Hfs Chicago Scholars
- Assets
- $3.2m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 17
- Location
- Chicago, IL
- Founding
- 09/1994
- Data as of
- 06/2022
- EIN
- 36-3922345
Organization Overview
Hfs Chicago Scholars is located in Chicago, IL. The organization was established in 1994. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, Hfs Chicago Scholars employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hfs Chicago Scholars 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 06/2022, Hfs Chicago Scholars generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $896.4k during the year ending 06/2022. While expenses have increased by 13.8% 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 2018, Hfs Chicago Scholars has awarded 181 individual grants totaling $2,897,999. 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
TO SUPPORT THE EDUCATIONAL ASPIRATIONS OF ECONOMICALLY DISADVANTAGED BUT ACADEMICALLY MOTIVATED CHICAGO INNER-CITY YOUTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING FISCAL YEAR 2022, HFS PROVIDED PARTIAL HIGH SCHOOL SCHOLARSHIPS TO 193 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Desiree Pepper-Venzant Executive Di | Officer | 40 | $95,140 |
Michael J Kennelly Board Chairm | OfficerTrustee | 5 | $0 |
Kathy L Clolinger Treasurer | OfficerTrustee | 5 | $0 |
Joshua E Benjamin Secretary | OfficerTrustee | 0.5 | $0 |
J James O'malley Vice Chairma | OfficerTrustee | 0.5 | $0 |
Christian Cooley Vice Chairma | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $909,461 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $527,523 |
| Noncash contributions included in lines 1a–1f | $4,800 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,436,984 |
| Total Program Service Revenue | $0 |
| Investment income | $65,309 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$12,904 |
| Net Income from Fundraising Events | -$94,092 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,459,597 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $466,108 |
| 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. | $95,140 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $261,722 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $17,781 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,800 |
| 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 | $0 |
| Insurance | $2,727 |
| All other expenses | $5,003 |
| Total functional expenses | $896,430 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $537,279 |
| 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 | $3,500 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,663,841 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,204,620 |
| Accounts payable and accrued expenses | $3,716 |
| 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 | $3,716 |
| Net assets without donor restrictions | $1,837,483 |
| Net assets with donor restrictions | $1,363,421 |
| 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 | $3,204,620 |
Grants Awarded
Over the last fiscal year, Hfs Chicago Scholars has awarded $444,773 in support to 29 organizations.
| Grant Recipient | Amount |
|---|---|
Chicago, IL PURPOSE: SCHOLARSHIP | $52,450 |
Chicago, IL PURPOSE: SCHOLARSHIP | $48,310 |
Oak Park, IL PURPOSE: SCHOLARSHIP | $29,605 |
MOTHER MCAULEY PURPOSE: SCHOLARSHIP | $27,100 |
Chicago, IL PURPOSE: SCHOLARSHIP | $24,400 |
MARIST PURPOSE: SCHOLARSHIP | $21,300 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Hfs Chicago Scholars has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
Lajck Foundation Schaumburg, IL PURPOSE: CHARITABLE | $2,500 |
Endowment Analysis
| Beg. Balance | $1,317,310 |
| Earnings | -$247,000 |
| Net Contributions | $568,569 |
| Ending Balance | $1,638,879 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Professional Convention Management Association Chicago, IL | $13,503,434 | $11,522,188 |
Sigma Chi Foundation Evanston, IL | $40,441,719 | $12,690,646 |