Big Shoulders Fund

“An Executive Committee, comprised of at least 11 but no more than 25 individuals, is vested with the management of the affairs of the corporation. Each member is entitled to one vote on each matter submitted to a vote of the Executive Committee. All members of the Executive Committee are also members of the Board of Directors. The Board of Directors (as many members as deemed appropriate) shall be appointed by the Executive Committee. The duty of the Board of Directors is to advise the Executive Committee on any matters for which the Executive Committee requests their counsel. The opinion of the Board of Directors either individually or as a whole shall not be binding on any actions of the Executive Committee. The terms "Director" and "Board of Directors" do not refer to those legally responsible for governance of the Corporation but are honorary titles only.”

“John A. Canning, Michael Ferro - Business relationship, John A. Canning, Timothy Sullivan - Business relationship, Thomas Reynolds III, Thomas Lanctot - Family relationship, William Devers, Andrew McKenna - Business relationship, Charlie Bobrinskoy, John Canning - Business relationship”

“The Articles of Incorporation were amended to broaden the scope and nature of assistance provided to schools.”

“The Form 990 tax return is reviewed by the Audit Committee and the President and is distributed to the Executive Committee prior to filing.”

“A conflict of interest policy applies to directors, officers, or members of a committee with authority to take action on behalf of the Executive Committee. An annual notice is sent to all individuals covered under the policy. Any conflict of interest is required to be disclosed to the Executive Committee prior to the transaction taking place. The Executive Committee will review relevant information and make a determination on whether or not a conflict exists. Should a conflict exist, no parties subject to the conflict are eligible to discuss or vote on the transaction. All Executive Committee members are also required to report any family or business relationships requiring disclosure on the Form 990.”

“The Co-Chairmen and Executive Committee determine compensation for the President using comparative data from other not-for-profit organizations. This process was last undertaken in March 2018.”

“Form 990's and financial statements are available at www.bigshouldersfund.org. Governing documents and the conflict of interest policy are provided upon request.”

“The form 990-t shows unrelated business income in the amount of $19,885. This amount includes disallowed transportation fringe benefits of $20,770, which is not reflected on part viii, column c. As a result, part i, line 7a is $0.”

“Big Shoulders Fund has been approved by the Illinois Department of Revenue to participate as a Scholarship Granting Organization (SGO), The Illinois Tax Credit Scholarship Program, made possible by the Illinois Invest in Kids Act, provides donors a unique opportunity to contribute to scholarships that help lower-income families send their children to private schools. The program enables individuals and corporations to reserve Illinois income tax credits based on contributions made to SGOs. The organizations then provide scholarships for eligible students to attend nonpublic schools, with priority given to low-income students.”

“(Expenses $ 1,615,778 including grants of $ 882,539)(Revenue $ 0) Other program services: General academic enrichment activities for students, such as outdoor education, learning about investments and the stock market. Support for schools holding fund-raising events. Supporting volunteer school cleanup and maintenance activities. Grants to schools as designated by donors - agency (pass-through) transactions.”

“Under generally accepted accounting principles, non-profit organizations must report agency transactions in a specific manner. Agency transactions are contributions received from donors who have designated the use of their funds for a specific beneficiary, such as a donor requesting that their gift be directed to a certain school as a grant. As required under GAAP for financial statement presentation, Big Shoulders Fund excludes these from (net) revenue and reports them as liabilities when received. However, in order to present the true amount of support received from donors, Big Shoulders Fund includes these gifts in total contribution revenue on Line 1 and then includes them as a reconciling item on Part XI, Line 9. Correspondingly, agency expenditures are not included in total expenses. Big Shoulders Fund nets these with the reconciling item for Agency Transactions on Part XI, Line 9.”

“loss on uncollectible accounts and rescinded pledges - -50000; Adjustment for Agency Transactions - See Schedule O Narrative - -7447318;”