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← INSTITUTE FOR QUALITY EDUCATION INC

Form 990 for tax year 2023

Filed by INSTITUTE FOR QUALITY EDUCATION INC.

Totals

Total revenue
$16,377,935
Total expenses
$12,271,438
Contributions and grants received
$16,320,683
Grants paid
$9,493,158
Program service revenue
$0
Investment income
$45,252
Other revenue
$12,000
Total assets, end of year
$19,175,308
Total liabilities, end of year
$487,025
Net assets or fund balances, end of year
$18,688,283
Program services expenses (Part IX)
$11,746,517
Management and general expenses
$470,726
Fundraising expenses
$54,195
Program service expenses (Part III)
$11,746,517

Program services were 95.7% 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.

  • 1b · Membership dues

    $151,500

  • 1f · All other contributions, gifts and grants

    $16,169,183

  • 3 · Investment income

    total $45,252 · excluded $45,252

  • 6a · Gross rents

    real property $12,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $12,000

  • 6d · Net rental income or loss

    total $12,000 · excluded $12,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $9,493,158 · program services $9,493,158

  • 5 · Compensation of officers, directors and key employees

    total $135,322 · program services $117,729 · management and general $12,180 · fundraising $5,413

  • 7 · Other salaries and wages

    total $1,090,603 · program services $948,826 · management and general $98,154 · fundraising $43,623

  • 11a · Fees: management

    total $34,393 · program services $19,948 · management and general $13,757 · fundraising $688

  • 11c · Fees: accounting

    total $65,037 · management and general $65,037

  • 11d · Fees: lobbying

    total $67,085 · program services $67,085

  • 12 · Advertising and promotion

    total $886,403 · program services $695,320 · management and general $191,083

  • 13 · Office expenses

    total $337,726 · program services $264,922 · management and general $72,804

  • 16 · Occupancy

    total $103,566 · program services $92,174 · management and general $8,285 · fundraising $3,107

  • 17 · Travel

    total $45,466 · program services $42,283 · management and general $1,819 · fundraising $1,364

  • 22 · Depreciation, depletion and amortization

    total $12,679 · program services $5,072 · management and general $7,607

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,157,840 · end of year $18,108,227

  • 3 · Pledges and grants receivable

    beginning of year $697,500 · end of year $631,000

  • 4 · Accounts receivable

    beginning of year $5,000 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,111 · end of year $3,208

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

    $82,785

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

    $31,118

  • 10c · Land, buildings and equipment, net

    beginning of year $4,346 · end of year $51,667

  • 15 · Other assets

    beginning of year $72,664 · end of year $381,206

  • 17 · Accounts payable and accrued expenses

    beginning of year $295,086 · end of year $114,893

  • 25 · Other liabilities

    beginning of year $63,589 · end of year $372,132

  • 27 · Net assets without donor restrictions

    beginning of year $4,406,653 · end of year $4,128,023

  • 28 · Net assets with donor restrictions

    beginning of year $10,175,133 · end of year $14,560,260

Mission and programs · 2023

Mission

THE ORGANIZATION PROVIDES TUITION ASSISTANCE TO LOW-INCOME STUDENTS, SERVES AS A MODEL FOR RESEARCH AND LEGISLATION, AND ENCOURAGES ALL SCHOOLS TO IMPROVE BY INTRODUCING COMPETITION INTO THE SYSTEM. THE ORGANIZATION CONDUCTS RESEARCH AND ANALYSIS ABOUT THE PRIMARY (K-12) EDUCATIONAL SYSTEM IN INDIANA INCLUDING BUT NOT LIMITED TO SCHOOL CHOICE AS IT EXISTS IN MANY FORMS THROUGHOUT THE UNITED STATES AND ELSEWHERE; AND EDUCATES THE GENERAL PUBLIC AND, IN PARTICULAR, INDIANA RESIDENTS ABOUT THE PRIMARY (K-12) EDUCATIONAL SYSTEM IN INDIANA AND THEIR EDUCATIONAL OPTIONS.

Activities or mission (Part I)

TO PROVIDE TUITION ASSISTANCE TO LOW-INCOME FAMILIES FOR PRIMARY AND SECONDARY EDUCATION.

  • SCHOLARSHIP GRANTING ORGANIZATION, WHICH IS CERTIFIED BY THE INDIANA DEPARTMENT OF EDUCATION, GRANTS SCHOOL SCHOLARSHIPS TO CHILDREN TO ASSIST IN TUITION AND FEES. FOR THE YEAR ENDED 6/30/2024, 5,013 STUDENTS RECIEVED SCHOLARSHIPS.

    Expenses $11,746,517 · Grants $9,493,158

  • IN ADDITION TO PROVIDING TUITION ASSISTANCE TO LOW INCOME FAMILIES, THE ORGANIZATION SERVES WORKS WITH OVER 85% OF THE CHARTER SCHOOLS IN THE STATE BY CONVENING AND LEADING THE INDIANA CHARTER SCHOOL NETWORK.

  • THE ORGANIZATION WORKS TO DEVELOP, ADVOCATE AND IMPLEMENT K-12 EDUCATION POLICIES AT THE STATE LEVEL TO HELP SUPPORT EDUCATIONAL FREEDOM FOR ALL HOOSIER FAMILIES AND EDUCATORS. THE ORGANIZATION WORKS TO EDUCATE FAMILIES, EDUCATORS, COMMUNITY LEADERS CITIZENS, AND POLICY MAKERS IN THE IMPORTANCE OF ACCESS TO A HIGH QUALITY EDUCATION FOR ALL OF INDIANA'S STUDENTS SO THEY EACH MAY LEARN IN AN ENVIRONMENT THAT BEST MEETS THEIR UNIQUE LEARNING NEEDS AND ALLOWS THEM THE OPPORTUNITY TO REACH THEIR FULL POTENTIAL.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Al Hubbard

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dan Elsener

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Robert Enlow

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Heather Willey Harris

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Neil Pickett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jeff Knight

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Scott Bess

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Betsy Wiley

    PRESIDENT

    Total calculated
    $253,140
    From this org
    $156,163
    From related orgs
    $84,088
    Other
    $12,889
    Hours/week
    24 + 16 related

    Schedule J breakdown matched by us

    Base
    $117,163 + $63,088 related
    Bonus
    $39,000 + $21,000 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,378 + $4,511 related
    Filer's total
    $164,541 + $88,599 related

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

  • 3 · Approval by the board or compensation committee

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • HOOSIERS FOR QUALITY EDUCATION INC

    501(C)(4) · ECONOMIC EDUCATION · IN

  • HOOSIERS FOR QUALITY EDUCATION POLITICAL ACTION COMMITTEE

    527 · POLITICAL ACTION COMMITTEE · IN

    Directly controlled by HOOSIERS FOR QUALITY EDUCATION INC

Provenance

Return type
form_990
Tax year
2023
Filed
2 May 2025
IRS schema version
2023v6.0
Source object
202511259349301711

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