Chicago Tech Academy
- Assets
- $2.6m
- Revenue
- $7.0m
- Investments
- $0.0
- Employees
- 75
- Location
- Chicago, IL
- Founding
- 07/2014
- Data as of
- 06/2023
- EIN
- 26-0414040
Organization Overview
Chicago Tech Academy is located in Chicago, IL. The organization was established in 2014. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Chicago Tech Academy employed 75 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chicago Tech Academy 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 06/2023, Chicago Tech Academy generated $7.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $6.9m during the year ending 06/2023. While expenses have increased by 6.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATE, EMPOWER AND CONNECT A DIVERSE, NEXT GENERATION OF ENTREPRENEURIAL THINKERS TO DISCOVER THEIR PASSIONS, SUCCEED IN COLLEGE AND CAREERS, AND THRIVE IN A DIGITAL WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE BELIEVE IN (1) PROJECT BASED LEARNING TO ENCOURAGE A DEEPER, CONNECTED FORM OF EVIDENCE BASED EDUCATION. (2) AN INTEGRATED COLLEGE PREPARATORY CURRICULUM THAT FOSTERS CRITICAL THINKING AND INTELLECTUAL CURIOSITY. (3) CREATING AND SUSTAINING A COLLABORATIVE TEACHING AND LEARNING ENVIRONMENT THAT EXPLORES AND REFINES THE WAYS STUDENTS LEARN BEST. (4) HELPING STUDENTS TO BECOME LEADERS AND LIFE-LONG LEARNERS, THROUGH PARTNERSHIPS WITH THE CHICAGO TECH COMMUNITY. (5) ENCOURAGING STUDENTS TO DEVELOP MEANINGFUL RELATIONSHIPS WITH PEERS, FACULTY AND THE BUSINESS COMMUNITY THROUGH NETWORKING AND INTERNSHIP OPPORTUNITIES. (6) GRADUATING ENTREPRENEURIAL-MINDED, FEARLESS, CONFIDENT AND CONNECTED LEARNERS WHO TAKE RESPONSIBILITY FOR THEIR LIVES AND GIVE BACK TO THE COMMUNITY. WE REMAIN THE ONLY WALL-TO-WALL PROJECT-BASED LEARNING HIGH SCHOOL IN CHICAGO PUBLIC SCHOOLS, EMPHASIZING THE DEVELOPMENT OF CRITICAL THINKING, CREATIVITY, COMMUNICATION AND COLLABORATION SKILLS TO PREPARE OUR STUDENTS FOR THE DIGITAL JOBS OF THE FUTURE.WE EMBARKED ON A HYBRID LEARNING MODEL - WITH SOME STUDENTS AT SCHOOL AND SOME LEARNING AT HOME. THROUGHOUT THE IMPLEMENTATION OF THESE LEARNING MODELS WE HAVE LEARNED BEST PRACTICES, IMPROVED OUR INTEGRATION OF TECHNOLOGY, AND HAVE INVESTED IN THE RESOURCES NECESSARY TO ENSURE ALL STUDENTS AND STAFF HAVE THE TECHNOLOGY HARDWARE AND ACCESS REQUIRED TO BE SUCCESSFUL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Howerton Chair | OfficerTrustee | 2 | $0 |
Alexander 'sandy' Lourie Secretary | OfficerTrustee | 2 | $0 |
Todd Babbitz Member | Trustee | 2 | $0 |
Colleen Egan Member | Trustee | 2 | $0 |
Tim Handorf Member | Trustee | 2 | $0 |
Martin Kelly Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Focus Strategic Partners Consulting Services | 6/29/21 | $149,070 |
Maxim Healthcare Services Health Services | 6/29/21 | $121,138 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $113,500 |
| Related organizations | $0 |
| Government grants | $6,522,793 |
| All other contributions, gifts, grants, and similar amounts not included above | $338,921 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,975,214 |
| Total Program Service Revenue | $37,511 |
| 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 | -$2,543 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,011,672 |
| 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. | $335,660 |
| Compensation of current officers, directors, key employees. | $184,163 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,132,947 |
| Pension plan accruals and contributions | $248,852 |
| Other employee benefits | $153,499 |
| Payroll taxes | $223,236 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,234 |
| Fees for services: Accounting | $36,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $736,745 |
| Advertising and promotion | $240,331 |
| Office expenses | $48,924 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $624,973 |
| Travel | $4,833 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $701 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,890 |
| Insurance | $66,432 |
| All other expenses | $0 |
| Total functional expenses | $6,921,066 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,117,824 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $76,966 |
| 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 | $203,666 |
| Net Land, buildings, and equipment | $136,115 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $68,908 |
| Total assets | $2,603,479 |
| Accounts payable and accrued expenses | $386,455 |
| 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 | $68,908 |
| Total liabilities | $455,363 |
| Net assets without donor restrictions | $2,148,116 |
| 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 | $2,603,479 |