Educational Advancement Fund Inc
- Assets
- $0.0
- Revenue
- $30.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 03/2002
- Data as of
- 11/2021
- EIN
- 36-4480416
Organization Overview
Educational Advancement Fund Inc, operating under the name University Center of Chicago, is located in Chicago, IL. The organization was established in 2002. According to its NTEE Classification (B19) the organization is classified as: Support N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. University Center of Chicago 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 11/2021, University Center of Chicago generated $30.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (62.7%) each year. All expenses for the organization totaled $30.5k during the year ending 11/2021. As we would expect to see with falling revenues, expenses have declined by (63.2%) per year over the past 7 years. 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
THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS THE MAINTENANCE OF A RESIDENTIAL HOUSING COMPLEX FOR THE BENEFIT OF THREE CHICAGO-AREA TAX-EXEMPT INSTITUTIONS OF HIGHER LEARNING AND PROVIDING HOUSING TO THE STUDENTS THEREOF.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL ADVANCEMENT FUND, INC. IS A NOT-FOR-PROFIT, TAX-EXEMPT ORGANIZATION FORMED TO ACQUIRE LAND AND CONSTRUCT, OPERATE, AND MAINTAIN A COLLEGE AND UNIVERSITY RESIDENTIAL COMPLEX. THE COMPLEX IS LOCATED AT STATE STREET AND CONGRESS PARKWAY IN CHICAGO, ILLINOIS (THE PROJECT). THE CORPORATION COMMENCED CONSTRUCTION OF THE PROJECT IN SPRING 2002, AND WAS SUBSTANTIALLY COMPLETED ON JULY 31, 2004. THE PROJECT BEGAN OPERATIONS IN AUGUST 2004. ON JULY 20, 2017 EDUCATIONAL ADVANCEMENT FUND CLOSED ON BUSINESS TRANSACTION THAT SOLD THE PROPERTY TO A NEW OWNER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Gabriel Esteban Board Chair | OfficerTrustee | 1 | $0 |
Dr Kwang-Wu Kim Director | Trustee | 0.5 | $0 |
Dr Ali Malekzadeh Director | Trustee | 1 | $0 |
Sherri Sidler President/director | OfficerTrustee | 1 | $0 |
Jerry Tarrer Director | Trustee | 0.5 | $0 |
Arlene Regnerus Treasurer/director | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Premier Security Corp Security Services | 7/30/18 | $374,212 |
Classic Carpentry And Finishing Inc Building Improvements | 7/30/18 | $249,598 |
Noland Sales Corporation Building Improvements | 7/30/18 | $108,482 |
Midway Building Services Inc Janitorial Services | 7/30/18 | $460,261 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $30,511 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $30,511 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,511 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,000 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $10,250 |
| All other expenses | $5,261 |
| Total functional expenses | $30,511 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Educational Advancement Fund Inc has awarded $6,900,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
COLUMBIA COLLEGE CHICAGO PURPOSE: SUPPORTING EDUCATIONAL PROGRAMS AND ACTIVITIES | $3,300,212 |
DEPAUL UNIVERSITY PURPOSE: SUPPORTING EDUCATIONAL PROGRAMS AND ACTIVITIES | $2,081,381 |
ROOSEVELT UNIVERSITY PURPOSE: SUPPORTING EDUCATIONAL PROGRAMS AND ACTIVITIES | $1,518,407 |