Civic Intelligence

Empower Scholarship Fund

990 • Fiscal year 2018 • EIN 36-4390648

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 15, 2019

Organization Profilewww.empowerscholarshipfund.org
500 West Monroe Street 2800Chicago, IL 60661

(630) 515-5458

Siviq Scores

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

Liabilities / Assets

37th percentile

0.03x

Higher debt load relative to assets than 37% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

53rd percentile

0.11x

Higher debt load relative to revenue than 53% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

83rd percentile

29%

Higher net margin than 83% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2018 filings • 501(c)3 • $1M-$5M 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 / Assets37th percentile

Assets

$2,587,712

No earlier filing loaded for comparison.

Net Assets

$2,498,962

No earlier filing loaded for comparison.

Liabilities

$88,750

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin83rd percentile

Revenue

$829,514

No earlier filing loaded for comparison.

Expenses

$591,397

No earlier filing loaded for comparison.

Net Income

$238,117

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.

$4.0M$3.0M$2.0M$1.0M$0Assets 2018: $2,587,712Liabilities 2018: $88,750Net Assets 2018: $2,498,9622018Assets 2020: $3,226,004Liabilities 2020: $110,700Net Assets 2020: $3,115,3042020Assets 2021: $3,329,431Liabilities 2021: $123,500Net Assets 2021: $3,205,9312021Assets 2022: $1,866,484Liabilities 2022: $75,000Net Assets 2022: $1,791,4842022Assets 2023: $2,131,401Liabilities 2023: $86,500Net Assets 2023: $2,044,9012023Assets 2024: $2,540,602Liabilities 2024: $216,501Net Assets 2024: $2,324,1012024

Highlighted filing

2018

Assets$2,587,712
Liabilities$88,750
Net Assets$2,498,962
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.0M$500K$0-$500KRevenue 2018: $829,514Expenses 2018: $591,397Net Income 2018: $238,1172018Revenue 2020: $997,099Expenses 2020: $409,713Net Income 2020: $587,3862020Revenue 2021: $539,401Expenses 2021: $597,558Net Income 2021: -$58,1572021Revenue 2022: $613,933Expenses 2022: $690,590Net Income 2022: -$76,6572022Revenue 2023: $698,666Expenses 2023: $632,073Net Income 2023: $66,5932023Revenue 2024: $839,294Expenses 2024: $684,369Net Income 2024: $154,9252024

Highlighted filing

2018

Revenue$829,514
Expenses$591,397
Net Income$238,117
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 15, 2019
Return Version
2018v3.1
Gross Receipts
$875,178
Mission and Program Overview

Mission

The empower scholarship fund is a 501(c)(3) organization that provides financial support in the form of scholarships to title iv eligible students attending adtalem global education schools.

The Empower Scholarship Fund is a 501(c)(3) organization that provides financial support in the form of scholarships to students of Adtalem Global Education Institutions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$2,287,699$2,137,108▼ $150,591
Cash and Non-Interest-Bearing Accounts$639,531$397,303▼ $242,228
Pledges and Grants Receivable$76,608$53,301▼ $23,307
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors-$0-
Total Assets$3,003,838$2,587,712▼ $416,126
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$563,072$88,750▼ $474,322
Other Liabilities$0$0→ $0
Total Liabilities$563,072$88,750▼ $474,322
Net Assets / Fund Balance
Unrestricted Net Assets$2,062,106$1,880,913▼ $181,193
Temporarily Rstr Net Assets$292,660$425,049▲ $132,389
Permanently Rstr Net Assets$86,000$193,000▲ $107,000
Total Net Assets Fund Balance$2,440,766$2,498,962▲ $58,196
Total Liabilities and Net Assets / Fund Balance$3,003,838$2,587,712▼ $416,126

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$1,517,914--
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
-Interim Chairman
-Director
-Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$810,075
Program Service Revenue
$0
Investment Income
$48,721
Other Revenue
$-29,282
All Other Contributions
$592,150
Change in Net Assets
$238,117

Audited Revenue Reconciliation

Revenue per Audited Statements
$810,123
Revenue Not Reported on Financial Statements
$19,391
Revenue Not Reported on Form 990
$466,017
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$1,276,140
Total Revenue per Form 990
$829,514
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$565,103
Other Expenses$26,294
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$565,103--$565,103
Fees for Service Investment Mgmnt Fees-$19,391-$19,391
Other Expenses-$6,903-$6,903
Total Functional Expenses$565,103$26,294$0$591,397

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,217,944
Expenses Not Reported on Form 990$645,938
Total Expenses per Form 990$591,397
Expenses per Audited Statements$572,006
Expenses Not Reported on Financial Statements$19,391
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$45,664
Fundraising Gross Income$16,382
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Outing$234,307$16,382$21,371$-4,989
Event 2-$0-$0
Total Events$234,307$16,382$45,664$-29,282
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 1A Delegate broad authority to A committee

“The bylaws grant the board or directors, by resolution adopted by a majority of the members, the right to designate one or more committees. Each committee shall consist of two or more directors and such other persons as the board of directors shall appoint, provided that a majority of the members of each committee are directors. Each committee can exercise authority of the board of directors unless as otherwise provided via resolution.”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The treasurer reviews the Form 990 and then it is subsequently sent to all board members.”

Form 990, Part VI, Line 12C Conflict of interest policy

“At the annual meeting, the conflict of interest policy is reviewed as well as annual disclosures and any potential or actual conflicts which may have arisen.”

Form 990, Part VI, Line 19 Required documents available to the public

“The Fund's annual report is available to the public upon request and via the Illinois Secretary of State's Charity Bureau. The governing documents and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) section 6104. These documents are not available to the public at this time.”

Filing and Contact Details

Filer

Filer Name
Empower Scholarship Fund
EIN
36-4390648
Phone
6305155458
Address
500 West Monroe Street 2800, Chicago, IL 60661

Signing Officer

Name
James Emrath
Title
Treasurer
Signed
2019-11-15
Discuss with paid preparer
Yes

Organization Details

Formed
2000
Legal Domicile
Il
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Crowe Llp
Address
225 West Wacker Drive Suite 2600, Chicago, IL 60606-1224
Preparer
Jennifer R Burke
Phone
3128997000
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“The Fund is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and therefore no provision has been made for federal income taxes in the accompanying financial statements. The Fund follows guidance with respect to accounting for uncertain tax positions. No provision has been made for income taxes in the accompanying financial statements, as the Fund has had no significant unrelated business income. If the Fund were to incur any tax related interest and penalties, the Fund would recognize them in interest and income tax expense, respectively. The Fund has no amounts accrued for interest or penalties as of December 31, 2018 and 2017. The Fund does not expect the total amount of unrecognized tax benefit to significantly change in the next twelve months. The Fund has not been examined by any tax jurisdiction. The Fund has no ongoing federal, state or local tax audits, however, the Fund's tax returns for 2014 and subsequent years are open to examination.”

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

“Fundraising Expenses - 45664”

Schedule D, Part XII, Line 2(D) Other expenses in audited financial statements not in form 990

“Fundraising Expenses - 45664”

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IRS990ScheduleD/OtherRevenueAmt045664
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1573601
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt21517914
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Money Market Funds
IRS990ScheduleD/OtherSecuritiesGrp/Desc1US Common Stocks
IRS990ScheduleD/OtherSecuritiesGrp/Desc2Mutual Funds
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt019391
IRS990ScheduleD/RevenueSubtotalAmt0810123
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Fund is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and therefore no provision has been made for federal income taxes in the accompanying financial statements. The Fund follows guidance with respect to accounting for uncertain tax positions. No provision has been made for income taxes in the accompanying financial statements, as the Fund has had no significant unrelated business income. If the Fund were to incur any tax related interest and penalties, the Fund would recognize them in interest and income tax expense, respectively. The Fund has no amounts accrued for interest or penalties as of December 31, 2018 and 2017. The Fund does not expect the total amount of unrecognized tax benefit to significantly change in the next twelve months. The Fund has not been examined by any tax jurisdiction. The Fund has no ongoing federal, state or local tax audits, however, the Fund's tax returns for 2014 and subsequent years are open to examination.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Fundraising Expenses - 45664
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Fundraising Expenses - 45664
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990
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IRS990ScheduleD/TotalLiabilityAmt00
IRS990ScheduleD/TotalRevenuePerForm990Amt0829514
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01217944
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt00
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0565103
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Scholarships
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0481
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The Empower Scholarship Fund provides scholarships. Scholarship funds are issued directly to the enrolled student's university and applied to their student account after the add/drop period for the new semester. A list of all approved scholarship recipients is provided to the Bursar to prepare payment directly to the university. A detailed reconciliation is prepared monthly, balancing between bank account and the activity within the account.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds.
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The bylaws grant the board or directors, by resolution adopted by a majority of the members, the right to designate one or more committees. Each committee shall consist of two or more directors and such other persons as the board of directors shall appoint, provided that a majority of the members of each committee are directors. Each committee can exercise authority of the board of directors unless as otherwise provided via resolution.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The treasurer reviews the Form 990 and then it is subsequently sent to all board members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2At the annual meeting, the conflict of interest policy is reviewed as well as annual disclosures and any potential or actual conflicts which may have arisen.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Fund's annual report is available to the public upon request and via the Illinois Secretary of State's Charity Bureau. The governing documents and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) section 6104. These documents are not available to the public at this time.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 1a Delegate broad authority to a committee
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b Review of form 990 by governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c Conflict of interest policy
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19 Required documents available to the public
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IRS990/USAddress/AddressLine1Txt0500 West Monroe Street 2800
IRS990/USAddress/CityNm0Chicago
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IRS990/WebsiteAddressTxt0www.empowerscholarshipfund.org
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0James Emrath
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Empower Scholarship Fund
ReturnHeader/Filer/BusinessNameControlTxt0EMPO
ReturnHeader/Filer/EIN0364390648
ReturnHeader/Filer/PhoneNum06305155458
ReturnHeader/Filer/USAddress/AddressLine1Txt0500 West Monroe Street 2800

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
$2,587,712
Liabilities
$88,750
Net assets
$2,498,962
Revenue
$829,514
Expenses
$591,397
Net income
$238,117
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.54$0.22$2.32$0.84$0.68$0.15
2023Detailed filing. Detailed filing data is available for this year.$2.13$0.09$2.04$0.70$0.63$0.07
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.87$0.08$1.79$0.61$0.69$0.08
2021Detailed filing. Detailed filing data is available for this year.$3.33$0.12$3.21$0.54$0.60$0.06
2020Detailed filing. Detailed filing data is available for this year.$3.23$0.11$3.12$1.00$0.41$0.59
2018Detailed filing. Detailed filing data is available for this year.$2.59$0.09$2.50$0.83$0.59$0.24