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Nonprofiteer
← LEONARD & DIANE SHERMAN FAMILY FOUNDATION

Form 990 for tax year 2024

Filed by LEONARD & DIANE SHERMAN FAMILY FOUNDATION.

Totals

Total revenue
$98,052
Total expenses
$945,697
Contributions and grants received
$0
Grants paid
$783,000
Program service revenue
$0
Investment income
$82,671
Other revenue
$15,381
Total assets, end of year
$43,595,301
Total liabilities, end of year
$228,954
Net assets or fund balances, end of year
$43,366,347
Program services expenses (Part IX)
$783,000
Management and general expenses
$162,697
Fundraising expenses
$0
Program service expenses (Part III)
$783,000

Program services were 82.8% 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.

  • 3 · Investment income

    total $80,927 · unrelated business $35,471 · excluded $45,456

  • 7a · Gross sales of assets other than inventory

    securities $1,744

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

    securities $0

  • 7c · Gain or loss

    securities $1,744

  • 7d · Net gain or loss

    total $1,744 · excluded $1,744

  • 11d · All other revenue

    total $15,381 · excluded $15,381

  • 11e · Other revenue, total

    $15,381

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $783,000 · program services $783,000

  • 11c · Fees: accounting

    total $10,620 · management and general $10,620

  • 11f · Fees: investment management

    total $109,012 · management and general $109,012

  • 11g · Fees: other

    total $42,426 · management and general $42,426

  • 24e · All other expenses

    total $639 · management and general $639

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $98 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $19,142

  • 11 · Investments: publicly traded securities

    beginning of year $26,646,588 · end of year $30,798,365

  • 12 · Investments: other securities

    beginning of year $14,599,313 · end of year $12,777,794

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,770 · end of year $10,620

  • 18 · Grants payable

    beginning of year $305,834 · end of year $68,334

  • 25 · Other liabilities

    beginning of year $300,000 · end of year $150,000

  • 27 · Net assets without donor restrictions

    beginning of year $40,629,395 · end of year $43,366,347

Mission and programs · 2024

Mission

THE FOUNDATION IS ORGANIZED TO FOSTER, PROMOTE, SUPPORT, DEVELOP, ENCOURAGE AND MAINTAIN THE BROAD CHARITABLE, EDUCATIONAL AND/OR RELIGIOUS PURPOSE OF, THE JEWISH FEDERATION OF METROPOLITAN CHICAGO, AND THE FOUNDATION AS AUTHORIZED IN THEIR BY-LAWS.

  • THE FOUNDATION MAKES GRANTS TO CHARITABLE ORGANIZATIONS WHICH ARE TAX EXEMPT UNDER THE IRC SECTION 501(C)(3) AND MEET THE GUIDELINES OF THE CHARTER OF THE JEWISH FEDERATION OF METROPOLITAN CHICAGO & THE BY-LAWS OF THE FOUNDATION.

    Expenses $783,000 · Grants $783,000

As filed on the 2024 return.

Listed in Part VII

  • David S Rosen

    TREASURER

    Total calculated
    $558,732
    From this org
    $0
    From related orgs
    $452,292
    Other
    $106,440
    Hours/week
    0.3 + 49.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $414,768 related
    Bonus
    $0
    Other
    $0 + $37,524 related
    Deferred
    $0 + $85,133 related
    Nontaxable benefits
    $0 + $21,307 related
    Filer's total
    $0 + $558,732 related

  • Dr Steven B Nasatir

    DIRECTOR

    Total calculated
    $528,648
    From this org
    $0
    From related orgs
    $473,014
    Other
    $55,634
    Hours/week
    0.3 + 37.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $389,363 related
    Bonus
    $0
    Other
    $0 + $83,651 related
    Deferred
    $0 + $34,996 related
    Nontaxable benefits
    $0 + $20,638 related
    Filer's total
    $0 + $528,648 related

  • Eric Devir

    SECRETARY

    Total calculated
    $170,314
    From this org
    $0
    From related orgs
    $139,144
    Other
    $31,170
    Hours/week
    0.3 + 39.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $138,466 related
    Bonus
    $0
    Other
    $0 + $678 related
    Deferred
    $0 + $13,882 related
    Nontaxable benefits
    $0 + $17,288 related
    Filer's total
    $0 + $170,314 related

  • David A Sherman

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.3 + 0.6 related

  • Miriam Sherman

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.3

  • David T Brown

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Mark Gaines

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    0.3

  • Max Schrayer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Larry H Pachter

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    0.3

  • James A Pinkston

    ASSISTANT TREASURER

    Total calculated
    $365,057
    From this org
    $0
    From related orgs
    $308,582
    Other
    $56,475
    Hours/week
    0.3 + 49.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $308,417 related
    Bonus
    $0
    Other
    $0 + $165 related
    Deferred
    $0 + $34,754 related
    Nontaxable benefits
    $0 + $21,721 related
    Filer's total
    $0 + $365,057 related

  • Peter Chiswick

    ASSISTANT TREASURER

    Total calculated
    $283,198
    From this org
    $0
    From related orgs
    $237,694
    Other
    $45,504
    Hours/week
    0.3 + 49.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $231,603 related
    Bonus
    $0
    Other
    $0 + $6,091 related
    Deferred
    $0 + $35,628 related
    Nontaxable benefits
    $0 + $9,876 related
    Filer's total
    $0 + $283,198 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

  • 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
STEVEN B. NASATIR: IN 1999 THE JEWISH FEDERATION ENTERED INTO AN AGREEMENT WITH STEVEN NASATIR THAT WAS CONTINGENT UPON 5 MORE YEARS OF SERVICE AS PRESIDENT AND CEO AND WOULD RESULT IN ANNUAL PAYMENTS OF $50,000 PER YEAR (NET OF TAX) BEGINNING AT AGE 64 AND LASTING THROUGHOUT HIS LIFETIME. DR. NASATIR BEGAN RECEIVING PAYMENTS UNDER THIS AGREEMENT IN 2009. DURING 2012, THE JEWISH FEDERATION ENTERED INTO A SECOND AGREEMENT WITH STEVEN NASATIR WHICH PROVIDES FOR ANNUAL PAYMENTS OF $5,000 BEGINNING APRIL 1, 2015 AND LASTING THROUGHOUT HIS LIFETIME. DR. NASATIR VESTED IN THE FOLLOWING BENEFITS: BENEFIT PAYMENTS FROM THE AFOREMENTIONED AGREEMENTS WILL CONTINUE FOR THE LONGER OF 1) 10 YEARS THROUGH DECEMBER 2028 OR 2) HIS LIFETIME. IN THE EVENT OF HIS DEATH PRIOR TO 2029, PAYMENTS WILL BE MADE TO DR. NASATIR'S BENEFICIARY. THE $50,000 AND $5,000 ANNUAL PAYMENT AMOUNTS ARE TO BE ADJUSTED ANNUALLY IN ACCORDANCE WITH THE CPI INDEX. IN 2017, THE JEWISH FEDERATION ENTERED INTO A THIRD AGREEMENT WITH STEVEN NASATIR WHICH PROVIDES FOR ANNUAL PAYMENTS OF $21,000 PER YEAR, BEGINNING IN 2018, FOR THE LONGER OF HIS LIFETIME OR TEN YEARS (THROUGH DECEMBER 2027). IN 2024, STEVEN NASATIR RECEIVED PAYMENTS TOTALING $122,532 FROM THE THREE SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLANS. DAVID ROSEN: THE JEWISH FEDERATION HAS AN AGREEMENT WITH DAVID ROSEN WHICH PROVIDES FOR ANNUAL PAYMENTS OF $25,000 PER YEAR THAT BEGAN IN 2018 AND WILL END IN 2028. IN 2017, THE JEWISH FEDERATION ENTERED INTO A SECOND AGREEMENT WITH DAVID ROSEN WHICH PROVIDES FOR ANNUAL PAYMENTS OF $25,000 THAT BEGAN IN 2022 AND WILL END IN 2032. IN TOTAL, DAVID ROSEN RECEIVED $50,000 OF DISTRIBUTIONS FROM SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS IN 2024.

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • 255 REVERE DRIVE LP

    REAL ESTATE · IL

  • JFMC POOLED ENDOWMENT PORTFOLIO LLC

    SEE SCH. R, PART VII · IL

Related corporations and trusts

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

  • CHARITABLE REMAINDER UNITRUSTS (17)

    T · CHARITABLE TRUST · IL

  • CHARITABLE REMAINDER ANNUITY TRUSTS (2)

    T · CHARITABLE TRUST · IL

Provenance

Return type
form_990
Tax year
2024
Filed
13 April 2026
IRS schema version
2024v5.5
Source object
202601189349302150

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