Kennedy Property Corp

Is Kennedy Property Corp Legit?

Significant Concerns

Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

About Kennedy Property Corp

Kennedy Property Corp (EIN: 222442034) is a nonprofit organization based in Philadelphia, PA. The organization reported total revenue of $2.1M and total assets of $15.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Kennedy Property Corp's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

Organization Overview

Kennedy Property Corp is a mid-size nonprofit that has been operating for 43 years, with 14 years of IRS 990 filings on record (2010–2023). Revenue has grown at a compound annual rate of 6.0%.

Key Financial Metrics (2023)

From the most recent IRS 990 filing on record:

Financial Health Grade: A

In 2023, Kennedy Property Corp reported a surplus of $271K with revenue exceeding expenses, holds 97.1 months of operating reserves (strong position), has a debt-to-asset ratio of 6.0% (very low leverage).

Financial Trends

Over 14 years of filings (2010–2023), Kennedy Property Corp's revenue has grown at a compound annual growth rate (CAGR) of 6.0%.

IRS Tax-Exempt Classification

Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.

AI Transparency Report

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Kennedy Property Corp with a Mission Score of 30 out of 100 (Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

• admin: 0%
• programs: 0%
• fundraising: 0%

According to IRS 990 filings, Kennedy Property Corp allocates its expenses as follows: admin: 0%, programs: 0%, fundraising: 0%.

Key Financial Metrics (2023)

From the most recent IRS 990 filing on record:

• The organization reported a surplus of $271K, with revenue exceeding expenses.
• Debt-to-asset ratio: 6.0%.

Executive Compensation Analysis

Executive compensation is consistently reported as $0 across all available filings, which, while seemingly positive, is highly unusual for an organization managing over $15 million in assets and warrants further investigation into how leadership is compensated or if services are entirely pro bono.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Kennedy Property Corp's IRS 990 filings:

• Lack of reported program service expenses or accomplishments suggests the organization may not be actively fulfilling a charitable mission.
• Consistent reporting of 0% compensation for all key personnel is a significant red flag, potentially indicating undisclosed compensation or a lack of active management.
• The organization's name 'Kennedy Property Corp' and lack of detailed mission information in filings suggest it may function more as a holding company than an active nonprofit.
• Total expenses are consistently lower than revenue, leading to a steady increase in net assets, but without clear program spending, the purpose of this accumulation is unclear.

Strengths

The following positive indicators were identified for Kennedy Property Corp:

• The organization maintains a very strong asset base, consistently over $15 million in recent years (e.g., $15,523,678 in 2023).
• Low liabilities relative to assets, with liabilities decreasing from $5,494,395 in 2019 to $937,472 in 2023, indicating strong financial health in terms of debt management.

Frequently Asked Questions about Kennedy Property Corp

Filing History

IRS 990 filing history for Kennedy Property Corp showing financial trends over 14 years of public records:

Over 14 years of IRS 990 filings (2010–2023), Kennedy Property Corp's revenue has grown by 112.3%, moving from $1.0M to $2.2M. Total assets increased by 67.3% over the same period, from $9.3M to $15.5M. Total functional expenses rose by 43.2%, from $1.3M to $1.9M. In its most recent filing year (2023), Kennedy Property Corp reported a surplus of $271K, with revenue exceeding expenses. The organization holds $937K in liabilities against $15.5M in assets (debt-to-asset ratio: 6.0%), resulting in net assets of $14.6M.

Year-by-Year Financial Summary

• 2023: Revenue of $2.2M, expenses of $1.9M, and assets of $15.5M (revenue -5.2% year-over-year).
• 2022: Revenue of $2.3M, expenses of $1.8M, and assets of $15.7M (revenue +22.7% year-over-year).
• 2021: Revenue of $1.9M, expenses of $1.6M, and assets of $15.6M (revenue -2.0% year-over-year).
• 2020: Revenue of $1.9M, expenses of $1.6M, and assets of $16.2M (revenue -17.1% year-over-year).
• 2019: Revenue of $2.3M, expenses of $2.0M, and assets of $18.8M (revenue +81.1% year-over-year).
• 2018: Revenue of $1.3M, expenses of $1.2M, and assets of $17.9M (revenue -41.0% year-over-year).
• 2017: Revenue of $2.2M, expenses of $1.6M, and assets of $13.1M (revenue -4.7% year-over-year).
• 2016: Revenue of $2.3M, expenses of $1.5M, and assets of $13.0M (revenue -57.4% year-over-year).
• 2015: Revenue of $5.3M, expenses of $1.7M, and assets of $12.1M (revenue +327.5% year-over-year).
• 2014: Revenue of $1.3M, expenses of $1.6M, and assets of $8.4M (revenue +3.3% year-over-year).
• 2013: Revenue of $1.2M, expenses of $1.4M, and assets of $8.8M (revenue +15.9% year-over-year).
• 2012: Revenue of $1.0M, expenses of $1.3M, and assets of $8.7M (revenue +2.3% year-over-year).
• 2011: Revenue of $1.0M, expenses of $1.3M, and assets of $9.1M (revenue -1.1% year-over-year).
• 2010: Revenue of $1.0M, expenses of $1.3M, and assets of $9.3M.

View Individual Filing Years

Explore detailed financial data from each IRS 990 filing year for Kennedy Property Corp:

Data Sources and Methodology

This transparency report for Kennedy Property Corp is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.