The Mckenney Foundation
- Assets
- $885.5k
- Revenue
- $436.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Petersburg, VA
- Founding
- Data as of
- 12/2023
- EIN
- 85-3929756
Organization Overview
The Mckenney Foundation is located in Petersburg, VA. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mckenney 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 12/2023, Mckenney Foundation generated $436.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (3.7%) each year. All expenses for the organization totaled $42.3k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO (I)REPURPOSE THE FORMER WILLIAM R MCKENNEY MEMORIAL LIBRARY TO CREATE THE FIRST CITY-WIDE AFRICAN AMERICAN HISTORY MUSEUM-CENTER (THE "MUSEUM-CENTER") TO REFLECT THE SIGNIFICANT ISTORY OF THE PETERSBURG AREA WHERE THERE WAS ONE OF THE LARGEST CONCENTRATIONS OF FREED AFRICAN AMERICANS;(II) EDUCATE THE PUBLIC REGARDING THE HISTORY OF THE PROPERTY LOCATED AT 137 S. SYCAMORE STREET IN PETERSBURG, VIRGINIA (THE "MCKENNEY BUILDING") THAT HOUSES THE MUSEUM CENTER, INCLUDING GENERAL WILLIAM MAHONE, WHO RESIDED IN THE BUILDING IN 1867, AND HIS READJUSTER PARTY; (III) RESTORE THE MCKENNEY BUILDING WITH THE ASSISTANCE OF HISTORIC PRESERVATION TAX CREDITS, GRANTS, DONATIONS, AND SERVICES DONATED BY THE CITY OF PETERSBURG; AND (IV) CREATE AN ARCHIVAL SPACE/RESEARCH FACILITY WITH A SEARCHABLE CATALOG SYSTEM FOR PAPER ARCHIVES AND EPHEMERA OWNED BY THE CITY OR GIFTED BY THE PUBLIC (THE "RESEARCH FACILITY").
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2022, THE FOUNDATION COMPLETED A FEASIBILITY AND SUSTAINABILITY STUDY THAT WAS FUNDED BY THE CAMERON FOUNDATION. THAT STUDY INDICATED THAT THE FOUNDATION IS FEASIBLE AND SUSTAINABLE. ADDITIONAL EXPENSES ASSOCIATED WITH THIS STUDY WERE PAID IN 2023.
THE FOUNDATION RECEIVED A COMMUNITY DEVELOPMENT BLOCK GRANT FROM THE CITY OF PETERSBURG TO ASSIST WITH THE CONTINUED DEVELOPMENT OF AN AFRICAN-AMERICAN HISTORY AND CULTURE CENTER IN THE CITY OF PETERSBURG.
IN 2023, THE FOUNDATION RECEIVED A GRANT FROM THE CITY OF PETERSBURG TO ASSIST IN THE FOUNDATION'S GENERAL OPERATIONS. THE FOUNDATION CONTINUES ITS EFFORTS TO REHABILITATE THE BUILDING THAT WILL EVENTUALLY HOUSE THE AFRICAN-AMERICAN HISTORY AND CULTURE CENTER AND ARCHIVES. TO THIS END, IT HAS COMPLETED 80% OF NEEDED ROOF IMPROVEMENTS. ADDITIONALLY, THE FOUNDATION HAS SIGNED A PROPOSAL TO COMPLETE AN ADAPTIVE REUSE STUDY, AND HAS ESTABLISHED AN ADVISORY BOARD.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Herbert Coulton Jr Advisory Board | Trustee | 0.23 | $0 |
Wayne M Crocker President | OfficerTrustee | 1.85 | $0 |
Lucious Edwards Director | Trustee | 0.92 | $0 |
Alexander Graham Secretary/treas | OfficerTrustee | 1.85 | $0 |
Andretta Hamilton Vice President | OfficerTrustee | 1.38 | $0 |
Robert Mckenney Hamner Director | Trustee | 0.23 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $405,172 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,843 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $427,015 |
| Total Program Service Revenue | $0 |
| Investment income | $1 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,750 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $6,015 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $436,781 |
| 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. | $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 | $12,500 |
| Fees for services: Accounting | $1,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,471 |
| Advertising and promotion | $0 |
| Office expenses | $200 |
| 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 | $2,761 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,705 |
| All other expenses | $0 |
| Total functional expenses | $42,295 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $222,790 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $662,698 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $885,488 |
| 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 | $43,672 |
| Other liabilities | $0 |
| Total liabilities | $43,672 |
| Net assets without donor restrictions | $179,118 |
| Net assets with donor restrictions | $662,698 |
| 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 | $885,488 |