Chicago Scholars Foundation
- Assets
- $9.9m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 67
- Location
- Chicago, IL
- Founding
- 03/1997
- Data as of
- 06/2021
- EIN
- 36-4117530
Organization Overview
Chicago Scholars Foundation, operating under the name Chicago Scholars, is located in Chicago, IL. The organization was established in 1997. According to its NTEE Classification (B80) the organization is classified as: Student Services, under the broad grouping of Education and related organizations. As of 06/2021, Chicago Scholars employed 67 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chicago Scholars 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 06/2021, Chicago Scholars generated $6.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.9% each year . All expenses for the organization totaled $5.3m during the year ending 06/2021. While expenses have increased by 8.8% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE UNIQUELY SELECT, TRAIN, & MENTOR ACADEMICALLY AMBITIOUS STUDENTS FROM UNDER-RESOURCED COMMUNITIES TO COMPLETE COLLEGE & BECOME THE NEXT GENERATION OF LEADERS WHO WILL TRANSFORM THEIR NEIGHBORHOODS & OUR CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHICAGO SCHOLARS OFFERS AN INNOVATIVE SEVEN-YEAR PROGRAM LASTING FROM THE SENIOR YEAR OF HIGH SCHOOL THROUGH THE SENIOR YEAR OF COLLEGE AND ENDING WITH TWO YEARS OF LEADERSHIP DEVELOPMENT - THAT HELPS ACADEMICALLY AMBITIOUS AND TALENTED FIRST GENERATION AND UNDERSERVED YOUTH GRADUATE FROM THE COLLEGE OF THEIR CHOICE WHILE PROVIDING EMPLOYERS WITH A QUALITY, DIVERSE AND COLLEGE-EDUCATED WORKFORCE. EACH YEAR CHICAGO SCHOLARS WORKS TO IMPROVE ITS PROGRAMS, SERVICES AND PARTNERSHIPS. TO DATE, MORE THAN 5,200 CHICAG SCHOLARS ARE IN OR HAVE COMPLETED THE PROGRAM. 85% OF THE CLASS OF 2026 ARE LOW-INCOME AND 75% ARE FIRST GENERATION COLLEGE STUDENTS REPRESENTING 106 CHICAGO HIGH SCHOOLS. 95% OF THE CLASS OF 2025 HAS INDICATED WHERE THEY PLAN TO ENROLL IN FALL 2021. HISTORICALLY 95% OF SCHOLARS MATRICULATE ON-TIME, AND 93% OF SCHOLARS PERSIST INTO THEIR SECOND YEAR OF COLLEGE AND 80% EARN THEIR DEGREES WITHIN 6 YEARS. OVERALL THE SCHOLARS HAVE ATTENDED OR GRADUATED FROM MORE THAN 550 COLLEGES AND UNIVERSITIES WORLDWIDE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dominique Jordan Turner CEO | Officer | 40 | $234,358 |
Brooke Mckean President And COO | Officer | 40 | $156,836 |
Jeffery Beckham CEO | Officer | 40 | $154,715 |
Rachael Carbone VP Of Development | 40 | $147,462 | |
Khadeejah Lasuc-Lewis VP Of Talent & Training | 40 | $120,178 | |
Rachael Accavitti VP Of Programs | 40 | $116,453 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $286,769 |
| Related organizations | $0 |
| Government grants | $553,899 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,877,892 |
| Noncash contributions included in lines 1a–1f | $4,492 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,718,560 |
| Total Program Service Revenue | $105,505 |
| Investment income | $93,101 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $183,657 |
| Net Income from Fundraising Events | -$21,468 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,079,355 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $380,250 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $554,829 |
| Compensation of current officers, directors, key employees. | $299,572 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,713,584 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $328,023 |
| Payroll taxes | $238,122 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,180 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $13,000 |
| Fees for services: Investment Management | $32,402 |
| Fees for services: Other | $213,561 |
| Advertising and promotion | $23,114 |
| Office expenses | $74,001 |
| Information technology | $129,392 |
| Royalties | $0 |
| Occupancy | $281,090 |
| Travel | $9,009 |
| 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 | $146,812 |
| Insurance | $32,536 |
| All other expenses | $0 |
| Total functional expenses | $5,260,299 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,277,420 |
| Savings and temporary cash investments | $50,207 |
| Pledges and grants receivable | $2,850,972 |
| Accounts receivable, net | $32,168 |
| 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 | $37,734 |
| Net Land, buildings, and equipment | $742,270 |
| Investments—publicly traded securities | $4,732,759 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $153,026 |
| Total assets | $9,876,556 |
| Accounts payable and accrued expenses | $188,024 |
| Grants payable | $0 |
| Deferred revenue | $101,925 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $152,592 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $583,667 |
| Other liabilities | $154,476 |
| Total liabilities | $1,180,684 |
| Net assets without donor restrictions | $758,912 |
| Net assets with donor restrictions | $7,936,960 |
| 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 | $9,876,556 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Chicago Scholars Foundation has recieved totaling $609,663.
| Awarding Organization | Amount |
|---|---|
A Better Chicago Chicago, IL PURPOSE: Community Development | $250,000 |
Robert R Mccormick Foundation Chicago, IL PURPOSE: GENERAL OPERATING SUPPORT | $190,000 |
Invest For Kids Inc Chicago, IL PURPOSE: To aid their exempt purpose | $54,000 |
Cleveland Avenue Foundation For Education Chicago, IL PURPOSE: ANNIVERSARY CELEBRATION | $25,000 |
Wellington Management Foundation Boston, MA PURPOSE: See Part IV | $25,000 |
Pure Inc Bentonville, AR PURPOSE: GENERAL SUPPORT | $23,750 |
Endowment Analysis
| Beg. Balance | $3,790,519 |
| Earnings | $1,141,952 |
| Other Expense | $150,000 |
| Ending Balance | $4,782,471 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Roadtrip Nation Ltd Indianapolis, IN | $0 | $5,778,608 |
Ulh Inc Louisville, KY | $43,242,391 | $8,714,119 |
University Club Of Milwaukee Milwaukee, WI | $10,081,224 | $7,416,108 |
St Richards Episcopal School Inc Indianapolis, IN | $7,903,240 | $8,220,248 |
Green River Regional Education Cooperative Inc Bowling Green, KY | $8,161,400 | $7,463,495 |
Chicago Scholars Foundation Chicago, IL | $9,876,556 | $6,079,355 |
Ross-Ade Foundation West Lafayette, IN | $185,779,035 | $4,230,686 |
Little Buns Inc Carmel, IN | $470,846 | $4,308,621 |
Complete College America Inc Indianapolis, IN | $10,589,853 | $9,838,948 |
American Student Dental Association Chicago, IL | $5,865,827 | $3,123,417 |
Taylor University Broadcasting Inc Fort Wayne, IN | $4,217,815 | $3,016,713 |
Associated Colleges Of The Midwest Inc Chicago, IL | $16,036,268 | $3,292,701 |