Civic Intelligence

Gfoa Endowment Corporation

EIN 23-7208840 • 501(c)3 • Chicago, IL

Profile

The purpose of the GFOA Endowment Corporation is to operate as a supporting organization described under Section 509(a)(3) of the Internal Revenue Code exclusively for the benefit of, to perform the functions of, or to carry out the purpose of the Government Finance Officers Association.

203 N LaSalle St Suite 2700Chicago, IL 60601-1216

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

19th percentile

0.02x

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

501(c)3 • $25M-$50M nonprofits • Source year 2025

Liabilities / Revenue

69th percentile

0.60x

Higher debt load relative to revenue than 69% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Net Margin

10th percentile

-25%

Higher net margin than 10% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Top Officer Pay

83rd percentile

$529,297

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 36.1% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Asset Growth

45th percentile

4.1%

Faster asset growth than 45% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2025

Revenue Growth

85th percentile

40%

Faster revenue growth than 85% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2025

Assets

Up

$38,217,855

Up $1,501,469 (+4.1%) from 2024

Liabilities

Up

$873,091

Up $873,091 from 2024

Net Assets

Up

$37,344,764

Up $628,378 (+1.7%) from 2024

Revenue

Up

$1,467,137

Up $480,448 (+49%) from 2024

Expenses

Up

$1,832,581

Up $1,510,496 (+469%) from 2024

Net Income

Down

-$365,444

Down $1,030,048 (-155%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2021: $32,224,885Liabilities 2021: $0Net Assets 2021: $32,224,8852021Assets 2022: $33,873,362Liabilities 2022: $28,633Net Assets 2022: $33,844,7292022Assets 2023: $30,771,656Liabilities 2023: $0Net Assets 2023: $30,771,6562023Assets 2024: $36,716,386Liabilities 2024: $0Net Assets 2024: $36,716,3862024Assets 2025: $38,217,855Liabilities 2025: $873,091Net Assets 2025: $37,344,7642025

Highlighted filing

2025

Assets$38,217,855
Liabilities$873,091
Net Assets$37,344,764

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2021: $5,315,678Expenses 2021: $487,376Net Income 2021: $4,828,3022021Revenue 2022: $530,527Expenses 2022: $540,457Net Income 2022: -$9,9302022Revenue 2023: $566,655Expenses 2023: $483,182Net Income 2023: $83,4732023Revenue 2024: $986,689Expenses 2024: $322,085Net Income 2024: $664,6042024Revenue 2025: $1,467,137Expenses 2025: $1,832,581Net Income 2025: -$365,4442025

Highlighted filing

2025

Revenue$1,467,137
Expenses$1,832,581
Net Income-$365,444

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Apr 1, 2024 to Mar 31, 2025
Signed
Feb 9, 2026
Return Version
2024v5.5
Gross Receipts
$5,093,350
Mission and Program Overview

Mission

The purpose of the GFOA Endowment Corporation is to operate as a supporting organization described under Section 509(a)(3) of the Internal Revenue Code exclusively for the benefit of, to perform the functions of, or to carry out the purpose of the Government Finance Officers Association.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$36,297,606$38,111,285▲ $1,813,679
Savings and Temporary Cash Investments$100,720$106,570▲ $5,850
Total Assets$36,716,386$38,217,855▲ $1,501,469
Other Assets Total$318,060$0▼ $318,060
Liabilities
Other Liabilities$0$873,091▲ $873,091
Total Liabilities$0$873,091▲ $873,091
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$36,716,386$37,344,764▲ $628,378
Total Net Assets Fund Balance$36,716,386$37,344,764▲ $628,378
Total Liabilities and Net Assets / Fund Balance$36,716,386$38,217,855▲ $1,501,469
Compensation and Service Providers

Board Members and Trustees

NameTitle
Laura AllenPast President
Terri VelasquezPast President until 6/11/24
Tanya GarostPresident
Lunda AsmaniPresident-Elect
David SchmiedickeBoard Member
Diane WaldronBoard Member
Edward GinBoard Member
Grace MartinezBoard Member
Jason GreeneBoard Member
Jennifer BrownBoard Member
Kendel TaylorBoard Member
Sonia AndrewsBoard Member
Timothy EwellBoard Member
Chris ForsterBoard Member as of 6/11/24
Clae HackBoard Member as of 6/11/24
Diane AllisonBoard Member as of 6/11/24
Ember StrangeBoard Member as of 6/11/24
Harpreet HoraBoard Member as of 6/11/24
Rafiu O IghileBoard Member as of 6/11/24
Anne HartyBoard Member until 6/11/24
Bruce FisherBoard Member until 6/11/24
Debra RobertsBoard Member until 6/11/24
Susan IversonBoard Member until 6/11/24
Veronica CarrilloBoard Member until 6/11/24
Sarah LombardiDirector of Finance
Christopher P MorrillExecutive Director, CEO
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$1,467,137
Other Revenue
$0
Change in Net Assets
$-365,444
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,815,946
Other Expenses$16,635
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,815,946--$1,815,946
Fees for Service Investment Mgmnt Fees-$12,320-$12,320
Fees for Services Accounting-$4,300-$4,300
Office Expenses-$15-$15
Total Functional Expenses$1,815,946$16,635$0$1,832,581
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Government Finance Officers AssociationChicago, IL501(c)(3)General Support$1,815,946
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to GFOA$873,091
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

The Organization retains the services of an independent CPA firm to prepare the Organization's 990. Management reviews the completed Form 990 draft. Once a draft of the 990 has been completed, the 990 is distributed to all finance committee and board of director members of the Organization via a secure website. The board members are then able to review the 990 draft and respond with questions, concerns, or comments. At the end of the review period, including any time needed to address questions and comments, the 990 is finalized and filed with the IRS.

Form 990, Part VI, Section B, line 12C

Each year, all members of the board of directors and staff are required to read and sign the conflict-of-interest policy. This statement requires certification that they "are not aware of any matter in which I am personally involved that may present an actual or potential conflict of interest." If any potential or actual conflict of interest arises during the year, they agree to immediately disclose the conflict and if appropriate remove themselves from discussion, vote and/or further service.

Form 990, Part VI, Section C, line 19

The governing documents, conflict of interest policy are available upon request. Audited financial statements are available to the public on GFOA'S website (WWW.GFOA.ORG) and upon request.

Filing and Contact Details

Filer

Filer Name
GFOA Endowment Corporation
EIN
23-7208840
Phone
3129779700
Address
203 N LaSalle St Suite 2700, Chicago, IL 60601-1216

Signing Officer

Name
Christopher P Morrill
Title
Executive Director/CEO
Phone
3129779700
Signed
2026-02-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christopher P Morrill
Formed
1971
Legal Domicile
Il
Voting Board Members
18
Independent Board Members
18
Employees
0
Volunteers
18

Preparer

Firm
Rsm US Llp
Address
30 South Wacker Dr Suite 3300, Chicago, IL 60606-3392
Preparer
Ariel Garcia
Phone
3126343400
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

The GFOA and Endowment Corporation are both tax-exempt organizations as permitted under Section 501(c)(3) of the Internal Revenue code. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the GFOA and the Endowment Corporation may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of GFOA or the Endowment and various positions related to the potential sources of unrelated business income (UBIT). The tax benefits recognized in the financial statements form such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the reported period presented in these financial statements. GFOA and the Endowment Corporation each separately file Form 990 in the U.S. federal jurisdiction and the State of Illinois. GFOA also files a Form 990-T with the Internal Revenue Service. GFOA has federal net operating loss carryforwards available to offset future unrelated taxable income, if any. Net operating loss carryforwards total in excess of $1 million at March 31, 2025 and 2024. Future utilization of the carryforwards (limited to 80% of taxable income) is uncertain. Accordingly, the associated deferred tax asset is fully reserved by a valuation allowance.

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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt170
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt190
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt200
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt210
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt220
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt230
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt24449605
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt25226361
IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1President-Elect
IRS990/Form990PartVIISectionAGrp/TitleTxt2Past President
IRS990/Form990PartVIISectionAGrp/TitleTxt3Past President until 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt4Board Member as of 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt5Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member until 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member until 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member as of 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Board Member as of 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt14Board Member until 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt15Board Member as of 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt16Board Member as of 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt17Board Member until 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt18Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt19Board Member as of 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt20Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt21Board Member until 6/11/24
IRS990/Form990PartVIISectionAGrp/TitleTxt22Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt23Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt24Executive Director, CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt25Director of Finance
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01971
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/SecuritiesAmt0697647
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt018
IRS990/GrantAmt01815946
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt01815946
IRS990/GrantsToDomesticOrgsGrp/TotalAmt01815946
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt04323860
IRS990/GrossReceiptsAmt05093350
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt018
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InvestmentIncomeGrp/ExclusionAmt0769490
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0769490
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt036297606
IRS990/InvestmentsPubTradedSecGrp/EOYAmt038111285
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LegalDomicileStateCd0IL
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt03626213
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0The purpose of the GFOA Endowment Corporation is to operate as a supporting organization described under Section 509(a)(3) of the Internal Revenue Code exclusively for the benefit of, to perform the functions of, or to carry out the purpose of the Government Finance Officers Association.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt036716386
IRS990/NetAssetsOrFundBalancesEOYAmt037344764
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0697647
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0697647
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0993822
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt036716386
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt037344764
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt015
IRS990/OfficeExpensesGrp/TotalAmt015
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0318060
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt0873091
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0Christopher P Morrill
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0309917
IRS990/PYInvestmentIncomeAmt0986689
IRS990/PYOtherExpensesAmt012168
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0664604
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0322085
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0986689
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-365444
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0100720
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0106570
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0362167796
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd010
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt01815946
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Goverment Finance Officers Association
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt01815946

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