Leap Innovations
- Assets
- $1.1m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 17
- Location
- Chicago, IL
- Founding
- 10/2014
- Data as of
- 06/2023
- EIN
- 46-4784152
Organization Overview
Leap Innovations is located in Chicago, IL. The organization was established in 2014. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 06/2023, Leap Innovations employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Leap Innovations 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, Leap Innovations generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (18.9%) each year. All expenses for the organization totaled $2.0m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (11.2%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Leap Innovations has awarded 59 individual grants totaling $3,358,000. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE EQUITABLE PERSONALIZED LEARNING EXPERIENCES FOR LEARNERS TO REACH THEIR FULL POTENTIAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NEW LEARNING MODEL WILL ALIGN THE NEEDS, INTERESTS AND AMBITIONS OF EACH STUDENT - WITH COMMUNITY-BASED, IN-PERSON AND DIGITAL RESOURCES AND PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phyllis Lockett President & CEO | OfficerTrustee | 40 | $333,459 |
Michael Alter Chair | OfficerTrustee | 0.5 | $0 |
Timothy Schwertfeger Director | Trustee | 0.5 | $0 |
Ulrik Christensen Director | Trustee | 0.5 | $0 |
Michael Moe Director | Trustee | 0.5 | $0 |
David Levy Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
John Mullin Finances/budget Preparation | 6/29/22 | $129,801 |
Sean Brazier Consulting- Next Generation Learning Mod | 6/29/22 | $147,000 |
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 | $1,061,868 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,061,868 |
| Total Program Service Revenue | $0 |
| Investment income | $26,331 |
| 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 | $1,088,512 |
| 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. | $492,478 |
| Compensation of current officers, directors, key employees. | $80,259 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $633,069 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $63,937 |
| Payroll taxes | $76,795 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,172 |
| Fees for services: Accounting | $64,914 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $423,392 |
| Advertising and promotion | $57,027 |
| Office expenses | $34,561 |
| Information technology | $77,855 |
| Royalties | $0 |
| Occupancy | $1,028 |
| Travel | $11,948 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $28 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,551 |
| Insurance | $34,829 |
| All other expenses | $0 |
| Total functional expenses | $2,019,826 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $860,555 |
| Pledges and grants receivable | $198,867 |
| 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 | $2,602 |
| Net Land, buildings, and equipment | $5,329 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,067,353 |
| Accounts payable and accrued expenses | $105,499 |
| 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 | $250,000 |
| Other liabilities | $0 |
| Total liabilities | $355,499 |
| Net assets without donor restrictions | $514,487 |
| Net assets with donor restrictions | $197,367 |
| 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 | $1,067,353 |
Grants Awarded
Over the last fiscal year, Leap Innovations has awarded $290,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
PATRICK HENRY ELEMENTARY (CHICAGO PUBLIC SCHOOLS) PURPOSE: FUND IMPLEMENTATION OF A COMPREHENSIVE PROPOSAL FOR A WHOLE-SCHOOL, NEXT-GENERATION MODEL | $95,000 |
DISNEY II MAGNET SCHOOL (CHICAGO PUBLIC SCHOOLS) PURPOSE: FUND IMPLEMENTATION OF A COMPREHENSIVE PROPOSAL FOR A WHOLE-SCHOOL, NEXT-GENERATION MODEL | $5,000 |
JOSEPH LOVETT ELEMENTARY(CHICAGO PUBLIC SCHOOLS) PURPOSE: FUND IMPLEMENTATION OF A COMPREHENSIVE PROPOSAL FOR A WHOLE-SCHOOL, NEXT-GENERATION MODEL | $95,000 |
ACERO SANTIAGO SCHOOL PURPOSE: FUND IMPLEMENTATION OF A COMPREHENSIVE PROPOSAL FOR A WHOLE-SCHOOL, NEXT-GENERATION MODEL | $95,000 |