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← CHICAGO ASSOCIATION OF REALTORS EDUCATIONAL FOUNDATION INC

Form 990 for tax year 2023

Filed by CHICAGO ASSOCIATION OF REALTORS EDUCATIONAL FOUNDATION INC.

Totals

Total revenue
$283,593
Total expenses
$234,572
Contributions and grants received
$249,410
Grants paid
$141,159
Program service revenue
$0
Investment income
$34,183
Other revenue
$0
Total assets, end of year
$1,427,924
Total liabilities, end of year
$19,450
Net assets or fund balances, end of year
$1,408,474
Program services expenses (Part IX)
$178,094
Management and general expenses
$53,102
Fundraising expenses
$3,376
Program service expenses (Part III)
$178,094

Program services were 75.9% 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

    $102,435

  • 1f · All other contributions, gifts and grants

    $146,975

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $34,896 · excluded $34,896

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $844,012

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

    securities $844,725

  • 7c · Gain or loss

    securities -$713 · other assets $0

  • 7d · Net gain or loss

    total -$713 · excluded -$713

  • 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 $117,999 · program services $117,999

  • 2 · Grants to domestic individuals

    total $23,160 · program services $23,160

  • 11b · Fees: legal

    total $152 · program services $0 · management and general $152 · fundraising $0

  • 11c · Fees: accounting

    total $4,420 · program services $0 · management and general $4,420 · fundraising $0

  • 11f · Fees: investment management

    total $7,772 · program services $0 · management and general $7,772 · fundraising $0

  • 11g · Fees: other

    total $8,781 · program services $0 · management and general $8,781 · fundraising $0

  • 12 · Advertising and promotion

    total $13,633 · program services $0 · management and general $13,633 · fundraising $0

  • 13 · Office expenses

    total $6,750 · program services $0 · management and general $6,750 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $5,967 · program services $0 · management and general $5,967 · fundraising $0

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

    total $45,014 · program services $36,011 · management and general $5,627 · fundraising $3,376

  • 24b · Other expenses: INDUSTRY RECOGNITION EVENTS

    total $639 · program services $639 · management and general $0 · fundraising $0

  • 24c · Other expenses: Miscellaneous

    total $285 · program services $285 · 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 $444,195 · end of year $474,609

  • 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 $1,514 · end of year $0

  • 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 $802,782 · end of year $952,292

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $919 · end of year $1,023

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,340 · end of year $19,450

  • 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 $1,131,694 · end of year $1,319,516

  • 28 · Net assets with donor restrictions

    beginning of year $94,376 · end of year $88,958

Mission and programs · 2023

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 $178,094 · Grants $141,159

As filed on the 2023 return.

Listed in Part VII

  • Antonia Mills

    Chairperson-Elect

    Total calculated
    $0
    Hours/week
    0.2

  • Kelly Price

    Treasurer

    Total calculated
    $0
    Hours/week
    0.2

  • Megan Oswald

    Chairperson

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Erika Vilegas

    Trustee (partial year)

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

  • Hipolito Garcia

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Keisha Williams

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Lutalo McGee

    President-Elect (partial year)

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

  • Marion J Valle

    Founding Chairman

    Total calculated
    $0
    Hours/week
    0.2

  • Naja Morris

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Rachel Scheid

    Trustee

    Total calculated
    $0
    Hours/week
    0.2 + 1 related

  • Samantha D Powell

    Trustee

    Total calculated
    $0
    Hours/week
    0.5

  • Sarah Langum

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Sharon Aguilera

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Sheldon Good

    Founding Chairman

    Total calculated
    $0
    Hours/week
    0.2

  • Tiffany Jimenez

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Michelle Mills Clement

    TOP Mgmt Offical & CAR CEO

    Total calculated
    $517,134
    From this org
    $0
    From related orgs
    $476,741
    Other
    $40,393
    Hours/week
    0.5 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $357,755 related
    Bonus
    $0 + $82,050 related
    Other
    $0 + $36,936 related
    Deferred
    $0 + $12,375 related
    Nontaxable benefits
    $0 + $28,018 related
    Filer's total
    $0 + $517,134 related

  • Robert Schmidt

    Top Financial Official & CAR CFO

    Total calculated
    $242,191
    From this org
    $0
    From related orgs
    $226,468
    Other
    $15,723
    Hours/week
    0.5 + 46 related

    Schedule J breakdown matched by us

    Base
    $0 + $199,992 related
    Bonus
    $0 + $10,000 related
    Other
    $0 + $16,476 related
    Deferred
    $0 + $8,674 related
    Nontaxable benefits
    $0 + $7,049 related
    Filer's total
    $0 + $242,191 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

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.

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
2023
Filed
12 August 2025
IRS schema version
2023v6.0
Source object
202532249349302753

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