Civic Intelligence

Empower Scholarship Fund

990 • Fiscal year 2020 • EIN 36-4390648

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 05, 2021

500 West Monroe Street 28Chicago, IL 60661

(630) 515-5458

Siviq Scores

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

Liabilities / Assets

36th percentile

0.03x

Higher debt load relative to assets than 36% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

45th percentile

0.11x

Higher debt load relative to revenue than 45% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

92nd percentile

59%

Higher net margin than 92% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

86th percentile

$161,712

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 16.2% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

62nd percentile

12%

Faster asset growth than 62% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2020

Revenue Growth

65th percentile

9.6%

Faster revenue growth than 65% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2020

Assets

Up

$3,226,004

Up $638,292 (+25%) from 2018

Net Assets

Up

$3,115,304

Up $616,342 (+25%) from 2018

Liabilities

Up

$110,700

Up $21,950 (+25%) from 2018

Revenue

Up

$997,099

Up $167,585 (+20%) from 2018

Expenses

Down

$409,713

Down $181,684 (-31%) from 2018

Net Income

Up

$587,386

Up $349,269 (+147%) from 2018

Historical Trend

Balance Sheet Trend

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

2020

Assets$3,226,004
Liabilities$110,700
Net Assets$3,115,304

Operations Trend

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

2020

Revenue$997,099
Expenses$409,713
Net Income$587,386
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 5, 2021
Return Version
2020v4.0
Gross Receipts
$3,307,600
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 in Publicly Traded Securities$2,547,013$2,808,358▲ $261,345
Cash and Non-Interest-Bearing Accounts$54,491$287,146▲ $232,655
Pledges and Grants Receivable-$108,000-
Accounts Receivable$160,000$22,500▼ $137,500
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$2,761,504$3,226,004▲ $464,500
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$112,500$110,700▼ $1,800
Total Liabilities$112,500$110,700▼ $1,800
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,008,406$2,436,696▲ $428,290
Net Assets With Donor Restrictions$640,598$678,608▲ $38,010
Total Net Assets Fund Balance$2,649,004$3,115,304▲ $466,300
Total Liabilities and Net Assets / Fund Balance$2,761,504$3,226,004▲ $464,500

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$390,895-▲ $1,846-$392,741
2019$311,751$83,500▲ $13,644-$390,895
2018$272,565$97,035▲ $6,568-$311,751
2017$272,565---$272,565
2016$272,565---$272,565
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
John StachniakExecutive DirectorFT$161,712$161,712
Susan RasmusExecutive DirectorFT$12,895$12,895

Board Members and Trustees

NameTitle
Kelly PearceBoard Chairman
Arlene RodriguezDirector
Kate EssadDirector
Margaret LeenDirector
Spandana NallapatiDirector
Sonya EvanoskyEx-officio Boar
Marianne HulbertSecretary
Afroviti GutaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$596,142
Program Service Revenue
$0
Investment Income
$405,318
Other Revenue
$-4,361
All Other Contributions
$520,128
Change in Net Assets
$587,386

Audited Revenue Reconciliation

Revenue per Audited Statements
$997,099
Revenue Not Reported on Form 990
$-143,972
Total Revenue per Audited Statements
$853,127
Total Revenue per Form 990
$997,099
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$224,603
Grants and Similar Amounts Paid$122,200
Other Expenses$62,910
Total Fundraising Expense$15,159
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$135,740$38,867-$174,607
Grants to Domestic Individuals$122,200--$122,200
Other Salaries and Wages$25,464$7,291-$32,755
Payroll Taxes$13,403$3,838-$17,241
Office Expenses-$5,165-$5,165
Other Expenses$16,885$22,886$4,192$4,192
Travel$2,815--$2,815
Total Functional Expenses$316,507$78,047$15,159$409,713

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$409,713
Total Expenses per Form 990$409,713
Total Expenses per Audited Statements$386,827
Expenses Not Reported on Form 990$-22,886
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$9,850
Fundraising Gross Income$5,489
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Virtual 5k$81,503$5,489$9,850$-4,361
Total Events$81,503$5,489$9,850$-4,361
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
Yes
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: Explanation of Delegated Broad Authority to Committee

The bylaws grant the board of 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 apooint, 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: Form 990 Review Process

Form 990 is reviewed by the treasurer and then it is subsequently sent to all board members prior to filing

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

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

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

No documents available to the public.

Filing and Contact Details

Filer

Filer Name
Empower Scholarship Fund
EIN
36-4390648
Phone
6305155458
Address
500 WEST MONROE STREET 28, CHICAGO, IL 60661

Signing Officer

Name
Susan Rasmus
Title
Executive Director
Signed
2021-11-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Susan Rasmus
Formed
2000
Legal Domicile
Il
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
58

Preparer

Firm
Cray Kaiser Ltd
Address
1901 S Meyers Road Ste 230, Oakbrook Terrace, IL 60181
Preparer
Deanna L Salo
Phone
6309534900
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IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0OPERATING EXPENSES
IRS990/OtherExpensesGrp/Desc1Bank Service Charges
IRS990/OtherExpensesGrp/Desc2SCHOLARSHIP FUNDRAISING
IRS990/OtherExpensesGrp/FundraisingAmt010967
IRS990/OtherExpensesGrp/FundraisingAmt14192
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt022886
IRS990/OtherExpensesGrp/ProgramServicesAmt016885
IRS990/OtherExpensesGrp/TotalAmt027852
IRS990/OtherExpensesGrp/TotalAmt122886
IRS990/OtherExpensesGrp/TotalAmt24192
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt07291
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt025464
IRS990/OtherSalariesAndWagesGrp/TotalAmt032755
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt03838
IRS990/PayrollTaxesGrp/ProgramServicesAmt013403
IRS990/PayrollTaxesGrp/TotalAmt017241
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0108000
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0SUSAN RASMUS
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0652777
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0891284
IRS990/PYInvestmentIncomeAmt062639
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt022422
IRS990/PYOtherRevenueAmt0-20222
IRS990/PYRevenuesLessExpensesAmt0-218512
IRS990/PYTotalExpensesAmt0913706
IRS990/PYTotalRevenueAmt0695194
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0587386
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0601631
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0652777
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0810075
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0776641
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0854044
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt03695168
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0405318
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt062239
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt048721
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt049068
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt038119
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0603465
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.58280
IRS990ScheduleA/PublicSupportPY170Pct00.71670
IRS990ScheduleA/PublicSupportTotal170Amt02505201
IRS990ScheduleA/SubstantialContributorsTotAmt01189967
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0601631
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0652777
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0810075
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0776641
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0854044
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt03695168
IRS990ScheduleA/TotalSupportAmt04298633
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt0390895
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0392741
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt01846
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt0311751
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt083500
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt0390895
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/GrantsOrScholarshipsAmt018000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt013644
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt0272565
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt097035
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt0311751
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/GrantsOrScholarshipsAmt064417
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt06568
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt0272565
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt0272565
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt0272565
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt0272565
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd0false
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd0false
IRS990ScheduleD/ExpensesNotReportedAmt0-22886
IRS990ScheduleD/ExpensesSubtotalAmt0409713
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-121086
IRS990ScheduleD/OtherExpensesIncludedAmt0-22886
IRS990ScheduleD/OtherRevenueAmt0-22886
IRS990ScheduleD/RelatedOrgListSchRInd0false
IRS990ScheduleD/RevenueNotReportedAmt0-143972
IRS990ScheduleD/RevenueSubtotalAmt0997099
IRS990ScheduleD/TotalExpensesPerForm990Amt0409713
IRS990ScheduleD/TotalRevenuePerForm990Amt0997099
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0853127
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0386827
IRS990ScheduleG/AgrmtProfFundraisingActyInd0false
IRS990ScheduleG/EmailSolicitationsInd0X
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt076014
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt076014
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt09850
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0VIRTUAL 5K
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt081503
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt081503
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt05489
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt05489
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0-4361
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt09850
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt09850
IRS990ScheduleG/InPersonSolicitationsInd0X
IRS990ScheduleG/PhoneSolicitationsInd0X
IRS990ScheduleG/SpecialFundraisingEventsInd0X
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0122200
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt046
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0SCHOLARSHIP 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 APPROVED SCHOLARSHIP RECIPIENTS IS PROVIDED TO THE EMPOWER SCHOLARSHIP FUND TREASURER WHO PREPARES PAYMENTS TO THE RESPECTIVE SCHOLARSHIP RECIPIENT'S UNIVERSITY. THE UNIVERSITY BURSAR RECEIVES PAYMENT WHICH IS THEN APPLIED TO THE RESPECTIVE SCHOLARSHIP RECIPEINT'S ACCOUNT.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Grantmaker's Description of How Grants are Used

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