Red String Foundation
- Assets
- $914.4k
- Revenue
- $359.8k
- Investments
- $883.4k
- Employees
- 0
- Location
- Seal Beach, CA
- Founding
- Data as of
- 12/2022
- EIN
- 84-4020796
Organization Overview
Red String Foundation is located in Seal Beach, CA. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Red String 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, Red String Foundation generated $359.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (5.2%) each year.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PRIMARILY FOCUSED ON PROVIDING GRANTS TO OTHER QUALIFIED TAX EXEMPT ORGANIZATIONS WHICH WORK WITHIN THEIR COMMUNITIES ESPECIALLY AMONG THE POOR, DISADVANTAGED, AND DISENFRANCHISED TO HELP CHILDREN AND YOUTH, NEIGHBORHOODS AND COMMUNITIES, AND SENIORS TOWARD SELF-SUFFICIENCY AND A HIGHER QUALITY OF LIFE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stan Adachi President & Chair | 40 | $0 | |
Christine Wang CFO & Director | 5 | $0 | |
Leslie Wang Secretary | 15 | $0 | |
Anna Sheen Director | 5 | $0 | |
Glenn Yamada General Counsel | 5 | $0 | |
Pam Mabry Director | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $353,086 |
| Interest on Savings | $15 |
| Dividends & Interest | $15,508 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$8,940 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $160 |
| Other Income | $0 |
| Total Revenue | $359,829 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $95 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $2,028 |
| Total operating and administrative expenses | $3,732 |
| Contributions, gifts, grants paid | $37,625 |
| Total expenses and disbursements | $41,357 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $30,950 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $711,217 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $914,370 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Red String Foundation has awarded $37,625 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
COLLECTIVE IMPACT PURPOSE: TO HELP PEOPLE IN NEED. | $1,000 |
EARTH ISLAND INSTITUTE PURPOSE: TO HELP PEOPLE IN NEED. | $2,000 |
EAST BAY ASIAN YOUTH CENTER PURPOSE: TO HELP PEOPLE IN NEED. | $3,000 |
EXP PURPOSE: TO HELP PEOPLE IN NEED. | $2,400 |
KIDWORKS COMMUNITY DEVELOPMENT CORPORATION PURPOSE: TO HELP PEOPLE IN NEED. | $2,275 |
JUBILEE REACH PURPOSE: TO HELP PEOPLE IN NEED. | $2,000 |