Civic Intelligence

Devry Scholarship Fund

990 • Fiscal year 2022 • EIN 36-3981605

Jan 01, 2022 to Dec 31, 2022 • Filed on Feb 26, 2024

Organization ProfileWWW.DEVRYSCHOLARSHIPFUND.ORG
4225 Naperville Road 400Lisle, IL 60532

(630) 505-7603

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

$1,150,135

No earlier filing loaded for comparison.

Net Assets

$1,150,135

No earlier filing loaded for comparison.

Liabilities

$0

No earlier filing loaded for comparison.

Revenue And Expenses

Revenue

$99,474

No earlier filing loaded for comparison.

Expenses

$93,240

No earlier filing loaded for comparison.

Net Income

$6,234

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2022: $1,150,135Liabilities 2022: $0Net Assets 2022: $1,150,1352022Assets 2022: $1,150,135Liabilities 2022: $0Net Assets 2022: $1,150,1352022Assets 2023: $1,236,699Liabilities 2023: $0Net Assets 2023: $1,236,6992023Assets 2024: $1,181,761Liabilities 2024: $0Net Assets 2024: $1,181,7612024

Highlighted filing

2022

Assets$1,150,135
Liabilities$0
Net Assets$1,150,135
Open 2022 Filing

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2022: $1,196,614Expenses 2022: $93,240Net Income 2022: $1,103,3742022Revenue 2022: $99,474Expenses 2022: $93,240Net Income 2022: $6,2342022Revenue 2023: $279,064Expenses 2023: $192,500Net Income 2023: $86,5642023Revenue 2024: $192,609Expenses 2024: $247,546Net Income 2024: -$54,9372024

Highlighted filing

2022

Revenue$99,474
Expenses$93,240
Net Income$6,234
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Feb 26, 2024
Return Version
2022v5.0
Gross Receipts
$99,474
Mission and Program Overview

Mission

The organization strives to help keep education within reach for students by providing financial support in the form of scholarships. Scholarships are awarded to qualifying current students, especially those with the greatest need and who have established a successful academic track record.

The devry scholarship fund is a 501(c)3 public charity providing scholarships for student recognition, persistence assistance, and debt relief for continuing students at devry university and its keller graduate school of management.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$1,000,000-
Cash and Non-Interest-Bearing Accounts$46,761$150,135▲ $103,374
Total Assets$46,761$1,150,135▲ $1,103,374
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$46,761$1,150,135▲ $1,103,374
Total Net Assets Fund Balance$46,761$1,150,135▲ $1,103,374
Total Liabilities and Net Assets / Fund Balance$46,761$1,150,135▲ $1,103,374
Compensation and Service Providers

Board Members and Trustees

NameTitle
Branndon KelleyPresident
Nelson BrownVice President
Joan CeteraDirector
Shalom SuniulaDirector
Stefanie KhanDirector
John J StachniakExecutive Director
Jodi ZanellaSecretary
Alice ZhongTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$91,568
Program Service Revenue
$0
Investment Income
$7,906
Other Revenue
$0
All Other Contributions
$91,568
Change in Net Assets
$6,234
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$92,500
Other Expenses$740
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$92,500--$92,500
Other Expenses-$740-$740
Total Functional Expenses$92,500$740$0$93,240
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Management duties delegated
No

Governance Explanations

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

“The form was prepared in conjunction with outside accountants and reviewed by senior management. The form 990 will be presented to members of the governing body at the next available meeting.”

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

“Annual questionnaire and review.”

Form 990, Part VI, Section C, Line 19

“AVAILABLE UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Devry Scholarship Fund
EIN
36-3981605
Phone
6305057603
Address
4225 NAPERVILLE ROAD 400, LISLE, IL 60532

Signing Officer

Name
Alice Zhong
Title
Treasurer
Phone
6302454778
Signed
2024-02-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John J Stachniak
Formed
1994
Legal Domicile
Il
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
64

Preparer

Firm
Almich & Associates
Address
26463 RANCHO PARKWAY SOUTH, LAKE FOREST, CA 92630
Preparer
James a Bermudez
Phone
9496007550
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“The organization received a transfer of restricted assets from empower scholarship fund which was reported as a contribution on the originally filed return. The amount received is now reported as an increase in net assets. See also the note to form 990, part xi, line 9, other changes in net assets, below.”

FORM 990, PART XI, LINE 9, OTHER CHANGES IN NET ASSETS:

“Empower scholarship fund (ein: 36-4390648) returned restricted assets (cash) of $1,097,140 back to devry scholarship fund. Empower scholarship fund was granted approval from the illinois attorney general for the divestiture and it was finalized by the courts in june of 2022 and transfered in august of 2022.”

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt0VICE PRESIDENT
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IRS990/MissionDesc0THE ORGANIZATION STRIVES TO HELP KEEP EDUCATION WITHIN REACH FOR STUDENTS BY PROVIDING FINANCIAL SUPPORT IN THE FORM OF SCHOLARSHIPS. SCHOLARSHIPS ARE AWARDED TO QUALIFYING CURRENT STUDENTS, ESPECIALLY THOSE WITH THE GREATEST NEED AND WHO HAVE ESTABLISHED A SUCCESSFUL ACADEMIC TRACK RECORD.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0DESCRIPTION: TRANSFER FROM PREDECESSOR ORGANIZATION DATE: 08/01/22 AMOUNT: 1097140.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PART VI, LIST OF UNUSUAL GRANTS:
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0SCHOLARSHIP APPLICATIONS ARE RANKED, AGGREGATED AND REVIEWED THROUGH A DEDICATED SYSTEM FOLLOWING A SPECIFIC PROCESS AND RUBRIC. ELIGIBILITY SCREENING FOR APPLICANTS OCCURS THROUGH THE SYSTEM AT THE BEGINNING OF THE PROCESS. ALL SCHOLARSHIP ELIGIBLE APPLICATIONS ARE "BLIND REVIEWED" BY AT LEAST THREE (3) REVIEWERS. ALL APPLICATION INFORMATION IS VERIFIED. RANKINGS ARE COMPILED WITHIN THE APPLICATION SYSTEM. APPROVAL OF TOP FINALISTS IS BY THE DSF BOARD OF DIRECTORS. THE DEDICATED AWARDSPRING SYSTEM MAINTAIN RECORDS TO SUBSTANTIATE THE AMOUNT OF THE GRANTS OR ASSISTANCE, THE GRANTEES' ELIGIBILITY FOR THE GRANTS OR ASSISTANCE, AND THE SELECTION CRITERIA USED TO AWARD THE GRANTS OR ASSISTANCE.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECEIVED A TRANSFER OF RESTRICTED ASSETS FROM EMPOWER SCHOLARSHIP FUND WHICH WAS REPORTED AS A CONTRIBUTION ON THE ORIGINALLY FILED RETURN. THE AMOUNT RECEIVED IS NOW REPORTED AS AN INCREASE IN NET ASSETS. SEE ALSO THE NOTE TO FORM 990, PART XI, LINE 9, OTHER CHANGES IN NET ASSETS, BELOW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM WAS PREPARED IN CONJUNCTION WITH OUTSIDE ACCOUNTANTS AND REVIEWED BY SENIOR MANAGEMENT. THE FORM 990 WILL BE PRESENTED TO MEMBERS OF THE GOVERNING BODY AT THE NEXT AVAILABLE MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANNUAL QUESTIONNAIRE AND REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4EMPOWER SCHOLARSHIP FUND (EIN: 36-4390648) RETURNED RESTRICTED ASSETS (CASH) OF $1,097,140 BACK TO DEVRY SCHOLARSHIP FUND. EMPOWER SCHOLARSHIP FUND WAS GRANTED APPROVAL FROM THE ILLINOIS ATTORNEY GENERAL FOR THE DIVESTITURE AND IT WAS FINALIZED BY THE COURTS IN JUNE OF 2022 AND TRANSFERED IN AUGUST OF 2022.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, ITEM B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ALICE ZHONG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06302454778
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-02-26
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0DEVRY SCHOLARSHIP FUND
ReturnHeader/Filer/BusinessNameControlTxt0DEVR
ReturnHeader/Filer/EIN0363981605
ReturnHeader/Filer/PhoneNum06305057603
ReturnHeader/Filer/USAddress/AddressLine1Txt04225 NAPERVILLE ROAD 400
ReturnHeader/Filer/USAddress/CityNm0LISLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060532
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0330526284
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ALMICH & ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt026463 RANCHO PARKWAY SOUTH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LAKE FOREST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd092630
ReturnHeader/PreparerPersonGrp/PhoneNum09496007550
ReturnHeader/PreparerPersonGrp/PreparationDt02024-02-26
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMES A BERMUDEZ
ReturnHeader/ReturnTs02024-02-27T09:34:06-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0ALICE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ZHONG
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,150,135
Liabilities
$0
Net assets
$1,150,135
Revenue
$99,474
Expenses
$93,240
Net income
$6,234
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.18$0.00$1.18$0.19$0.25$0.05
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.24$0.00$1.24$0.28$0.19$0.09
2022Detailed filing. Detailed filing data is available for this year.$1.15$0.00$1.15$1.20$0.09$1.10
2022Detailed filing. Detailed filing data is available for this year.$1.15$0.00$1.15$0.10$0.09$0.01