Charter Fund Inc
- Assets
- $606.0m
- Revenue
- $251.9m
- Investments
- $365.3m
- Employees
- 0
- Location
- Broomfield, CO
- Founding
- 05/2005
- Data as of
- 12/2021
- EIN
- 05-0620063
Organization Overview
Charter Fund Inc is located in Broomfield, CO. The organization was established in 2005. According to its NTEE Classification (T21) the organization is classified as: Corporate Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Charter Fund Inc 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 12/2021, Charter Fund Inc generated $251.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.1% each year . All expenses for the organization totaled $75.8m during the year ending 12/2021. While expenses have increased by 2.9% 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, Charter Fund Inc has awarded 2,175 individual grants totaling $425,050,989. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
CHARTER FUND, INC (THE "FUND OR "CHARTER SCHOOL GROWTH FUND") PRIMARILY PROVIDES GRANTS AND LOANS TO CHARTER SCHOOL MANAGEMENT ORGANIZATIONS THAT MANAGE AND GROW NETWORKS OF SCHOOLS. THE FUND ONLY SUPPORTS ORGANIZATIONS THAT DEMONSTRATE AN IMPACT ON UNDERSERVED STUDENT POPULATIONS AND OUTSTANDING VALUE-ADDED ACADEMIC GAINS. THE FUND FOCUSES ON GEOGRAPHIC AREAS SUPPORTIVE OF FURTHER EXPANSION OF CHARTER SCHOOLS. THE FUND DISTRIBUTED $53,983,999 OF GRANTS TO OR FOR THE BENEFIT OR CHARTER SCHOOL MANAGEMENT ORGANIZATIONS AND INCURRED ADDITIONAL CHARITABLE EXPENSES OF $19,837,550 DURING THE CALENDAR YEAR ENDED DECEMBER 31, 2021. IN ADDITION, THE FUND ISSUED $15,935,301 OF PROGRAM-RELATED INVESTMENT (PRI) LOANS TO CHARTER SCHOOL MANAGEMENT ORGANIZATIONS DURING THE CALENDAR YEAR ENDING DECEMBER 31, 2021. SEE PART IX-B AND XV FOR A DETAILED LISTING OF LOANS AND GRANTS DURING THE CURRENT YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Hall CEO | 48 | $540,000 | |
Darryl Cobb President | 40 | $363,150 | |
Kathey Hamel Partner | 40 | $290,000 | |
Julie Maier Partner/vice President | 40 | $283,775 | |
Rich Billings Partner/assistant Secretary | 40 | $271,325 | |
Eric Thomas Partner | 40 | $268,825 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Afton Partners | 12/30/21 | $487,140 |
Transcend Inc | 12/30/21 | $330,000 |
Boardontrack Inc | 12/30/21 | $243,000 |
Duane Morris Llp | 12/30/21 | $194,936 |
Together Education Inc | 12/30/21 | $198,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $190,074,993 |
| Interest on Savings | $3,518 |
| Dividends & Interest | $3,528,462 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $53,690,637 |
| Capital Gain Net Income | $60,222,850 |
| Net ST Capital Gain | $0 |
| Income Modifications | $31,699,083 |
| Profit on Inventory Sales | $0 |
| Other Income | $4,623,934 |
| Total Revenue | $251,921,544 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,597,000 |
| Other employee salaries and wages | $7,022,084 |
| Pension plans, employee benefits | $1,572,022 |
| Interest | $2,406,027 |
| Taxes | $2,868 |
| Depreciation | $5,673 |
| Occupancy | $212,185 |
| Travel, conferences, and meetings | $225,006 |
| Printing and publications | $36,226 |
| Other expenses | $7,441,168 |
| Total operating and administrative expenses | $21,808,341 |
| Contributions, gifts, grants paid | $53,983,999 |
| Total expenses and disbursements | $75,792,340 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $90,353,190 |
| Savings and temporary cash investments | $70,570,216 |
| Net Accounts receivable | $7,942 |
| Net Pledges Receivable | $1,262,651 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $583,393 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $60,260,204 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $77,976,678 |
| Total assets | $606,047,129 |
| Accounts payable and accrued expenses | $1,404,202 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $47,190,561 |
| Other liabilities | $29,178 |
| Total liabilities | $48,623,941 |
Grants Awarded
Over the last fiscal year, Charter Fund Inc has awarded $50,815,899 in support to 254 organizations.
| Grant Recipient | Amount |
|---|---|
Houston, TX PURPOSE: CHARTER SCHOOL GROWTH | $2,500,000 |
Quincy, MA PURPOSE: CHARTER SCHOOL GROWTH | $1,700,000 |
San Diego, CA PURPOSE: CHARTER SCHOOL IMPACT | $1,000,000 |
Houston, TX PURPOSE: CHARTER SCHOOL GROWTH | $1,000,000 |
THE GREATHEARTS FOUNDATION INC PURPOSE: CHARTER SCHOOL GROWTH | $1,000,000 |
KIPP NEW JERSEY PURPOSE: CHARTER SCHOOL GROWTH | $900,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that Charter Fund Inc has recieved totaling $83,325,619.
| Awarding Organization | Amount |
|---|---|
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI PURPOSE: IMPACT-CHARACTER-CTE INTEGRATION | $36,000,000 |
Brown Foundation Inc Houston, TX PURPOSE: TEXAS SUPERCHARGE FUND | $25,000,000 |
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI PURPOSE: IMPACT-CHARACTER-CTE INTEGRATION | $9,000,000 |
Bill & Melinda Gates Foundation Seattle, WA PURPOSE: K-12 EDUCATION | $6,367,981 |
Louis Calder Foundation Denver, CO PURPOSE: SCHOOL GROWTH | $4,000,000 |
Kovner Foundation Jupiter, FL PURPOSE: GENERAL SUPPORT | $1,000,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Volkswagen-Stiftung Salt Lake City, UT | $4,170,219,233 | $424,116,790 |
Charter Fund Inc Broomfield, CO | $606,047,129 | $251,921,544 |
Anschutz Foundation Denver, CO | $0 | $131,519,142 |
Community Finance Corporation Tucson, AZ | $0 | $59,653,037 |
The Ray And Tye Noorda Foundation Lindon, UT | $188,322,162 | $42,549,813 |
Harold Hamm Foundation Oklahoma City, OK | $15,100,240 | $36,211,204 |
Colorado Trust Denver, CO | $0 | $33,250,092 |
Bohemian Foundation Fort Collins, CO | $90,098,504 | $41,050,944 |
Weitz Family Foundation Omaha, NE | $41,283,061 | $24,036,289 |
Liana Foundation Inc Jackson, WY | $99,821,769 | $1,410,375 |
Mufg Union Bank Foundation Ag Phoenix, AZ | $2,989,069 | $8,302,055 |
Miller Family Foundation Inc Pittsburg, KS | $66,698,223 | $18,550,862 |