King Foundation

“Two of the officers received a small salary, two other board members are married to the two compensated officers.”

“The form 990 is completed under the direction of senior management. All members of the board are invited to review the completed form 990 in advance of the filing deadline with all questions and concerns addressed and incorporated into the form 990 as appropriate. After all input from the board has been addressed, senior management files the final form 990 as required.”

“IN REGARDS TO THE CONFLICT OF INTEREST POLICY THE ORGANIZATION HAS ADOPTED, EACH INTEREST PERSON IS REQUIRED TO SIGN A STATEMENT AFFIRMING THAT SUCH PERSON HAS RECEIVED A COPY OF THE POLICY, HAS READ AND UNDERSTANDS THE POLICY, HAS AGREED TO COMPLY WITH THE POLICY, AND UNDERSTANDS THAT THE ORGANIZATION MUST ENGAGE PRiMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES.”

“Compensation approved and paid to officers as the organization continues to grow and is able to pay based on operations.”

“It is kING FOUNDATION's policy to fully comply with Federal and Arizona public disclosure requirements with respect to IRS Forms 990 and 1023. Our organization will fulfill all requests for forms made in writing or in person. In addition, the IRS Form 990 is available on the Guidestar website.”

“In managements opinion, the Organization was in compliance with the requirements for operations as established by Arizona Revised Statutes as of June 30, 2020. Those requirements include, but are not limited to, the following:Must allocate at least 90% of tax credit contributions to educational scholarships. Scholarships must be paid out within the following two years or reserved for future scholarships for specific students awarded multi-year scholarships.Must timely file prescribed annual report with the Arizona Department of Revenue.May not limit the availability of educational scholarships to students of only one school. May allow donors to recommend student beneficiaries, but shall not award, designate or reserve scholarships solely on the basis of donor recommendations. May not allow donors to designate student beneficiaries as a condition of any contributions for the organization or facilitate, encourage or knowingly permit the exchange of beneficiary student designations in violation of A.R.S 43-1089, subsection F. The Organizations conducts its STO activities pursuant to enacted Arizona Revised Statutes. Should any reforms be enacted, the Organizations activities could be significantly impacted.”

“Designated net assets represent the unspent portion of the 90% of all support and revenue received from contributions under the tax credit program that is required by Arizona law to be awarded for scholarships. Included in the total designated net assets are amounts reserved for future scholarships for specific students awarded multi-year scholarships. Designated net assets as of June 30, 2020, consist of the following:Remaining balance required to be paid out before June 30, 2022 - $500,694The total amount reserved for future scholarships for specific students awarded multi-year scholarships is $94,306 and will be disbursed in a future year upon receipt and evaluation of scholarship applications.”

“Scholarships are recorded as expenses when they are disbursed. All scholarships are approved by the scholarship committee prior to payment. Refunded scholarships are reported net of scholarships paid in the year the refund was received.”