Civic Intelligence

Luminarts Cultural Foundation at the Union League Club of Chicago

990 • Fiscal year 2020 • EIN 36-2446421

Mar 01, 2019 to Feb 29, 2020 • Filed on Jul 21, 2020

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

26th percentile

0.01x

Higher debt load relative to assets than 26% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

29th percentile

0.03x

Higher debt load relative to revenue than 29% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

23rd percentile

-9.1%

Higher net margin than 23% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

87th percentile

$170,507

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 27.1% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

19th percentile

-3.3%

Faster asset growth than 19% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

68th percentile

13%

Faster revenue growth than 68% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets26th percentile

Assets

Down

$2,060,827

Down $70,736 (-3.3%) from 2019

Net Assets

Down

$2,038,883

Down $59,051 (-2.8%) from 2019

Liabilities

Down

$21,944

Down $11,685 (-35%) from 2019

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin23rd percentile

Revenue

Up

$630,243

Up $70,824 (+13%) from 2019

Expenses

Up

$687,569

Up $32,811 (+5.0%) from 2019

Net Income

Up

-$57,326

Up $38,013 (+40%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

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

2020

Assets$2,060,827
Liabilities$21,944
Net Assets$2,038,883
Open 2020 Filing

Operations Trend

Revenue Growth68th percentile

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

2020

Revenue$630,243
Expenses$687,569
Net Income-$57,326
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Mar 1, 2019 to Feb 29, 2020
Signed
Jul 21, 2020
Return Version
2019v5.0
Gross Receipts
$1,487,106
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$1,585,713$1,593,355▲ $7,642
Savings and Temporary Cash Investments$435,753$339,227▼ $96,526
Accounts Receivable$27,401$42,646▲ $15,245
Cash and Non-Interest-Bearing Accounts$27,986$37,523▲ $9,537
Prepaid Expenses and Deferred Charges$6,250--
Land, Buildings, and Equipment, Net$960$576▼ $384
Total Assets$2,131,563$2,060,827▼ $70,736
Other Assets Total$47,500$47,500→ $0
Liabilities
Accounts Payable and Accrued Expenses$12,747$13,444▲ $697
Deferred Revenue$20,882$8,500▼ $12,382
Total Liabilities$33,629$21,944▼ $11,685
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,033,323$1,066,853▲ $33,530
Net Assets Without Donor Restrictions$1,064,611$972,030▼ $92,581
Total Net Assets Fund Balance$2,097,934$2,038,883▼ $59,051
Total Liabilities and Net Assets / Fund Balance$2,131,563$2,060,827▼ $70,736

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$576$37,391$37,967

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$1,033,323---$1,033,323
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
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jason KalajainenExecutive DiFT$160,377$10,130$170,507
Jason KalajainenExecutive Director-$160,377$10,130$170,507

Board Members and Trustees

NameTitle
Cherilyn MurerPresident
Eric BoydDirector
Fred DruckerDirector
Gerould KernDirector
James GillespieDirector
James KinoshitaDirector
Josephine Lauer WashukDirector
Julianna TancrediDirector
Kyle MackeyDirector
Lew WattsDirector
Linda JakubsDirector
Matt OlavesonDirector
Michael GoodeDirector
Richard DoermerDirector
Scott FortmanDirector
Stephan J SchlegelDirector
Steven SchermerhornDirector
Thomas KarabaDirector
William Richards1st Vice Pre
Gretchen Burch2 Nd Vice Pr
Robert KreismanGeneral Coun
Frank DevincentisPast Preside
Myrna KaplanSecretary
Michael Del CampoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$446,661
Program Service Revenue
$49,975
Investment Income
$55,516
Other Revenue
$78,091
All Other Contributions
$446,661
Change in Net Assets
$-57,326

Audited Revenue Reconciliation

Revenue per Audited Statements
$630,243
Revenue Not Reported on Form 990
$24,000
Total Revenue per Audited Statements
$654,243
Total Revenue per Form 990
$630,243
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$342,263
Grants and Similar Amounts Paid$200,395
Other Expenses$144,911
Total Fundraising Expense$46,731
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$200,395--$200,395
Current Officers, Directors, Trustees, and Key Employees$104,245$32,075$24,057$160,377
Other Salaries and Wages$106,012$26,503-$132,515
Payroll Taxes$18,206$5,057$2,023$25,286
All Other Expenses$8,660$15,684-$24,344
Other Employee Benefits$11,415$3,067$854$15,336
Office Expenses-$3,153$9,978$13,131
Conferences and Meetings-$1,717$8,098$9,815
Other Expenses$21,729$8,251$1,000$9,251
Pension Plan Contributions$6,278$1,750$721$8,749
Insurance-$2,256-$2,256
Travel-$1,678-$1,678
Depreciation Depletion-$384-$384
Total Functional Expenses$504,735$136,103$46,731$687,569

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$711,569
Expenses per Audited Statements$687,569
Total Expenses per Form 990$687,569
Expenses Not Reported on Form 990$24,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$139,162
Fundraising Direct Expenses$61,071
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Ball$139,162$139,162$61,071$78,091
Total Events$139,162$139,162$61,071$78,091
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 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, 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
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
2020-07-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Kalajainen
Formed
1949
Legal Domicile
Il
Voting Board Members
24
Independent Board Members
24
Employees
3
Volunteers
5

Preparer

Firm
Kopczyk Osher & Scott Cpas
Address
4415 HARRISON ST STE 552, HILLSIDE, IL 60162-1911
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 29, 2020 and february 28, 2019. Each of the foundation's prior three years remains subject to examination by the internal revenue service.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt21ST VICE PRE
IRS990/Form990PartVIISectionAGrp/TitleTxt32 ND VICE PR
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt6GENERAL COUN
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
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IRS990/MinutesOfCommitteesInd0true
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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

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,060,827
Liabilities
$21,944
Net assets
$2,038,883
Revenue
$630,243
Expenses
$687,569
Net income
-$57,326
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