Civic Intelligence

Chicago Tech Academy (Chitech)

990 • Fiscal year 2022 • EIN 26-0414040

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 08, 2023

Organization ProfileWWW.CHITECH.ORG
1301 W 14th StChicago, IL 60608

(773) 534-7755

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.23x

Higher debt load relative to assets than 62% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

38th percentile

0.09x

Higher debt load relative to revenue than 38% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

55th percentile

9.1%

Higher net margin than 55% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

63rd percentile

$153,216

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

88th percentile

41%

Faster asset growth than 88% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

63rd percentile

14%

Faster revenue growth than 63% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Up

$2,658,345

Up $767,589 (+41%) from 2021

Net Assets

Up

$2,057,510

Up $599,398 (+41%) from 2021

Liabilities

Up

$600,835

Up $168,191 (+39%) from 2021

Revenue And Expenses
Liabilities / Revenue38th percentileNet Margin55th percentile

Revenue

Up

$6,579,501

Up $789,037 (+14%) from 2021

Expenses

Up

$5,980,103

Up $1,072,363 (+22%) from 2021

Net Income

Down

$599,398

Down $283,326 (-32%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth88th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $599,289Liabilities 2011: $120,244Net Assets 2011: $479,0452011Assets 2012: $899,687Liabilities 2012: $225,916Net Assets 2012: $673,7712012Assets 2014: $1,962,083Liabilities 2014: $427,388Net Assets 2014: $1,534,6952014Assets 2015: $2,076,723Liabilities 2015: $355,341Net Assets 2015: $1,721,3822015Assets 2016: $1,948,548Liabilities 2016: $553,361Net Assets 2016: $1,395,1872016Assets 2017: $1,398,396Liabilities 2017: $385,550Net Assets 2017: $1,012,8462017Assets 2018: $1,009,363Liabilities 2018: $207,232Net Assets 2018: $802,1312018Assets 2020: $1,286,255Liabilities 2020: $710,868Net Assets 2020: $575,3872020Assets 2021: $1,890,756Liabilities 2021: $432,644Net Assets 2021: $1,458,1122021Assets 2022: $2,658,345Liabilities 2022: $600,835Net Assets 2022: $2,057,5102022Assets 2023: $2,603,479Liabilities 2023: $455,363Net Assets 2023: $2,148,1162023Assets 2024: $2,473,331Liabilities 2024: $198,135Net Assets 2024: $2,275,1962024

Highlighted filing

2022

Assets$2,658,345
Liabilities$600,835
Net Assets$2,057,510
Open 2022 Filing

Operations Trend

Revenue Growth63rd percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $2,391,5612011Expenses 2012: $3,200,9762012Revenue 2014: $4,514,741Expenses 2014: $4,025,264Net Income 2014: $489,4772014Revenue 2015: $4,933,539Expenses 2015: $4,746,852Net Income 2015: $186,6872015Revenue 2016: $4,272,229Expenses 2016: $4,598,424Net Income 2016: -$326,1952016Revenue 2017: $3,623,189Expenses 2017: $4,005,530Net Income 2017: -$382,3412017Revenue 2018: $3,238,035Expenses 2018: $3,448,750Net Income 2018: -$210,7152018Revenue 2020: $4,162,610Expenses 2020: $4,057,322Net Income 2020: $105,2882020Revenue 2021: $5,790,464Expenses 2021: $4,907,740Net Income 2021: $882,7242021Revenue 2022: $6,579,501Expenses 2022: $5,980,103Net Income 2022: $599,3982022Revenue 2023: $7,011,672Expenses 2023: $6,921,066Net Income 2023: $90,6062023Revenue 2024: $7,143,132Expenses 2024: $7,016,052Net Income 2024: $127,0802024

Highlighted filing

2022

Revenue$6,579,501
Expenses$5,980,103
Net Income$599,398
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 8, 2023
Return Version
2021v4.2
Gross Receipts
$6,579,501
Mission and Program Overview

Mission

Educate empower and connect a diverse, next generation of entrepreneurial thinkers to discover their passions, succeed in college and careers, and thrive in a digital world.

Educate, empower and connect a diverse, next generation of entrepreneurial thinkers to discover their passions, succeed in college and careers, and thrive in a digital world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,436,925$1,778,417▲ $341,492
Pledges and Grants Receivable$81,585$450,465▲ $368,880
Prepaid Expenses and Deferred Charges$216,868$201,941▼ $14,927
Land, Buildings, and Equipment, Net$155,378$160,022▲ $4,644
Accounts Receivable-$67,500-
Total Assets$1,890,756$2,658,345▲ $767,589
Liabilities
Accounts Payable and Accrued Expenses$344,378$600,835▲ $256,457
Deferred Revenue$70,000--
Other Liabilities$18,266$0▼ $18,266
Total Liabilities$432,644$600,835▲ $168,191
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,458,112$2,057,510▲ $599,398
Total Net Assets Fund Balance$1,458,112$2,057,510▲ $599,398
Total Liabilities and Net Assets / Fund Balance$1,890,756$2,658,345▲ $767,589

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$152,355$673,272$825,627
Other Land Buildings$0$53,974$53,974
Leasehold Improvements$7,667$11,845$19,512
Compensation and Service Providers
Top Officer Pay63rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Keith PalzSchool PrincipalFT$131,664$21,552$153,216
Tiara WheatleyAsst. PrincipalFT$125,468$4,448$129,916

Board Members and Trustees

NameTitle
Terry HowertonChair
Matt MoellerExecutive Director
Alice LinMember
Brenda WilkersonMember
Colleen EganMember
Gautam KumarMember
Kevin SteeleMember
Megan MccannMember
Ryan PollockMember
Steve ShepherdMember
Tim HandorfMember
Todd BabbitzMember
Tracy MccarthyMember
ALEXANDER 'SANDY' LOURIESecretary
Elizabeth YoungTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Focus Strategic PartnersConsulting Services839 W AINSLIE UNIT 3W, Chicago, IL 60640$151,953
Revenue and Support

Revenue Composition

Contributions and Grants
$6,537,583
Program Service Revenue
$25,792
Investment Income
$0
Other Revenue
$16,126
All Other Contributions
$423,325
Change in Net Assets
$599,398

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,579,501
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$681,726
Total Revenue per Audited Statements
$7,261,227
Total Revenue per Form 990
$6,579,501
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,523,594
Other Expenses$2,456,509
Total Fundraising Expense$93,807
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,440,975$318,453$37,854$2,797,282
Fees for Services Other$510,166$169,178$3,203$682,547
Occupancy$564,454$71,658$8,516$644,628
Current Officers, Directors, Trustees, and Key Employees$144,634$65,796$2,182$212,612
Payroll Taxes$167,546$21,270$2,528$191,344
Other Employee Benefits$148,438$18,845$2,240$169,523
Pension Plan Contributions$133,825$16,989$2,019$152,833
Advertising$52,323$65,610$32,100$150,033
Office Expenses$45,390$10,744$684$56,818
Depreciation Depletion$49,478$6,281$747$56,506
Insurance$44,854$5,695$676$51,225
Fees for Services Accounting-$27,413-$27,413
Other Expenses$14,004$1,778$211$15,993
Travel$10,762$1,366$162$12,290
Fees for Services Legal-$11,468-$11,468
Interest$592--$592
Total Functional Expenses$4,926,678$959,618$93,807$5,980,103

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,661,829
Expenses per Audited Statements$5,980,103
Total Expenses per Form 990$5,980,103
Expenses Not Reported on Form 990$681,726
Expenses Not Reported on Financial Statements$0
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
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
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, Section B, Line 11B

“The form 990 will be completed annually as required by applicable law and copies will be provided to the chairman, treasurer and secretary ("review board") for review. The review board will review the form 990. Any necessary changes will then be updated on the form. Once all necessary changes are made and the school principal is in agreement with the review board about the finished form 990, it will be signed by the school principal, dated and submitted by the filing deadline. A copy of the approved form 990 will be provided to all of the officers and directors. A file copy will be maintained by the school.”

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

“All members on the governing body are aware of the conflict of interest policy and are required to report to the chair and executive director if a potential conflict arises. On an annual basis, board members review and sign the conflict of interest policy and are asked to disclose any potential conflicts of interest.”

Form 990, Part VI, Section B, Line 15

“The process for determining officer compensation includes a review and approval by the board of directors using comparability data such as benchmarking using similar schools' form 990. The decision is documented in the organization's files.”

Form 990, Part VI, Section C, Line 19

“The school makes its governing documents, conflict of interest policy, and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
Chicago Tech Academy
EIN
26-0414040
Phone
7735347755
Address
1301 W 14TH ST, CHICAGO, IL 60608

Signing Officer

Name
Terry Howerton
Title
Board Chair
Phone
7735347755
Signed
2023-03-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terry Howerton
Formed
2007
Legal Domicile
Il
Voting Board Members
14
Independent Board Members
14
Employees
62
Volunteers
125

Preparer

Firm
Ostrow Reisin Berk & Abrams
Address
455 N CITYFRONT PLAZA DRIVE SUITE, 1500, CHICAGO, IL 60611-5313
Preparer
James G Quaid
Phone
3126707444
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 2A:

“Certain administrative functions such as the issuance of forms w-2 are now being handled by a professional employer organization (peo). The number of employees reported on line 2a of form 990, part v represents the number of the school employees receiving forms w-2 issued by the peo.”

Form 990, Part IX, Line 11G

“Consulting: program service expenses 510,166. Management and general expenses 169,178. Fundraising expenses 3,203. Total expenses 682,547.”

Financial Statement Notes

PART X, LINE 2:

“The school is a tax-exempt organization as described in section 501(c)(3) of the internal revenue code (the code) and is exempt from federal income taxes on related income pursuant to section 501(a) of the code. In addition, the internal revenue service has determined that the school is not a private foundation within the meaning of section 509(a) of the code. Management has determined that the school was not required to record a liability related to uncertain tax positions as of june 30, 2022 and 2021.”

Raw XML AppendixShowing 400 of 557 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0EDUCATE, EMPOWER AND CONNECT A DIVERSE, NEXT GENERATION OF ENTREPRENEURIAL THINKERS TO DISCOVER THEIR PASSIONS, SUCCEED IN COLLEGE AND CAREERS, AND THRIVE IN A DIGITAL WORLD.
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IRS990/Desc0WE BELIEVE IN (1) PROJECT BASED LEARNING TO ENCOURAGE A DEEPER, CONNECTED FORM OF EVIDENCE BASED EDUCATION. (2) AN INTEGRATED COLLEGE PREPARATORY CURRICULUM THAT FOSTERS CRITICAL THINKING AND INTELLECTUAL CURIOSITY. (3) CREATING AND SUSTAINING A COLLABORATIVE TEACHING AND LEARNING ENVIRONMENT THAT EXPLORES AND REFINES THE WAYS STUDENTS LEARN BEST. (4) HELPING STUDENTS TO BECOME LEADERS AND LIFE-LONG LEARNERS, THROUGH PARTNERSHIPS WITH THE CHICAGO TECH COMMUNITY. (5) ENCOURAGING STUDENTS TO DEVELOP MEANINGFUL RELATIONSHIPS WITH PEERS, FACULTY AND THE BUSINESS COMMUNITY THROUGH NETWORKING AND INTERNSHIP OPPORTUNITIES. (6) GRADUATING ENTREPRENEURIAL-MINDED, FEARLESS, CONFIDENT AND CONNECTED LEARNERS WHO TAKE RESPONSIBILITY FOR THEIR LIVES AND GIVE BACK TO THE COMMUNITY. WE REMAIN THE ONLY WALL-TO-WALL PROJECT-BASED LEARNING HIGH SCHOOL IN CHICAGO PUBLIC SCHOOLS, EMPHASIZING THE DEVELOPMENT OF CRITICAL THINKING, CREATIVITY, COMMUNICATION AND COLLABORATION SKILLS TO PREPARE OUR STUDENTS FOR THE DIGITAL JOBS OF THE FUTURE.WE EMBARKED ON A HYBRID LEARNING MODEL - WITH SOME STUDENTS AT SCHOOL AND SOME LEARNING AT HOME. THROUGHOUT THE IMPLEMENTATION OF THESE LEARNING MODELS WE HAVE LEARNED BEST PRACTICES, IMPROVED OUR INTEGRATION OF TECHNOLOGY, AND HAVE INVESTED IN THE RESOURCES NECESSARY TO ENSURE ALL STUDENTS AND STAFF HAVE THE TECHNOLOGY HARDWARE AND ACCESS REQUIRED TO BE SUCCESSFUL.
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IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt10MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt13MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14SCHOOL PRINCIPAL
IRS990/Form990PartVIISectionAGrp/TitleTxt15EXECUTIVE DIRECTOR
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0EDUCATE EMPOWER AND CONNECT A DIVERSE, NEXT GENERATION OF ENTREPRENEURIAL THINKERS TO DISCOVER THEIR PASSIONS, SUCCEED IN COLLEGE AND CAREERS, AND THRIVE IN A DIGITAL WORLD.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NondeductibleContributionsInd00
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IRS990/OccupancyGrp/ManagementAndGeneralAmt071658
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IRS990/OccupancyGrp/TotalAmt0644628
IRS990/OfficeExpensesGrp/FundraisingAmt0684
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt010744
IRS990/OfficeExpensesGrp/ProgramServicesAmt045390
IRS990/OfficeExpensesGrp/TotalAmt056818
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0148438
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IRS990/OtherExpensesGrp/Desc0DIRECT STUDENT COSTS
IRS990/OtherExpensesGrp/Desc1CPS ADMINISTRATIVE FEE
IRS990/OtherExpensesGrp/Desc2OTHER PERSONNEL COSTS
IRS990/OtherExpensesGrp/Desc3PROFESSIONAL DEVELOPMEN
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IRS990/OtherExpensesGrp/FundraisingAmt1211
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0141253
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt15821
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt21778
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IRS990/OtherExpensesGrp/ProgramServicesAmt145430
IRS990/OtherExpensesGrp/ProgramServicesAmt214004
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IRS990/OtherExpensesGrp/TotalAmt1141253
IRS990/OtherExpensesGrp/TotalAmt251936
IRS990/OtherExpensesGrp/TotalAmt315993
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IRS990/OtherRevenueMiscGrp/BusinessCd0900099
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt037854
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt021270
IRS990/PayrollTaxesGrp/ProgramServicesAmt0167546
IRS990/PayrollTaxesGrp/TotalAmt0191344
IRS990/PensionPlanContributionsGrp/FundraisingAmt02019
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt016989
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0133825
IRS990/PensionPlanContributionsGrp/TotalAmt0152833
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IRS990/PoliticalCampaignActyInd00
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IRS990/RegularMonitoringEnfrcInd01
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IRS990/RelatedOrganizationCtrlEntInd00
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IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt03396136
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IRS990/ScheduleBRequiredInd01

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,658,345
Liabilities
$600,835
Net assets
$2,057,510
Revenue
$6,579,501
Expenses
$5,980,103
Net income
$599,398
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.47$0.20$2.28$7.14$7.02$0.13
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.60$0.46$2.15$7.01$6.92$0.09
2022Detailed filing. Detailed filing data is available for this year.$2.66$0.60$2.06$6.58$5.98$0.60
2021Detailed filing. Detailed filing data is available for this year.$1.89$0.43$1.46$5.79$4.91$0.88
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.29$0.71$0.58$4.16$4.06$0.11
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.01$0.21$0.80$3.24$3.45$0.21
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.40$0.39$1.01$3.62$4.01$0.38
2016Detailed filing. Detailed filing data is available for this year.$1.95$0.55$1.40$4.27$4.60$0.33
2015Detailed filing. Detailed filing data is available for this year.$2.08$0.36$1.72$4.93$4.75$0.19
2014Detailed filing. Detailed filing data is available for this year.$1.96$0.43$1.53$4.51$4.03$0.49
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.90$0.23$0.67$3.20
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.60$0.12$0.48$2.39