Civic Intelligence

The Chad School Foundation Inc.

990 • Fiscal year 2017 • EIN 22-3145421

Jul 01, 2016 to Jun 30, 2017 • Filed on May 15, 2018

Organization Profilewww.thechadschoolfoundation.org
24 Commerce StreetNewark, NJ 07102

(973) 622-1061

Siviq Scores

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

Liabilities / Assets

19th percentile

0.02x

Higher debt load relative to assets than 19% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

57th percentile

0.29x

Higher debt load relative to revenue than 57% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Source year 2017

Net Margin

6th percentile

-31%

Higher net margin than 6% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

44th percentile

$115,290

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 22.7% of source-year revenue.

2017 filings • NTEE B • $5M-$10M nonprofits • Source year 2017

Asset Growth

32nd percentile

0.5%

Faster asset growth than 32% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

31st percentile

0.8%

Faster revenue growth than 31% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets19th percentile

Assets

Up

$6,620,636

Up $30,212 (+0.5%) from 2016

Net Assets

Down

$6,473,310

Down $76,796 (-1.2%) from 2016

Liabilities

Up

$147,326

Up $107,008 (+265%) from 2016

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin6th percentile

Revenue

Up

$507,932

Up $4,160 (+0.8%) from 2016

Expenses

Up

$667,091

Up $15,270 (+2.3%) from 2016

Net Income

Down

-$159,159

Down $11,110 (-7.5%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth32nd 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

2017

Assets$6,620,636
Liabilities$147,326
Net Assets$6,473,310
Open 2017 Filing

Operations Trend

Revenue Growth31st 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

2017

Revenue$507,932
Expenses$667,091
Net Income-$159,159
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 15, 2018
Return Version
2016v3.0
Gross Receipts
$507,932
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$4,938,219$4,885,768▼ $52,451
Investments in Publicly Traded Securities$1,141,958$1,204,382▲ $62,424
Savings and Temporary Cash Investments$400,545$307,834▼ $92,711
Cash and Non-Interest-Bearing Accounts$94,176$116,118▲ $21,942
Accounts Receivable-$76,899-
Prepaid Expenses and Deferred Charges$12,404$16,502▲ $4,098
Pledges and Grants Receivable-$2,500-
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$6,590,424$6,620,636▲ $30,212
Other Assets Total$3,122$10,633▲ $7,511
Liabilities
Other Liabilities$10,030$109,682▲ $99,652
Accounts Payable and Accrued Expenses$30,288$37,644▲ $7,356
Total Liabilities$40,318$147,326▲ $107,008
Net Assets / Fund Balance
Unrestricted Net Assets$6,550,106$6,473,310▼ $76,796
Total Net Assets Fund Balance$6,550,106$6,473,310▼ $76,796
Total Liabilities and Net Assets / Fund Balance$6,590,424$6,620,636▲ $30,212

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,874,150$1,100,675$4,974,825
Land$900,000-$900,000
Other Land Buildings$111,618$39,436$151,054
Compensation and Service Providers
Top Officer Pay44th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Reginald LewisExec. DirectorFT$109,051$6,239$115,290
Eric E StevensonExecutive DirectorFT$15,692$2,245$17,937

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$25,447
Program Service Revenue
$439,425
Investment Income
$43,045
Other Revenue
$15
All Other Contributions
$25,447
Change in Net Assets
$-159,159

Audited Revenue Reconciliation

Revenue per Audited Statements
$507,932
Revenue Not Reported on Form 990
$82,363
Total Revenue per Audited Statements
$590,295
Total Revenue per Form 990
$507,932
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$393,857
Salaries, Compensation, and Employee Benefits$235,410
Grants and Similar Amounts Paid$37,824
Total Fundraising Expense$25,464
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$112,014$40,005$8,000$160,019
Current Officers, Directors, Trustees, and Key Employees$84,888$43,118$6,737$134,743
Other Salaries and Wages$47,578$24,167$3,777$75,522
Occupancy$26,073$9,312$1,862$37,247
Grants to Domestic Individuals$37,169--$37,169
Insurance$25,923$9,258$1,852$37,033
Fees for Services Accounting$1,887$29,563-$31,450
Fees for Services Other$3,341$27,564$158$31,063
Payroll Taxes$12,424$6,310$986$19,720
Conferences and Meetings$13,110$4,682$936$18,728
Office Expenses$11,449$4,090$818$16,357
Other Expenses$15,690$34,353-$15,690
Information Technology$601$9,421-$10,022
Other Employee Benefits$1,791$910$142$2,843
Pension Plan Contributions$1,627$826$129$2,582
Travel$826$295$59$1,180
Grants to Domestic Orgs$655--$655
Fees for Services Legal$33$521-$554
Advertising$113$40$8$161
Total Functional Expenses$397,192$244,435$25,464$667,091

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$667,091
Total Expenses per Audited Statements$667,091
Total Expenses per Form 990$667,091
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
Line of credit$99,650
Security Deposit Payable$10,032
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
24 Commerce Street, Newark, NJ 07102

Signing Officer

Name
Eric E Stevenson
Title
Executive Director
Signed
2018-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eric E Stevenson
Formed
1991
Legal Domicile
Nj
Voting Board Members
11
Independent Board Members
11
Employees
3

Preparer

Firm
Bca Watson Rice Llp
Address
5 PENN PLAZA 15TH FL, NEW YORK, NY 10001-1810
Preparer
Baruti Bediako 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, 2017 and 2016.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt12Exec. Director
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IRS990/InsuranceGrp/FundraisingAmt01852
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IRS990/LandBldgEquipCostOrOtherBssAmt06025879
IRS990/LegalDomicileStateCd0NJ
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IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
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.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt06473310
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OccupancyGrp/ManagementAndGeneralAmt09312
IRS990/OccupancyGrp/ProgramServicesAmt026073
IRS990/OccupancyGrp/TotalAmt037247
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
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IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
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IRS990/OtherAssetsTotalGrp/EOYAmt010633
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0142
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0910
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt01791
IRS990/OtherEmployeeBenefitsGrp/TotalAmt02843
IRS990/OtherExpensesGrp/Desc0Repairs and maintenance
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt034353
IRS990/OtherExpensesGrp/ProgramServicesAmt015690
IRS990/OtherExpensesGrp/TotalAmt034353
IRS990/OtherExpensesGrp/TotalAmt115690
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IRS990/OtherLiabilitiesGrp/EOYAmt0109682
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IRS990/OtherRevenueTotalAmt015
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt03777
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt024167
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt047578
IRS990/OtherSalariesAndWagesGrp/TotalAmt075522
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt0986
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt06310
IRS990/PayrollTaxesGrp/ProgramServicesAmt012424
IRS990/PayrollTaxesGrp/TotalAmt019720
IRS990/PensionPlanContributionsGrp/FundraisingAmt0129
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0826
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt01627
IRS990/PensionPlanContributionsGrp/TotalAmt02582
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt02500
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt012404
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt016502
IRS990/PrincipalOfficerNm0Eric E Stevenson
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531120
IRS990/ProgramServiceRevenueGrp/Desc0Rental Income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0439425
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0439425
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. Three local students were selected for the 2016 Chad Scholar cohort.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt037824
IRS990/ProgSrvcAccomActy2Grp/GrantAmt037824
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt032363
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt043650
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IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0374271
IRS990/PYOtherRevenueAmt0988
IRS990/PYProgramServiceRevenueAmt0439425
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IRS990/PYSalariesCompEmpBnftPaidAmt0233900
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
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IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt026975
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt024546
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt020782
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0130113
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt030996
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt042476
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt020277
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt07098
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0143892
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt015
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt0988
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt095
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt037663
IRS990ScheduleA/OtherIncome170Grp/TotalAmt038761
IRS990ScheduleA/PublicOrganization170Ind0X
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IRS990ScheduleA/SubstantialContributorsTotAmt00

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,620,636
Liabilities
$147,326
Net assets
$6,473,310
Revenue
$507,932
Expenses
$667,091
Net income
-$159,159
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