundatio
EIN
04-6128271
Phone
5086977557
Address
470 PINE STREET, BRIDGEWATER, MA 02324

Signing Officer

Name
Thomas Walsh
Title
President
Phone
5086977557
Signed
2022-02-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Walsh
Formed
1963
Legal Domicile
Ma
Voting Board Members
24
Independent Board Members
24
Employees
143
Volunteers
10

Preparer

Firm
Shaheen Pallone & Associates Pc
Address
861 TURNPIKE STREET, NORTH ANDOVER, MA 01845
Preparer
Naomi J Andon
Phone
9786867200
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To promote the general welfare of challenged persons. Especially challenged children, regardless of race, religion or national origin. To encourage and assist them to receive the best therapeutic and recreational services available. To promote better public understanding of their problems and cooperate with the public, private and religious agencies in the furtherance of these ends to associate with similiar organizations in this cause.

Form 990, Page 2, Part III, Line 3

Prior to covid( pre-march 2020), the company was working on ramping up enrollment at the bridge center similar to previous years. The covid-19 pandemic ( early march 2020 & thereafter) brought on a lot of unforeseen and uncertain circumstances, and had a very strong impact on both the world & the bridge center itself. To aid in mitigating risk & to sustain the bridge center's financial operations, the board decided the best choice due to the nature of the bridge center's customers-disabled children & veterans- was to keep their doors shut - not contiune any programs until further notice as they were unable to be 100% certain of being able to follow social distancing guidelines as mandated by the city of bridgewater & the government. Since there would be no individuals allowed on campus due to safety concerns, the bridge center felt it best to keep the doors shut through the duration of 2020 as to not expose the company to any potential liability issues. The board has actively monitored this situation on a daily basis, but the bridge center remained closed to business & did not have any programs from the start of the pandemic through the year-end 09/30/20. The board of directors notes if the pandemic had not happened, the plan was for the bridge center to operate very similar to how it has in prior years. In summary, the bridge center & their board believes they have taken the appropriate steps in relation to program closures to ensure the future of the company & the achieving of the mission statement.

Financial Statement Notes

Schedule D, Page 3, Part X

The foundation is exempt from income taxes under section 501(c)(3) of the internal revenue code and management has determined that all of the foundation's income, expenditures and activities relate to its exempt purpose, therefore no provision for federal or state income taxes has been made in the accompanying financial statements. Accounting standards provide detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an organization's financial statements. Under these standards, an organization is required to recognize the financial statement impact of a tax position when it is more likely than not that the position will not be sustained upon examination. The foundation has evaluated its significant tax positions against the criteria established and believes there are no such tax positions requiring accounting recognition. The foundation's federal and state tax returns may be subject to examination by tax authorities for the years ended september 30 2020,2019,2018 and 2017.

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IRS990/Form990PartVIISectionAGrp/TitleTxt20BOARD MEMBER
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