Kai Cenat Foundation, incorporated in 2024 as a 501(c)(3) nonprofit headquartered in Marietta, Georgia, filed its second Form 990 with the IRS showing total assets of $1,626,366 and zero liabilities as of March 31 2025. The filing records $858,000 in revenue and $233,000 in program expenses, leaving the charity with $1.6 million in net assets after the first year of operations.
The organization has entered a contract with SESO Global to conduct a feasibility study of a new educational facility in Yaba, Lagos. The study aims to assess land suitability, regulatory approvals, and community needs before any construction begins. In parallel, the foundation distributed school supplies and computers to students in Makoko and surrounding areas, a move that kept the project visible while groundwork progressed.
The shift from Makoko to Yaba follows logistical challenges identified during initial site surveys. While Makoko’s waterfront location posed flooding and access issues, Yaba offers better infrastructure and proximity to existing schools, allowing the foundation to maintain its promise of free education for Makoko children through partnership arrangements. The change demonstrates the practical hurdles of translating a public pledge into a sustainable institution.
Next, the foundation will release the feasibility study results in early 2026, which will guide the procurement of land and construction contracts. Once approved, the organization plans to open a pilot classroom block and initiate teacher training programs before a full-scale build. Stakeholders, including local government officials and community leaders, are expected to review the study and provide input on the project timeline.