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← CHICAGO ASSOCIATION OF REALTORS EDUCATIONAL FOUNDATION INC

Form 990 for tax year 2022

Filed by CHICAGO ASSOCIATION OF REALTORS EDUCATIONAL FOUNDATION INC.

Totals

Total revenue
$266,661
Total expenses
$228,214
Contributions and grants received
$245,919
Grants paid
$121,936
Program service revenue
$0
Investment income
$23,387
Other revenue
-$2,645
Total assets, end of year
$1,249,410
Total liabilities, end of year
$23,340
Net assets or fund balances, end of year
$1,226,070
Program services expenses (Part IX)
$193,951
Management and general expenses
$30,001
Fundraising expenses
$4,262
Program service expenses (Part III)
$193,951

Program services were 85.0% 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.

  • 1d · Related organizations

    $65,850

  • 1f · All other contributions, gifts and grants

    $180,069

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $27,369 · excluded $27,369

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $791,819

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

    securities $795,801

  • 7c · Gain or loss

    securities -$3,982 · other assets $0

  • 7d · Net gain or loss

    total -$3,982 · excluded -$3,982

  • 8a · Fundraising events: gross income

    $0

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

    $0

  • 8b · Fundraising events: direct expenses

    $2,645

  • 8c · Net income from fundraising events

    total -$2,645 · excluded -$2,645

  • 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 $108,711 · program services $108,711

  • 2 · Grants to domestic individuals

    total $13,225 · program services $13,225

  • 11b · Fees: legal

    total $11 · program services $0 · management and general $11 · fundraising $0

  • 11c · Fees: accounting

    total $3,589 · program services $0 · management and general $3,589 · fundraising $0

  • 11f · Fees: investment management

    total $7,022 · program services $0 · management and general $7,022 · fundraising $0

  • 11g · Fees: other

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

  • 12 · Advertising and promotion

    total $2,348 · program services $0 · management and general $2,348 · fundraising $0

  • 13 · Office expenses

    total $5,570 · program services $0 · management and general $5,570 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $4,358 · program services $0 · management and general $4,358 · fundraising $0

  • 24a · Other expenses: ADMINISTRATIVE FEES PAID TO RELATED ORG (CAR)

    total $56,822 · program services $45,457 · management and general $7,103 · fundraising $4,262

  • 24b · Other expenses: INDUSTRY RECOGNITION EVENTS

    total $26,309 · program services $26,309 · management and general $0 · fundraising $0

  • 24c · Other expenses: Miscellaneous

    total $249 · program services $249 · management and general $0 · fundraising $0

  • 24e · All other expenses

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

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $432,850 · end of year $444,195

  • 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

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,289 · end of year $1,514

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $732,949 · end of year $802,782

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $526 · end of year $919

  • 17 · Accounts payable and accrued expenses

    beginning of year $41,021 · end of year $23,340

  • 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 $1,007,356 · end of year $1,131,694

  • 28 · Net assets with donor restrictions

    beginning of year $119,237 · end of year $94,376

Mission and programs · 2022

Mission

A 501(c)(3) charitable organization, we are the education, philanthropic, and research arm of the Chicago Association of REALTORS. The Foundation provides REALTORS with opportunities to enhance their business through education, fosters careers in real estate, and champions the professional image of the Chicago REALTOR.

Activities or mission (Part I)

TO ENCOURAGE, PROMOTE & PROVIDE EDUCATION IN THE FIELD OF REAL ESTATE AND TO PROVIDE GRANTS FOR PHILANTHROPIC PURPOSES.

  • THE FOUNDATION PROVIDES SCHOLARSHIPS TO ASSIST REALTORS AND THEIR FAMILIES IN MEETING THEIR REAL ESTATE EDUCATIONAL GOALS. THESE FUNDS ARE INTENDED TO HELP QUALIFIED REALTORS AND STUDENTS PURSUE AN EDUCATION, DESIGNATION, OR CERTIFICATION THAT WILL LEAD THEM INTO PRODUCTIVE CAREERS IN THE REAL ESTATE INDUSTRY. THE FOUNDATION ALSO HOSTS VARIOUS INDUSTRY RECOGNITION EVENTS. In addition, the Foundation provides grants to organizations recognized by the IRS as 501(c)(3) organizations for philanthropic purposes.

    Expenses $193,951 · Grants $121,936

As filed on the 2022 return.

Listed in Part VII

  • Antonia Mills

    Treasurer

    Total calculated
    $0
    Hours/week
    0.2

  • Megan Oswald

    Chairperson Elect

    Total calculated
    $0
    Hours/week
    0.3

  • Samantha D Powell

    Chairperson

    Total calculated
    $0
    Hours/week
    0.5

  • Drussy (Ruth) Hernandez

    President Elect

    Total calculated
    $6,000
    From this org
    $0
    From related orgs
    $6,000
    Other
    $0
    Hours/week
    0.2 + 2 related

  • Erika Vilegas

    Trustee

    Total calculated
    $1,500
    From this org
    $0
    From related orgs
    $1,500
    Other
    $0
    Hours/week
    0.2 + 2 related

  • Kelly Price

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Marion J Valle

    Founding Chairman

    Total calculated
    $0
    Hours/week
    0.2

  • Miguel Sanchez

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Rachel Scheid

    Immediate Past Chair

    Total calculated
    $0
    Hours/week
    0.2 + 1 related

  • Sarah Langum

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Shantel Franklin

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Sharon Aguilera

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Shaun Pinkston

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Sheldon Good

    Founding Chairman

    Total calculated
    $0
    Hours/week
    0.2

  • Michelle Mills Clement

    TOP Mgmt Offical & CAR CEO

    Total calculated
    $501,470
    From this org
    $0
    From related orgs
    $462,089
    Other
    $39,381
    Hours/week
    0.5 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $360,680 related
    Bonus
    $0 + $80,000 related
    Other
    $0 + $21,409 related
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $27,181 related
    Filer's total
    $0 + $501,470 related

  • Robert Schmidt

    Top Financial Official & CAR CFO

    Total calculated
    $210,180
    From this org
    $0
    From related orgs
    $195,389
    Other
    $14,791
    Hours/week
    0.5 + 46 related

    Schedule J breakdown matched by us

    Base
    $0 + $186,197 related
    Bonus
    $0 + $6,000 related
    Other
    $0 + $3,192 related
    Deferred
    $0 + $7,889 related
    Nontaxable benefits
    $0 + $6,902 related
    Filer's total
    $0 + $210,180 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

None.

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

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
Compensation for the Foundation's top management official is paid by the Chicago Association of Realtors (CAR), a related tax-exempt entity. CAR utilized the following methods to establish compensation for the top management official: - Form 990 of other organizations - Compensation survey or study - Approval by the board or compensation committee

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

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHICAGO ASSOCIATION OF REALTORS BUSINESS INFORMATION SERVICES INC

    C Corporation · REAL ESTATE INFORMATION SERVICES · IL

    Directly controlled by Chicago Association of Realtors

Provenance

Return type
form_990
Tax year
2022
Filed
15 August 2024
IRS schema version
2022v5.0
Source object
202432289349302478

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