Philo Finance Corporation
- Assets
- $117.3m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Houston, TX
- Founding
- 10/2007
- Data as of
- 06/2021
- EIN
- 26-0279655
Organization Overview
Philo Finance Corporation is located in Houston, TX. The organization was established in 2007. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philo Finance Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Philo Finance Corporation generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (25.7%) each year. All expenses for the organization totaled $869.8k during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
KIPP TEXAS FUTURE FUND PROVIDES FINANCIAL SUPPORT TO PUBLIC CHARTER SCHOOLS LIKE KIPP TEXAS, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
KIPP TEXAS FUTURE FUND PROVIDES CAPITAL DOLLARS FOR PUBLIC CHARTER SCHOOLS LIKE KIPP TEXAS - HOUSTON IN LINE WITH DONOR INTENT. IN ADDITION, KIPP TEXAS FUTURE FUND PROVIDES SUPPORT TO KIPP TEXAS WHEN NEEDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Murphy Treas/cfo To 3/21 | Officer | 4 | $21,000 |
Peter Shaper Chair To 3/21 | OfficerTrustee | 1 | $0 |
Debbie Hurwitz Vice Chair To 3/21 | OfficerTrustee | 1 | $0 |
Son Han Deputy CFO From 3/21 | Officer | 2 | $0 |
Jaideep Hebbar CFO From 3/21 | Officer | 2 | $0 |
Sehba Ali President From 3/21 | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $733,038 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,074,462 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,807,500 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $21,000 |
| Compensation of current officers, directors, key employees. | $21,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,892 |
| Fees for services: Accounting | $12,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $142,424 |
| Fees for services: Other | $4,554 |
| Advertising and promotion | $1,500 |
| Office expenses | $2,713 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $121,933 |
| All other expenses | $0 |
| Total functional expenses | $869,849 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $85,500 |
| Savings and temporary cash investments | $5,652,918 |
| Pledges and grants receivable | $780,666 |
| Accounts receivable, net | $170,046 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $32,958 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $82,036,278 |
| Investments—other securities | $0 |
| Investments—program-related | $28,500,000 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $117,258,366 |
| Accounts payable and accrued expenses | $75,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $75,000 |
| Net assets without donor restrictions | $85,243,381 |
| Net assets with donor restrictions | $31,939,985 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $117,258,366 |
Grants Awarded
Over the last fiscal year, Philo Finance Corporation has awarded $5,010,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Houston, TX PURPOSE: Construction, program, salaries | $5,000,000 |
Houston, TX PURPOSE: General support | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wiley College Marshall, TX | $47,591,110 | $22,498,532 |
Meadow Oaks Education Foundation Mesquite, TX | $6,337,401 | $20,503,410 |
Harold E Riley Foundation Fort Worth, TX | $357,850 | $584,984 |
Compass Rose Education Inc San Antonio, TX | $15,459,454 | $19,431,467 |
Three Oclock Project Baton Rouge, LA | $1,930,450 | $18,582,179 |
Athlos Louisiana Terrytown, LA | $4,119,183 | $17,119,142 |
Nmc Inc Los Alamos, NM | $8,318,653 | $11,151,295 |
Valor Texas Education Foundation Austin, TX | $20,040,325 | $11,565,701 |
Foundation For Tulsa Schools Tulsa, OK | $13,402,243 | $11,567,047 |
Eugene Higgins Charitable Trust Dallas, TX | $194,077,327 | $32,131,659 |
Lyndon Baines Johnson Foundation Austin, TX | $271,934,270 | $12,544,612 |
Los Alamos National Laboratory Foundation Espanola, NM | $121,206,991 | $6,734,322 |