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← THE@CHILDRENS EDUCATION INITIATIVE

Form 990 for tax year 2023

Filed by THE@CHILDRENS EDUCATION INITIATIVE.

Totals

Total revenue
$4,782,386
Total expenses
$1,347,430
Contributions and grants received
$51,000
Grants paid
$1,000,000
Program service revenue
$0
Investment income
$4,731,386
Other revenue
$0
Total assets, end of year
$105,675,647
Total liabilities, end of year
$8,705
Net assets or fund balances, end of year
$105,666,942
Program services expenses (Part IX)
$1,244,796
Management and general expenses
$102,634
Fundraising expenses
$0
Program service expenses (Part III)
$1,244,796

Program services were 92.4% 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.

  • 1f · All other contributions, gifts and grants

    $51,000

  • 3 · Investment income

    total $3,027,372 · excluded $3,027,372

  • 7a · Gross sales of assets other than inventory

    securities $5,403,873

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

    securities $3,699,859

  • 7c · Gain or loss

    securities $1,704,014

  • 7d · Net gain or loss

    total $1,704,014 · excluded $1,704,014

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,000,000 · program services $1,000,000

  • 7 · Other salaries and wages

    total $178,735 · program services $173,251 · management and general $5,484

  • 8 · Pension plan contributions

    total $5,363 · program services $5,198 · management and general $165

  • 9 · Other employee benefits

    total $26,374 · program services $26,374

  • 10 · Payroll taxes

    total $20,690 · program services $20,199 · management and general $491

  • 11b · Fees: legal

    total $3,926 · management and general $3,926

  • 11c · Fees: accounting

    total $12,800 · management and general $12,800

  • 13 · Office expenses

    total $1,376 · program services $1,376

  • 14 · Information technology

    total $16,324 · program services $15,894 · management and general $430

  • 17 · Travel

    total $13,825 · program services $2,130 · management and general $11,695

  • 23 · Insurance

    total $3,419 · program services $374 · management and general $3,045

  • 24a · Other expenses: TRADING COMMISSION

    total $54,973 · management and general $54,973

  • 24b · Other expenses: CONSULTANT

    total $2,625 · management and general $2,625

  • 24c · Other expenses: ADMINISTRATIVE FEES

    total $1,929 · management and general $1,929

  • 24d · Other expenses: TRANSFER & BANK FEES

    total $1,712 · management and general $1,712

  • 24e · All other expenses

    total $3,359 · management and general $3,359

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $636,670 · end of year $1,859,706

  • 2 · Savings and temporary cash investments

    beginning of year $75,554,338 · end of year $79,092,807

  • 7 · Other notes and loans receivable

    beginning of year $18,600,000 · end of year $8,850,000

  • 11 · Investments: publicly traded securities

    beginning of year $2,450,000 · end of year $10,159,797

  • 12 · Investments: other securities

    beginning of year $4,700,000 · end of year $4,700,000

  • 15 · Other assets

    beginning of year $3,483,756 · end of year $1,013,337

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,500 · end of year $3,343

  • 25 · Other liabilities

    beginning of year $0 · end of year $5,362

  • 27 · Net assets without donor restrictions

    beginning of year $105,423,264 · end of year $105,666,942

Mission and programs · 2023

Mission

THE CHILDREN'S EDUCATION INITIATIVE (TCEI) IS DEDICATED TO IMPROVING THE QUALITY OF EDUCATION FOR SOCIOECONOMICALLY DISADVANTAGED CHILDREN.

  • THE CHILDREN'S EDUCATION INITIATIVE (TCEI) PROVIDES FUNDS TO SELECTED PRIVATE SCHOOLS, WHICH ARE RECOGNIZED BY THE IRS AS TAX EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, FOR TUITION ASSISTANCE AND OTHER PROGRAMS FOR SOCIOECONOMICALLY DISADVANTAGED CHILDREN ACROSS THE U.S.

    Expenses $1,244,796 · Grants $1,000,000

As filed on the 2023 return.

Listed in Part VII

  • AARON DAVIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • CRAIG JOHNSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • ANDREW MCDONALD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • RODERICK WONG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • KEVIN TANG

    CEO, CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    10

  • MICHAEL HEARNE

    CFO, TREASURER & SECRETARY

    Total calculated
    $0
    Hours/week
    10

  • AJ YATES

    DIRECTOR, PROGRAMS

    Total calculated
    $167,645
    From this org
    $162,941
    From related orgs
    $0
    Other
    $4,704
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,166
    Bonus
    $35,775
    Other
    $0
    Deferred
    $4,704
    Nontaxable benefits
    $0
    Filer's total
    $167,645

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

  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
TYPICALLY, EMPLOYEES ARE ELIGIBLE FOR AN ANNUAL TARGET BONUS BASED ON THE ORGANIZATION'S ABILITY TO REACH ANNUAL GOALS AS ESTABLISHED AND APPROVED BY THE BOARD OF DIRECTORS.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202433209349310193

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