Civic Intelligence

Future Founders Foundation

990 • Fiscal year 2023 • EIN 45-3340650

Jul 01, 2022 to Jun 30, 2023 • Filed on May 09, 2024

1 N Dearborn St 5th FloorChicago, IL 60602

(312) 350-0334

Siviq Scores

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

Liabilities / Assets

59th percentile

0.12x

Higher debt load relative to assets than 59% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

61st percentile

0.16x

Higher debt load relative to revenue than 61% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

45th percentile

1.8%

Higher net margin than 45% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

88th percentile

$182,210

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 13.1% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

9th percentile

-16%

Faster asset growth than 9% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

15th percentile

-25%

Faster revenue growth than 15% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Down

$1,793,848

Down $339,596 (-16%) from 2022

Net Assets

Up

$1,576,142

Up $25,222 (+1.6%) from 2022

Liabilities

Down

$217,706

Down $364,818 (-63%) from 2022

Revenue

Down

$1,387,744

Down $455,273 (-25%) from 2022

Expenses

Down

$1,362,522

Down $411,112 (-23%) from 2022

Net Income

Down

$25,222

Down $44,161 (-64%) from 2022

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2012: $112,526Liabilities 2012: $02012Assets 2013: $452,341Liabilities 2013: $40,848Net Assets 2013: $411,4932013Assets 2014: $493,106Liabilities 2014: $27,250Net Assets 2014: $465,8562014Assets 2015: $696,287Liabilities 2015: $116,577Net Assets 2015: $579,7102015Assets 2016: $739,856Liabilities 2016: $61,756Net Assets 2016: $678,1002016Assets 2017: $892,656Liabilities 2017: $71,819Net Assets 2017: $820,8372017Assets 2018: $1,057,724Liabilities 2018: $108,605Net Assets 2018: $949,1192018Assets 2019: $1,192,400Liabilities 2019: $167,815Net Assets 2019: $1,024,5852019Assets 2020: $1,569,885Liabilities 2020: $245,386Net Assets 2020: $1,324,4992020Assets 2021: $1,823,527Liabilities 2021: $341,990Net Assets 2021: $1,481,5372021Assets 2022: $2,133,444Liabilities 2022: $582,524Net Assets 2022: $1,550,9202022Assets 2023: $1,793,848Liabilities 2023: $217,706Net Assets 2023: $1,576,1422023Assets 2024: $2,007,080Liabilities 2024: $324,549Net Assets 2024: $1,682,5312024

Highlighted filing

2023

Assets$1,793,848
Liabilities$217,706
Net Assets$1,576,142

Operations Trend

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

$2.0M$1.5M$1.0M$500K$0Revenue 2012: $112,526Expenses 2012: $0Net Income 2012: $112,5262012Revenue 2013: $530,520Expenses 2013: $392,984Net Income 2013: $137,5362013Revenue 2014: $533,097Expenses 2014: $478,734Net Income 2014: $54,3632014Revenue 2015: $835,724Expenses 2015: $721,870Net Income 2015: $113,8542015Revenue 2016: $833,154Expenses 2016: $734,764Net Income 2016: $98,3902016Revenue 2017: $858,936Expenses 2017: $716,199Net Income 2017: $142,7372017Revenue 2018: $906,986Expenses 2018: $778,704Net Income 2018: $128,2822018Revenue 2019: $1,071,684Expenses 2019: $996,218Net Income 2019: $75,4662019Revenue 2020: $1,380,267Expenses 2020: $1,080,353Net Income 2020: $299,9142020Revenue 2021: $1,919,326Expenses 2021: $1,762,288Net Income 2021: $157,0382021Revenue 2022: $1,843,017Expenses 2022: $1,773,634Net Income 2022: $69,3832022Revenue 2023: $1,387,744Expenses 2023: $1,362,522Net Income 2023: $25,2222023Revenue 2024: $1,466,970Expenses 2024: $1,360,581Net Income 2024: $106,3892024

Highlighted filing

2023

Revenue$1,387,744
Expenses$1,362,522
Net Income$25,222
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 9, 2024
Return Version
2022v5.0
Gross Receipts
$1,387,744
Mission and Program Overview

Mission

The organization believes every youth can become an entrepreneur.

Future founders is building the nation's largest inclusive community of intentional young entrepreneurs and entrepreneurial-minded leaders.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$1,762,421$1,541,650▼ $220,771
Cash and Non-Interest-Bearing Accounts$350,157$195,988▼ $154,169
Accounts Receivable$2,000$49,066▲ $47,066
Prepaid Expenses and Deferred Charges$15,366$7,144▼ $8,222
Total Assets$2,133,444$1,793,848▼ $339,596
Other Assets Total$3,500--
Liabilities
Accounts Payable and Accrued Expenses$150,658$112,129▼ $38,529
Other Liabilities$431,866$105,577▼ $326,289
Total Liabilities$582,524$217,706▼ $364,818
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,530,920$1,551,142▲ $20,222
Net Assets With Donor Restrictions$20,000$25,000▲ $5,000
Total Net Assets Fund Balance$1,550,920$1,576,142▲ $25,222
Total Liabilities and Net Assets / Fund Balance$2,133,444$1,793,848▼ $339,596
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Scott IssenPresident &FT$182,210$182,210
Scott IssenPresident & CEO-$182,210$182,210

Board Members and Trustees

NameTitle
Jason VandeboomChairman
Becky GetzDirector
Irene AmuDirector
KARI O'CONNORDirector
Maria BurudDirector
Mark HoytDirector
Matthew GoldfineDirector
Tony TolentinoDirector
Brad KeywellFounding CHA
Revenue and Support

Revenue Composition

Contributions and Grants
$1,201,643
Program Service Revenue
$128,736
Investment Income
$5,593
Other Revenue
$51,772
All Other Contributions
$1,201,643
Change in Net Assets
$25,222

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,387,744
Revenue Not Reported on Form 990
$87,077
Total Revenue per Audited Statements
$1,474,821
Total Revenue per Form 990
$1,387,744
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$866,106
Grants and Similar Amounts Paid$308,715
Other Expenses$187,701
Total Fundraising Expense$34,764
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$528,938$3,434$22,175$554,547
Grants to Domestic Individuals$298,715--$298,715
Current Officers, Directors, Trustees, and Key Employees$180,175$1,897$7,586$189,658
Payroll Taxes$61,963$652$2,609$65,224
Other Employee Benefits$53,843$567$2,267$56,677
Other Expenses$12$27,315$89$27,416
Advertising$15,877-$38$15,915
Occupancy-$11,300-$11,300
Foreign Grants$10,000--$10,000
Total Functional Expenses$1,282,474$45,284$34,764$1,362,522

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,449,599
Expenses per Audited Statements$1,362,522
Total Expenses per Form 990$1,362,522
Expenses Not Reported on Form 990$87,077
International Activity

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
No
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
Scholarships and Stipends Payable$105,577
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
Yes
Other officer compensation reviewed
Yes
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, Page 6, Part VI, Line 11B

The completed form 990 is provided to and reviewed by the entire board of directors before filing.

Form 990, Page 6, Part VI, Line 12C

The organization has a conflict of interest policy, all members are required to sign annually.

Form 990, Page 6, Part VI, Line 15A

Salaries are part of the budgetary process and all salaries are approved by the board of directors who look at comparative salaries as well.

Form 990, Page 6, Part VI, Line 15B

Salaries are part of the budgetary process and all salaries are approved by the board of directors who look at comparative salaries as well.

Form 990, Page 6, Part VI, Line 19

Documents are made available upon request.

Filing and Contact Details

Filer

Filer Name
Future Founders Foundation
EIN
45-3340650
Phone
3123500334
Address
1 N DEARBORN ST 5TH FLOOR, CHICAGO, IL 60602

Signing Officer

Name
Scott Issen
Title
President & CEO
Phone
3123500334
Signed
2024-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Scott Issen
Formed
2011
Legal Domicile
Il
Voting Board Members
10
Independent Board Members
9
Employees
13
Volunteers
200

Preparer

Firm
Rcs Cpas Pllc
Address
4415 HARRISON ST STE 552, HILLSIDE, IL 60162-1911
Preparer
Rodney C Scott
Phone
3125270111
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

Future founders foundation is a not-for-profit organization that is exempt from income taxes under section 501(c)(3) of the internal revenue code. Future founders foundation has also been classified as an entity that is not a private foundation within the meaning of section 509(a) and qualifies for deductible contributions as provided in section 170(b)(1)(a)(vi). There was no unrelated business income nor unrecognized tax benefits for the year ended june 30, 2023. Each of the future founders foundation's prior three years remains subject to examination by the internal revenue service. The organization has evaluated its tax positions for all open tax years. Based on the evaluation of the organization's tax positions, management believes all tax positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for the year ended june 30, 2023.

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IRS990/ProgSrvcAccomActy2Grp/Desc0FUTURE FOUNDERS STARTUP: WE HELP DIVERSE 18 TO 30-YEAR-OLDS FROM ACROSS THE NATION LAUNCH AND SCALE THEIR OWN BUSINESSES. FOUNDERS PARTICIPATE IN THE STARTUP BOOTCAMP, FELLOWSHIP, FOUNDER SOCIETY(ALUMNI)AND/OR SKILLS-BASED WORKSHOPS.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FUTURE FOUNDERS FOUNDATION IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. FUTURE FOUNDERS FOUNDATION HAS ALSO BEEN CLASSIFIED AS AN ENTITY THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) AND QUALIFIES FOR DEDUCTIBLE CONTRIBUTIONS AS PROVIDED IN SECTION 170(B)(1)(A)(VI). THERE WAS NO UNRELATED BUSINESS INCOME NOR UNRECOGNIZED TAX BENEFITS FOR THE YEAR ENDED JUNE 30, 2023. EACH OF THE FUTURE FOUNDERS FOUNDATION'S PRIOR THREE YEARS REMAINS SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE ORGANIZATION HAS EVALUATED ITS TAX POSITIONS FOR ALL OPEN TAX YEARS. BASED ON THE EVALUATION OF THE ORGANIZATION'S TAX POSITIONS, MANAGEMENT BELIEVES ALL TAX POSITIONS TAKEN WOULD BE UPHELD UNDER AN EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED FOR THE YEAR ENDED JUNE 30, 2023.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS & STIPENDS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt1SCHOLARSHIPS & STIPENDS
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IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0SCOTT ISSEN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT & CEO
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE COMPLETED FORM 990 IS PROVIDED TO AND REVIEWED BY THE ENTIRE BOARD OF DIRECTORS BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY, ALL MEMBERS ARE REQUIRED TO SIGN ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SALARIES ARE PART OF THE BUDGETARY PROCESS AND ALL SALARIES ARE APPROVED BY THE BOARD OF DIRECTORS WHO LOOK AT COMPARATIVE SALARIES AS WELL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SALARIES ARE PART OF THE BUDGETARY PROCESS AND ALL SALARIES ARE APPROVED BY THE BOARD OF DIRECTORS WHO LOOK AT COMPARATIVE SALARIES AS WELL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalVolunteersCnt0200

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