Lane Tech Alumni Association Inc is located in Chicago, IL. The organization was established in 1986. According to its NTEE Classification (B84) the organization is classified as: Alumni Associations, under the broad grouping of Education and related organizations. As of 06/2023, Lane Tech Alumni Association Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lane Tech Alumni Association 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 06/2023, Lane Tech Alumni Association Inc generated $374.9k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $325.0k during the year ending 06/2023. While expenses have increased by 7.3% per year over the past 8 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
TO CHAMPION THE LIFE-LONG RELATIONSHIP OF LANE TECH GRADUATES TO THEIR ALMA MATER, TO ONE ANOTHER, AND TO THE GREATER COMMUNITY OF LANE TECH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN YEAR THIRTY-SEVEN, THE LTAA SCHOLARSHIP PROGRAM REMAINS THE CORNERSTONE PHILANTHROPIC INITIATIVE FOR THE LTAA WITH A CUMULATIVE TOTAL OF MORE THAN 2.8 MILLION DOLLARS ADMINISTERED OVER THE LIFESPAN OF THE PROGRAM. IN FY2022/23, THIRTY-THREE GRADUATING SENIORS RECEIVED SCHOLARSHIPS RANGING FROM $1,000 TO $10,000, SETTING THEM ON A PATH FOR SUCCESS FOR AT LEAST THEIR FRESHMAN YEAR, AND IN SOME CASES, FOR FOUR YEARS. 36% OF THE STUDENTS AT LANE TECH ARE FROM LOW OR MODERATELY LOW-INCOME FAMILIES. MANY ARE FROM IMMIGRANT FAMILIES, SINGLE PARENT HOMES, FIRST GENERATION COLLEGE-BOUND, AND ALL HAVE SOME LEVEL OF FINANCIAL NEED, STILL COMPOUNDED BY COVID-RELATED ECONOMIC STRESSORS. LTAA SCHOLARSHIPS PROVIDE "LAST MILE" FINANCING SO THAT THE HIGH-POTENTIAL STUDENTS OF LANE CAN ATTEND THEIR BEST-FIT INSTITUTIONS. THE LTAA SOLICITS SCHOLARSHIP DONORS, DESIGNS AND ADMINISTERS THE PROGRAMS, DISTRIBUTES FUNDS, AND DOCUMENTS THE RESULTS.
THE LTAA TEACHER INNOVATION GRANT PROGRAM WAS ESTABLISHED IN 2010 TO OFFSET SYSTEM-WIDE BUDGET DEFICIENCIES AND PROMOTE A BEST-IN-CLASS CURRICULUM. THE CUMULATIVE TOTAL OF INNOVATION AWARDS HAS EXCEEDED $308,000 SINCE THE PROGRAM'S INCEPTION. GRANTS WERE A KEY PART OF RE-INVIGORATING IN-PERSON LEARNING AND PROVIDED EVERYTHING FROM ROBOT PARTS TO STUDENT PARTICIPATION IN A MODEL UN CONFERENCE. THESE GRANTS TOUCH VIRTUALLY EVERY ONE OF THE MORE THAN 4,500 STUDENTS AT LANE AND ENABLE THE FACULTY AND STAFF TO OFFER MORE PROGRAMS AND EXTRACURRICULAR ACTIVITIES THAN ANY OTHER CPS HIGH SCHOOL. THE GRANT PROGRAM IS A CRITICAL COMPONENT OF A HOLISTIC APPROACH IN SUPPORT OF THE STUDENTS OF LANE TECH THROUGH EDUCATIONAL ENHANCEMENTS, COLLEGE-READINESS, AND ACCESS TO HIGHER EDUCATION.
CONNECTING PEOPLE AND COMMUNITY-BUILDING IS A PRIMARY FOCUS OF THE LTAA. CONSTITUENT GROUPS INCLUDE OVER 9,000 ALUMNI, 4500 STUDENTS AND 350 FACULTY AND STAFF, AS WELL AS AFFINITY GROUPS, NEIGHBORS AND FRIENDS. THE LTAA PUBLISHES A BIANNUAL MAGAZINE THAT REACHES MORE THAN 4,000 READERS, AND A DIGITAL NEWSLETTER TWO TIMES PER MONTH. THE LTAA ENGAGES VARIOUS SOCIAL MEDIA PLATFORMS WITH A COMBINED 20,000 FOLLOWERS, AND TRACKS HUNDREDS OF THOUSANDS OF IMPRESSIONS. COVID-19 RESULTED IN AN EVEN GREATER RELIANCE ON TECHNOLOGY TO BRING CONSTITUENTS TOGETHER VIA VIRTUAL EVENTS, AND ONCE PERMITTABLE, MONTHLY LIVE EVENTS WERE OFFERED TO ALUMNI IN RESPONSE TO THE ISOLATION OF THE PREVIOUS YEARS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Michelle Weiner Executive Director | Trustee | 32 | $24,501 |
Jim Ascot Board Member | Trustee | 2 | $0 |
Deidre Baumann Board Member | Trustee | 2 | $0 |
Stuart Eng Board Member | Trustee | 2 | $0 |
Fred Glure Board Member | Trustee | 2 | $0 |
Paul Gonley Board Member | Trustee | 2 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $23,970 |
Fundraising events | $3,620 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $276,122 |
Noncash contributions included in lines 1a–1f | $100 |
Total Revenue from Contributions, Gifts, Grants & Similar | $303,712 |
Total Program Service Revenue | $13,183 |
Investment income | $37,006 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $13,560 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $2,633 |
Miscellaneous Revenue | $0 |
Total Revenue | $374,877 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $25,214 |
Grants and other assistance to domestic individuals. | $135,000 |
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 | $79,248 |
Other salaries and wages | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $5,900 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $10,599 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $200 |
Fees for services: Other | $0 |
Advertising and promotion | $0 |
Office expenses | $16,595 |
Information technology | $5,185 |
Royalties | $0 |
Occupancy | $15,896 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $1,926 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $4,240 |
All other expenses | $0 |
Total functional expenses | $325,019 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $44,986 |
Savings and temporary cash investments | $880,338 |
Pledges and grants receivable | $20,000 |
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 | $4,046 |
Prepaid expenses and deferred charges | $2,058 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $9,574 |
Total assets | $961,002 |
Accounts payable and accrued expenses | $2,472 |
Grants payable | $0 |
Deferred revenue | $114,031 |
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 | $116,503 |
Net assets without donor restrictions | $569,242 |
Net assets with donor restrictions | $275,257 |
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 | $961,002 |