Civic Intelligence

Alpha Kappa Alpha Educational Advancement Foundation Inc.

990 • Fiscal year 2023 • EIN 36-3104692

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 25, 2024

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

9th percentile

0.00x

Higher debt load relative to assets than 9% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

8th percentile

0.02x

Higher debt load relative to revenue than 8% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

94th percentile

63%

Higher net margin than 94% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

23rd percentile

$158,321

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

78th percentile

19%

Faster asset growth than 78% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

89th percentile

60%

Faster revenue growth than 89% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets9th percentile

Assets

Up

$27,452,066

Up $4,477,103 (+19%) from 2022

Net Assets

Up

$27,317,026

Up $4,804,732 (+21%) from 2022

Liabilities

Down

$135,040

Down $327,629 (-71%) from 2022

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin94th percentile

Revenue

Up

$7,591,736

Up $2,836,032 (+60%) from 2022

Expenses

Down

$2,787,004

Down $4,595,374 (-62%) from 2022

Net Income

Up

$4,804,732

Up $7,431,406 (+283%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth78th 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

2023

Assets$27,452,066
Liabilities$135,040
Net Assets$27,317,026
Open 2023 Filing

Operations Trend

Revenue Growth89th 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

2023

Revenue$7,591,736
Expenses$2,787,004
Net Income$4,804,732
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 25, 2024
Return Version
2023v5.1
Gross Receipts
$7,591,736
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$3,217,839$5,414,736▲ $2,196,897
Inventories for Sale or Use$146,594$148,544▲ $1,950
Land, Buildings, and Equipment, Net$73,744$60,319▼ $13,425
Accounts Receivable$93,225$26,640▼ $66,585
Prepaid Expenses and Deferred Charges-$272-
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$22,974,963$27,452,066▲ $4,477,103
Other Assets Total$19,443,561$21,801,555▲ $2,357,994
Liabilities
Accounts Payable and Accrued Expenses$145,864$98,961▼ $46,903
Other Liabilities$311,165$35,744▼ $275,421
Unsecured Notes Loans Payable$5,640$335▼ $5,305
Total Liabilities$462,669$135,040▼ $327,629
Net Assets / Fund Balance
Net Assets With Donor Restrictions$17,285,360$19,271,088▲ $1,985,728
Net Assets Without Donor Restrictions$5,226,934$8,045,938▲ $2,819,004
Total Net Assets Fund Balance$22,512,294$27,317,026▲ $4,804,732
Total Liabilities and Net Assets / Fund Balance$22,974,963$27,452,066▲ $4,477,103

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$21,052$29,076-
Equipment$39,267$193,203-
Compensation and Service Providers
Top Officer Pay23rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Erika V EverettExecutive DirectorFT$158,321$158,321

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$5,055,528
Program Service Revenue
$8,260
Investment Income
$2,527,948
Other Revenue
$0
All Other Contributions
$4,110,388
Change in Net Assets
$4,804,732

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,591,736
Total Revenue per Audited Statements
$7,591,736
Total Revenue per Form 990
$7,591,736
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,163,345
Salaries, Compensation, and Employee Benefits$623,659
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$437,552$27,786-$465,338
All Other Expenses$235,414$17,831-$253,245
Fees for Services Other$208,781--$208,781
Current Officers, Directors, Trustees, and Key Employees$147,239$11,082-$158,321
Other Expenses$130,542$1,750-$132,292
Conferences and Meetings$117,892--$117,892
Fees for Services Accounting$28,902$7,138-$36,040
Occupancy$36,000--$36,000
Depreciation Depletion$5,269$8,444-$13,713
Office Expenses$8,841$1,044-$9,885
Insurance$579$6,889-$7,468
Interest-$2,122-$2,122
Advertising$400--$400
Total Functional Expenses$2,702,678$84,326$0$2,787,004

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,787,004
Total Expenses per Audited Statements$2,787,004
Total Expenses per Form 990$2,787,004
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$35,744
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
2024-06-25
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

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/TitleTxt43RD VP
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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,452,066
Liabilities
$135,040
Net assets
$27,317,026
Revenue
$7,591,736
Expenses
$2,787,004
Net income
$4,804,732
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