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Nonprofiteer
← CHICAGO SCHOLARS FOUNDATION

Form 990 for tax year 2023

Filed by CHICAGO SCHOLARS FOUNDATION.

Totals

Total revenue
$6,512,762
Total expenses
$7,570,054
Contributions and grants received
$6,093,127
Grants paid
$249,669
Program service revenue
$313,982
Investment income
$122,326
Other revenue
-$16,673
Total assets, end of year
$11,072,062
Total liabilities, end of year
$1,695,162
Net assets or fund balances, end of year
$9,376,900
Program services expenses (Part IX)
$5,831,648
Management and general expenses
$622,829
Fundraising expenses
$1,115,577
Program service expenses (Part III)
$5,831,648

Program services were 77.0% 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.

  • 1c · Fundraising events

    $408,726

  • 1e · Government grants (contributions)

    $39,964

  • 1f · All other contributions, gifts and grants

    $5,644,437

  • 2a · Program service revenue: PROGRAM SERVICE FEES

    total $313,982 · related or exempt $313,982

  • 3 · Investment income

    total $126,786 · excluded $126,786

  • 7a · Gross sales of assets other than inventory

    securities $1,406,903

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

    securities $1,411,363

  • 7c · Gain or loss

    securities -$4,460

  • 7d · Net gain or loss

    total -$4,460 · excluded -$4,460

  • 8a · Fundraising events: gross income

    $87,515

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

    $408,726

  • 8b · Fundraising events: direct expenses

    $122,042

  • 8c · Net income from fundraising events

    total -$34,527 · excluded -$34,527

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $17,854 · related or exempt $17,854

  • 11e · Other revenue, total

    $17,854

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $249,669 · program services $249,669

  • 5 · Compensation of officers, directors and key employees

    total $612,263 · program services $318,822 · management and general $134,964 · fundraising $158,477

  • 7 · Other salaries and wages

    total $3,691,326 · program services $3,152,798 · management and general $49,667 · fundraising $488,861

  • 8 · Pension plan contributions

    total $43,652 · program services $42,562 · management and general $7,760 · fundraising -$6,670

  • 9 · Other employee benefits

    total $381,434 · program services $248,669 · management and general $74,585 · fundraising $58,180

  • 10 · Payroll taxes

    total $359,778 · program services $273,516 · management and general $28,654 · fundraising $57,608

  • 11b · Fees: legal

    total $39,336 · program services $9,375 · management and general $29,961

  • 11c · Fees: accounting

    total $158,721 · program services $2,546 · management and general $156,175

  • 11f · Fees: investment management

    total $8,762 · management and general $8,762

  • 11g · Fees: other

    total $332,002 · program services $230,304 · management and general $54,274 · fundraising $47,424

  • 12 · Advertising and promotion

    total $98,695 · program services $53,404 · management and general $1,475 · fundraising $43,816

  • 13 · Office expenses

    total $112,974 · program services $37,935 · management and general $41,353 · fundraising $33,686

  • 14 · Information technology

    total $332,729 · program services $313,967 · management and general -$29,950 · fundraising $48,712

  • 16 · Occupancy

    total $395,558 · program services $289,630 · management and general $44,798 · fundraising $61,130

  • 17 · Travel

    total $147,886 · program services $89,319 · management and general $23,524 · fundraising $35,043

  • 22 · Depreciation, depletion and amortization

    total $166,249 · program services $132,517 · management and general $21,714 · fundraising $12,018

  • 23 · Insurance

    total $40,014 · program services $29,011 · management and general $3,014 · fundraising $7,989

  • 24a · Other expenses: FACILITIES RENTAL

    total $212,341 · program services $209,842 · fundraising $2,499

  • 24b · Other expenses: EVENT CATERING

    total $147,438 · program services $147,438

  • 24c · Other expenses: EVENT PROMOTION

    total $62,546 · fundraising $62,546

  • 24d · Other expenses: COMMUNICATIONS

    total $4,582 · program services $324 · fundraising $4,258

  • 24e · All other expenses

    total -$27,901 · management and general -$27,901

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,695,898 · end of year $2,468,672

  • 2 · Savings and temporary cash investments

    beginning of year $1,434,562 · end of year $1,558,026

  • 3 · Pledges and grants receivable

    beginning of year $2,737,830 · end of year $2,166,462

  • 4 · Accounts receivable

    beginning of year $89,957 · end of year $24,176

  • 9 · Prepaid expenses and deferred charges

    beginning of year $226,618 · end of year $101,012

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

    $2,386,139

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

    $1,867,833

  • 10c · Land, buildings and equipment, net

    beginning of year $580,818 · end of year $518,306

  • 11 · Investments: publicly traded securities

    beginning of year $2,946,421 · end of year $3,155,913

  • 15 · Other assets

    beginning of year $712,232 · end of year $1,079,495

  • 17 · Accounts payable and accrued expenses

    beginning of year $331,306 · end of year $333,123

  • 19 · Deferred revenue

    beginning of year $187,798 · end of year $77,015

  • 21 · Escrow or custodial account liability

    beginning of year $219,266 · end of year $256,868

  • 25 · Other liabilities

    beginning of year $749,484 · end of year $1,028,156

  • 27 · Net assets without donor restrictions

    beginning of year $715,238 · end of year $527,801

  • 28 · Net assets with donor restrictions

    beginning of year $8,221,244 · end of year $7,839,099

  • 29 · Capital stock, trust principal or current funds

    end of year $1,010,000

Mission and programs · 2023

Mission

CHICAGO SCHOLARS IS TRANSFORMING THE LEADERSHIP LANDSCAPE OF OUR CITY BY RESOLVING THE FUNDAMENTAL BARRIERS TO SUCCESS FOR ACADEMICALLY DRIVEN, FIRST GENERATION COLLEGE STUDENTS FROM UNDER-RESOURCED COMMUNITIES. THROUGH COLLEGE COUNSELING, MENTORING, AND BY PROVIDING A SUPPORTIVE COMMUNITY TO OUR SCHOLARS THROUGH EACH PHASE OF OUR PROGRAM: COLLEGE ACCESS: LAUNCH, COLLEGE PERSISTENCE: LIFT AND COLLEGE TO CAREERS: LEAD, WE ENSURE THAT THEY REALIZE THEIR FULL POTENTIAL AS STUDENTS AND LEADERS.

Activities or mission (Part I)

WE UNIQUELY SELECT, TRAIN, & MENTOR ACADEMICALLY AMBITIOUS STUDENTS FROM UNDER-RESOURCED COMMUNITIES TO COMPLETE COLLEGE & BECOME THE NEXT GENERATION OF LEADERS WHO WILL TRANSFORM THEIR NEIGHBORHOODS & OUR CITY.

  • CHICAGO SCHOLARS OFFERS AN INNOVATIVE SEVEN-YEAR PROGRAM LASTING FROM THE SUMMER BEFORE THEIR SENIOR YEAR OF HIGH SCHOOL THROUGH THE SENIOR YEAR OF COLLEGE AND ENDING WITH TWO YEARS OF LEADERSHIP DEVELOPMENT. IN THEIR FIRST YEAR OF PROGRAMMING, SCHOLARS WORK CLOSELY WITH COLLEGE COUNSELORS, MENTORS AND PEERS TO APPLY TO COLLEGES AND UNIVERSITIES THAT ARE THEIR RIGHT MATCH, FIT AND FINANCIAL FIT. OUR HOLISTIC APPROACH STRIVES FOR OUR SCHOLARS TO FIND THE COLLEGES AND UNIVERSITIES WHERE THEY CAN BUILD COMMUNITY AND FOSTER BELONGING. CHICAGO SCHOLARS PROVIDES SCHOLARS ENROLLED IN COLLEGE UNIQUE SCHOLARSHIP OPPORTUNITIES, CONTINUED MENTORSHIP AND A COMMUNITY OF PEOPLE WHO CARE, SO THAT OUR SCHOLARS PERSIST THROUGH COLLEGE, THRIVE IN THEIR STUDIES AND GRADUATE WITH DEGREES THAT LEAD TO MEANINGFUL CAREERS, HIGHER SALARIES AND ECONOMIC MOBILITY. CHICAGO SCHOLARS' CAREER PROGRAMMING HELPS OUR SCHOLARS GAIN ACCESS TO THE KEY INTERNSHIPS, OPPORTUNITIES, AND NETWORKS THAT WILL LEAD THEM TO THEIR FIRST JOBS AND LAUNCH LIFE-CHANGING CAREERS. EACH YEAR CHICAGO SCHOLARS WORKS TO IMPROVE ITS PROGRAMS, SERVICES AND PARTNERSHIPS. TO DATE, MORE THAN 6,000 CHICAGO SCHOLARS ARE IN OR HAVE COMPLETED THE PROGRAM. 88% OF OUR SCHOLARS AND ALUMS COME FROM LOW-INCOME HOUSEHOLDS. 82% ARE FIRST GENERATION COLLEGE STUDENTS. OUR SCHOLARS HAVE COME FROM ALL 77 CHICAGO COMMUNITY AREAS. HISTORICALLY, 96% OF SCHOLARS MATRICULATE TO COLLEGE IN THE FALL FOLLOWING THEIR HIGH SCHOOL GRADUATION, AND 76% EARN THEIR DEGREES WITHIN SIX YEARS. OVERALL THE SCHOLARS ATTENDED OR GRADUATED FROM MORE THAN 500 COLLEGES AND UNIVERSITIES WORLDWIDE.

    Expenses $5,117,861 · Grants $249,669 · Revenue $313,982

  • IN MAY 2024, CHICAGO SCHOLARS TRANSITIONED ITS SINGLE MEMBER LIMITED LIABILITY COMPANY, REACH PATHWAYS, LLC (REACH) TO A MULTI-MEMBER LOW-PROFIT LIMITED LIABILITY COMPANY (L3C), WITH THE INTENTION OF EXPANDING ACCESS TO THE FOUNDATION'S PROVEN CURRICULUM TO MORE UNDER-RESOURCED STUDENTS THROUGH TECHNOLOGY AND GENERATING NEW POTENTIAL REVENUE OPPORTUNITIES TO DIVERSIFY THE FOUNDATION'S REVENUES. REACH IS THE COLLEGE AND CAREER PATHWAY FOR UNDER-RESOURCED STUDENTS IN AN INNOVATIVE TECHNOLOGY PLATFORM. REACH CONNECTS STUDENTS WITH COLLEGES AND COMPANIES.

    Expenses $713,787

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

Listed in Part VII

  • BROOKE MCKEAN

    PRESIDENT

    Total calculated
    $191,870
    From this org
    $173,176
    From related orgs
    $0
    Other
    $18,694
    Hours/week
    32 + 8 related

    Schedule J breakdown matched by us

    Base
    $173,176
    Bonus
    $0
    Other
    $0
    Deferred
    $3,633
    Nontaxable benefits
    $15,061
    Filer's total
    $191,870

  • JEFFERY BECKHAM JR

    CEO

    Total calculated
    $220,682
    From this org
    $210,654
    From related orgs
    $0
    Other
    $10,028
    Hours/week
    32 + 8 related

    Schedule J breakdown matched by us

    Base
    $210,654
    Bonus
    $0
    Other
    $0
    Deferred
    $4,066
    Nontaxable benefits
    $5,962
    Filer's total
    $220,682

  • PAULA DANILIUC

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • WENDY FRIEDMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • REGINALD HILL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • KRIS CAREY

    CHAIR

    Total calculated
    $0
    Hours/week
    3

  • DAN HOFFENKAMP

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • KOURTNEY GIBSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • GIRISH KASHYAP

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • GREG KRANIAS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • KATHERINE MANN

    CHAIR, DEVELOPMENT

    Total calculated
    $0
    Hours/week
    3

  • JOEY LANSING

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • GARY CAPLAN

    FOUNDERS COUNCIL

    Total calculated
    $0
    Hours/week
    3

  • MARIA LIN

    CHAIR, HUMAN RESOURCES

    Total calculated
    $0
    Hours/week
    3

  • NISAINI REXACH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • WILL RICHIE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • TIM SCHWERTFEGER

    DIRECTOR - FOUNDERS COUNCI

    Total calculated
    $0
    Hours/week
    3

  • MANNY SANCHEZ

    DIRECTOR - FOUNDERS COUNCI

    Total calculated
    $0
    Hours/week
    3

  • SUZY KAHN WEINBERG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • REX SESSIONS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • SUZANNE SHIER

    SECRETARY,

    Total calculated
    $0
    Hours/week
    3

  • BRIAN SIMS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • KATHRYN THOMAS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • CARL TANNENBAUM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • NATE ULERY

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    3

  • DV WILLIAMS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • KRISTIN WOLF

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • MARK CASSATA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • OLIVER BEVAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • RAJ BHATIA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • NYERERE BILLUPS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • JESSE SLOVENEC

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • RACHAEL CARBONE

    CHIEF DEVELOPMENT & OPERATIONS OFFICER

    Total calculated
    $169,798
    From this org
    $166,093
    From related orgs
    $0
    Other
    $3,705
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,093
    Bonus
    $0
    Other
    $0
    Deferred
    $2,701
    Nontaxable benefits
    $1,004
    Filer's total
    $169,798

  • TAMARA POPE

    VP OF PROGRAMS

    Total calculated
    $151,164
    From this org
    $134,405
    From related orgs
    $0
    Other
    $16,759
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,405
    Bonus
    $0
    Other
    $0
    Deferred
    $1,698
    Nontaxable benefits
    $15,061
    Filer's total
    $151,164

  • DERRICK FLEMING JR

    MANAGING DIRECTOR,STRATEGI

    Total calculated
    $108,995
    From this org
    $103,737
    From related orgs
    $0
    Other
    $5,258
    Hours/week
    40

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 4B
JEFFERY BECKHAM - $12,000 CONTRIBUTED

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

No itemized grants to organizations on this return.

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.

  • REACH PATHWAYS LLC

    EXPANDING ACCESS TO THE MORE UNDER-RESOUCED STUDENTS THROUGH TECHNOLOGY · IL · income $86,601 · assets $312,431

    Directly controlled by THE CHICAGO SCHOLARS FOUNDATION

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2025
IRS schema version
2023v6.0
Source object
202521339349308952

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