Civic Intelligence

Elgin Academy Foundation

990 • Fiscal year 2019 • EIN 36-3911950

Jul 01, 2018 to Jun 30, 2019 • Filed on May 14, 2020

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.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

99th percentile

26.83x

Higher debt load relative to revenue than 99% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

7th percentile

-43%

Higher net margin than 7% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

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

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

20th percentile

-4.0%

Faster asset growth than 20% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

11th percentile

-28%

Faster revenue growth than 11% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$6,483,428

Down $270,715 (-4.0%) from 2018

Net Assets

Flat

$0

Flat from 2018

Liabilities

Down

$6,483,428

Down $270,715 (-4.0%) from 2018

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin7th percentile

Revenue

Down

$241,634

Down $95,943 (-28%) from 2018

Expenses

Down

$346,477

Down $314,830 (-48%) from 2018

Net Income

Up

-$104,843

Up $218,887 (+68%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

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

2019

Assets$6,483,428
Liabilities$6,483,428
Net Assets$0
Open 2019 Filing

Operations Trend

Revenue Growth11th percentile

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

2019

Revenue$241,634
Expenses$346,477
Net Income-$104,843
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 14, 2020
Return Version
2018v3.1
Gross Receipts
$241,634
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$6,041,264$4,957,333▼ $1,083,931
Cash and Non-Interest-Bearing Accounts$712,879$1,526,065▲ $813,186
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$6,754,143$6,483,428▼ $270,715
Other Assets Total$0$30▲ $30
Liabilities
Other Liabilities$6,754,143$6,483,428▼ $270,715
Total Liabilities$6,754,143$6,483,428▼ $270,715
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$0→ $0
Total Liabilities and Net Assets / Fund Balance$6,754,143$6,483,428▼ $270,715
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

NameTitle
Keith RauschenbergerPresident
Margaret WardVice President
Fred MasnatoSecretary / Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$241,634
Other Revenue
$0
Change in Net Assets
$-104,843

Audited Revenue Reconciliation

Revenue per Audited Statements
$241,634
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$104,843
Total Revenue per Audited Statements
$346,477
Total Revenue per Form 990
$241,634
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$320,409
Other Expenses$26,068
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$320,409--$320,409
Fees for Services Other-$26,068-$26,068
Total Functional Expenses$320,409$26,068$0$346,477

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$346,477
Total Expenses per Audited Statements$346,477
Total Expenses per Form 990$346,477
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$320,409
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$6,483,428
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, margaret ward 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
Margaret Ward
Title
President
Phone
8476950300
Signed
2020-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Margaret Ward
Formed
1993
Legal Domicile
Il
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Rubinbrown Llp
Address
225 W WACKER DRIVE, CHICAGO, IL 60606
Preparer
Bruce Schiff
Phone
3124251099
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The organization didn't change its oversight process and selection process during the tax year.”

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, 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 418 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
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FRED MASNATO, MARGARET WARD 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/ExplanationTxt5THE ORGANIZATION DIDN'T CHANGE ITS OVERSIGHT PROCESS AND SELECTION PROCESS DURING THE TAX YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ALL 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/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, PART XII, LINE 2C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, SCHEDULE I, PART II, LINE 1H - PURPOSE OF GRANT
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, SCHEDULE R, PART V, LINE 2D
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
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IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0O'KEEFFE MULFORD LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0273270694
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt05176366
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0IL
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IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt0-19641
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IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd060120
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd20
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN2363977640
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt2501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd2IL
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2AFF. HOUSING
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt2501(C)(3)
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0ELGIN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1ELGIN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm2ELGIN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd2IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd060120
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd160120
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd260120
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0320409
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt110798890
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1FMV
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0ELGIN ACADEMY
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1ELGIN ACADEMY
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IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt06483428
IRS990/TotalAssetsGrp/BOYAmt06754143
IRS990/TotalAssetsGrp/EOYAmt06483428
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt026068
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0320409
IRS990/TotalFunctionalExpensesGrp/TotalAmt0346477
IRS990/TotalGrossUBIAmt00
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IRS990/TotalReportableCompFromOrgAmt00
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0241634
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06754143
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06483428
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0350 PARK STREET
IRS990/USAddress/CityNm0ELGIN
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060120
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MARGARET WARD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08476950300
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-05-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ELGIN ACADEMY FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0ELGI
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,483,428
Liabilities
$6,483,428
Net assets
$0
Revenue
$241,634
Expenses
$346,477
Net income
-$104,843
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