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← HELIOS EDUCATION FOUNDATION

Form 990 for tax year 2023

Filed by HELIOS EDUCATION FOUNDATION.

Totals

Total revenue
$34,576,005
Total expenses
$41,951,459
Contributions and grants received
$0
Grants paid
$24,133,807
Program service revenue
$0
Investment income
$34,576,005
Other revenue
$0
Total assets, end of year
$832,856,270
Total liabilities, end of year
$37,726,708
Net assets or fund balances, end of year
$795,129,562
Program services expenses (Part IX)
$35,498,335
Management and general expenses
$6,453,124
Fundraising expenses
$0
Program service expenses (Part III)
$35,498,335

Program services were 84.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $19,998,097 · unrelated business -$1,768,360 · excluded $21,766,457

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $65,757,734

  • 7b · Less cost or other basis and sales expenses

    securities $51,179,826

  • 7c · Gain or loss

    securities $14,577,908 · other assets $0

  • 7d · Net gain or loss

    total $14,577,908 · excluded $14,577,908

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $24,133,807 · program services $24,133,807

  • 5 · Compensation of officers, directors and key employees

    total $3,187,115 · program services $1,804,191 · management and general $1,382,924 · fundraising $0

  • 7 · Other salaries and wages

    total $3,058,497 · program services $1,890,810 · management and general $1,167,687

  • 8 · Pension plan contributions

    total $735,527 · program services $448,479 · management and general $287,048

  • 9 · Other employee benefits

    total $954,517 · program services $665,547 · management and general $288,970

  • 10 · Payroll taxes

    total $355,560 · program services $224,125 · management and general $131,435

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0

  • 11c · Fees: accounting

    total $131,434 · program services $5,353 · management and general $126,081

  • 11d · Fees: lobbying

    total $1,438 · program services $1,438 · management and general $0

  • 11f · Fees: investment management

    total $1,194,272 · program services $0 · management and general $1,194,272

  • 11g · Fees: other

    total $1,150,367 · program services $953,647 · management and general $196,720 · fundraising $0

  • 13 · Office expenses

    total $432,021 · program services $314,022 · management and general $117,999

  • 14 · Information technology

    total $691,148 · program services $380,566 · management and general $310,582

  • 16 · Occupancy

    total $1,181,622 · program services $1,080,981 · management and general $100,641

  • 17 · Travel

    total $365,160 · program services $228,190 · management and general $136,970

  • 19 · Conferences, conventions and meetings

    total $431,153 · program services $104,189 · management and general $326,964

  • 22 · Depreciation, depletion and amortization

    total $2,781,049 · program services $2,402,811 · management and general $378,238

  • 23 · Insurance

    total $168,639 · program services $115,454 · management and general $53,185

  • 24a · Other expenses: COMMUNICATIONS

    total $612,168 · program services $442,211 · management and general $169,957

  • 24b · Other expenses: COMMUNITY EVENT SPONSORSHIP

    total $385,965 · program services $302,514 · management and general $83,451

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,251,080 · end of year $3,254,486

  • 2 · Savings and temporary cash investments

    beginning of year $11,994,080 · end of year $22,623,032

  • 3 · Pledges and grants receivable

    beginning of year $0

  • 4 · Accounts receivable

    beginning of year $80,563 · end of year $107,950

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $132,655 · end of year $47,037

  • 10a · Land, buildings and equipment: cost or other basis

    $77,394,084

  • 10b · Land, buildings and equipment: accumulated depreciation

    $12,571,668

  • 10c · Land, buildings and equipment, net

    beginning of year $63,669,888 · end of year $64,822,416

  • 11 · Investments: publicly traded securities

    beginning of year $397,968,469 · end of year $474,168,404

  • 12 · Investments: other securities

    beginning of year $264,851,551 · end of year $267,827,945

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $5,000 · end of year $5,000

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,116,547 · end of year $6,381,018

  • 18 · Grants payable

    beginning of year $27,379,841 · end of year $31,345,690

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $710,456,898 · end of year $795,129,562

Mission and programs · 2023

Mission

TO ENRICH THE LIVES OF INDIVIDUALS IN ARIZONA AND FLORIDA BY CREATING OPPORTUNITIES FOR SUCCESS IN POST-SECONDARY EDUCATION.

  • HELIOS EDUCATION FOUNDATION IS DEDICATED TO CREATING OPPORTUNITIES FOR INDIVIDUALS IN ARIZONA AND FLORIDA TO ACHIEVE A POSTSECONDARY EDUCATION. THE FOUNDATION'S WORK IS DRIVEN BY ITS FOUR FUNDAMENTAL BELIEFS: 1) COMMUNITY - EDUCATION CHANGES LIVES AND STRENGTHENS COMMUNITIES. 2) INVESTMENT - EDUCATION IS AN INVESTMENT, NOT AN EXPENSE. 3) EQUITY - EVERY STUDENT, REGARDLESS OF ZIP CODE, DESERVES A HIGH- QUALITY EDUCATION. 4) PARTNERSHIP - THE FOUNDATION WILL ACHIEVE ITS MISSION THROUGH PARTNERSHIP AND COLLABORATION. HELIOS INVESTS IN PROGRAMS AND INITIATIVES ACROSS THE FULL EDUCATION CONTINUUM, FROM EARLY GRADE SUCCESS THROUGH POSTSECONDARY EDUCATION. HELIOS PARTNERS WITH UNIVERSITIES, COLLEGES, ELEMENTARY AND SECONDARY SCHOOLS, AND OTHER ELIGIBLE EDUCATIONAL ORGANIZATIONS AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FOUNDATION'S COMMITMENT TO EDUCATION IS LONG-TERM AND ITS FINANCIAL SUPPORT IS FOCUSED ON INVESTING IN SUSTAINABLE PROGRAMS AND INITIATIVES AT EDUCATIONAL ORGANIZATIONS THAT SPECIFICALLY IMPACT THE EDUCATIONAL SUCCESS OF ALL STUDENTS. DURING FY24, HELIOS EDUCATION FOUNDATION PROVIDED APPROXIMATELY $24 MILLION IN GRANTS AND $943 THOUSAND IN-KIND GIVING TO EDUCATIONAL ORGANIZATIONS LOCATED IN ARIZONA AND FLORIDA. THIS FUNDING AND IN-KIND GIVING PROVIDED SUPPORT TO SCHOOLS, UNIVERSITIES AND OTHER EDUCATIONAL ORGANIZATIONS AND NON-PROFITS THAT IMPROVE THE CONDITIONS OF AND ACCESS TO EDUCATION. Helios Education Foundation has a purposeful focus on results. Our Impact Strategy focuses on three key drivers essential to getting students on track for college attainment: Ensure that students are reading by the third grade; Increase college enrollments; and Increase attainment of two- and four-year college degrees.

    Expenses $35,498,335 · Grants $24,133,807

As filed on the 2023 return.

Listed in Part VII

  • Jane Roig

    VICE-CHAIR

    Total calculated
    $85,860
    From this org
    $85,860
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Paul Luna

    PRESIDENT AND CEO

    Total calculated
    $707,955
    From this org
    $624,976
    From related orgs
    $0
    Other
    $82,979
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $471,910
    Bonus
    $100,000
    Other
    $53,066
    Deferred
    $43,500
    Nontaxable benefits
    $39,479
    Filer's total
    $707,955

  • Steven Wheeler

    DIRECTOR & SECRETARY

    Total calculated
    $48,958
    From this org
    $48,958
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Vada Manager

    DIRECTOR & TREASURER

    Total calculated
    $54,384
    From this org
    $54,384
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Vincent Roig

    CHAIRMAN

    Total calculated
    $360,344
    From this org
    $323,037
    From related orgs
    $0
    Other
    $37,307
    Hours/week
    20

    Schedule J breakdown matched by us

    Base
    $240,120
    Bonus
    $70,000
    Other
    $12,917
    Deferred
    $0
    Nontaxable benefits
    $37,307
    Filer's total
    $360,344

  • Chevy Humphrey

    DIRECTOR

    Total calculated
    $45,558
    From this org
    $45,558
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Don Aripoli

    DIRECTOR

    Total calculated
    $57,154
    From this org
    $57,154
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Ioanna Morfessis

    DIRECTOR

    Total calculated
    $51,860
    From this org
    $51,860
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • James Swanson

    DIRECTOR

    Total calculated
    $44,797
    From this org
    $44,797
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Larry Rice

    DIRECTOR

    Total calculated
    $50,721
    From this org
    $50,721
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Maria Sastre

    DIRECTOR

    Total calculated
    $61,172
    From this org
    $61,172
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Mark Fernandez

    DIRECTOR

    Total calculated
    $58,533
    From this org
    $58,533
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Tom Herndon

    DIRECTOR

    Total calculated
    $56,056
    From this org
    $56,056
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Barbara Ryan Thompson

    EXECUTIVE VICE PRESIDENT & COO

    Total calculated
    $520,641
    From this org
    $449,725
    From related orgs
    $0
    Other
    $70,916
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $347,377
    Bonus
    $75,000
    Other
    $27,348
    Deferred
    $43,500
    Nontaxable benefits
    $27,416
    Filer's total
    $520,641

  • Michael Chesin

    SENIOR VICE PRESIDENT & CFO

    Total calculated
    $448,954
    From this org
    $366,414
    From related orgs
    $0
    Other
    $82,540
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,473
    Bonus
    $50,000
    Other
    $22,941
    Deferred
    $43,500
    Nontaxable benefits
    $39,040
    Filer's total
    $448,954

  • Charles Hokanson

    SVP FL COMMUNITY ENGAGEMENT

    Total calculated
    $202,267
    From this org
    $171,123
    From related orgs
    $0
    Other
    $31,144
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $69,231
    Bonus
    $0
    Other
    $101,892
    Deferred
    $23,916
    Nontaxable benefits
    $7,228
    Filer's total
    $202,267

  • Janice Palmer

    SVP GOVERNMENT AFFAIRS & PUBLIC POLICY

    Total calculated
    $307,723
    From this org
    $250,630
    From related orgs
    $0
    Other
    $57,093
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,000
    Bonus
    $20,000
    Other
    $630
    Deferred
    $35,000
    Nontaxable benefits
    $22,093
    Filer's total
    $307,723

  • Paul Perrault

    SVP COMMUNITY IMPACT & LEARNING

    Total calculated
    $345,649
    From this org
    $252,039
    From related orgs
    $0
    Other
    $93,610
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,083
    Bonus
    $20,000
    Other
    $1,956
    Deferred
    $35,000
    Nontaxable benefits
    $58,610
    Filer's total
    $345,649

  • Travis Reindl

    SVP COMMUNICATIONS

    Total calculated
    $213,541
    From this org
    $185,822
    From related orgs
    $0
    Other
    $27,719
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,560
    Bonus
    $0
    Other
    $9,262
    Deferred
    $12,115
    Nontaxable benefits
    $15,604
    Filer's total
    $213,541

  • Vince Yanez

    SVP AZ COMMUNITY ENGAGEMENT

    Total calculated
    $339,707
    From this org
    $266,748
    From related orgs
    $0
    Other
    $72,959
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,089
    Bonus
    $15,000
    Other
    $16,659
    Deferred
    $35,000
    Nontaxable benefits
    $37,959
    Filer's total
    $339,707

  • Julie Norwood

    VP GRANTS AND PROJECT MANAGEMENT

    Total calculated
    $184,524
    From this org
    $139,323
    From related orgs
    $0
    Other
    $45,201
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,064
    Bonus
    $0
    Other
    -$1,741
    Deferred
    $19,748
    Nontaxable benefits
    $25,453
    Filer's total
    $184,524

  • Noel McClain

    SENIOR DIRECTOR, HUMAN RESOURCES

    Total calculated
    $175,457
    From this org
    $131,665
    From related orgs
    $0
    Other
    $43,792
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,904
    Bonus
    $5,000
    Other
    -$239
    Deferred
    $18,467
    Nontaxable benefits
    $25,325
    Filer's total
    $175,457

  • Tammi Crum

    DIRECTOR, EXECUTIVE SERVICES

    Total calculated
    $177,797
    From this org
    $134,779
    From related orgs
    $0
    Other
    $43,018
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,278
    Bonus
    $7,500
    Other
    $6,001
    Deferred
    $17,998
    Nontaxable benefits
    $25,020
    Filer's total
    $177,797

  • Tina Denicole

    VP FINANCE AND ADMINISTRATION

    Total calculated
    $246,683
    From this org
    $205,150
    From related orgs
    $0
    Other
    $41,533
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,000
    Bonus
    $10,000
    Other
    $10,150
    Deferred
    $27,300
    Nontaxable benefits
    $14,233
    Filer's total
    $246,683

  • Zachary Fontes

    DIRECTOR OF TECHNOLOGY

    Total calculated
    $213,601
    From this org
    $150,872
    From related orgs
    $0
    Other
    $62,729
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,073
    Bonus
    $5,000
    Other
    -$5,201
    Deferred
    $21,848
    Nontaxable benefits
    $40,881
    Filer's total
    $213,601

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel
BOARD MEMBERS AND CORPORATE OFFICERS MAY TRAVEL 'FIRST CLASS' FOR FOUNDATION-RELATED BUSINESS IF THE TRAVEL TIME EXCEEDS TWO HOURS. ON OCCASION, FOUNDATION STAFF TRAVELING WITH A BOARD MEMBER ON FLIGHTS EXCEEDING TWO HOURS MAY BE UPGRADED TO 'FIRST CLASS'.
Schedule J, Part I, Line 1a Travel for companions
COMPANION TRAVEL IS PROVIDED IN LIMITED CIRCUMSTANCES AND IS REPORTED AS TAXABLE INCOME TO THE INDIVIDUAL.
Schedule J, Part I, Line 4a Severance or change-of-control payment
SEVERANCE TOTALING $45,865 WAS PAID TO CHARLES HOKANSON. THE AMOUNT WAS BASED ON HIS LENGTH OF SERVICE.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
THE BOARD OF DIRECTORS HAS APPROVED THE ESTABLISHMENT OF A 457(F) PLAN FOR EXECUTIVE STAFF. THE PLAN IS AN UNFUNDED PLAN ESTABLISHED AND MAINTAINED FOR THE PRIMARY PURPOSE OF PROVIDING CERTAIN KEY EMPLOYEES WHO CONTRIBUTE TO THE SUCCESS OF THE FOUNDATION WITH THE OPPORTUNITY TO BENEFIT FROM SUPPLEMENTAL FOUNDATION CONTRIBUTIONS OF INCOME. THE PLAN IS INTENDED TO COMPLY IN ALL RESPECTS WITH CODE SECTION 457(F) AND 409A AND THOSE PROVISIONS OF ERISA APPLICABLE TO AN UNFUNDED PLAN MAINTAINED PRIMARILY TO PROVIDE DEFERRED COMPENSATION BENEFITS FOR A SELECT GROUP OF "MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES."
Schedule J, Part I, Line 7 Non-fixed payments
DISCRETIONARY BONUSES WERE AUTHORIZED BY THE BOARD FOR CERTAIN INDIVIDUALS BASED ON PERFORMANCE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2023
Filed
14 February 2025
IRS schema version
2023v6.0
Source object
202510459349300336

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