Chi Omega Foundation
- Assets
- $45.5m
- Revenue
- $7.4m
- Investments
- $0.0
- Employees
- 16
- Location
- Memphis, TN
- Founding
- 08/1978
- Data as of
- 04/2022
- EIN
- 31-0936294
Organization Overview
Chi Omega Foundation is located in Memphis, TN. The organization was established in 1978. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 04/2022, Chi Omega Foundation employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chi Omega 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 04/2022, Chi Omega Foundation generated $7.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $5.8m during the year ending 04/2022. While expenses have increased by 0.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Chi Omega Foundation has awarded 49 individual grants totaling $12,968,708. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT EDUCATIONAL & LEADERSHIP DEVELOPMENT THROUGH SCHOLARSHIPS, GRANTS & LEARNING OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND AID TO MEMBERS IN NEED: THE FOUNDATION AWARDS ANNUAL SCHOLARSHIPS TO QUALIFIED RECIPIENTS FOR UNDERGRADUATE AND GRADUATE EDUCATIONAL PURSUITS. SCHOLARSHIPS ARE AWARDED BASED ON MULTIPLE FACTORS INCLUDING ACADEMIC MERIT, LEADERSHIP WITHIN THE ORGANIZATION, FINANCIAL NEED AND FIELD OF STUDY. THE FOUNDATION PROVIDES EMERGENCY AID GRANTS TO QUALIFYING MEMBERS WHO ARE EXPERIENCING UNEXPECTED TIMES OF NEED DUE TO FINANCIAL, MEDICAL OR DISASTER SITUATIONS.
EDUCATIONAL PROGRAMMING: THE FOUNDATION SUPPORTS THE DEVELOPMENT AND IMPLEMENTATION OF EDUCATIONAL AND LEADERSHIP PROGRAMMING AVAILABLE TO OVER 270,000 MEMBERS THROUGH IN PERSON AND VIRTUAL LEARNING SETTINGS. PROGRAMMING FOSTERS PERSONAL GROWTH AND PREPARES COLLEGIANS AND ALUMNAE TO SERVE AS LEADERS. THROUGH THIS TRAINING, MEMBERS EXPERIENCE EXTENSIVE PERSONAL GROWTH AND IN TURN SHARE THEIR KNOWLEDGE AND SKILLS WITH OTHERS ON THEIR CAMPUSES AND IN THEIR COMMUNITIES.
EDUCATIONAL AREA HOUSING GRANTS AND HEADQUARTERS PRESERVATION ENHANCEMENTS: EDUCATIONAL AREA HOUSING GRANTS TO CHI OMEGA HOUSE CORPORATIONS TO SUPPORT THE EDUCATIONAL PORTION OF CHAPTER HOUSING. THE FOUNDATION PRESERVES AND MAINTAINS THE CHI OMEGA EXECUTIVE HEADQUARTERS THAT HOUSES ADMINISTRATIVE, PROGRAM AND CUSTOMER SERVICES AS WELL AS DISPLAYS CHI OMEGA'S IMPACT ON WOMEN'S HISTORY.
OTHER PROGRAM SERVICE EXPENSES ARE MADE UP OF THE EDUCATIONAL PORTION OF EXPENSES TO MAINTAIN AND OPERATE THE CHI OMEGA EXECUTIVE HEADQUARTERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sally Kimball Executive Vice President | Officer | 40 | $128,584 |
Christy Passmore Director Of Development | 40 | $102,386 | |
Holly Bailey Director Of Finance | Officer | 30 | $76,963 |
Letitia Fulkerson Treasurer- Formerly President | OfficerTrustee | 10 | $0 |
Laura Miller Vice President | OfficerTrustee | 10 | $0 |
Ann Bradshaw President As Of 12/1/21 | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,382,081 |
| Noncash contributions included in lines 1a–1f | $663,546 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,382,081 |
| Total Program Service Revenue | $143,833 |
| Investment income | $1,154,621 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $361,110 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,373,045 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,351,054 |
| Grants and other assistance to domestic individuals. | $319,349 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $208,459 |
| Compensation of current officers, directors, key employees. | $122,333 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $612,845 |
| Pension plan accruals and contributions | $26,727 |
| Other employee benefits | $22,029 |
| Payroll taxes | $63,458 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,488 |
| Fees for services: Accounting | $33,291 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $89,523 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $36,368 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $218,299 |
| Insurance | $61,860 |
| All other expenses | $321,558 |
| Total functional expenses | $5,771,764 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,216,610 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,059,210 |
| 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 | $128,645 |
| Net Land, buildings, and equipment | $2,288,442 |
| Investments—publicly traded securities | $35,737,712 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,219 |
| Total assets | $45,483,838 |
| Accounts payable and accrued expenses | $801,172 |
| 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 | $0 |
| Other liabilities | $92,614 |
| Total liabilities | $893,786 |
| Net assets without donor restrictions | $5,974,430 |
| Net assets with donor restrictions | $38,615,622 |
| 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 | $45,483,838 |
Grants Awarded
Over the last fiscal year, Chi Omega Foundation has awarded $3,316,838 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Tulsa, OK PURPOSE: EDUCATIONAL AREA HOUSING GRANT | $1,520,444 |
Oxford, MS PURPOSE: EDUCATIONAL AREA HOUSING GRANT | $783,745 |
Memphis, TN PURPOSE: TO PROVIDE EDUCATIONAL SUPPORT TO THE CHI OMEGA FRATERNITY | $767,502 |
Tuscaloosa, AL PURPOSE: EDUCATIONAL AREA HOUSING GRANT | $146,855 |
Fayetteville, AR PURPOSE: EDUCATIONAL AREA HOUSING GRANT | $75,177 |
Manhattan, KS PURPOSE: EDUCATIONAL AREA HOUSING GRANT | $12,381 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Chi Omega Foundation has recieved totaling $1,300.
| Awarding Organization | Amount |
|---|---|
Allan Neustadt Charitable Trust 032497 Dallas, TX PURPOSE: CHARITABLE | $1,300 |
Endowment Analysis
| Beg. Balance | $32,608,939 |
| Earnings | -$1,894,753 |
| Admin Expense | $331,144 |
| Net Contributions | $2,277,136 |
| Grants | $1,096,994 |
| Ending Balance | $31,563,184 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Marine Corps Scholarship Foundation Inc Alexandria, VA | $149,128,193 | $34,285,716 |
Children Of Fallen Patriots Foundation Reston, VA | $18,264,760 | $13,060,746 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
The Hartwell Foundation Corporation Memphis, TN | $88,595,532 | $17,280,759 |
Morehead Cain Foundation Chapel Hill, NC | $0 | $13,275,596 |
Education Foundation Scholarship Endowment Trust Chapel Hill, NC | $389,903,195 | $25,351,334 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Hire Heroes Usa Alpharetta, GA | $7,840,449 | $13,205,192 |
Scholarships For Kids Inc Birmingham, AL | $21,791,162 | $14,541,038 |
Apogee Georgia School Choice Scholarship Fund Atlanta, GA | $21,549,156 | $14,581,744 |