Civic Intelligence

Luminarts Cultural Foundation at the Union League Club of Chicago

990 • Fiscal year 2019 • EIN 36-2446421

Mar 01, 2018 to Feb 28, 2019 • Filed on Aug 05, 2019

Organization ProfileWWW.LUMINARTS.ORG
65 West Jackson Rm/Ste 901Chicago, IL 60604

(312) 692-2357

Siviq Scores

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

Liabilities / Assets

31st percentile

0.02x

Higher debt load relative to assets than 31% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

43rd percentile

0.06x

Higher debt load relative to revenue than 43% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

15th percentile

-17%

Higher net margin than 15% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

86th percentile

$169,476

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 30.3% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Balance Sheet
Liabilities / Assets31st percentile

Assets

$2,131,563

No earlier filing loaded for comparison.

Net Assets

$2,097,934

No earlier filing loaded for comparison.

Liabilities

$33,629

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin15th percentile

Revenue

$559,419

No earlier filing loaded for comparison.

Expenses

$654,758

No earlier filing loaded for comparison.

Net Income

-$95,339

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2019: $2,131,563Liabilities 2019: $33,629Net Assets 2019: $2,097,9342019Assets 2020: $2,060,827Liabilities 2020: $21,944Net Assets 2020: $2,038,8832020Assets 2021: $2,574,597Liabilities 2021: $140,135Net Assets 2021: $2,434,4622021Assets 2022: $2,688,483Liabilities 2022: $12,182Net Assets 2022: $2,676,3012022Assets 2023: $3,055,011Liabilities 2023: $4,646Net Assets 2023: $3,050,3652023Assets 2024: $2,910,039Liabilities 2024: $24,398Net Assets 2024: $2,885,6412024Assets 2025: $2,856,288Liabilities 2025: $28,249Net Assets 2025: $2,828,0392025

Highlighted filing

2019

Assets$2,131,563
Liabilities$33,629
Net Assets$2,097,934
Open 2019 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$1.0M$0-$1.0MRevenue 2019: $559,419Expenses 2019: $654,758Net Income 2019: -$95,3392019Revenue 2020: $630,243Expenses 2020: $687,569Net Income 2020: -$57,3262020Revenue 2021: $672,280Expenses 2021: $685,221Net Income 2021: -$12,9412021Revenue 2022: $1,017,926Expenses 2022: $710,147Net Income 2022: $307,7792022Revenue 2023: $1,851,663Expenses 2023: $860,258Net Income 2023: $991,4052023Revenue 2024: $487,916Expenses 2024: $928,011Net Income 2024: -$440,0952024Revenue 2025: $568,667Expenses 2025: $766,825Net Income 2025: -$198,1582025

Highlighted filing

2019

Revenue$559,419
Expenses$654,758
Net Income-$95,339
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Mar 1, 2018 to Feb 28, 2019
Signed
Aug 5, 2019
Return Version
2018v3.1
Gross Receipts
$1,169,230
Mission and Program Overview

Mission

The luminarts cultural foundation cultivates chicago's vibrant arts community by supporting exemplary young artists through its competitive programs that offer financial awards, artistic opportunities, and mentoring that bridge the gap between education and career.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,677,368$1,585,713▼ $91,655
Savings and Temporary Cash Investments$426,578$435,753▲ $9,175
Cash and Non-Interest-Bearing Accounts$60,056$27,986▼ $32,070
Accounts Receivable$14,589$27,401▲ $12,812
Prepaid Expenses and Deferred Charges$4,500$6,250▲ $1,750
Land, Buildings, and Equipment, Net$1,942$960▼ $982
Total Assets$2,232,533$2,131,563▼ $100,970
Other Assets Total$47,500$47,500→ $0
Liabilities
Deferred Revenue$15,000$20,882▲ $5,882
Accounts Payable and Accrued Expenses$9,241$12,747▲ $3,506
Total Liabilities$24,241$33,629▲ $9,388
Net Assets / Fund Balance
Unrestricted Net Assets$1,174,969$1,064,611▼ $110,358
Permanently Rstr Net Assets$1,033,323$1,033,323→ $0
Total Net Assets Fund Balance$2,208,292$2,097,934▼ $110,358
Total Liabilities and Net Assets / Fund Balance$2,232,533$2,131,563▼ $100,970

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$960$37,007$37,967

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$1,033,323---$1,033,323
2017$1,033,323---$1,033,323
2016$848,723$184,600--$1,033,323
2015$733,123$115,600--$848,723
2014$617,523$115,600--$733,123
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jason KalajainenExecutive DiFT$159,377$10,099$169,476
Jason KalajainenExecutive Director-$159,377$10,099$169,476

Board Members and Trustees

NameTitle
Frank DevincentisPresident
Barry CesafskyDirector
Eric BoydDirector
Fred DruckerDirector
Gerould KernDirector
Hunt TackbaryDirector
James GillespieDirector
James KinoshitaDirector
Josephine Lauer WashukDirector
Kimberly Weisensee BrownDirector
Linda JakubsDirector
Matt OlavesonDirector
Michael Del CampoDirector
Michael GoodeDirector
Richard DoermerDirector
Richard ImmesbergerDirector
Sherine AzzamDirector
Stephan J SchlegelDirector
Steven SchermerhornDirector
Thomas KarabaDirector
Victoria HowlandDirector
Gretchen Burch2 Nd Vice Pr
Cherilyn MurerFirst Vice P
Sidney SaltzGeneral Coun
Kimberly PalmisanoPast Preside
Myrna KaplanSecretary
William RichardsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$388,808
Program Service Revenue
$44,775
Investment Income
$60,405
Other Revenue
$65,431
All Other Contributions
$388,808
Change in Net Assets
$-95,339

Audited Revenue Reconciliation

Revenue per Audited Statements
$559,419
Revenue Not Reported on Form 990
$14,981
Total Revenue per Audited Statements
$574,400
Total Revenue per Form 990
$559,419
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$327,054
Grants and Similar Amounts Paid$200,910
Other Expenses$126,794
Total Fundraising Expense$92,562
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$200,910--$200,910
Current Officers, Directors, Trustees, and Key Employees$103,595$23,907$31,875$159,377
Other Salaries and Wages$64,301$18,067$38,082$120,450
All Other Expenses$8,685$13,448-$22,133
Other Employee Benefits$11,897$2,712$4,958$19,567
Payroll Taxes$11,624$2,907$4,843$19,374
Office Expenses$538$2,333$7,001$9,872
Other Expenses$14,731$8,993-$8,993
Pension Plan Contributions$4,972$1,243$2,071$8,286
Conferences and Meetings-$2,016$3,732$5,748
Insurance-$2,108-$2,108
Travel-$1,981-$1,981
Depreciation Depletion-$982-$982
Total Functional Expenses$446,975$115,221$92,562$654,758

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$684,758
Expenses per Audited Statements$654,758
Total Expenses per Form 990$654,758
Expenses Not Reported on Form 990$30,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$110,850
Fundraising Direct Expenses$45,419
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Ball$110,850$110,850$45,419$65,431
Total Events$110,850$110,850$45,419$65,431
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
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, Page 6, Part VI, Line 11B

“The 990 is shared with the executive committee for review and feedback and distributed to the board of directors prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“The board members are asked annually to review and sign the conflict of interest statement.”

Form 990, Page 6, Part VI, Line 15A

“The executive committee serves as the human resource committee.”

Form 990, Page 6, Part VI, Line 15B

“The officers receive no compensation for their services to the foundation.”

Form 990, Page 6, Part VI, Line 19

“All financial documents are retained and are available upon written request.”

Filing and Contact Details

Filer

Filer Name
Luminarts Cultural Foundation at
EIN
36-2446421
Phone
3126922357
Address
65 WEST JACKSON RM/STE 901, CHICAGO, IL 60604

Signing Officer

Name
Jason Kalajainen
Title
Executive Director
Phone
3124277800
Signed
2019-08-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Kalajainen
Formed
1949
Legal Domicile
Il
Voting Board Members
27
Independent Board Members
27
Employees
4
Volunteers
41

Preparer

Firm
Kopczyk Osher & Scott Cpas
Address
4415 HARRISON ST STE 544, HILLSIDE, IL 60162-1920
Preparer
Rodney C Scott
Phone
3125270111
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The luminarts cultural foundation cultivates chicago's vibrant arts community by supporting exemplary young artists through its competitive programs that offer financial awards, artistic opportunities, and mentoring that bridge the gap between education and career.”

Form 990, Page 1, Part I, Line 6

“Board members are all volunteer”

Financial Statement Notes

Schedule D, Page 3, Part X

“The foundation is a not-for-profit organization that is exempt from income taxes under section 501(c)(3) of the internal revenue code. The foundation has also been classified as an entity that is not a private foundation within the meaning of section 509(a) and qualifies for deductible contributions as provided in section 170(b)(1)(a)(vi). There was no unrelated business income or unrecognized tax benefits for the years ended february 28, 2019 and february 28, 2018. Each of the foundation's prior three years remains subject to examination by the internal revenue service.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1FIRST VICE P
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt62 ND VICE PR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11PAST PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21GENERAL COUN
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
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IRS990/MissionDesc0THE LUMINARTS CULTURAL FOUNDATION CULTIVATES CHICAGO'S VIBRANT ARTS COMMUNITY BY SUPPORTING EXEMPLARY YOUNG ARTISTS THROUGH ITS COMPETITIVE PROGRAMS THAT OFFER FINANCIAL AWARDS, ARTISTIC OPPORTUNITIES, AND MENTORING THAT BRIDGE THE GAP BETWEEN EDUCATION AND CAREER.
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,131,563
Liabilities
$33,629
Net assets
$2,097,934
Revenue
$559,419
Expenses
$654,758
Net income
-$95,339
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.86$0.03$2.83$0.57$0.77$0.20
2024Detailed filing. Detailed filing data is available for this year.$2.91$0.02$2.89$0.49$0.93$0.44
2023Detailed filing. Detailed filing data is available for this year.$3.06$0.00$3.05$1.85$0.86$0.99
2022Detailed filing. Detailed filing data is available for this year.$2.69$0.01$2.68$1.02$0.71$0.31
2021Detailed filing. Detailed filing data is available for this year.$2.57$0.14$2.43$0.67$0.69$0.01
2020Detailed filing. Detailed filing data is available for this year.$2.06$0.02$2.04$0.63$0.69$0.06
2019Detailed filing. Detailed filing data is available for this year.$2.13$0.03$2.10$0.56$0.65$0.10