Greek-American Restaurant Association
- Assets
- $2.9m
- Revenue
- $138.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Des Plaines, IL
- Founding
- 09/1998
- Data as of
- 12/2022
- EIN
- 36-3693719
Organization Overview
Greek-American Restaurant Association is located in Des Plaines, IL. The organization was established in 1998. According to its NTEE Classification (T70) the organization is classified as: Federated Giving Programs, 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. Greek-American Restaurant Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Greek-American Restaurant Association generated $138.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (9.4%) each year. All expenses for the organization totaled $85.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.9%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Greek-American Restaurant Association has awarded 21 individual grants totaling $131,000. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE PART III (A) BELOW
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTRIBUTIONS TO VARIOUS INSTITUTIONS
ASSISTS ACTIVE GREEK AMERICAN RESTAURNAT OWNERS PURCHASE ITEMS FOR THE OPERATION OF THEIR ESTABLISHMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sam Markos President | OfficerTrustee | 1 | $0 |
Steve Theofanous Vice President | Trustee | 1 | $0 |
Peter Revel Treasurer | Officer | 1 | $0 |
James Romas Secretary | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $377,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $377,000 |
| Total Program Service Revenue | $0 |
| Investment income | $105,668 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$72,835 |
| Net Gain/Loss on Asset Sales | -$271,878 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $137,955 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,750 |
| 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 | $7,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $536 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,244 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,384 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,536 |
| 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 | $2,066 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,501 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $85,309 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $677,884 |
| Savings and temporary cash investments | $996,025 |
| 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 | $1,237,759 |
| 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 | $1,225 |
| Total assets | $2,912,893 |
| Accounts payable and accrued expenses | $2,062 |
| 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 | $2,062 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $64,382 |
| Retained earnings, endowment, accumulated income, or other funds | $2,845,449 |
| Total liabilities and net assets/fund balances | $2,912,893 |
Grants Awarded
Over the last fiscal year, Greek-American Restaurant Association has awarded $0 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL HELLENIC MUSEUM PURPOSE: 0 | $0 |
HELLENIC SCHOLARSHIP FUND PURPOSE: 0 | $0 |
GREEK AMERICAN REHABILITATION & CARE CENTER PURPOSE: 0 | $0 |
HIPPOCRATIC CANCER RESEARCH FOUNDATION PURPOSE: 0 | $0 |
CENTRAL SOCIETY TSIPIANITON PURPOSE: 0 | $0 |
PAN ARCADIAN FEDERATION OF AMERICA PURPOSE: 0 | $0 |