Civic Intelligence

Luminarts Cultural Foundation at the Union League Club of Chicago

990 • Fiscal year 2024 • EIN 36-2446421

Mar 01, 2023 to Feb 29, 2024 • Filed on Jan 29, 2025

Organization ProfileWWW.LUMINARTS.ORG
65 West Jackson Blvd 9th FLChicago, IL 60604

(312) 427-7800

Siviq Scores

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

Liabilities / Assets

31st percentile

0.01x

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

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

43rd percentile

0.05x

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

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

3rd percentile

-90%

Higher net margin than 3% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

22nd percentile

-4.7%

Faster asset growth than 22% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

2nd percentile

-74%

Faster revenue growth than 2% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets31st percentile

Assets

Down

$2,910,039

Down $144,972 (-4.7%) from 2023

Net Assets

Down

$2,885,641

Down $164,724 (-5.4%) from 2023

Liabilities

Up

$24,398

Up $19,752 (+425%) from 2023

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin3rd percentile

Revenue

Down

$487,916

Down $1,363,747 (-74%) from 2023

Expenses

Up

$928,011

Up $67,753 (+7.9%) from 2023

Net Income

Down

-$440,095

Down $1,431,500 (-144%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth22nd 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

2024

Assets$2,910,039
Liabilities$24,398
Net Assets$2,885,641
Open 2024 Filing

Operations Trend

Revenue Growth2nd 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

2024

Revenue$487,916
Expenses$928,011
Net Income-$440,095
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Mar 1, 2023 to Feb 29, 2024
Signed
Jan 29, 2025
Return Version
2023v6.0
Gross Receipts
$967,300
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$2,186,238$2,542,470▲ $356,232
Pledges and Grants Receivable$405,000$155,000▼ $250,000
Savings and Temporary Cash Investments$303,168$71,440▼ $231,728
Cash and Non-Interest-Bearing Accounts$96,616$52,073▼ $44,543
Accounts Receivable$8,900$40,288▲ $31,388
Land, Buildings, and Equipment, Net$2,489$808▼ $1,681
Prepaid Expenses and Deferred Charges$5,100$460▼ $4,640
Total Assets$3,055,011$2,910,039▼ $144,972
Other Assets Total$47,500$47,500→ $0
Liabilities
Accounts Payable and Accrued Expenses$4,646$24,398▲ $19,752
Total Liabilities$4,646$24,398▲ $19,752
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,382,042$1,542,318▲ $160,276
Net Assets With Donor Restrictions$1,668,323$1,343,323▼ $325,000
Total Net Assets Fund Balance$3,050,365$2,885,641▼ $164,724
Total Liabilities and Net Assets / Fund Balance$3,055,011$2,910,039▼ $144,972

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$808$42,010$42,818

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$1,033,323---$1,033,323
2022$1,033,323---$1,033,323
2021$1,033,323---$1,033,323
2020$1,033,323---$1,033,323
2019$1,033,323---$1,033,323
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Dr Sally MetzlerPresident
Andrew LappDirector
Ardena FlippinDirector
Bruce WilliamsDirector
Cherilyn MurerDirector
Eric WassenaarDirector
J Alexander CesteroDirector
Julianna TancrediDirector
Kyle MackeyDirector
Mario SantiagoDirector
Mark ArizmendiDirector
Matt OlavesonDirector
Michael GoodeDirector
Mike Del CampoDirector
Rebecca MakkaiDirector
Richard DoermerDirector
Steve GoodwinDirector
Tom TeichgraeberDirector
Wendy BettsDirector
Gretchen Burch1 St Vice P
Scott Fortman2 Nd Vice Pr
William RichardsPast Preside
Allyssa QuinlanSecretary
Leslie McmillanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$358,643
Program Service Revenue
$0
Investment Income
$39,068
Other Revenue
$90,205
All Other Contributions
$297,643
Change in Net Assets
$-440,095

Audited Revenue Reconciliation

Revenue per Audited Statements
$487,916
Revenue Not Reported on Form 990
$299,371
Total Revenue per Audited Statements
$787,287
Total Revenue per Form 990
$487,916
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$343,761
Other Expenses$305,608
Grants and Similar Amounts Paid$278,642
Total Fundraising Expense$110,387
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$278,642--$278,642
Other Salaries and Wages$121,221$16,863$54,475$192,559
Current Officers, Directors, Trustees, and Key Employees$59,375$29,687$29,688$118,750
All Other Expenses-$24,389-$24,389
Fees for Services Legal-$24,353-$24,353
Payroll Taxes$13,770$3,561$6,411$23,742
Other Expenses$24,353$20,071-$20,071
Conferences and Meetings-$7,364$12,010$19,374
Information Technology-$13,321$2,029$15,350
Fees for Services Other$13,104--$13,104
Other Employee Benefits$5,051$1,306$2,353$8,710
Office Expenses-$2,467$1,585$4,052
Travel-$1,063$1,836$2,899
Insurance-$2,700-$2,700
Depreciation Depletion-$1,681-$1,681
Total Functional Expenses$515,516$302,108$110,387$928,011

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$952,011
Expenses per Audited Statements$928,011
Total Expenses per Form 990$928,011
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$147,045
Fundraising Direct Expenses$56,840
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Next Begins$147,045$147,045$56,840$90,205
Total Events$147,045$147,045$56,840$90,205
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
No
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
3124277800
Address
65 WEST JACKSON BLVD 9TH FL, CHICAGO, IL 60604

Signing Officer

Name
Christina Deaton
Title
Executive Director
Phone
3122822217
Signed
2025-01-29

Organization Details

Principal Officer
Christina Deaton
Formed
1949
Legal Domicile
Il
Voting Board Members
24
Independent Board Members
24
Employees
4

Preparer

Firm
Rcs Cpas Pllc
Address
4415 HARRISON ST SUITE 552, HILLSIDE, IL 60162
Preparer
Mohammad Sheikh
Phone
7084829488
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.”

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, 2024, and february 28, 2023. 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, 2024, and february 28, 2023.”

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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

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,910,039
Liabilities
$24,398
Net assets
$2,885,641
Revenue
$487,916
Expenses
$928,011
Net income
-$440,095
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