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Nonprofiteer
← BIG SHOULDERS FUND

Form 990 for tax year 2022

Filed by BIG SHOULDERS FUND.

Totals

Total revenue
$65,677,021
Total expenses
$58,940,127
Contributions and grants received
$56,956,626
Grants paid
$48,013,219
Program service revenue
$240,868
Investment income
$8,080,344
Other revenue
$399,183
Total assets, end of year
$135,423,582
Total liabilities, end of year
$22,743,753
Net assets or fund balances, end of year
$112,679,829
Program services expenses (Part IX)
$55,805,642
Management and general expenses
$1,849,998
Fundraising expenses
$1,284,487
Program service expenses (Part III)
$55,805,642

Program services were 94.7% 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.

  • 1a · Federated campaigns

    $55,393

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $6,064,812

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $1,657,644

  • 1f · All other contributions, gifts and grants

    $49,178,777

  • 1g · Noncash contributions included above

    $2,684,657

  • 2a · Program service revenue: Work Study Sponsorships

    total $240,868 · related or exempt $0 · unrelated business $0 · excluded $240,868

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $1,234,771 · related or exempt $0 · unrelated business $20,866 · excluded $1,213,905

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $9,507,091 · other assets $0

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

    securities $2,661,518 · other assets $0

  • 7c · Gain or loss

    securities $6,845,573 · other assets $0

  • 7d · Net gain or loss

    total $6,845,573 · related or exempt $0 · unrelated business $0 · excluded $6,845,573

  • 8a · Fundraising events: gross income

    $1,200,456

  • 8a · Fundraising events: contributions included on line 1c

    $6,064,812

  • 8b · Fundraising events: direct expenses

    $848,798

  • 8c · Net income from fundraising events

    total $351,658 · unrelated business $0 · excluded $351,658

  • 9a · Gaming: gross income

    $48,705

  • 9b · Gaming: direct expenses

    $1,180

  • 9c · Net income from gaming

    total $47,525 · related or exempt $0 · unrelated business $0 · excluded $47,525

  • 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 $21,068,285 · program services $21,068,285

  • 2 · Grants to domestic individuals

    total $26,944,934 · program services $26,944,934

  • 5 · Compensation of officers, directors and key employees

    total $1,621,428 · program services $981,623 · management and general $417,490 · fundraising $222,315

  • 7 · Other salaries and wages

    total $3,961,012 · program services $2,802,093 · management and general $600,309 · fundraising $558,610

  • 8 · Pension plan contributions

    total $102,524 · program services $65,959 · management and general $23,087 · fundraising $13,478

  • 9 · Other employee benefits

    total $401,973 · program services $288,105 · management and general $54,373 · fundraising $59,495

  • 10 · Payroll taxes

    total $365,808 · program services $240,567 · management and general $71,374 · fundraising $53,867

  • 11a · Fees: management

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

  • 11b · Fees: legal

    total $4,907 · program services $0 · management and general $4,907 · fundraising $0

  • 11c · Fees: accounting

    total $74,379 · program services $0 · management and general $74,379 · fundraising $0

  • 11d · Fees: lobbying

    total $10,000 · program services $10,000 · management and general $0 · fundraising $0

  • 11f · Fees: investment management

    total $50,000 · program services $0 · management and general $50,000 · fundraising $0

  • 11g · Fees: other

    total $1,741,516 · program services $1,599,069 · management and general $129,796 · fundraising $12,651

  • 12 · Advertising and promotion

    total $271,990 · program services $162,358 · management and general $103,203 · fundraising $6,429

  • 13 · Office expenses

    total $486,649 · program services $333,125 · management and general $95,876 · fundraising $57,648

  • 14 · Information technology

    total $440,208 · program services $243,851 · management and general $90,079 · fundraising $106,278

  • 15 · Royalties

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

  • 16 · Occupancy

    total $204,604 · program services $128,652 · management and general $37,976 · fundraising $37,976

  • 17 · Travel

    total $393,256 · program services $352,604 · management and general $16,365 · fundraising $24,287

  • 18 · Travel or entertainment for public officials

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

  • 19 · Conferences, conventions and meetings

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

  • 20 · Interest

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

  • 21 · Payments to affiliates

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

  • 22 · Depreciation, depletion and amortization

    total $11,175 · program services $5,587 · management and general $2,794 · fundraising $2,794

  • 23 · Insurance

    total $33,835 · program services $18,471 · management and general $7,682 · fundraising $7,682

  • 24a · Other expenses: Credit card fees

    total $420,268 · program services $372,215 · management and general $0 · fundraising $48,053

  • 24b · Other expenses: Food and meals

    total $289,837 · program services $168,054 · management and general $50,225 · fundraising $71,558

  • 24c · Other expenses: Membership dues

    total $41,539 · program services $20,090 · management and general $20,083 · fundraising $1,366

  • 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 $1,292,586 · end of year $232,702

  • 2 · Savings and temporary cash investments

    beginning of year $35,746,228 · end of year $34,785,398

  • 3 · Pledges and grants receivable

    beginning of year $27,226,748 · end of year $27,368,358

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 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

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $50,576 · end of year $1,045,008

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

    $344,826

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

    $306,605

  • 10c · Land, buildings and equipment, net

    beginning of year $49,395 · end of year $38,221

  • 11 · Investments: publicly traded securities

    beginning of year $18,300,122 · end of year $18,088,431

  • 12 · Investments: other securities

    beginning of year $43,317,281 · end of year $53,511,229

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $11,000 · end of year $354,235

  • 17 · Accounts payable and accrued expenses

    beginning of year $851,932 · end of year $1,189,666

  • 18 · Grants payable

    beginning of year $9,231,330 · end of year $11,553,165

  • 19 · Deferred revenue

    beginning of year $230,055 · end of year $263,238

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $8,795,374 · end of year $9,737,684

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    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 $29,799,633 · end of year $35,474,296

  • 28 · Net assets with donor restrictions

    beginning of year $77,085,612 · end of year $77,205,533

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

We provide support to underserved schools which provide a quality, values-based education for Chicago's children. In 2020, Big Shoulders Fund's programming was extended to the Northwest Indiana region.

Activities or mission (Part I)

We provide support to high need schools which provide a quality, values-based education for Chicago's children. In 2020, Big Shoulders Fund's programming was extended to the Northwest Indiana region.

  • Student Scholarship Programs: ADMINISTERED OVER 84 DISTINCT SCHOLARSHIP PROGRAMS THAT INCLUDE MENTORING, ENRICHMENT AND OTHER SUPPORT ACTIVITIES. 5,438 SCHOLARSHIPS WERE AWARDED TO 5,233 STUDENTS AT 131 ELEMENTARY AND HIGH SCHOOLS TO ENABLE THEM TO ATTEND NON-PUBLIC SCHOOLS.

    Expenses $29,194,914 · Grants $27,410,226

  • School operations: Distributed operating and capital grants to multiple schools to maintain a quality learning environment; also assisted schools in improving marketing/recruiting, building new external funding sources, improving school business operations, etc.

    Expenses $15,850,099 · Grants $14,725,180

  • Other program services: General academic enrichment activities for students, such as outdoor education, learning about investments and the stock market. Support for schools holding fund-raising events. Supporting volunteer school cleanup and maintenance activities. Grants to schools as designated by donors - agency (pass-through) transactions. In addition, Big Shoulders Fund provides support to students, teachers, and administrators at Catholic schools primarily serving low-income students in Northwest Indiana through a restricted grant. Southeast Side Experience Incubator (SSEI) provides students at St. Francis de Sales High School with valuable life and work experiences in a professional setting utilizing a work study program. Students' academic schedules are modified so that four students share one full-time entry-level job. Work Study hours provide students with an enriched learning experience and is certified by the US Department of Labor.

    Expenses $5,792,976 · Grants $3,702,060

  • Academic Enrichment and Leadership Development: Big Shoulders administers over 25 ongoing programs in 92 schools involving over 600 teachers and administrators to improve instruction and learning through leadership and professional development, professional learning communities and access to high quality curricula with focus on math, science, civics, and literacy. Provide a variety of other needed capital and programmatic support to ensure a safe, effective learning environment for nearly 26,000 students through ongoing enrichment programs including a science and leadership camp, afterschool programs, summer programs, and other opportunities for students.

    Expenses $4,967,653 · Grants $2,175,753

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • James J OConnor

    Co-Chairman

    Total calculated
    $0
    Hours/week
    30

  • John A Canning Jr

    Co-Chairman ( Through December 2022) / Board of Trustees

    Total calculated
    $0
    Hours/week
    15

  • John Croghan

    Vice Chairman

    Total calculated
    $0
    Hours/week
    1

  • Kenneth J Velo

    Co-Chairman

    Total calculated
    $0
    Hours/week
    25

  • Kent Dauten

    Co-Chairman

    Total calculated
    $0
    Hours/week
    3

  • Arthur R Velasquez

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Charles K Bobrinskoy

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Cherryl Thomas

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Christine E Kelly

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Christopher Valenti

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Daniel Doherty

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • David Dury

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Dennis Fitzsimons

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Gerald Beeson

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Giancarlo Turano

    Board of Trustees

    Total calculated
    $0
    Hours/week
    2

  • Gregory Q Brown

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • James A Gordon

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • James Compton

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • James Hoeg

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • John Schreiber

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Kimberly Querrey

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Lee Henderson

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Leigh-Anne Kazma

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Mary Dempsey

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Michael E Murphy

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Stephen King

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Tao Huang

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Thomas E Lanctot

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Thomas Reynolds III

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Timothy Sullivan

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • William Devers

    Board of Trustees

    Total calculated
    $0
    Hours/week
    2

  • William T Lynch

    Board of Trustees

    Total calculated
    $0
    Hours/week
    1

  • Joshua Hale

    President and Chief Executive Officer

    Total calculated
    $604,170
    From this org
    $539,967
    From related orgs
    $0
    Other
    $64,203
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $501,302
    Bonus
    $25,789
    Other
    $12,876
    Deferred
    $12,182
    Nontaxable benefits
    $52,021
    Filer's total
    $604,170

  • Malcolm Douglas

    Chief Financial Officer

    Total calculated
    $296,124
    From this org
    $243,698
    From related orgs
    $0
    Other
    $52,426
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $230,145
    Bonus
    $12,161
    Other
    $1,392
    Deferred
    $10,215
    Nontaxable benefits
    $42,211
    Filer's total
    $296,124

  • Amelia Drozda

    Chief Advancement & Development Officer

    Total calculated
    $208,850
    From this org
    $187,662
    From related orgs
    $0
    Other
    $21,188
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,974
    Bonus
    $8,968
    Other
    $720
    Deferred
    $7,533
    Nontaxable benefits
    $13,655
    Filer's total
    $208,850

  • Rebecca Lindsay-Ryan

    Chief Schools Officer

    Total calculated
    $332,899
    From this org
    $268,704
    From related orgs
    $0
    Other
    $64,195
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $254,407
    Bonus
    $13,577
    Other
    $720
    Deferred
    $10,250
    Nontaxable benefits
    $53,945
    Filer's total
    $332,899

  • Thomas Zbierski

    Senior Director, Scholarship Programs and School Relations

    Total calculated
    $243,931
    From this org
    $212,474
    From related orgs
    $0
    Other
    $31,457
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $200,560
    Bonus
    $10,140
    Other
    $1,774
    Deferred
    $8,518
    Nontaxable benefits
    $22,939
    Filer's total
    $243,931

  • Christine Sweeney

    Managing Director, Operations and Administrative Systems

    Total calculated
    $135,102
    From this org
    $129,544
    From related orgs
    $0
    Other
    $5,558
    Hours/week
    50

  • Daniel Kozlowski

    Managing Director, NWI

    Total calculated
    $172,067
    From this org
    $156,625
    From related orgs
    $0
    Other
    $15,442
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $141,624
    Bonus
    $7,150
    Other
    $7,851
    Deferred
    $6,006
    Nontaxable benefits
    $9,436
    Filer's total
    $172,067

  • Danielle Robinson

    Managing Director, School Operations and Patrons Program

    Total calculated
    $159,850
    From this org
    $149,623
    From related orgs
    $0
    Other
    $10,227
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $141,751
    Bonus
    $7,160
    Other
    $712
    Deferred
    $0
    Nontaxable benefits
    $10,227
    Filer's total
    $159,850

  • Laura Nalley

    Senior Director, People and Leadership

    Total calculated
    $183,854
    From this org
    $146,138
    From related orgs
    $0
    Other
    $37,716
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $137,973
    Bonus
    $7,391
    Other
    $774
    Deferred
    $6,208
    Nontaxable benefits
    $31,508
    Filer's total
    $183,854

  • Samantha Clark

    Senior Accountant

    Total calculated
    $152,794
    From this org
    $134,308
    From related orgs
    $0
    Other
    $18,486
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $127,053
    Bonus
    $6,438
    Other
    $817
    Deferred
    $5,408
    Nontaxable benefits
    $13,078
    Filer's total
    $152,794

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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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 Health or social club dues or initiation fees
Dues to social clubs are paid on behalf of Joshua Hale, President and CEO, to have a place to conduct off-site board meetings and meetings with donors. Dues are not considered taxable income to Mr. Hale.
Schedule J, Part I, Line 7 Non-fixed payments
ALL ACTIVE EMPLOYEES AT 12/31/2022 WERE ELIGIBLE FOR A BONUS, INCLUDING EMPLOYEES LISTED IN PART VII, BASED ON MEETING ORGANIZATIONAL GOALS DURING THE YEAR. THE BONUS PERCENTAGE IS DETERMINED BY THE CO-CHAIRMEN. THE SAME BONUS PERCENTAGE IS USED FOR ALL EMPLOYEES. THE BONUS PERCENTAGE IS MULTIPLIED BY EACH EMPLOYEES REGULAR ANNUAL COMPENSATION TO DETERMINE THE DOLLAR AMOUNT OF THE BONUS.

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.

  • SOUTHEAST SIDE EXPERIENCE INCUBATOR L3C

    Educational EXPERIENCE Incubator · IL · income $240,869 · assets $59,827

    Directly controlled by Big Shoulders Fund

Provenance

Return type
form_990
Tax year
2022
Filed
28 February 2024
IRS schema version
2022v5.0
Source object
202420599349301512

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