KIPP TEXAS FUTURE FUND: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- KIPP TEXAS FUTURE FUND (EIN 26-0279655)
- Tax period
- 2021-01-01 to 2021-06-30
- Filed
- 2022-05-16
- IRS object ID
- 202231369349315658
- Schema version
- 2021v4.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2022-05-16T17:26:08-05:00 | ReturnTs |
| Tax Period End | 2021-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 760269860 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Blazek & Vetterling | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2900 Weslayan Suite 200 | AddressLine1Txt |
| City | Houston | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 77027 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2021-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 260279655 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KIPP Texas Future Fund | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | PHIL | BusinessNameControlTxt |
| Phone | 8323281051 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 10711 KIPP Way | AddressLine1Txt |
| City | Houston | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 77099 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Son Han | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 8323281051 | PhoneNum |
| Signature | 2022-05-16 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | Son | PersonFirstNm |
| Person Last | Han | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Barbara Murphy | PreparerPersonNm |
| PTIN | P01386215 | PTIN |
| Phone | 7134395739 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 3 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Change | Yes (X) | NameChangeInd |
| Principal Officer | Son Han | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 10711 KIPP Way | AddressLine1Txt |
| City | Houston | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 77099 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $10,360,159 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | N/A | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2006 | FormationYr |
| Legal Domicile State | TX | LegalDomicileStateCd |
| Activity Or Mission | KIPP Texas Future Fund provides financial support to public charter schools like KIPP Texas, Inc. | ActivityOrMissionDesc |
| Voting Members Governing Body | 6 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 6 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $1,765,663 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $0 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $0 | CYProgramServiceRevenueAmt |
| PY Investment Income | $2,301,403 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,807,500 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $4,067,066 | PYTotalRevenueAmt |
| CY Total Revenue | $1,807,500 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $5,010,000 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $37,000 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $21,000 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $444,194 | PYOtherExpensesAmt |
| CY Other Expenses | $848,849 | CYOtherExpensesAmt |
| PY Total Expenses | $5,491,194 | PYTotalExpensesAmt |
| CY Total Expenses | $869,849 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$1,424,128 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $937,651 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $111,922,638 | TotalAssetsBOYAmt |
| Total Assets EOY | $117,258,366 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $56,000 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $75,000 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $111,866,638 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $117,183,366 | NetAssetsOrFundBalancesEOYAmt |
| Mission | KIPP Texas Future Fund provides capital dollars for public charter schools like KIPP Texas, Inc in line with donor intent. In addition, KIPP Texas Future Fund provides support to KIPP Texas when needed. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | 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. | Desc |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (1) | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | 0 | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | 0 | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 0 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 0 | EmployeeCnt |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 6 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 6 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (1) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | 0 | DocumentRetentionPolicyInd |
| Compensation Process CEO | 0 | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Son Han | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 8323281051 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 10711 KIPP Way | AddressLine1Txt |
| City | Houston | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 77099 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (13 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd |
|---|---|---|---|---|---|---|---|
| Kent Wallace | |||||||
| Chair from 3/21 | 1.00 | 2.00 | Yes (X) | $0 | $0 | $0 | |
| Gene Austin | |||||||
| Director from 3/21 | 1.00 | 2.00 | Yes (X) | $0 | $0 | $0 | |
| Bill Boyar | |||||||
| Director from 3/21 | 1.00 | 2.00 | Yes (X) | $0 | $0 | $0 | |
| Peter Brodsky | |||||||
| Director from 3/21 | 1.00 | 2.00 | Yes (X) | $0 | $0 | $0 | |
| Jayshree Desai | |||||||
| Director | 1.00 | 2.00 | Yes (X) | $0 | $0 | $0 | |
| Peter Shaper | |||||||
| Chair to 3/21 | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| Debbie Hurwitz | |||||||
| Vice Chair to 3/21 | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| Ernie Cockrell | |||||||
| Director to 3/21 | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| David Magdoll | |||||||
| Director to 3/21 | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Sehba Ali | |||||||
| President from 3/21 | 2.00 | 50.00 | $0 | $0 | $0 | Yes (X) | |
| Jaideep Hebbar | |||||||
| CFO from 3/21 | 2.00 | 50.00 | $0 | $0 | $0 | Yes (X) | |
| Son Han | |||||||
| Deputy CFO from 3/21 | 2.00 | 50.00 | $0 | $0 | $0 | Yes (X) | |
| John Murphy | |||||||
| Treas/CFO to 3/21 | 4.00 | 0.00 | $21,000 | $0 | $0 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $21,000 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $0 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 0 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | 0 | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp
Contractor Name ContractorName
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Fayez Sarofim & Co | BusinessNameLine1Txt |
Contractor Address ContractorAddress
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 909 Fannin St 2700 | AddressLine1Txt |
| City | Houston | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 77010 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Services | Investment Mgt. | ServicesDesc |
| Compensation | $142,424 | CompensationAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 1 | CntrctRcvdGreaterThan100KCnt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $733,038 | TotalRevenueColumnAmt |
| Exclusion | $733,038 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $9,627,121 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $8,552,659 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $1,074,462 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,074,462 | TotalRevenueColumnAmt |
| Exclusion | $1,074,462 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,807,500 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $0 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,807,500 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,000 | TotalAmt |
| Management And General | $21,000 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $17,892 | TotalAmt |
| Management And General | $17,892 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,500 | TotalAmt |
| Management And General | $12,500 | ManagementAndGeneralAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $142,424 | TotalAmt |
| Management And General | $142,424 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,554 | TotalAmt |
| Management And General | $4,554 | ManagementAndGeneralAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,500 | TotalAmt |
| Management And General | $1,500 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,713 | TotalAmt |
| Management And General | $2,713 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $121,933 | TotalAmt |
| Management And General | $121,933 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (2 entries)
| DescDesc | TotalTotalAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|
| Uncollectible amounts | $534,463 | $534,463 |
| Foreign tax | $10,870 | $10,870 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $869,849 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $869,849 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,364,409 | BOYAmt |
| EOY | $85,500 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,479,326 | BOYAmt |
| EOY | $5,652,918 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,400,629 | BOYAmt |
| EOY | $780,666 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $163,485 | BOYAmt |
| EOY | $170,046 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,644 | BOYAmt |
| EOY | $32,958 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $224,768 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $224,768 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $75,998,145 | BOYAmt |
| EOY | $82,036,278 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $28,500,000 | BOYAmt |
| EOY | $28,500,000 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $111,922,638 | BOYAmt |
| EOY | $117,258,366 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $56,000 | BOYAmt |
| EOY | $75,000 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $56,000 | BOYAmt |
| EOY | $75,000 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $79,397,190 | BOYAmt |
| EOY | $85,243,381 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $32,469,448 | BOYAmt |
| EOY | $31,939,985 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $111,866,638 | BOYAmt |
| EOY | $117,183,366 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $111,922,638 | BOYAmt |
| EOY | $117,258,366 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $937,651 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $4,379,077 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Organization170 | Yes (X) | PublicOrganization170Ind |
Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $11,008,358 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $1,999,959 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $282,827 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $1,765,663 | CurrentTaxYearMinus1YearAmt |
| Total | $15,056,807 | TotalAmt |
Total Calendar Year170 TotalCalendarYear170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $11,008,358 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $1,999,959 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $282,827 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $1,765,663 | CurrentTaxYearMinus1YearAmt |
| Total | $15,056,807 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantial Contributors Tot | $5,872,479 | SubstantialContributorsTotAmt |
| Public Support Total170 | $9,184,328 | PublicSupportTotal170Amt |
Gross Investment Income170 GrossInvestmentIncome170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,244,523 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $1,288,369 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $1,385,454 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $1,312,819 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $733,038 | CurrentTaxYearAmt |
| Total | $5,964,203 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Support | $21,021,010 | TotalSupportAmt |
| Public Support CY170 | 0.43690 | PublicSupportCY170Pct |
| Public Support PY170 | 0.48650 | PublicSupportPY170Pct |
| Thirty Thr Pct Suprt Tests CY170 | Yes (X) | ThirtyThrPctSuprtTestsCY170Ind |
Schedule D IRS990ScheduleD
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $10,022 | OtherCostOrOtherBasisAmt |
| Depreciation | $10,022 | DepreciationAmt |
| Book Value | $0 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $214,746 | OtherCostOrOtherBasisAmt |
| Depreciation | $214,746 | DepreciationAmt |
| Book Value | $0 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Note Receivable - KIPP Houston | Desc |
| Book Value | $28,500,000 | BookValueAmt |
| Method Valuation | C | MethodValuationCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $28,500,000 | TotalBookValueProgramRltdAmt |
| Total Rev Etc Audited Fincl Stmt | $6,044,153 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $4,379,077 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | $4,379,077 | RevenueNotReportedAmt |
| Revenue Subtotal | $1,665,076 | RevenueSubtotalAmt |
| Investment Expenses Not Incld | $142,424 | InvestmentExpensesNotIncldAmt |
| Revenue Not Reported Fincl Stmt | $142,424 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $1,807,500 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $727,425 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $727,425 | ExpensesSubtotalAmt |
| Investment Expenses Not Incld2 | $142,424 | InvestmentExpensesNotIncld2Amt |
| Expenses Not Rpt Fincl Stmt | $142,424 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $869,849 | TotalExpensesPerForm990Amt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (6 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part VI, Section A, line 4 | KIPP Texas Future Fund was initially incorporated in 2007 as KIPP Finance Corporation. Effective March 25, 2021, the organization amended its Bylaws to elect new Directors and designated KIPP Texas, Inc., a Texas non-profit corporation operating as an open-enrollment charter school, as the sole Member of the Corporation. Effective August 25, 2021, the organization filed an amendment to the Articles of Incorporation to change its name to KIPP Texas Future Fund. |
| Form 990, Part VI, Section A, line 6 | Line 6 explanation - The sole member of the Corporation is KIPP Texas, Inc. |
| Form 990, Part VI, Section B, line 11b | Line 11b Explanation - Form 990 is reviewed by the CFO of KIPP Texas, Inc. A copy of Form 990 was distributed to the governing body prior to filing with the IRS. |
| Form 990, Part VI, Section B, line 12c | Board Members are excluded from voting in the event a conflict may exist and are regularly reminded of this obligation at Board Meetings. During the course of any decision-making at the board level, the directors provide insight into any entity where a conflict or relationship may exist and recuse themselves from participating in a vote. PHILO Finance Corp has a limited number of entities with which it contracts. |
| Form 990, Part VI, Section B, line 15 | Compensation paid is an agreed-upon estimate of time allocated for the management of the organization. The amount is based a combination of the CFO/Treasurer's experience and an analysis of the hourly rate for a similar position. |
| Form 990, Part VI, Section C, line 19 | PFC will provide these documents upon request from the public. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|---|
| PHILO Houston LLC | |||||||||
| 14027 Memorial Dr 115 | Houston | TX | 77079 | 271275285 | Financial assistance to charter schools in Houston | DE | $0 | $0 | KIPP Texas Future Foundation |
| PHILO School Management LLC | |||||||||
| 10711 Kipp Way | Houston | TX | 77099 | 900946234 | Educational services | TX | $0 | $0 | KIPP Texas Future Foundation |
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KIPP Texas | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 10711 KIPP Way | AddressLine1Txt |
| City | Houston | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 77099 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 010639602 | EIN |
| Primary Activities | Educational Services | PrimaryActivitiesTxt |
| Legal Domicile State | TX | LegalDomicileStateCd |
| Exempt Code Section | 501(c)(3) | ExemptCodeSectionTxt |
| Public Charity Status | Line 2 | PublicCharityStatusTxt |
| Direct Controlling NA | N/A | DirectControllingNACd |
| Controlled Organization | 0 | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | 0 | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | Yes (1) | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | Yes (1) | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (1) | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (1) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |