Civic Intelligence

Wheaton Academy Foundation

990 • Fiscal year 2023 • EIN 46-0944215

Aug 01, 2022 to Jul 31, 2023 • Filed on Jun 13, 2024

900 Prince Crossing RoadWest Chicago, IL 60185

(630) 562-7500

Siviq Scores

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

Liabilities / Assets

17th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

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

Liabilities / Revenue

17th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

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

Net Margin

96th percentile

74%

Higher net margin than 96% of similar nonprofits.

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

Top Officer Pay

91st percentile

$218,714

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 27.4% of source-year revenue.

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

Asset Growth

73rd percentile

17%

Faster asset growth than 73% of similar nonprofits.

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

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2022 to 2023

Assets

Up

$4,065,204

Up $821,725 (+25%) from 2020

Net Assets

Up

$4,065,204

Up $888,557 (+28%) from 2020

Liabilities

Down

$0

Down $66,832 (-100%) from 2020

Revenue

Up

$798,167

Up $619,156 (+346%) from 2020

Expenses

Up

$207,131

Up $112,853 (+120%) from 2020

Net Income

Up

$591,036

Up $506,303 (+598%) from 2020

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2014: $2,043,430Liabilities 2014: $53,010Net Assets 2014: $1,990,4202014Assets 2015: $2,079,661Liabilities 2015: $4,901Net Assets 2015: $2,074,7602015Assets 2016: $2,037,254Liabilities 2016: $0Net Assets 2016: $2,037,2542016Assets 2017: $2,244,745Liabilities 2017: $0Net Assets 2017: $2,244,7452017Assets 2018: $2,400,427Liabilities 2018: $0Net Assets 2018: $2,400,4272018Assets 2019: $2,925,756Liabilities 2019: $0Net Assets 2019: $2,925,7562019Assets 2020: $3,243,479Liabilities 2020: $66,832Net Assets 2020: $3,176,6472020Assets 2023: $4,065,204Liabilities 2023: $0Net Assets 2023: $4,065,2042023Assets 2024: $4,464,551Liabilities 2024: $66,015Net Assets 2024: $4,398,5362024

Highlighted filing

2023

Assets$4,065,204
Liabilities$0
Net Assets$4,065,204

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2014: $96,152Expenses 2014: $60,880Net Income 2014: $35,2722014Revenue 2015: $106,282Expenses 2015: $83,157Net Income 2015: $23,1252015Revenue 2016: $77,441Expenses 2016: $77,994Net Income 2016: -$5532016Revenue 2017: $76,209Expenses 2017: $90,574Net Income 2017: -$14,3652017Revenue 2018: $101,305Expenses 2018: $89,788Net Income 2018: $11,5172018Revenue 2019: $116,114Expenses 2019: $88,340Net Income 2019: $27,7742019Revenue 2020: $179,011Expenses 2020: $94,278Net Income 2020: $84,7332020Revenue 2023: $798,167Expenses 2023: $207,131Net Income 2023: $591,0362023Revenue 2024: $554,939Expenses 2024: $221,607Net Income 2024: $333,3322024

Highlighted filing

2023

Revenue$798,167
Expenses$207,131
Net Income$591,036
Jump To
Filing Snapshot
Filing Period
Aug 1, 2022 to Jul 31, 2023
Signed
Jun 13, 2024
Return Version
2022v5.0
Gross Receipts
$3,548,833
Mission and Program Overview

Mission

To hold and manage endowment investments to provide ongoing support to Wheaton Academy's mission and programs.

To provide ongoing support to Wheaton Academy's mission and programs

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,989,527$3,557,668▲ $568,141
Pledges and Grants Receivable$479,845$497,244▲ $17,399
Cash and Non-Interest-Bearing Accounts$4,796$4,796→ $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-
Loans From Officers Directors-$0-
Total Assets$3,474,168$4,065,204▲ $591,036
Other Assets Total$0$5,496▲ $5,496
Liabilities
Other Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,389,741$4,065,204▲ $675,463
Net Assets Without Donor Restrictions$84,427$0▼ $84,427
Total Net Assets Fund Balance$3,474,168$4,065,204▲ $591,036
Total Liabilities and Net Assets / Fund Balance$3,474,168$4,065,204▲ $591,036

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$2,994,323$493,885▲ $227,442-$3,567,961
2022$3,507,617$64,750▼ $493,425-$2,994,323
2021$2,723,178$261,200▲ $624,462$11,397$3,507,617
2020$2,489,535$108,738▲ $209,432$9,308$2,723,178
2019$2,395,493$51,550▲ $132,791$14,723$2,489,535
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
-Executive Director WAFPT$100,117$100,117

Board Members and Trustees

NameTitle
-Chairman
-Vice Chairman
-Director
-COO / CFO
-Secretary
-Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$570,725
Program Service Revenue
$0
Investment Income
$227,442
Other Revenue
$0
All Other Contributions
$511,282
Change in Net Assets
$591,036

Audited Revenue Reconciliation

Revenue per Audited Statements
$798,167
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$798,167
Total Revenue per Form 990
$798,167
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$147,690
Other Expenses$59,441
Total Fundraising Expense$59,441
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$147,690--$147,690
Fees for Services Other$0$0$44,222$44,222
Office Expenses--$7,368$7,368
Fees for Services Legal--$5,176$5,176
Other Expenses--$2,675$2,675
Total Functional Expenses$147,690$0$59,441$207,131

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$207,131
Total Expenses per Audited Statements$207,131
Total Expenses per Form 990$207,131
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Wheaton AcademyWest Chicago, IL501(c)(3)Scholarships$147,690
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
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-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 15

The organization does not compensate any officers or key employees. Therefore, these lines were answered "no" in accordance with the instructions.

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

The Executive Committee, consisting of the Officers of the Corporation and the Head of School of Wheaton Academy, will act for the Board of Directors in the day to day management of this Corporation in the absence of action by the Board, where legally permissible. The Chairperson of the Corporation shall serve as the Chairperson of the Executive Committee.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

If the Board of Directors endorse any or all of the candidates so tendered, the Secretary of the Board of Directors shall tender the names and qualification of the candidates so endorsed to the Board of Trustees of Wheaton Academy not later than the regularly scheduled June meeting of the Board of Trustees of Wheaton Academy for a vote to be elected or not elected as Directors of this Corporation.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

A Director may be removed with or without cause by the Board of Trustees of Wheaton Academy at any time. The power to alter, amend, or repeal these Bylaws, or to adopt new Bylaws, is vested in the Board of Directors subject to the approval of the Board of Trustees of Wheaton Academy.

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

Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.

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

The organization requires all officers and board members to annually complete and sign a conflict of interest questionnaire. The Executive Director is responsible for reviewing the signed statements and ensuring that interested persons are in compliance with the conflict of interest policy. The Chairman reviews the Executive Director's conflict of interest statement. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.

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

The governing documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Wheaton Academy Foundation
EIN
46-0944215
Phone
6305627500
Address
900 Prince Crossing Road, West Chicago, IL 60185

Signing Officer

Name
Eugene Frost
Title
Executive Director of WAF
Phone
6305627500
Signed
2024-06-13
Discuss with paid preparer
Yes

Organization Details

Formed
2012
Legal Domicile
Il
Voting Board Members
14
Independent Board Members
12
Employees
0
Volunteers
12

Preparer

Firm
Capin Crouse LLP
Address
55 Shuman Blvd Suite 300, Naperville, IL 60563
Preparer
Luke Burnett
Phone
5055022746
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G Other Fees

Other professional fees - Total Expense: 44222, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: 44222;

Financial Statement Notes

Schedule D, Part V, Line 4 Intended uses of endowment funds

The Foundation holds this endowment to support a related organization, Wheaton Academy. The endowment consists of 19 funds establish for a variety of purposes, the first of those being scholarships. The endowment funds also cover targeted operating expenses in order to maintain the facilities, as well as the quality of education provided.

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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Wheaton Academy
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Foundation holds this endowment to support a related organization, Wheaton Academy. The endowment consists of 19 funds establish for a variety of purposes, the first of those being scholarships. The endowment funds also cover targeted operating expenses in order to maintain the facilities, as well as the quality of education provided.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part V, Line 4 Intended uses of endowment funds
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IRS990ScheduleI/RecipientTable/CashGrantAmt0147690
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Scholarships
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Wheaton Academy
IRS990ScheduleI/RecipientTable/RecipientEIN0362388793
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0900 Prince Crossing
IRS990ScheduleI/RecipientTable/USAddress/CityNm0West Chicago
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0IL
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd060185
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The organization provides grants to Wheaton Academy, a related organization. The Wheaton Academy Foundation board monitors the gifts and balances of the Foundation funds and determines the amount to grant to Wheaton Academy. There is overlap between Wheaton Academy personnel and the Foundation.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds.
IRS990ScheduleI/Total501c3OrgCnt01

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