Basic Fund
- Assets
- $24.0m
- Revenue
- $9.6m
- Investments
- $97.5k
- Employees
- 12
- Location
- Oakland, CA
- Founding
- 02/1998
- Data as of
- 06/2021
- EIN
- 94-3290699
Organization Overview
Basic Fund is located in Oakland, CA. The organization was established in 1998. 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 06/2021, Basic Fund employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Basic Fund 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, Basic Fund generated $9.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $9.1m during the year ending 06/2021. While expenses have increased by 6.4% 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
TO ENHANCE EQUITY BY PROVIDING SCHOLARSHIPS TO LOW INCOME FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BASIC FUND (THE FUND) IS A PRIVATELY FUNDED PROGRAM DEDICATED TO BROADENING THE EDUCATIONAL EQUITY BY HELPING LOW-INCOME FAMILIES IN ALAMEDA, CONTRA COSTA, MARIN, NAPA, SAN FRANCISCO, SAN MATEO, SANTA CLARA, SOLANO, AND SONOMA COUNTIES AFFORD THE COST OF TUITION AT PRIVATE OR PAROCHIAL SCHOOLS OF THEIR CHOICE. THE SCHOLARSHIPS ARE OFFERED TO STUDENTS IN PRE-KINDERGARTEN THROUGH EIGHTH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rachel Elginsmith Chief Executive Officer | Officer | 50 | $189,760 |
Christine Weiss Chief Adv. Officer | Officer | 50 | $161,400 |
William T Ring Vice President | OfficerTrustee | 1 | $0 |
Jeremy Peters Treasurer | OfficerTrustee | 1 | $0 |
Brian Griggs President | OfficerTrustee | 1 | $0 |
Richard C Barker Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $10,000 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,422,921 |
| Noncash contributions included in lines 1a–1f | $505,210 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,432,921 |
| Total Program Service Revenue | $0 |
| Investment income | $159,717 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $45,144 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,637,782 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,662,969 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $356,338 |
| Compensation of current officers, directors, key employees. | $64,801 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $551,896 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $55,906 |
| Payroll taxes | $62,796 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,021 |
| Fees for services: Accounting | $38,895 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $11,760 |
| Fees for services: Investment Management | $6,552 |
| Fees for services: Other | $17,495 |
| Advertising and promotion | $17,993 |
| Office expenses | $29,340 |
| Information technology | $58,869 |
| Royalties | $0 |
| Occupancy | $123,302 |
| 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 | $15,262 |
| Insurance | $18,227 |
| All other expenses | $27,538 |
| Total functional expenses | $9,066,159 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $328,463 |
| Savings and temporary cash investments | $3,136,530 |
| Pledges and grants receivable | $1,921,379 |
| 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 | $38,059 |
| Net Land, buildings, and equipment | $65,091 |
| Investments—publicly traded securities | $18,390,832 |
| Investments—other securities | $97,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,646 |
| Total assets | $23,987,500 |
| Accounts payable and accrued expenses | $129,741 |
| 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 | $137,600 |
| Other liabilities | $0 |
| Total liabilities | $267,341 |
| Net assets without donor restrictions | $1,418,755 |
| Net assets with donor restrictions | $22,301,404 |
| 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 | $23,987,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Basic Fund has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Cornerstone Foundation Inc Washington, DC PURPOSE: SUPPORT CHARITABLE ACTIVITIES | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Making Waves Foundation Inc Richmond, CA | $241,696,341 | $12,436,212 |
Port Of Los Angeles High School San Pedro, CA | $18,161,675 | $15,549,620 |
Uc Hastings Foundation San Francisco, CA | $2,612,244 | $11,589,695 |
The Rogers Foundation Las Vegas, NV | $98,020,626 | $8,861,096 |
Flinn Foundation Phoenix, AZ | $285,130,665 | $13,331,134 |
La Promise Fund Los Angeles, CA | $8,970,074 | $12,859,195 |
Brophy Community Foundation Phoenix, AZ | $21,931,888 | $12,402,402 |
Society Of Hispanic Professional Engineers City Of Industry, CA | $8,652,087 | $11,894,639 |
Oakland Promise Oakland, CA | $69,217,814 | $17,084,213 |
Foundation For Global Sports Development Los Angeles, CA | $28,471,591 | $19,690,244 |
Ressler Gertz Foundation Encino, CA | $41,227,955 | $63,459,065 |
Basic Fund Oakland, CA | $23,987,500 | $9,637,782 |