Civic Intelligence

Luminarts Cultural Foundation at the Union League Club of Chicago

990 • Fiscal year 2021 • EIN 36-2446421

Mar 01, 2020 to Feb 28, 2021 • Filed on Sep 17, 2021

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

47th percentile

0.05x

Higher debt load relative to assets than 47% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

66th percentile

0.21x

Higher debt load relative to revenue than 66% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

22nd percentile

-1.9%

Higher net margin than 22% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

87th percentile

$169,345

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 25.2% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

73rd percentile

25%

Faster asset growth than 73% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

43rd percentile

6.7%

Faster revenue growth than 43% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets47th percentile

Assets

Up

$2,574,597

Up $513,770 (+25%) from 2020

Net Assets

Up

$2,434,462

Up $395,579 (+19%) from 2020

Liabilities

Up

$140,135

Up $118,191 (+539%) from 2020

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin22nd percentile

Revenue

Up

$672,280

Up $42,037 (+6.7%) from 2020

Expenses

Down

$685,221

Down $2,348 (-0.3%) from 2020

Net Income

Up

-$12,941

Up $44,385 (+77%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth73rd 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

2021

Assets$2,574,597
Liabilities$140,135
Net Assets$2,434,462
Open 2021 Filing

Operations Trend

Revenue Growth43rd 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

2021

Revenue$672,280
Expenses$685,221
Net Income-$12,941
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Mar 1, 2020 to Feb 28, 2021
Signed
Sep 17, 2021
Return Version
2020v4.0
Gross Receipts
$1,793,628
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$1,593,355$2,117,514▲ $524,159
Savings and Temporary Cash Investments$339,227$218,505▼ $120,722
Cash and Non-Interest-Bearing Accounts$37,523$163,785▲ $126,262
Accounts Receivable$42,646$22,474▼ $20,172
Prepaid Expenses and Deferred Charges-$4,627-
Land, Buildings, and Equipment, Net$576$192▼ $384
Total Assets$2,060,827$2,574,597▲ $513,770
Other Assets Total$47,500$47,500→ $0
Liabilities
Other Liabilities-$105,200-
Deferred Revenue$8,500$21,978▲ $13,478
Accounts Payable and Accrued Expenses$13,444$12,957▼ $487
Total Liabilities$21,944$140,135▲ $118,191
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$972,030$1,401,139▲ $429,109
Net Assets With Donor Restrictions$1,066,853$1,033,323▼ $33,530
Total Net Assets Fund Balance$2,038,883$2,434,462▲ $395,579
Total Liabilities and Net Assets / Fund Balance$2,060,827$2,574,597▲ $513,770

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$192$37,775$37,967

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$1,033,323---$1,033,323
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
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jason KalajainenExecutive DiFT$156,877$12,468$169,345
Jason KalajainenExecutive Director-$156,877$12,468$169,345

Board Members and Trustees

NameTitle
Cherilyn MurerPresident
Celine FitzgeraldDirector
Eric BoydDirector
Fred DruckerDirector
Gretchen BurchDirector
James KinoshitaDirector
Joel RabbDirector
Kyle MackeyDirector
Leslie McmillanDirector
Lew WattsDirector
Linda JakubsDirector
Lionel GoDirector
Mark ArizmendiDirector
Matt OlavesonDirector
Michael GoodeDirector
Richard DoermerDirector
Sally MetzlerDirector
Sarah De BlasioDirector
Scott FortmanDirector
Stephan J SchlegelDirector
Thomas KarabaDirector
William Richards1st Vice Pre
Julianna Tancredi2 Nd Vice Pr
Robert KreismanGeneral Coun
Frank De VincentisPast Preside
Myrna KaplanSecretary
Michael Del CampoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$379,401
Program Service Revenue
$0
Investment Income
$114,492
Other Revenue
$178,387
All Other Contributions
$365,701
Change in Net Assets
$-12,941

Audited Revenue Reconciliation

Revenue per Audited Statements
$672,280
Revenue Not Reported on Form 990
$432,520
Total Revenue per Audited Statements
$1,104,800
Total Revenue per Form 990
$672,280
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$344,941
Grants and Similar Amounts Paid$221,100
Other Expenses$119,180
Total Fundraising Expense$107,697
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$221,100--$221,100
Current Officers, Directors, Trustees, and Key Employees$94,126$23,531$39,219$156,876
Other Salaries and Wages$82,315$20,579$34,298$137,192
Office Expenses-$3,012$18,946$21,958
Payroll Taxes$12,653$3,163$5,272$21,088
Other Employee Benefits$12,583$3,146$5,243$20,972
Pension Plan Contributions$5,288$1,322$2,203$8,813
All Other Expenses$689$7,320-$8,009
Other Expenses$15,500$7,087-$7,087
Conferences and Meetings-$1,678$2,516$4,194
Insurance-$2,394-$2,394
Depreciation Depletion-$384-$384
Travel-$240-$240
Total Functional Expenses$456,679$120,845$107,697$685,221

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$709,221
Expenses per Audited Statements$685,221
Total Expenses per Form 990$685,221
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$151,135
Fundraising Direct Expenses$38,448
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Ball$151,135$151,135$38,448$112,687
Total Events$151,135$151,135$38,448$112,687
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Protection Advance$55,200
Line of Credit$50,000
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
2021-09-17
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
3
Volunteers
1

Preparer

Firm
Kopczyk Osher & Scott CPA Services
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 28, 2021, and february 29, 2020. Each of the foundation's prior three years remains subject to examination by the internal revenue service. The foundation has evaluated its tax positions for all open tax years. Based on the evaluation of the foundation's tax positions, management believes all tax positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for the years ended february 28, 2021, and february 29, 2020.”

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,574,597
Liabilities
$140,135
Net assets
$2,434,462
Revenue
$672,280
Expenses
$685,221
Net income
-$12,941
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