Civic Intelligence

Alpha Kappa Alpha Educational Advancement Foundation Inc.

990 • Fiscal year 2022 • EIN 36-3104692

Jan 01, 2022 to Dec 31, 2022 • Filed on Jun 27, 2023

Organization ProfileWWW.AKAEAF.ORG
5656 S Stony Island Avenue 3 FlrChicago, IL 60637

(773) 947-0026

Siviq Scores

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

Liabilities / Assets

20th percentile

0.02x

Higher debt load relative to assets than 20% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.10x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

5th percentile

-55%

Higher net margin than 5% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

44th percentile

$160,635

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

6th percentile

-19%

Faster asset growth than 6% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

12th percentile

-30%

Faster revenue growth than 12% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets20th percentile

Assets

Down

$22,974,963

Down $5,355,264 (-19%) from 2021

Net Assets

Down

$22,512,294

Down $2,759,883 (-11%) from 2021

Liabilities

Down

$462,669

Down $2,595,381 (-85%) from 2021

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin5th percentile

Revenue

Down

$4,755,704

Down $2,023,609 (-30%) from 2021

Expenses

Up

$7,382,378

Up $3,933,183 (+114%) from 2021

Net Income

Down

-$2,626,674

Down $5,956,792 (-179%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

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

$30M$20M$10M$0Assets 2015: $10,231,400Liabilities 2015: $87,443Net Assets 2015: $10,143,9572015Assets 2016: $11,405,950Liabilities 2016: $92,188Net Assets 2016: $11,313,7622016Assets 2017: $13,449,001Liabilities 2017: $86,705Net Assets 2017: $13,362,2962017Assets 2018: $14,812,581Liabilities 2018: $109,475Net Assets 2018: $14,703,1062018Assets 2019: $165,622Liabilities 2019: $165,622Net Assets 2019: $02019Assets 2020: $22,802,836Liabilities 2020: $909,829Net Assets 2020: $21,893,0072020Assets 2021: $28,330,227Liabilities 2021: $3,058,050Net Assets 2021: $25,272,1772021Assets 2022: $22,974,963Liabilities 2022: $462,669Net Assets 2022: $22,512,2942022Assets 2023: $27,452,066Liabilities 2023: $135,040Net Assets 2023: $27,317,0262023Assets 2024: $29,762,947Liabilities 2024: $110,749Net Assets 2024: $29,652,1982024

Highlighted filing

2022

Assets$22,974,963
Liabilities$462,669
Net Assets$22,512,294
Open 2022 Filing

Operations Trend

Revenue Growth12th percentile

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

$10M$5.0M$0-$5.0MRevenue 2015: $2,307,312Expenses 2015: $1,400,784Net Income 2015: $906,5282015Revenue 2016: $3,116,009Expenses 2016: $1,573,744Net Income 2016: $1,542,2652016Revenue 2017: $2,855,044Expenses 2017: $1,528,153Net Income 2017: $1,326,8912017Revenue 2018: $3,429,290Expenses 2018: $2,086,508Net Income 2018: $1,342,7822018Revenue 2019: $02019Revenue 2020: $7,247,043Expenses 2020: $3,195,502Net Income 2020: $4,051,5412020Revenue 2021: $6,779,313Expenses 2021: $3,449,195Net Income 2021: $3,330,1182021Revenue 2022: $4,755,704Expenses 2022: $7,382,378Net Income 2022: -$2,626,6742022Revenue 2023: $7,591,736Expenses 2023: $2,787,004Net Income 2023: $4,804,7322023Revenue 2024: $7,196,721Expenses 2024: $4,861,549Net Income 2024: $2,335,1722024

Highlighted filing

2022

Revenue$4,755,704
Expenses$7,382,378
Net Income-$2,626,674
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jun 27, 2023
Return Version
2022v5.0
Gross Receipts
$4,755,704
Mission and Program Overview

Mission

The alpha kappa alpha educational advancement foundation inc. Was established to ensure perpetual support of alpha kappa alpha sorority inc.'s commitment to education and lifelond learning through awarding of grants, fellowships and scholarsips.

The alpha kappa alpha eductional advancement foundtion, inc. Was established to ensure perpetural support of alpha kappa alpha sorority inc.'s commitment to education and lifelong learning through awarding of grants, fellowships and scholarships.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$5,146,540$3,217,839▼ $1,928,701
Inventories for Sale or Use$146,594$146,594→ $0
Accounts Receivable$9,301$93,225▲ $83,924
Land, Buildings, and Equipment, Net$67,671$73,744▲ $6,073
Prepaid Expenses and Deferred Charges$743$0▼ $743
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Total Assets$28,330,227$22,974,963▼ $5,355,264
Other Assets Total$22,959,378$19,443,561▼ $3,515,817
Liabilities
Deferred Revenue$2,861,090--
Other Liabilities$33,427$311,165▲ $277,738
Accounts Payable and Accrued Expenses$161,984$145,864▼ $16,120
Unsecured Notes Loans Payable$10,428$5,640▼ $4,788
Total Liabilities$3,066,929$462,669▼ $2,604,260
Net Assets / Fund Balance
Net Assets With Donor Restrictions$15,370,014$17,285,360▲ $1,915,346
Net Assets Without Donor Restrictions$9,893,284$5,226,934▼ $4,666,350
Total Net Assets Fund Balance$25,263,298$22,512,294▼ $2,751,004
Total Liabilities and Net Assets / Fund Balance$28,330,227$22,974,963▼ $5,355,264

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$26,322$23,806-
Equipment$47,422$185,048-
Compensation and Service Providers
Top Officer Pay44th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Erika V EverettExecutive DirectorFT$160,635$160,635

Board Members and Trustees

NameTitle
Danette ReedPresident
Jacquelyn Lewis YoungDirector
Jacquie JordanDirector
Jenell RossDirector
Leslie DanielDirector
Lynn FarrisDirector
Martha Perine BeardDirector
Mildred CarrethersDirector
Charletta Wilson Jacks1st VP
Alysse Guerrier2nd VP
Glenda Glover3rd VP
Lorraine Griffin JohnsonHuman Resource
Carolyn RandolphSecretary
Karla HallTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$8,131,006
Program Service Revenue
$7,661
Investment Income
$-3,382,963
Other Revenue
$0
All Other Contributions
$7,097,796
Change in Net Assets
$-2,626,674

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,755,704
Total Revenue per Audited Statements
$4,755,704
Total Revenue per Form 990
$4,755,704
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,711,650
Salaries, Compensation, and Employee Benefits$670,728
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$476,262$33,831-$510,093
All Other Expenses$283,809$5,760-$289,569
Fees for Service Investment Mgmnt Fees$220,842--$220,842
Current Officers, Directors, Trustees, and Key Employees$149,391$11,244-$160,635
Conferences and Meetings$104,519$21,000-$125,519
Other Expenses$118,569$3,265-$121,834
Occupancy$36,000--$36,000
Depreciation Depletion$10,416--$10,416
Fees for Services Other$5,525$4,743-$10,268
Office Expenses$6,841$493-$7,334
Insurance-$5,559-$5,559
Advertising$2,400--$2,400
Interest-$1,736-$1,736
Total Functional Expenses$7,294,477$87,901$0$7,382,378

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,382,378
Total Expenses per Audited Statements$7,382,378
Total Expenses per Form 990$7,382,378
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Scholarships Payable$311,165
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Bylaws - article ii, section 1 - the foundation has two classes of members: 1) regular members - all members of aka sorority, inc. In good standing who contribute a minimum of $10.00 to the foundation by january 1 of each year shall be regular members of the foundation. 2) honorary members - individuals who have been nominated by the foundations's nominating committee and elected by the board of directors shall be eligible for honorary membership. Each regular member shall be entitled to one vote on each matter submitted.”

Form 990, Part VI, Section A, Line 7A

“Bylaws - article iii - meeting of members: section 1) annual meeting - an annual meeting of the members shall be held in july of each year for the transaction of any business that may be brought before the members. Section 2) special meeting - a special meeting of the members may be called by the president, or by any five members of the board of directors. Section 6) qourum - a qourum shall consist of six members of the board of directors and 50 or more regular members.”

Form 990, Part VI, Section B, Line 11B

“No review was or will be conducted.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Alpha Kappa Alpha Educational
EIN
36-3104692
Phone
7739470026
Address
5656 S STONY ISLAND AVENUE 3 FLR, CHICAGO, IL 60637

Signing Officer

Name
Erika Everett
Title
Executive Director
Signed
2023-06-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erika V Everett
Formed
1980
Legal Domicile
Il
Voting Board Members
12
Independent Board Members
11
Employees
8
Volunteers
10

Preparer

Firm
Ragland Arnold Buchanan Morris & Associ
Address
9457 Enterprise Drive, Mokena, IL 60448
Preparer
Lyle Morris
Phone
7083330634
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Prior period adjustments = -$124330”

Financial Statement Notes

Part X : FIN48 Footnote

“The foundation is organized as a 501 (c)(3) organization under the internal revenue service code which provides for tax exemption on member related income which includes dues, assessments, and fees or members. However income from certain activities not directly related to the organization's tax exempt purpose is subject to taxation as unrelated business income.management believes that all of the positions taken by the organization in its federal and state income tax returns are more likely than not to be sustained upon examination. The organization files returns in the u.s. Federal jurisdiction and the state of illinois.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt21ST VP
IRS990/Form990PartVIISectionAGrp/TitleTxt32ND VP
IRS990/Form990PartVIISectionAGrp/TitleTxt43RD VP
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
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IRS990/OtherExpensesGrp/Desc3BOULE EXPENSES
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt13265
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IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
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IRS990/PrincipalOfficerNm0ERIKA V EVERETT
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IRS990/PYExcessBenefitTransInd0false
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IRS990/PYOtherExpensesAmt02754052
IRS990/PYProgramServiceRevenueAmt018685
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IRS990/PYSalariesCompEmpBnftPaidAmt0704022
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IRS990/PYTotalRevenueAmt06779313
IRS990/QuidProQuoContributionsInd0false
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
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IRS990/ReconcilationRevenueExpnssAmt0-2626674
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
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Filings

Displayed year

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

Open filing
Assets
$22,974,963
Liabilities
$462,669
Net assets
$22,512,294
Revenue
$4,755,704
Expenses
$7,382,378
Net income
-$2,626,674
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$29.8$0.11$29.7$7.20$4.86$2.34
2023Detailed filing. Detailed filing data is available for this year.$27.5$0.14$27.3$7.59$2.79$4.80
2022Detailed filing. Detailed filing data is available for this year.$23.0$0.46$22.5$4.76$7.38$2.63
2021Detailed filing. Detailed filing data is available for this year.$28.3$3.06$25.3$6.78$3.45$3.33
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.8$0.91$21.9$7.25$3.20$4.05
2019Detailed filing. Detailed filing data is available for this year.$0.17$0.17$0.00$0.00
2018Detailed filing. Detailed filing data is available for this year.$14.8$0.11$14.7$3.43$2.09$1.34
2017Detailed filing. Detailed filing data is available for this year.$13.4$0.09$13.4$2.86$1.53$1.33
2016Detailed filing. Detailed filing data is available for this year.$11.4$0.09$11.3$3.12$1.57$1.54
2015Detailed filing. Detailed filing data is available for this year.$10.2$0.09$10.1$2.31$1.40$0.91