Civic Intelligence

Turken Foundation Inc.

990 • Fiscal year 2018 • EIN 47-1421022

Jul 01, 2017 to Jun 30, 2018 • Filed on May 13, 2019

Organization ProfileN/A
4 West 43rd StreetNew York, NY 10036

(718) 791-5002

Siviq Scores

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

Liabilities / Assets

59th percentile

0.36x

Higher debt load relative to assets than 59% of similar nonprofits.

2018 filings • NTEE B • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

90th percentile

7.05x

Higher debt load relative to revenue than 90% of similar nonprofits.

2018 filings • NTEE B • $25M-$50M nonprofits • Source year 2018

Net Margin

90th percentile

42%

Higher net margin than 90% of similar nonprofits.

2018 filings • NTEE B • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

16th percentile

$0

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • NTEE B • $25M-$50M nonprofits • Source year 2018

Asset Growth

60th percentile

3.8%

Faster asset growth than 60% of similar nonprofits.

2018 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

2nd percentile

-71%

Faster revenue growth than 2% of similar nonprofits.

2018 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$45,318,939

Up $1,638,066 (+3.8%) from 2017

Net Assets

Up

$29,203,653

Up $954,628 (+3.4%) from 2017

Liabilities

Up

$16,115,286

Up $683,438 (+4.4%) from 2017

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin90th percentile

Revenue

Down

$2,287,064

Down $5,671,163 (-71%) from 2017

Expenses

Down

$1,332,436

Down $566,531 (-30%) from 2017

Net Income

Down

$954,628

Down $5,104,632 (-84%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth60th 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

2018

Assets$45,318,939
Liabilities$16,115,286
Net Assets$29,203,653
Open 2018 Filing

Operations Trend

Revenue Growth2nd 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

2018

Revenue$2,287,064
Expenses$1,332,436
Net Income$954,628
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 13, 2019
Return Version
2017v2.2
Gross Receipts
$3,565,407
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$35,749,669$39,585,847▲ $3,836,178
Loans From Officers Directors$15,069,786$15,532,329▲ $462,543
Cash and Non-Interest-Bearing Accounts$7,750,613$5,367,089▼ $2,383,524
Prepaid Expenses and Deferred Charges$4,635$2,000▼ $2,635
Intangible Assets$1,606$1,147▼ $459
Accounts Receivable$58,777$700▼ $58,077
Total Assets$43,680,873$45,318,939▲ $1,638,066
Other Assets Total$115,573$362,156▲ $246,583
Liabilities
Accounts Payable and Accrued Expenses$322,376$542,271▲ $219,895
Other Liabilities$39,686$40,686▲ $1,000
Total Liabilities$15,431,848$16,115,286▲ $683,438
Net Assets / Fund Balance
Unrestricted Net Assets$22,914,140$23,903,653▲ $989,513
Temporarily Rstr Net Assets$5,334,885$5,300,000▼ $34,885
Total Net Assets Fund Balance$28,249,025$29,203,653▲ $954,628
Total Liabilities and Net Assets / Fund Balance$43,680,873$45,318,939▲ $1,638,066

Asset Categories

AssetBook ValueDepreciationBasis
Land$31,347,298-$31,347,298
Other Land Buildings$8,238,004-$8,238,004
Equipment$545$2,179$2,724
Compensation and Service Providers
Top Officer Pay16th percentile

Board Members and Trustees

NameTitle
Behram TuranChairman
Ahmet BayraktutarDirector
Esra AlbayrakDirector
Fehmi BilgeDirector
Ibrahim BacaciDirector
Melike KabatasDirector
Mustafa IlbeyliDirector
Omer Faruk AlbayrakDirector
Selim CakirDirector
Zulkarneyn VardarDirector
Haluk GaniGeneral Secretary
Memis YetimTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,577,868
Program Service Revenue
$347,539
Investment Income
$361,657
Other Revenue
$0
All Other Contributions
$178,000
Change in Net Assets
$954,628

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,287,064
Total Revenue per Audited Statements
$2,287,064
Total Revenue per Form 990
$2,287,064
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,066,725
Salaries, Compensation, and Employee Benefits$165,711
Total Fundraising Expense$125,403
Grants and Similar Amounts Paid$100,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$491,013$41,288$0$532,301
Fees for Services Other$263,179$29,019$125,403$417,601
Other Salaries and Wages$56,122$97,363$0$153,485
Grants to Domestic Orgs$100,000--$100,000
Fees for Services Legal$21,476$19,000$0$40,476
Travel$27,184$0$0$27,184
Depreciation Depletion$0$26,976$0$26,976
Office Expenses$2,250$19,937$0$22,187
Payroll Taxes$4,753$7,473$0$12,226
Total Functional Expenses$965,977$241,056$125,403$1,332,436

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,332,436
Total Expenses per Audited Statements$1,332,436
Total Expenses per Form 990$1,332,436
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Dinner$178,000$178,000$18,190$159,810
Total Events$178,000$178,000$125,403$52,597
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
Loans from Officers, Directors, Trustees, and Key Employees$15,069,786$15,532,329▲ $462,543
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits Payable$40,686
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
Filing and Contact Details

Filer

Filer Name
Turken Foundation Inc
EIN
47-1421022
Phone
7187915002
Address
4 WEST 43RD STREET, NEW YORK, NY 10036

Signing Officer

Name
Haluk Gani
Title
Secretary
Phone
7187915002
Signed
2019-05-13

Organization Details

Principal Officer
Haluk Gani
Formed
2014
Legal Domicile
Ny
Voting Board Members
12
Independent Board Members
12
Employees
2
Volunteers
44

Preparer

Firm
M Hassanali CPA PLLC
Address
400 Post Ave Suite 211, Westbury, NY 11590
Preparer
Mustali Hassanali
Phone
2126455955
Supplemental Narrative

Additional Explanations

Pt VI, Line 8B

“The board maintians board minutes for each meeting and keep a copy in office. Actions are taken on decisions made in meetings and updates are provided in next meetings”

Pt VI, Line 11B

“Form 990 and related financials was presented to the board for review prior to filing”

Pt VI, Line 12C

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

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IRS990/ProgSrvcAccomActy2Grp/Desc0PROVIDE STUDENT HOUSING INCLUDING GRANTS & SUBSIDIES TO MEET THE GAP IN CULTURALLY & RELIGIOUSLY APPROPRIATE HOUSING IN THE NEW YORK CITY & NEYOND FOR MUSLIM STUDENTS. THE HOUSING TO INCLUDE PROTECTING THE PRIVACY OF FEMALE STUDENTS, PROVIDE GENDER SEPARATION IN LIVING ACCOMODATIONS, PROVIDE HALAL FOOD SERVICE, ENFORCE RESTRICTIONS AGAINST THE USE OF DRUGS, ALCOHOL AND TO PROVIDE PRAYER ROOMS AND RELIGIOUS SUPPORT FOR HOLY DAYS.THE FOUNDATION HAS ALSO PROVIDED SUBSIDIZED HOUSING TO VARIOUS STUDE
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0347539
IRS990/ProgSrvcAccomActy3Grp/Desc0CULTURAL AND SOCIAL AWARENESS PROGRAMS AND EXPERIENCES FOR STUDENTS TO LEARN MORE ABOUT MUSLIM CULTURES AND TO PROMOTE CROSS-CULTURAL RELATIONSHIPS BETWEEN MUSLIM CULTURES AND TRADITIONS WITH AMERICAN CULTURES AND TRADITIONS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The board maintians board minutes for each meeting and keep a copy in office. Actions are taken on decisions made in meetings and updates are provided in next meetings
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Form 990 and related financials was presented to the board for review prior to filing
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The board on annual basis discloses any conflict of interest that they may have that can impact the Organization
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt04 WEST 43RD ST SUITE 316
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010036
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/PersonNm0HALUK GANI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum07187915002
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TURKEN FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0TURK
ReturnHeader/Filer/EIN0471421022

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$45,318,939
Liabilities
$16,115,286
Net assets
$29,203,653
Revenue
$2,287,064
Expenses
$1,332,436
Net income
$954,628
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