Civic Intelligence

Turken Foundation Inc.

990 • Fiscal year 2016 • EIN 47-1421022

Jul 01, 2015 to Jun 30, 2016 • Filed on Feb 14, 2017

Organization ProfileTURKENFOUNDATION.ORG
1441 Broadway 3rd FloorNew York, NY 10018

(718) 791-5002

Siviq Scores

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

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

23rd percentile

0.07x

Higher debt load relative to revenue than 23% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Net Margin

4th percentile

-72%

Higher net margin than 4% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

22nd percentile

$46,667

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Asset Growth

18th percentile

-4.2%

Faster asset growth than 18% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

1st percentile

-94%

Faster revenue growth than 1% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets12th percentile

Assets

Down

$22,278,849

Down $977,471 (-4.2%) from 2015

Net Assets

Down

$22,187,385

Down $985,928 (-4.3%) from 2015

Liabilities

Up

$91,464

Up $8,457 (+10%) from 2015

Revenue And Expenses
Liabilities / Revenue23rd percentileNet Margin4th percentile

Revenue

Down

$1,378,620

Down $23,082,139 (-94%) from 2015

Expenses

Up

$2,364,548

Up $1,077,102 (+84%) from 2015

Net Income

Down

-$985,928

Down $24,159,241 (-104%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

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

$150M$100M$50M$0Assets 2014: $1Liabilities 2014: $02014Assets 2015: $23,256,320Liabilities 2015: $83,007Net Assets 2015: $23,173,3132015Assets 2016: $22,278,849Liabilities 2016: $91,464Net Assets 2016: $22,187,3852016Assets 2017: $43,680,873Liabilities 2017: $15,431,848Net Assets 2017: $28,249,0252017Assets 2018: $45,318,939Liabilities 2018: $16,115,286Net Assets 2018: $29,203,6532018Assets 2019: $51,235,136Liabilities 2019: $114,517Net Assets 2019: $51,120,6192019Assets 2020: $67,183,391Liabilities 2020: $7,482,787Net Assets 2020: $59,700,6042020Assets 2022: $94,636,659Liabilities 2022: $32,876,494Net Assets 2022: $61,760,1652022Assets 2023: $99,212,722Liabilities 2023: $38,750,210Net Assets 2023: $60,462,5122023Assets 2024: $117,880,230Liabilities 2024: $40,948,922Net Assets 2024: $76,931,3082024

Highlighted filing

2016

Assets$22,278,849
Liabilities$91,464
Net Assets$22,187,385
Open 2016 Filing

Operations Trend

Revenue Growth1st percentile

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

$30M$20M$10M$0-$10MRevenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2015: $24,460,759Expenses 2015: $1,287,446Net Income 2015: $23,173,3132015Revenue 2016: $1,378,620Expenses 2016: $2,364,548Net Income 2016: -$985,9282016Revenue 2017: $7,958,227Expenses 2017: $1,898,967Net Income 2017: $6,059,2602017Revenue 2018: $2,287,064Expenses 2018: $1,332,436Net Income 2018: $954,6282018Revenue 2019: $22,853,649Expenses 2019: $936,683Net Income 2019: $21,916,9662019Revenue 2020: $9,348,841Expenses 2020: $768,856Net Income 2020: $8,579,9852020Revenue 2022: $18,984Expenses 2022: $807,223Net Income 2022: -$788,2392022Revenue 2023: $2,497,019Expenses 2023: $2,800,822Net Income 2023: -$303,8032023Revenue 2024: $19,767,826Expenses 2024: $3,195,433Net Income 2024: $16,572,3932024

Highlighted filing

2016

Revenue$1,378,620
Expenses$2,364,548
Net Income-$985,928
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Feb 14, 2017
Return Version
2015v3.0
Gross Receipts
$1,670,670
Mission and Program Overview

Mission

Provide student housing, educational grants and scholarships and promote cultural awareness through education.

Provide student housing, educational grants and schloraships and promote cultural awareness through education

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$21,219,226$21,591,227▲ $372,001
Cash and Non-Interest-Bearing Accounts$1,961,195$611,532▼ $1,349,663
Intangible Assets$2,256$2,065▼ $191
Other Notes and Loans Receivable, Net$1,943$0▼ $1,943
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$23,256,320$22,278,849▼ $977,471
Other Assets Total$71,700$74,025▲ $2,325
Liabilities
Other Liabilities$83,007$91,464▲ $8,457
Total Liabilities$83,007$91,464▲ $8,457
Net Assets / Fund Balance
Unrestricted Net Assets$23,173,313$22,187,385▼ $985,928
Total Net Assets Fund Balance$23,173,313$22,187,385▼ $985,928
Total Liabilities and Net Assets / Fund Balance$23,256,320$22,278,849▼ $977,471

Asset Categories

AssetBook ValueDepreciationBasis
Land$20,132,560-$20,132,560
Buildings$1,062,854$42,146$1,105,000
Leasehold Improvements$394,179-$394,179
Equipment$1,634$1,090$2,724
Compensation and Service Providers
Top Officer Pay22nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Serhat KaanDirectorFT$46,667$46,667

Board Members and Trustees

NameTitle
Behram TuranChairman
Ahmet BayraktutarDirector
Esra AlbayrakDirector
Faith HidirligilDirector
Halil MutluDirector
Ibrahim BacaciDirector
Ismail KaanDirector
Melike KabatasDirector
Omer Faruk AlbayrakDirector
Selim CakirDirector
Zurkarni VardarDirector
Haluk GaniSecretary
Memis YetimTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,040,680
Program Service Revenue
$593,960
Investment Income
$0
Other Revenue
$-256,020
All Other Contributions
$1,040,680
Change in Net Assets
$-985,928

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,378,620
Revenue Not Reported on Form 990
$292,051
Total Revenue per Audited Statements
$1,670,671
Total Revenue per Form 990
$1,378,620
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,685,153
Grants and Similar Amounts Paid$504,500
Salaries, Compensation, and Employee Benefits$174,895
Total Fundraising Expense$12,547
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$532,225$261,218-$793,443
Grants to Domestic Orgs$504,500--$504,500
Travel$253,622--$253,622
Fees for Services Legal$88,091$122,945-$211,036
Other Salaries and Wages$78,172$27,918$5,584$111,674
Fees for Services Other$86,000--$86,000
Office Expenses$47,201$5,496$2,776$55,473
Current Officers, Directors, Trustees, and Key Employees$32,667$11,667$2,333$46,667
Depreciation Depletion-$29,069-$29,069
Payroll Taxes$11,588$4,138$828$16,554
Insurance-$9,177-$9,177
All Other Expenses$4,002$3,297$208$7,507
Other Expenses$11,461$3,586$818$3,586
Advertising$2,300--$2,300
Total Functional Expenses$1,871,852$480,149$12,547$2,364,548

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,656,599
Expenses per Audited Statements$2,364,548
Total Expenses per Form 990$2,364,548
Expenses Not Reported on Form 990$292,051
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Albanian Islamic Cultural CenStaten Island, NY-Educational Housing$492,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$292,050
Fundraising Gross Income$36,030
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
1st Annual Dinner$36,030$36,030$163,024$-126,994
Total Events$36,030$36,030$292,050$-256,020
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposit Payable$85,759
Payroll Taxes Payable$5,704
Rounding$1
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
No
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, Part VI, Line 11B: Form 990 Review Process

“The 990 and related financials was presented to the board for their review prior to the filing of the documents for their review. Changes were made to both as part of their review.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The board on an annual basis discloses any conflict of interest that they may have that can impact the Organization.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Turken Foundation Inc
EIN
47-1421022
Phone
7187915002
Address
1441 Broadway 3rd Floor, New York, NY 10018

Signing Officer

Name
Memis Yetim
Title
Treasurer
Signed
2017-02-14
Discuss with paid preparer
Yes

Organization Details

Formed
2014
Legal Domicile
De
Voting Board Members
13
Independent Board Members
13
Employees
4
Volunteers
22

Preparer

Firm
Crossways Tax Preparation LLC
Address
525 Broadhollow Rd Suite 104, Melville, NY 11747
Preparer
Stephen A Ross CPA
Phone
5169216060
Supplemental Narrative

Financial Statement Notes

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Fundraising Expenses shown in Functional $292051”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Fundraising Expenses on Part VIII $292051”

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IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
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IRS990/FundraisingGrossIncomeAmt036030
IRS990/GamingActivitiesInd0false
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IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0false
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0PROVIDE STUDENT HOUSING, EDUCATIONAL GRANTS AND SCHLORASHIPS AND PROMOTE CULTURAL AWARENESS THROUGH EDUCATION
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt0261218
IRS990/OccupancyGrp/ProgramServicesAmt0532225
IRS990/OccupancyGrp/TotalAmt0793443
IRS990/OfficeExpensesGrp/FundraisingAmt02776
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt05496
IRS990/OfficeExpensesGrp/ProgramServicesAmt047201
IRS990/OfficeExpensesGrp/TotalAmt055473
IRS990/OfficerMailingAddressInd0false
IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
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IRS990/OtherExpensesGrp/Desc1Printing
IRS990/OtherExpensesGrp/Desc2Cultural Awareness
IRS990/OtherExpensesGrp/Desc3Bank Service Charges
IRS990/OtherExpensesGrp/FundraisingAmt0818
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt01638
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt13586
IRS990/OtherExpensesGrp/ProgramServicesAmt0193319
IRS990/OtherExpensesGrp/ProgramServicesAmt126704
IRS990/OtherExpensesGrp/ProgramServicesAmt211461
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IRS990/OtherExpensesGrp/TotalAmt129160
IRS990/OtherExpensesGrp/TotalAmt211461
IRS990/OtherExpensesGrp/TotalAmt33586
IRS990/OtherLiabilitiesGrp/BOYAmt083007
IRS990/OtherLiabilitiesGrp/EOYAmt091464
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt05584
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt027918
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt078172
IRS990/OtherSalariesAndWagesGrp/TotalAmt0111674
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt01943
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt0828
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04138
IRS990/PayrollTaxesGrp/ProgramServicesAmt011588
IRS990/PayrollTaxesGrp/TotalAmt016554
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531120
IRS990/ProgramServiceRevenueGrp/Desc0Programmatic Income
IRS990/ProgramServiceRevenueGrp/Desc1Rental Income
IRS990/ProgramServiceRevenueGrp/ExclusionAmt031968
IRS990/ProgramServiceRevenueGrp/ExclusionAmt1561992
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt031968
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1561992
IRS990/ProgSrvcAccomActy2Grp/Desc0TO PROVIDE EDUCATIONAL OPPORTUNIITES INCLUDING STUDENT SCHOLARSHIPS & GRANT AWARDS BASED ON FINANCIAL NEEDS AND/OR MERITS. DURING THE CURRENT YEAR, THE FOUNDATION HAS PROVIDED GRANT MONEY TO THE ALBANIAN ISLAMIC CULTURAL CENTER AND TO ITS SUBSIDIARY THE MIRAJ ISLAMIC SCHOOL. THE ALBANIAN ISLAMIC CULTURAL CENTER IS A NOT-FOR-PROFIT CORPORATION AND MONEY CONTRIBUTED WAS TO BE USED FOR EDUCATIONAL PURPOSES. ADDITIONALLY, THE FOUNDATION HAS PROVIDED TUITION ASSISTANCE TO VARIOUS STUDENTS DURING THE CURRENT YEAR.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0573012
IRS990/ProgSrvcAccomActy3Grp/Desc0PROVIDE STUDENT HOUSING INCLUDING GRANTS & SUBSIDIES TO MEET THE GAP IN CULTURALLY & RELIGIOUSLY APPROPRIATE HOUSING IN THE NEW YORK CITY AREA AND BEYOND FOR MUSLIM STUDENTS. THE HOUSING TO INCLUDE PROTECTING THE PRIVACY OF FEMALE STUDENTS, PROVIDE GENDER SEPARATION IN LIVING ACCOMDATIONS, PROVIDE HALAL FOOD SERVICE, ENFORCE RESTRICTIONS AGAINST THE USE OF DRUGS & ALCOHOL AND TO PROVIDE PRAYER ROOMS AND RELIGIOUS SUPPORT FOR HOLY DAYS.. DURING THE CURRENT YEAR, THE FOUNDATION ACQUIRED TWO PARCELS OF REAL PROPERTY IN MANHATTAN WITH THE INTENT OF CONSTRUCTING A FUTURE STUDENT HOUSING FACILITY. THE FOUNDATION HAS ALSO PROVIDED SUBSIDIZED HOUSING TO VARIOUS STUDENTS DURING THE CURRENT YEAR.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0503992
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt024023767
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0348009
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0870062
IRS990/PYOtherRevenueAmt0365120
IRS990/PYProgramServiceRevenueAmt071872
IRS990/PYRevenuesLessExpensesAmt023173313
IRS990/PYSalariesCompEmpBnftPaidAmt069375
IRS990/PYTotalExpensesAmt01287446
IRS990/PYTotalRevenueAmt024460759
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-985928
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearAmt0525000
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus1YearAmt021475500
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt022000500
IRS990ScheduleA/First5Years509Ind0X
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt024388887
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IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt0521010
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt0561992
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0561992
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt067998
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt067998
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0561992
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IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus1YearAmt021475500
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt022000500
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IRS990ScheduleA/Total509Grp/TotalAmt025497565
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt01670670
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt024388887
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt026059557

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,278,849
Liabilities
$91,464
Net assets
$22,187,385
Revenue
$1,378,620
Expenses
$2,364,548
Net income
-$985,928
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$118$40.9$76.9$19.8$3.20$16.6
2023Detailed filing. Detailed filing data is available for this year.$99.2$38.8$60.5$2.50$2.80$0.30
2022Detailed filing. Detailed filing data is available for this year.$94.6$32.9$61.8$0.02$0.81$0.79
2020Detailed filing. Detailed filing data is available for this year.$67.2$7.48$59.7$9.35$0.77$8.58
2019Detailed filing. Detailed filing data is available for this year.$51.2$0.11$51.1$22.9$0.94$21.9
2018Detailed filing. Detailed filing data is available for this year.$45.3$16.1$29.2$2.29$1.33$0.95
2017Summary only. Only limited summary data is available for this year.$43.7$15.4$28.2$7.96$1.90$6.06
2016Detailed filing. Detailed filing data is available for this year.$22.3$0.09$22.2$1.38$2.36$0.99
2015Detailed filing. Detailed filing data is available for this year.$23.3$0.08$23.2$24.5$1.29$23.2
2014Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00