Usul Academy
- Assets
- $207.9k
- Revenue
- $440.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Lombard, IL
- Founding
- Data as of
- 12/2023
- EIN
- 87-2255824
Organization Overview
Usul Academy is located in Lombard, IL. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Usul Academy 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 12/2023, Usul Academy generated $440.1k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 47.6% each year . All expenses for the organization totaled $279.1k during the year ending 12/2023. 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
USUL ACADEMY AIMS TO DELIVER CLASSICAL MADRASA EDUCATION, AS WELL AS CONTEMPORARY SUBJECTS WITHIN AN ISLAMIC FRAMEWORK. OUR COURSES ARE OFFERED ONLINE FOR STUDENTS ACROSS THE GLOBE, WITH OPPORTUNITIES FOR FACE-TO-FACE LEARNING IN ISTANBUL. USUL ACADEMY CURRENTLY OFFERS A BA AND MA IN COMPARATIVE ISLAMIC STUDIES IN WHICH STUDENTS STUDY TRADITIONAL ISLAMIC DISCIPLINES AND SOCIAL SCIENCES FROM A COMPARATIVE PERSPECTIVE. WE ALSO OFFER A 1-YEAR ACADEMIC ARABIC PROGRAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
- SUCCESSFULLY CARRYING ON OUR ARABIC PROGRAM AND 5 YEARS USUL PROGRAM - ADMITTING NEW STUDENTS FOR OUR 2023 COHORT- ORGANIZING USUL TALKS (GUEST LECTURES)- OFFERING SCHOLARSHIPS TO STUDENTS FROM THE US AND AROUND THE WORLD- RELEASING OUR WEEKLY NEWSLETTER
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hooman Keshavarzi Treasurer | OfficerTrustee | 10 | $0 |
Recep Senturk President | OfficerTrustee | 40 | $0 |
Necva Solak Secretary | OfficerTrustee | 10 | $0 |
Yasar Colak Director | Trustee | 10 | $0 |
Furkan Senturk Director | Trustee | 10 | $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 | $440,148 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $440,148 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $440,148 |
| 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 | $66,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,049 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,836 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $175,666 |
| Advertising and promotion | $1,138 |
| Office expenses | $0 |
| Information technology | $633 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,492 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $279,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $207,906 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $207,906 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $207,906 |
| 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 | $207,906 |