Chicago Scholars Foundation
- Assets
- $10.4m
- Revenue
- $6.9m
- Investments
- $0.0
- Employees
- 125
- Location
- Chicago, IL
- Founding
- 03/1997
- Data as of
- 06/2023
- EIN
- 36-4117530
Organization Overview
Chicago Scholars Foundation, operating under the name Chicago Scholars, is located in Chicago, IL. The organization was established in 1997. According to its NTEE Classification (B80) the organization is classified as: Student Services, under the broad grouping of Education and related organizations. As of 06/2023, Chicago Scholars employed 125 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 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 06/2023, Chicago Scholars generated $6.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $7.8m during the year ending 06/2023. While expenses have increased by 10.0% 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
WE UNIQUELY SELECT, TRAIN, & MENTOR ACADEMICALLY AMBITIOUS STUDENTS FROM UNDER-RESOURCED COMMUNITIES TO COMPLETE COLLEGE & BECOME THE NEXT GENERATION OF LEADERS WHO WILL TRANSFORM THEIR NEIGHBORHOODS & OUR CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHICAGO SCHOLARS OFFERS AN INNOVATIVE SEVEN-YEAR PROGRAM LASTING FROM THE SUMMER BEFORE THEIR SENIOR YEAR OF HIGH SCHOOL THROUGH THE SENIOR YEAR OF COLLEGE AND ENDING WITH TWO YEARS OF LEADERSHIP DEVELOPMENT. IN THEIR FIRST YEAR OF PROGRAMMING, SCHOLARS WORK CLOSELY WITH COLLEGE COUNSELORS, MENTORS AND PEERS TO APPLY TO COLLEGES AND UNIVERSITIES THAT ARE THEIR RIGHT MATCH, FIT AND FINANCIAL FIT. OUR HOLISTIC APPROACH STRIVES FOR OUR SCHOLARS TO FIND THE COLLEGES AND UNIVERSITIES WHERE THEY CAN BUILD COMMUNITY AND FOSTER BELONGING. CHICAGO SCHOLARS PROVIDES SCHOLARS ENROLLED IN COLLEGE UNIQUE SCHOLARSHIP OPPORTUNITIES, CONTINUED MENTORSHIP AND A COMMUNITY OF PEOPLE WHO CARE, SO THAT OUR SCHOLARS PERSIST THROUGH COLLEGE, THRIVE IN THEIR STUDIES AND GRADUATE WITH DEGREES THAT LEAD TO MEANINGFUL CAREERS, HIGHER SALARIES AND ECONOMIC MOBILITY. CHICAGO SCHOLARS' CAREER PROGRAMMING HELPS OUR SCHOLARS GAIN ACCESS TO THE KEY INTERNSHIPS, OPPORTUNITIES, AND NETWORKS THAT WILL LEAD THEM TO THEIR FIRST JOBS AND LAUNCH LIFE-CHANGING CAREERS. EACH YEAR CHICAGO SCHOLARS WORKS TO IMPROVE ITS PROGRAMS, SERVICES AND PARTNERSHIPS. TO DATE, MORE THAN 5,000 CHICAGO SCHOLARS ARE IN OR HAVE COMPLETED THE PROGRAM. 94% OF OUR SCHOLARS AND ALUMS ARE PEOPLE OF COLOR; 88% ARE LOW-INCOME AND 82% ARE FIRST GENERATION COLLEGE STUDENTS REPRESENTING ALL 77 CHICAGO COMMUNITY AREAS. HISTORICALLY 96% OF SCHOLARS MATRICULATE TO COLLEGE IN THE FALL FOLLOWING THEIR HIGH SCHOOL GRADUATION ON-TIME AND 78% EARN THEIR DEGREES WITHIN SIX YEARS. OVERALL THE SCHOLARS ATTENDED OR GRADUATED FROM MORE THAN 635 COLLEGES AND UNIVERSITIES WORLDWIDE.
IN OCTOBER 2022, CHICAGO SCHOLARS FORMED A SINGLE MEMBER LIMITED LIABILITY COMPANY, REACH PATHWAYS, LLC (REACH) FOR WHICH THE FOUNDATION IS THE SOLE MEMBER, WITH THE INTENTION OF EXPANDING ACCESS TO THE FOUNDATION'S PROVEN CURRICULUM TO MORE UNDER-RESOURCED STUDENTS THROUGH TECHNOLOGY AND GENERATING NEW POTENTIAL REVENUE OPPORTUNITIES TO DIVERSITY THE FOUNDATION'S REVENUESREACH IS THE COLLEGE AND CAREER PATHWAY FOR UNDER-RESOURCED STUDENTS IN AN INNOVATIVE TECHNOLOGY PLATFORM. REACH CONNECTS STUDENTS WITH COLLEGES AND COMPANIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brooke Mckean President | OfficerTrustee | 32 | $172,290 |
Jeffery Beckham Jr CEO | OfficerTrustee | 32 | $206,230 |
Paula Daniliuc Director | Trustee | 3 | $0 |
Wendy Friedman Director | Trustee | 3 | $0 |
Lee Gordon Founders Council | Trustee | 3 | $0 |
Reginald Hill Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $414,833 |
| Related organizations | $0 |
| Government grants | $81,281 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,015,122 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,511,236 |
| Total Program Service Revenue | $399,394 |
| Investment income | $95,522 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,754 |
| Net Income from Fundraising Events | -$149,574 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,857,221 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $551,047 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,021,143 |
| Compensation of current officers, directors, key employees. | $332,202 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,361,781 |
| Pension plan accruals and contributions | $32,541 |
| Other employee benefits | $379,619 |
| Payroll taxes | $334,225 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,897 |
| Fees for services: Accounting | $86,694 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,863 |
| Fees for services: Other | $402,146 |
| Advertising and promotion | $187,769 |
| Office expenses | $113,533 |
| Information technology | $286,688 |
| Royalties | $0 |
| Occupancy | $365,571 |
| Travel | $112,544 |
| 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 | $158,646 |
| Insurance | $33,050 |
| All other expenses | -$88,892 |
| Total functional expenses | $7,844,062 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,695,898 |
| Savings and temporary cash investments | $1,434,562 |
| Pledges and grants receivable | $2,737,830 |
| Accounts receivable, net | $89,957 |
| 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 | $226,618 |
| Net Land, buildings, and equipment | $580,818 |
| Investments—publicly traded securities | $2,946,421 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $712,232 |
| Total assets | $10,424,336 |
| Accounts payable and accrued expenses | $331,306 |
| Grants payable | $0 |
| Deferred revenue | $187,798 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $219,266 |
| 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 | $749,484 |
| Total liabilities | $1,487,854 |
| Net assets without donor restrictions | $715,238 |
| Net assets with donor restrictions | $8,221,244 |
| 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 | $10,424,336 |