Civic Intelligence

Catholic Education Scholarship Trust

990 • Fiscal year 2021 • EIN 36-7632823

Jul 01, 2020 to Jun 30, 2021 • Filed on Jul 07, 2022

Organization ProfileN/A
50 S LaSalle StChicago, IL 60603

(312) 630-6948

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Liabilities / Revenue

9th percentile

0.03x

Higher debt load relative to revenue than 9% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Net Margin

90th percentile

60%

Higher net margin than 90% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Top Officer Pay

15th percentile

$152,275

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

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

Source year 2021

Revenue Growth

Score unavailable

No value available

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

Source year 2021

Balance Sheet
Liabilities / Assets7th percentile

Assets

$69,768,102

No earlier filing loaded for comparison.

Net Assets

$69,607,430

No earlier filing loaded for comparison.

Liabilities

$160,672

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin90th percentile

Revenue

$6,023,106

No earlier filing loaded for comparison.

Expenses

$2,435,034

No earlier filing loaded for comparison.

Net Income

$3,588,072

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.

$80M$60M$40M$20M$0Assets 2021: $69,768,102Liabilities 2021: $160,672Net Assets 2021: $69,607,4302021Assets 2022: $57,250,397Liabilities 2022: $81,014Net Assets 2022: $57,169,3832022Assets 2023: $61,063,105Liabilities 2023: $123,611Net Assets 2023: $60,939,4942023Assets 2024: $67,713,822Liabilities 2024: $398,426Net Assets 2024: $67,315,3962024

Highlighted filing

2021

Assets$69,768,102
Liabilities$160,672
Net Assets$69,607,430
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2021: $6,023,106Expenses 2021: $2,435,034Net Income 2021: $3,588,0722021Revenue 2022: $2,168,569Expenses 2022: $2,824,728Net Income 2022: -$656,1592022Revenue 2023: $1,725,968Expenses 2023: $2,810,821Net Income 2023: -$1,084,8532023Revenue 2024: $2,255,452Expenses 2024: $2,693,207Net Income 2024: -$437,7552024

Highlighted filing

2021

Revenue$6,023,106
Expenses$2,435,034
Net Income$3,588,072
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jul 7, 2022
Return Version
2020v4.2
Gross Receipts
$9,003,129
Mission and Program Overview

Mission

Provide scholarships to children in Catholic schools listed in the Official Catholic Directory for the Archdiocese of Chicago.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$33,344,202$34,898,074▲ $1,553,872
Pledges and Grants Receivable$2,229,039$1,307,957▼ $921,082
Savings and Temporary Cash Investments$1,397,219$715,543▼ $681,676
Total Assets$54,648,444$69,768,102▲ $15,119,658
Other Assets Total$17,677,984$32,846,528▲ $15,168,544
Liabilities
Accounts Payable and Accrued Expenses$159,996$160,672▲ $676
Total Liabilities$159,996$160,672▲ $676
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$54,488,448$69,607,430▲ $15,118,982
Total Net Assets Fund Balance$54,488,448$69,607,430▲ $15,118,982
Total Liabilities and Net Assets / Fund Balance$54,648,444$69,768,102▲ $15,119,658

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$32,846,528--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$1,441,000---$1,441,000
2019$1,441,000---$1,441,000
2018$1,278,000$163,000--$1,441,000
2017$1,431,000$-153,000--$1,278,000
2016$1,431,000---$1,431,000
Compensation and Service Providers
Top Officer Pay15th percentile

Employees

NameTitleBaseTotal
-Trustee$152,275$152,275

Board Members and Trustees

NameTitle
Dr Jim RiggBoard Member
Edward L HocterBoard Member
Mary Patricia BurnsBoard Member
Most Reverend Cardinal CupichBoard Member
Mr Kevin SpeicherBoard Member
Very Reverend Ronald HicksBoard Member (End 9/2020)
Most Reverend Robert CaseyBoard Member (Start 9/2020)
Revenue and Support

Revenue Composition

Contributions and Grants
$1,231,475
Program Service Revenue
$0
Investment Income
$4,791,631
Other Revenue
$0
All Other Contributions
$1,231,475
Change in Net Assets
$3,588,072

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,023,106
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$11,530,910
Total Revenue per Audited Statements
$17,554,016
Total Revenue per Form 990
$6,023,106
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,866,545
Other Expenses$568,489
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,866,545--$1,866,545
Fees for Service Investment Mgmnt Fees-$325,936-$325,936
Fees for Services Management-$207,265-$207,265
Insurance-$18,403-$18,403
Fees for Services Accounting-$16,885-$16,885
Total Functional Expenses$1,866,545$568,489$0$2,435,034

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,435,034
Total Expenses per Audited Statements$2,435,034
Total Expenses per Form 990$2,435,034
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Catholic Bishop of ChicagoChicago, IL501(c)(3)Scholarships$1,866,545

International Summary

Offices
0
Employees
0
Spending
$4,776,811

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Cayman IslandsInvestments---$4,776,811
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
Audit committee
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
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 A, line 2

“Most Reverend Cardinal Cupich, Most Reverend Robert Casey and Dr. Jim Rigg have a business relationship due to employment at The Catholic Bishop of Chicago.”

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

“Catholic Education Scholarship Trust works diligently with an accounting firm to complete the Form 990 and attached schedules in a thorough manner. Prior to filing, the return was not reviewed by the Board Members.”

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

“The CEST Trust Boards Members sign a Conflict of Interest Statement that says that "It is the responsibility of each Member to bring to the attention of the Trust Board and disclose to the Trust Board the relevant circumstances surrounding any known or likely direct or indirect interest in a transaction or other conflict of interest affecting that Member in relation to the Trust, the Trust Board or any Delegation Committee, whether or not the Member is also a member of such Delegation Committee. If a conflict of interest later becomes known or likely, the affected Member will promptly disclose the circumstances giving rise to such conflict of interest by written notice to the Trust Board." The CEST Trust Board Members will investigate any allegations or appearances of conflict of interests and take appropriate action based on their findings.”

Form 990, Part VI, Section C, line 19

“The organization will provide any document open to public inspection upon written request or in person under federal tax law.”

Filing and Contact Details

Filer

Filer Name
Catholic Education Scholarship Trust
EIN
36-7632823
Phone
3126306948
Address
50 S LaSalle St, Chicago, IL 60603

Signing Officer

Name
Northern Trust Co
Title
Trustee
Phone
3125345266
Signed
2022-07-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Mannino
Formed
2013
Legal Domicile
Il
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
10

Preparer

Firm
Deloitte Tax LLP
Address
111 Monument Circle Suite 4200, Indianapolis, IN 46204
Preparer
Jeffrey D Frank
Phone
3174648600
Supplemental Narrative

Financial Statement Notes

Part V, Line 4:

“CEST endowments include two individual funds established for a specific scholarship purpose. All endowment net assets are permanently restricted based on donor restrictions.”

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IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt01441000
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt01441000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt01441000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt01441000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt01278000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt0163000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt01441000
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt01431000
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt0-153000
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt01278000
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt01431000
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt01431000
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02435034
IRS990ScheduleD/NetUnrealizedGainsInvstAmt011530910
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt032846528
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Marketable Alternative Equity
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct01.00000
IRS990ScheduleD/RevenueNotReportedAmt011530910
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt06023106
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0CEST endowments include two individual funds established for a specific scholarship purpose. All endowment net assets are permanently restricted based on donor restrictions.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part V, Line 4:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueOtherAssetsAmt032846528
IRS990ScheduleD/TotalExpensesPerForm990Amt02435034
IRS990ScheduleD/TotalRevenuePerForm990Amt06023106
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt017554016
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02435034
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTotalExpendituresAmt04776811
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt0CAYMAN ISLANDS
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt0INVESTMENTS
IRS990ScheduleF/BoycottCountriesInd00
IRS990ScheduleF/ContinuationSpentAmt00
IRS990ScheduleF/ContinuationTotalEmployeeCnt00
IRS990ScheduleF/ContinuationTotalOfficeCnt00
IRS990ScheduleF/ForeignCorpOwnershipInd00
IRS990ScheduleF/ForeignPartnershipInd00
IRS990ScheduleF/InterestInForeignTrustInd00
IRS990ScheduleF/PassiveForeignInvestmestCoInd00
IRS990ScheduleF/SubtotalEmployeesCnt00
IRS990ScheduleF/SubtotalOfficesCnt00
IRS990ScheduleF/SubtotalSpentAmt04776811
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0Part III Accounting Method:
IRS990ScheduleF/TotalEmployeeCnt00
IRS990ScheduleF/TotalOfficeCnt00
IRS990ScheduleF/TotalSpentAmt04776811
IRS990ScheduleF/TransferToForeignCorpInd01
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt01866545
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Scholarships
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0CATHOLIC BISHOP OF CHICAGO
IRS990ScheduleI/RecipientTable/RecipientEIN0362170826
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0835 NORTH RUSH STREET
IRS990ScheduleI/RecipientTable/USAddress/CityNm0CHICAGO
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0IL
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd060611
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0Catholic Education Scholarship Trust makes grants to the Catholic Bishop of Chicago for allocation to affiliated schools or parishes. Scholarships are awarded to students attending such schools as directed by the principals of the school or parish. Catholic Education Scholarship Trust maintains contacts with the grantees through the performance of its exempt purpose.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 2:
IRS990ScheduleI/Total501c3OrgCnt01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Most Reverend Cardinal Cupich, Most Reverend Robert Casey and Dr. Jim Rigg have a business relationship due to employment at The Catholic Bishop of Chicago.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Catholic Education Scholarship Trust works diligently with an accounting firm to complete the Form 990 and attached schedules in a thorough manner. Prior to filing, the return was not reviewed by the Board Members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The CEST Trust Boards Members sign a Conflict of Interest Statement that says that "It is the responsibility of each Member to bring to the attention of the Trust Board and disclose to the Trust Board the relevant circumstances surrounding any known or likely direct or indirect interest in a transaction or other conflict of interest affecting that Member in relation to the Trust, the Trust Board or any Delegation Committee, whether or not the Member is also a member of such Delegation Committee. If a conflict of interest later becomes known or likely, the affected Member will promptly disclose the circumstances giving rise to such conflict of interest by written notice to the Trust Board." The CEST Trust Board Members will investigate any allegations or appearances of conflict of interests and take appropriate action based on their findings.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization will provide any document open to public inspection upon written request or in person under federal tax law.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 2
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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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt054648444
IRS990/TotalAssetsEOYAmt069768102
IRS990/TotalAssetsGrp/BOYAmt054648444
IRS990/TotalAssetsGrp/EOYAmt069768102
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01231475
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0568489
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01866545
IRS990/TotalFunctionalExpensesGrp/TotalAmt02435034
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0159996
IRS990/TotalLiabilitiesEOYAmt0160672
IRS990/TotalLiabilitiesGrp/BOYAmt0159996
IRS990/TotalLiabilitiesGrp/EOYAmt0160672
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt054488448
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt069607430
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01866545
IRS990/TotalReportableCompFromOrgAmt0152275
IRS990/TotalRevenueGrp/ExclusionAmt04791631
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt06023106
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt054648444
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt069768102
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationTrustInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0835 N Rush Street
IRS990/USAddress/CityNm0Chicago
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060611
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Northern Trust Co
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Trustee
ReturnHeader/BusinessOfficerGrp/PhoneNum03125345266
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-07-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Catholic Education Scholarship Trust
ReturnHeader/Filer/BusinessNameControlTxt0CATH
ReturnHeader/Filer/EIN0367632823

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$69,768,102
Liabilities
$160,672
Net assets
$69,607,430
Revenue
$6,023,106
Expenses
$2,435,034
Net income
$3,588,072
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$67.7$0.40$67.3$2.26$2.69$0.44
2023Detailed filing. Detailed filing data is available for this year.$61.1$0.12$60.9$1.73$2.81$1.08
2022Detailed filing. Detailed filing data is available for this year.$57.3$0.08$57.2$2.17$2.82$0.66
2021Detailed filing. Detailed filing data is available for this year.$69.8$0.16$69.6$6.02$2.44$3.59