World Tang Soo Do Foundation
- Assets
- $4.2m
- Revenue
- $295.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Burlington, NC
- Founding
- 06/2014
- Data as of
- 12/2022
- EIN
- 42-1541371
Organization Overview
World Tang Soo Do Foundation is located in Burlington, NC. The organization was established in 2014. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. World Tang Soo Do Foundation 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 12/2022, World Tang Soo Do Foundation generated $295.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $91.9k during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
NURTURE EDUCATIONAL GROWTH AND PROMOTE A POSITIVE INFLUENCE IN OUR COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, SCHOLARSHIPS WERE AWARDED TO 29 INDIVIDUALS WHO DEMONSTRATED A HIGH LEVEL OF ACADEMIC PERFORMANCE, STRONG LEADERSHIP QUALITIES, A HISTORY OF SERVING OTHERS THROUGH VOLUNTEERISM AND AN ONGOING COMMITMENT TO UNDERSTANDING THE LIFELONG BENEFITS OF TRAINING IN TANG SOO DO. SCHOLARSHIPS WERE ALSO AWARDED TO 14 INDIVIDUALS WHO DEMONSTRATED A NEED FOR FINANCIAL AID TO CONTINUE THEIR STUDIES IN TANG SOO DO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gideon Lee Coo/chief Of Staff | OfficerTrustee | 1 | $0 |
William Strong Ceo/president | OfficerTrustee | 1 | $0 |
Sanford Lipstein Cfo/treasurer | OfficerTrustee | 1 | $0 |
Kristen Winsko Chair, Legal Affairs Committee | Trustee | 5 | $0 |
Michael Molinaro Chair, Scholarship Committee | Trustee | 1 | $0 |
Barbara Bellini Chair, Building Fund Committee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $24,877 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $65,267 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $90,144 |
| Total Program Service Revenue | $0 |
| Investment income | $4,441 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$42,096 |
| Net Gain/Loss on Asset Sales | $216,763 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $5,977 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $295,109 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $50,150 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $0 |
| Fees for services: Accounting | $2,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,482 |
| 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 | $7,122 |
| Insurance | $0 |
| All other expenses | $26,031 |
| Total functional expenses | $91,885 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $143,789 |
| Savings and temporary cash investments | $585,129 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $94,232 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,253,969 |
| Investments—publicly traded securities | $1,096,938 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,000 |
| Total assets | $4,196,057 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $4,064,314 |
| Net assets with donor restrictions | $131,743 |
| 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 | $4,196,057 |