Civic Intelligence

The Chad School Foundation Inc.

990 • Fiscal year 2015 • EIN 22-3145421

Jul 01, 2014 to Jun 30, 2015 • Filed on May 08, 2016

Organization Profilewww.thechadschoolfoundation.org
40 Clinton Street Suite 200Newark, NJ 07102

(973) 622-1061

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

14th percentile

0.01x

Higher debt load relative to assets than 14% of similar nonprofits.

2015 filings • NTEE B • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

40th percentile

0.12x

Higher debt load relative to revenue than 40% of similar nonprofits.

2015 filings • NTEE B • $5M-$10M nonprofits • Source year 2015

Net Margin

7th percentile

-18%

Higher net margin than 7% of similar nonprofits.

2015 filings • NTEE B • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

45th percentile

$128,669

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 23.7% of source-year revenue.

2015 filings • NTEE B • $5M-$10M nonprofits • Source year 2015

Asset Growth

30th percentile

-1.9%

Faster asset growth than 30% of similar nonprofits.

2015 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

50th percentile

4.8%

Faster revenue growth than 50% of similar nonprofits.

2015 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets14th percentile

Assets

Down

$6,782,303

Down $134,301 (-1.9%) from 2014

Net Assets

Down

$6,714,560

Down $107,398 (-1.6%) from 2014

Liabilities

Down

$67,743

Down $26,903 (-28%) from 2014

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin7th percentile

Revenue

Up

$542,046

Up $24,723 (+4.8%) from 2014

Expenses

Up

$640,972

Up $59,021 (+10%) from 2014

Net Income

Down

-$98,926

Down $34,298 (-53%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth30th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $7,027,341Liabilities 2010: $20,468Net Assets 2010: $7,006,8732010Assets 2011: $6,940,544Liabilities 2011: $28,045Net Assets 2011: $6,912,4992011Assets 2012: $6,961,953Liabilities 2012: $63,561Net Assets 2012: $6,898,3922012Assets 2013: $6,885,686Liabilities 2013: $39,453Net Assets 2013: $6,846,2332013Assets 2014: $6,916,604Liabilities 2014: $94,646Net Assets 2014: $6,821,9582014Assets 2015: $6,782,303Liabilities 2015: $67,743Net Assets 2015: $6,714,5602015Assets 2016: $6,590,424Liabilities 2016: $40,318Net Assets 2016: $6,550,1062016Assets 2017: $6,620,636Liabilities 2017: $147,326Net Assets 2017: $6,473,3102017Assets 2019: $5,330,470Liabilities 2019: $5,064,653Net Assets 2019: $265,8172019Assets 2020: $5,791,441Liabilities 2020: $1,605,003Net Assets 2020: $4,186,4382020Assets 2021: $6,841,360Liabilities 2021: $1,975,925Net Assets 2021: $4,865,4352021Assets 2023: $6,479,867Liabilities 2023: $135,451Net Assets 2023: $6,344,4162023Assets 2024: $6,099,419Liabilities 2024: $0Net Assets 2024: $6,099,4192024

Highlighted filing

2015

Assets$6,782,303
Liabilities$67,743
Net Assets$6,714,560
Open 2015 Filing

Operations Trend

Revenue Growth50th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500K-$1.0MExpenses 2010: $309,8272010Expenses 2011: $418,7642011Expenses 2012: $368,8662012Expenses 2013: $417,4832013Revenue 2014: $517,323Expenses 2014: $581,951Net Income 2014: -$64,6282014Revenue 2015: $542,046Expenses 2015: $640,972Net Income 2015: -$98,9262015Revenue 2016: $503,772Expenses 2016: $651,821Net Income 2016: -$148,0492016Revenue 2017: $507,932Expenses 2017: $667,091Net Income 2017: -$159,1592017Revenue 2019: $139,961Expenses 2019: $944,927Net Income 2019: -$804,9662019Revenue 2020: $37,817Expenses 2020: $916,031Net Income 2020: -$878,2142020Revenue 2021: $242,182Expenses 2021: $807,135Net Income 2021: -$564,9532021Revenue 2023: $753,168Expenses 2023: $1,036,402Net Income 2023: -$283,2342023Revenue 2024: $0Expenses 2024: $201,596Net Income 2024: -$201,5962024

Highlighted filing

2015

Revenue$542,046
Expenses$640,972
Net Income-$98,926
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 8, 2016
Return Version
2014v6.0
Gross Receipts
$542,046
Mission and Program Overview

Mission

To provide educational opportunities for students located in the Greater Newark area, by championing promising efforts to create high quality schools and expand college access.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,168,289$5,100,876▼ $67,413
Investments in Publicly Traded Securities$848,797$1,129,902▲ $281,105
Savings and Temporary Cash Investments$654,822$397,163▼ $257,659
Cash and Non-Interest-Bearing Accounts$187,577$134,479▼ $53,098
Accounts Receivable$39,375$0▼ $39,375
Prepaid Expenses and Deferred Charges$11,074$9,561▼ $1,513
Pledges and Grants Receivable-$7,200-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$6,916,604$6,782,303▼ $134,301
Other Assets Total$6,670$3,122▼ $3,548
Liabilities
Accounts Payable and Accrued Expenses$84,620$57,715▼ $26,905
Other Liabilities$10,026$10,028▲ $2
Total Liabilities$94,646$67,743▼ $26,903
Net Assets / Fund Balance
Unrestricted Net Assets$6,821,958$6,714,560▼ $107,398
Total Net Assets Fund Balance$6,821,958$6,714,560▼ $107,398
Total Liabilities and Net Assets / Fund Balance$6,916,604$6,782,303▼ $134,301

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,188,255$786,570$4,974,825
Land$900,000-$900,000
Other Land Buildings$12,621$30,865$43,486
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Reginald LewisExec. DirectorFT$120,752$7,917$128,669

Board Members and Trustees

NameTitle
Kia Calhoun-grundyChairwoman
William D PayneVice Chairman
Joyce Eldrigde-HowardTrustee
Mark S JohnsonTrustee
Michelle J DiazTrustee
Robert CurvinTrustee
Shane HarrisTrustee
Shirley H SmithTrustee
William F WilliamsTrustee
Williams S Parrish JrTrustee
Tynesha a McharrisSecretary
Kim Weeks JohnsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$26,975
Program Service Revenue
$472,500
Investment Income
$42,476
Other Revenue
$95
All Other Contributions
$26,975
Change in Net Assets
$-98,926

Audited Revenue Reconciliation

Revenue per Audited Statements
$542,046
Revenue Not Reported on Form 990
$-8,472
Total Revenue per Audited Statements
$533,574
Total Revenue per Form 990
$542,046
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$368,474
Salaries, Compensation, and Employee Benefits$226,748
Grants and Similar Amounts Paid$45,750
Total Fundraising Expense$24,847
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$110,879$39,600$7,920$158,399
Current Officers, Directors, Trustees, and Key Employees$82,980$42,149$6,586$131,715
Other Salaries and Wages$46,460$23,599$3,687$73,746
Occupancy$29,070$10,382$2,075$41,527
Insurance$23,213$8,290$1,658$33,161
Grants to Domestic Orgs$29,500--$29,500
Office Expenses$22,938$5,173$1,035$29,146
Fees for Services Accounting$1,424$22,303-$23,727
Payroll Taxes$12,293$6,244$975$19,512
Grants to Domestic Individuals$16,250--$16,250
Conferences and Meetings$10,357$2,686$537$13,580
Fees for Services Other$8,563$820$164$9,547
Fees for Services Legal$339$5,317-$5,656
Advertising$3,990--$3,990
Information Technology$229$3,584-$3,813
Travel$2,161$612$122$2,895
Other Employee Benefits$1,119$568$88$1,775
Other Expenses$1,500$31,310-$1,500
Total Functional Expenses$413,488$202,637$24,847$640,972

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$640,972
Total Expenses per Audited Statements$640,972
Total Expenses per Form 990$640,972
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposit Payable$10,028
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The Accountant reviews the completed Form 990 tax return with Management and the Board Members. The review aims at ensuring accuracy, completeness and consistency of information reported on the Form 990 and the audited financial statements. The final Form 990 is then signed by the Chairman.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“A review of a title and job description is made with comparable data including a review of the actual work to be performed. After management has sufficiently surveyed the position, a proposal is prepared and submitted to the Board of Directors for approval.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization makes the governing documents, conflict of interest policy and financial statements available to the public by request. The documents are made available via electronic format, by fax or for pick up at the permanent address of the organization.”

Form 990, Part VIII, Line 2A - Statement of Revenue

“The CHAD School Foundation, Inc. leases space to Friends of Marion P. Thomas Charter School whose exempt purpose helps to further the exempt purpose of The CHAD School Foundation.”

Filing and Contact Details

Filer

Filer Name
The Chad School Foundation Inc
EIN
22-3145421
Phone
9736221061
Address
40 Clinton Street Suite 200, Newark, NJ 07102

Signing Officer

Name
Reginald Lewis
Title
Executive Direc
Signed
2016-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Reginald Lewis
Formed
1991
Legal Domicile
Nj
Voting Board Members
12
Independent Board Members
11
Employees
4

Preparer

Firm
Bca Watson Rice Llp
Address
5 PENN PLAZA 15TH FL, NEW YORK, NY 10001-1810
Preparer
Cazembe Bektemba CPA
Phone
2124477300
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Foundation has evaluated the recognition requirements for uncertain income tax positions as required by accounting principles generally accepted in the United States of America, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. Accordingly, the Foundation has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at June 30, 2015 and 2014.”

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IRS990/Desc0Chad Policy Round-table:Provided a forum for members of the education community including key decision makers, policy experts, school administrators and community leaders to review data and reports designed to improve public schools serving low-income and disadvantaged students. The most recent Round-table was entitled Black and Latino Male Achievement.
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Exec. Director
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IRS990/MissionDesc0To provide educational opportunities for students located in the Greater Newark area, by championing promising efforts to create high quality schools and expand college access.
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IRS990/OtherExpensesGrp/Desc0repair and maintenance
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IRS990/PartialLiquidationInd0false
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IRS990/PayrollTaxesGrp/FundraisingAmt0975
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt06244
IRS990/PayrollTaxesGrp/ProgramServicesAmt012293
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IRS990/ProgSrvcAccomActy2Grp/Desc0The Chad Scholars Program (CSP) provides scholarships annually to college-bound high school seniors in the Greater Newark Area. CSP consists of financial assistance, mentoring, and summer internships aligned with students career aspirations. Eligible students receive four-year, $10,000 awards. Four local students were selected for the 2015 Chad Scholar cohort.Provided assistance in the form of a grant to the W.E.B. Scholars Institute. Eagle Academy of Newark, Hawthorne Avenue Elementary School, United Way of Essex and West Hudson, and Brick Academy. Funds supported a range of activities, including a summer literacy campaign, after-school programs, and academic enrichment initiatives.
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,782,303
Liabilities
$67,743
Net assets
$6,714,560
Revenue
$542,046
Expenses
$640,972
Net income
-$98,926
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.10$0.00$6.10$0.00$0.20$0.20
2023Detailed filing. Detailed filing data is available for this year.$6.48$0.14$6.34$0.75$1.04$0.28
2021Detailed filing. Detailed filing data is available for this year.$6.84$1.98$4.87$0.24$0.81$0.56
2020Summary only. Only limited summary data is available for this year.$5.79$1.61$4.19$0.04$0.92$0.88
2019Summary only. Only limited summary data is available for this year.$5.33$5.06$0.27$0.14$0.94$0.80
2017Detailed filing. Detailed filing data is available for this year.$6.62$0.15$6.47$0.51$0.67$0.16
2016Detailed filing. Detailed filing data is available for this year.$6.59$0.04$6.55$0.50$0.65$0.15
2015Detailed filing. Detailed filing data is available for this year.$6.78$0.07$6.71$0.54$0.64$0.10
2014Detailed filing. Detailed filing data is available for this year.$6.92$0.09$6.82$0.52$0.58$0.06
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.89$0.04$6.85$0.42
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.96$0.06$6.90$0.37
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.94$0.03$6.91$0.42
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.03$0.02$7.01$0.31