At-Takaful Islamic Society
- Assets
- $3.4m
- Revenue
- $849.9k
- Investments
- $0.0
- Employees
- 11
- Location
- Chicago, IL
- Founding
- 01/1992
- Data as of
- 12/2020
- EIN
- 36-3701681
Organization Overview
At-Takaful Islamic Society is located in Chicago, IL. The organization was established in 1992. According to its NTEE Classification (X40) the organization is classified as: Islam, under the broad grouping of Religion-Related and related organizations. As of 12/2020, At-Takaful Islamic Society employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. At-Takaful Islamic Society 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 12/2020, At-Takaful Islamic Society generated $849.9k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $889.6k during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
RELIGIOUS AFFAIRS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TEACHING OF HOLY QU'RAN, READING AND MEMO RIZING OF QU'RAN REGULAR AND FRIDAY CONGREGATION OF PRAYERS, FUNERAL SERVICES, COLLECTION AND DISTRIBUTION OF ZAKAT ETC.
TEACHING OF HOLY QU'RAN, READING AND MEMO RIZING OF QU'RAN REGULAR AND FRIDAY CONGREGATION OF PRAYERS, FUNERAL SERVICES, COLLECTION AND DISTRIBUTION OF ZAKAT ETC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Masood Ali President | Trustee | 10 | $0 |
Mazher Shah Khan Director | Trustee | 10 | $0 |
Mohammed A Abushalbak Director | Trustee | 10 | $0 |
Mahboob Ali Warisi Secretary | Trustee | 10 | $0 |
Syed A Rahman Treasurer | Trustee | 10 | $0 |
Mohammed A Hai Director | Trustee | 40 | $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 | $849,292 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $849,292 |
| Total Program Service Revenue | $0 |
| Investment income | $619 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $849,911 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $218,483 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $16,714 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $700 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $44,851 |
| Insurance | $7,667 |
| All other expenses | $28,932 |
| Total functional expenses | $889,554 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,603,923 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,637,643 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $202,077 |
| Total assets | $3,443,643 |
| Accounts payable and accrued expenses | $0 |
| 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 | $247,822 |
| Total liabilities | $247,822 |
| Net assets without donor restrictions | $3,195,821 |
| 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 | $3,443,643 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that At-Takaful Islamic Society has recieved totaling $5.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Muslim Community Center Incorporate Chicago, IL | $16,317,970 | $7,162,457 |
Al-Furqaan Foundation Lombard, IL | $9,389,287 | $3,249,437 |
Rahmat-E-Alam Foundation Chicago, IL | $3,691,412 | $1,733,178 |
Dawat-E-Islami Usa Inc Chicago, IL | $3,216,326 | $2,187,273 |
At-Takaful Islamic Society Chicago, IL | $3,443,643 | $849,911 |
Alhussnain Indianapolis, IN | $963,343 | $926,353 |
The Oasis Initiative Foundation Northbrook, IL | $705,926 | $811,524 |
House Of Wisdom Inc Greenfield, WI | $980,324 | $310,182 |
Sacred Learning Nfp Lincolnwood, IL | $11,221,302 | $937,465 |
Rahmah Foundation Inc Lake Villa, IL | $6,370,567 | $496,721 |
Islamic Society Of Northwest Suburbs Of Chicago Rolling Meadows, IL | $5,954,676 | $2,092,486 |
Sirat Chicago Chicago, IL | $543,094 | $942,884 |