Civic Intelligence

Elgin Academy Foundation

990 • Fiscal year 2018 • EIN 36-3911950

Jul 01, 2017 to Jun 30, 2018 • Filed on May 13, 2019

Organization ProfileN/A
350 Park StreetElgin, IL 60120

(847) 695-0300

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.00x

Higher debt load relative to assets than 92% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

20.01x

Higher debt load relative to revenue than 98% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Net Margin

3rd percentile

-96%

Higher net margin than 3% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

20th percentile

$0

Higher top officer pay than 20% of similar nonprofits.

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

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Balance Sheet
Liabilities / Assets92nd percentile

Assets

$6,754,143

No earlier filing loaded for comparison.

Net Assets

$0

No earlier filing loaded for comparison.

Liabilities

$6,754,143

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin3rd percentile

Revenue

$337,577

No earlier filing loaded for comparison.

Expenses

$661,307

No earlier filing loaded for comparison.

Net Income

-$323,730

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2018: $6,754,143Liabilities 2018: $6,754,143Net Assets 2018: $02018Assets 2019: $6,483,428Liabilities 2019: $6,483,428Net Assets 2019: $02019Assets 2020: $5,439,745Liabilities 2020: $5,439,745Net Assets 2020: $02020Assets 2021: $6,385,306Liabilities 2021: $6,385,306Net Assets 2021: $02021Assets 2022: $5,510,231Liabilities 2022: $5,510,231Net Assets 2022: $02022Assets 2023: $3,760,289Liabilities 2023: $3,760,289Net Assets 2023: $02023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2018

Assets$6,754,143
Liabilities$6,754,143
Net Assets$0
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.5M$1.0M$500K$0-$500K-$1.0MRevenue 2018: $337,577Expenses 2018: $661,307Net Income 2018: -$323,7302018Revenue 2019: $241,634Expenses 2019: $346,477Net Income 2019: -$104,8432019Revenue 2020: $161,867Expenses 2020: $224,404Net Income 2020: -$62,5372020Revenue 2021: $213,022Expenses 2021: $1,024,202Net Income 2021: -$811,1802021Revenue 2022: $932,563Expenses 2022: $30,938Net Income 2022: $901,6252022Revenue 2023: $203,856Expenses 2023: $286,532Net Income 2023: -$82,6762023Revenue 2024: $127,537Expenses 2024: $127,537Net Income 2024: $02024

Highlighted filing

2018

Revenue$337,577
Expenses$661,307
Net Income-$323,730
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 13, 2019
Return Version
2017v2.3
Gross Receipts
$337,577
Mission and Program Overview

Mission

Elgin academy foundation is organized to support elgin academy and its educational programs and services through the provision of financial assistance and other available means.

Elgin academy foundation is organized to support elgin academy and its educational programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$5,792,756$6,041,264▲ $248,508
Cash and Non-Interest-Bearing Accounts$1,110,041$712,879▼ $397,162
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$6,902,797$6,754,143▼ $148,654
Liabilities
Other Liabilities$6,902,797$6,754,143▼ $148,654
Total Liabilities$6,902,797$6,754,143▼ $148,654
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$0→ $0
Total Liabilities and Net Assets / Fund Balance$6,902,797$6,754,143▼ $148,654
Compensation and Service Providers
Top Officer Pay20th percentile

Board Members and Trustees

NameTitle
Keith RauschenbergerPresident
Alan ScimecaVice President
Fred MasnatoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$337,577
Other Revenue
$0
Change in Net Assets
$-323,730

Audited Revenue Reconciliation

Revenue per Audited Statements
$337,577
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$323,730
Total Revenue per Audited Statements
$661,307
Total Revenue per Form 990
$337,577
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$627,902
Other Expenses$33,405
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$627,902--$627,902
Fees for Services Other-$33,405-$33,405
Total Functional Expenses$627,902$33,405$0$661,307

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$661,307
Total Expenses per Audited Statements$661,307
Total Expenses per Form 990$661,307
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Elgin AcademyElgin, IL501 (c)(3)See Note$627,902
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Elgin Academy$6,754,143
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Fred masnato, alan scimeca and keith rauschenberger are also board members for elgin academy, the cupola foundation and mulford square preservation corporation.”

Form 990, Part VI, Section A, Line 3

“Line 3 explanation - the portfolio of investments for the foundation is managed by vanguard and first american bank.”

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

“Line 11b explanation - a draft copy of the form 990 and related schedules is circulated by the director of finance to board members along with copies of the audited financial statements for review and comment prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Annual disclosure statements are submitted to the organization for review. To date, there have been no conflicts of interest.”

Form 990, Part VI, Section C, Line 19

“All documents are available upon request at the organization's office during normal business hours.”

Filing and Contact Details

Filer

Filer Name
Elgin Academy Foundation
EIN
36-3911950
Phone
8476950300
Address
350 PARK STREET, ELGIN, IL 60120

Signing Officer

Name
Keith Rauschenberger
Title
President
Phone
8476950300
Signed
2019-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Rauschenberger
Formed
1993
Legal Domicile
Il
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Rubinbrown Llp
Address
4709 WEST GOLF ROAD SUITE 200, SKOKIE, IL 60076
Preparer
Bruce Schiff
Phone
7737774445
Supplemental Narrative

Additional Explanations

Form 990, Schedule I, Part II, Line 1H - Purpose of Grant

“All revenue earned by elgin academy foundation (the foundation) is granted to elgin academy since all funds held by the foundation are for the beneficial interest of elgin academy.”

FORM 990, PART XII, LINE 2C:

“The process has not changed from the prior year”

Form 990, Schedule R, Part V, Line 2D

“The elgin academy foundation and elgin academy had jointly guaranteed the bond and loan agreement in the amount of $8,200,000 with first american bank.”

Raw XML AppendixShowing 400 of 403 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0ELGIN ACADEMY FOUNDATION'S BOARD OF DIRECTORS ALSO SIT ON THE BOARD OF ELGIN ACADEMY. ELGIN ACADEMY'S BOARD, MORE SPECIFICALLY THE FINANCE COMMITTEE OF THE BOARD, REVIEWS MONTHLY FINANCIAL STATEMENTS AND CASH FLOW. IF CASH IS NEEDED TO HELP FUND OPERATIONS, THE BOARD WILL REVIEW AND APPROVE THE TRANSFER OF FUNDS FROM THE FOUNDATION TO ELGIN ACADEMY. NOT ALL OF THE ANNUAL GRANT INCOME, IF ANY, IS REQUIRED TO BE TRANSFERRED TO ELGIN ACADEMY.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990/ScheduleJRequiredInd00
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FRED MASNATO, ALAN SCIMECA AND KEITH RAUSCHENBERGER ARE ALSO BOARD MEMBERS FOR ELGIN ACADEMY, THE CUPOLA FOUNDATION AND MULFORD SQUARE PRESERVATION CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1LINE 3 EXPLANATION - THE PORTFOLIO OF INVESTMENTS FOR THE FOUNDATION IS MANAGED BY VANGUARD AND FIRST AMERICAN BANK.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2LINE 11B EXPLANATION - A DRAFT COPY OF THE FORM 990 AND RELATED SCHEDULES IS CIRCULATED BY THE DIRECTOR OF FINANCE TO BOARD MEMBERS ALONG WITH COPIES OF THE AUDITED FINANCIAL STATEMENTS FOR REVIEW AND COMMENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANNUAL DISCLOSURE STATEMENTS ARE SUBMITTED TO THE ORGANIZATION FOR REVIEW. TO DATE, THERE HAVE BEEN NO CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ALL DOCUMENTS ARE AVAILABLE UPON REQUEST AT THE ORGANIZATION'S OFFICE DURING NORMAL BUSINESS HOURS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL REVENUE EARNED BY ELGIN ACADEMY FOUNDATION (THE FOUNDATION) IS GRANTED TO ELGIN ACADEMY SINCE ALL FUNDS HELD BY THE FOUNDATION ARE FOR THE BENEFICIAL INTEREST OF ELGIN ACADEMY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE ELGIN ACADEMY FOUNDATION AND ELGIN ACADEMY HAD JOINTLY GUARANTEED THE BOND AND LOAN AGREEMENT IN THE AMOUNT OF $8,200,000 WITH FIRST AMERICAN BANK.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, SCHEDULE I, PART II, LINE 1H - PURPOSE OF GRANT
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, SCHEDULE R, PART V, LINE 2D
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IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt16908609
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1FMV
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IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
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IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
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ReturnHeader/BusinessOfficerGrp/PhoneNum08476950300
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-13
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt012.49.45.18
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ReturnHeader/FilingSecurityInformation/IPTm009:13:29
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0430765316
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RUBINBROWN LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04709 WEST GOLF ROAD SUITE 200
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060076
ReturnHeader/PreparerPersonGrp/PhoneNum07737774445
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BRUCE SCHIFF
ReturnHeader/ReturnTs02019-05-13T09:13:58-05:00
ReturnHeader/ReturnTypeCd0990

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,754,143
Liabilities
$6,754,143
Net assets
$0
Revenue
$337,577
Expenses
$661,307
Net income
-$323,730
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.13$0.13$0.00
2023Detailed filing. Detailed filing data is available for this year.$3.76$3.76$0.00$0.20$0.29$0.08
2022Detailed filing. Detailed filing data is available for this year.$5.51$5.51$0.00$0.93$0.03$0.90
2021Detailed filing. Detailed filing data is available for this year.$6.39$6.39$0.00$0.21$1.02$0.81
2020Detailed filing. Detailed filing data is available for this year.$5.44$5.44$0.00$0.16$0.22$0.06
2019Detailed filing. Detailed filing data is available for this year.$6.48$6.48$0.00$0.24$0.35$0.10
2018Detailed filing. Detailed filing data is available for this year.$6.75$6.75$0.00$0.34$0.66$0.32