Civic Intelligence

Emerald South Economic Development Collaborative

990 • Fiscal year 2022 • EIN 83-1478837

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileEMERALDSOUTH.ORG

View Organization Page

4729 S Drexel BlvdChicago, IL 60615-1701

(773) 436-1000

Siviq Scores

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

Liabilities / Assets

34th percentile

0.04x

Higher debt load relative to assets than 34% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

17th percentile

0.02x

Higher debt load relative to revenue than 17% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

84th percentile

38%

Higher net margin than 84% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

96th percentile

125%

Faster asset growth than 96% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

94th percentile

125%

Faster revenue growth than 94% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets34th percentile

Assets

Up

$2,699,120

Up $1,500,356 (+125%) from 2021

Net Assets

Up

$2,581,752

Up $1,936,412 (+300%) from 2021

Liabilities

Down

$117,368

Down $436,056 (-79%) from 2021

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin84th percentile

Revenue

Up

$5,111,552

Up $2,839,303 (+125%) from 2021

Expenses

Up

$3,175,140

Up $897,226 (+39%) from 2021

Net Income

Up

$1,936,412

Up $1,942,077 (+34282%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth96th percentile

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

$3.0M$2.0M$1.0M$0Assets 2018: $332,106Liabilities 2018: $0Net Assets 2018: $332,1062018Assets 2019: $767,994Liabilities 2019: $117,270Net Assets 2019: $650,7242019Assets 2020: $677,262Liabilities 2020: $7,000Net Assets 2020: $670,2622020Assets 2021: $1,198,764Liabilities 2021: $553,424Net Assets 2021: $645,3402021Assets 2022: $2,699,120Liabilities 2022: $117,368Net Assets 2022: $2,581,7522022Assets 2023: $2,986,656Liabilities 2023: $29,093Net Assets 2023: $2,957,5632023Assets 2024: $1,008,737Liabilities 2024: $32,807Net Assets 2024: $975,9302024

Highlighted filing

2022

Assets$2,699,120
Liabilities$117,368
Net Assets$2,581,752
Open 2022 Filing

Operations Trend

Revenue Growth94th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2018: $350,106Expenses 2018: $18,000Net Income 2018: $332,1062018Revenue 2019: $675,077Expenses 2019: $356,459Net Income 2019: $318,6182019Revenue 2020: $790,033Expenses 2020: $807,302Net Income 2020: -$17,2692020Revenue 2021: $2,272,249Expenses 2021: $2,277,914Net Income 2021: -$5,6652021Revenue 2022: $5,111,552Expenses 2022: $3,175,140Net Income 2022: $1,936,4122022Revenue 2023: $3,207,639Expenses 2023: $2,631,828Net Income 2023: $575,8112023Revenue 2024: $814,915Expenses 2024: $2,610,753Net Income 2024: -$1,795,8382024

Highlighted filing

2022

Revenue$5,111,552
Expenses$3,175,140
Net Income$1,936,412
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$5,111,552
Mission and Program Overview

Mission

TO ENSURE THAT ACCESS AND OPPORTUNITIES ARE SHARED TO BENEFIT RESIDENTs AND BUSINESS OWNERS OF CHICAGOS SOUTHSIDE. WE AIM TO FOSTER GROWTH OF LOCAL BUSINESSES AND LEADERS, ATTRACT NEW INVESTMENT, DEVELOP OUR LOCAL LABOR WORKFORCE AND SUPPORT INCLUSIVE HOUSING

TO ENSURE THAT ACCESS AND OPPORTUNITIES ARE SHARED TO BENEFIT RESIDENTs AND BUSINESS OWNERS OF CHICAGOS SOUTHSIDE. AIM TO FOSTER GROWTH, ATTRACT NEW INVESTMENT, DEVELOP OUR LOCAL WORKFORCE AND SUPPORT INCLUSIVE HOUSING.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$426,205$1,940,121▲ $1,513,916
Accounts Receivable$772,559$758,999▼ $13,560
Total Assets$1,198,764$2,699,120▲ $1,500,356
Liabilities
Accounts Payable and Accrued Expenses$553,424$117,368▼ $436,056
Total Liabilities$553,424$117,368▼ $436,056
Net Assets / Fund Balance
Net Assets With Donor Restrictions$318,358$1,508,321▲ $1,189,963
Net Assets Without Donor Restrictions$326,982$1,073,431▲ $746,449
Total Net Assets Fund Balance$645,340$2,581,752▲ $1,936,412
Total Liabilities and Net Assets / Fund Balance$1,198,764$2,699,120▲ $1,500,356
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Joel HamernickCo-chair
Michael StrautmanisCo-chair
Ghian FormanPresident CEO
Alice McleanDirector
Calvin HolmesDirector
Charise WilliamsDirector
Charles YoungDirector
Cory L ThamesDirector
Dawveed ScullyDirector
Demetri AlexakosDirector
Donald McgruderDirector
Elizabeth GardnerDirector
Hubert O ThompsonDirector
Jacky GrimshawDirector
Kimberly LewisDirector
Marc B BrooksDirector
Phaedra LeslieDirector
Rev Jessee Knox IiiDirector
Rev Torrey BarrettDirector
Shayne EvansDirector
Stephanie GreenDirector
Susan SherDirector
Marcheta PopeExecutive Assistant
Father Richard TolliverTreas/secty
Revenue and Support

Revenue Composition

Contributions and Grants
$5,111,552
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$3,181,730
Change in Net Assets
$1,936,412

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,111,552
Total Revenue per Audited Statements
$5,111,552
Total Revenue per Form 990
$5,111,552
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,709,170
Salaries, Compensation, and Employee Benefits$465,970
Total Fundraising Expense$21,329
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$2,509,525$5,513$284$2,515,322
Comp Disqual Persons$279,910$69,977$19,733$369,620
Fees for Services Management-$72,817-$72,817
Other Employee Benefits$54,857$13,715-$68,572
Fees for Services Accounting-$32,900-$32,900
Other Expenses$25,500$2,363-$25,500
Payroll Taxes$19,146$4,788$1,312$25,246
All Other Expenses-$19,057-$19,057
Information Technology-$7,282-$7,282
Travel-$7,019-$7,019
Pension Plan Contributions-$2,532-$2,532
Fees for Services Legal-$1,261-$1,261
Conferences and Meetings-$820-$820
Total Functional Expenses$2,913,085$240,726$21,329$3,175,140

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,175,140
Total Expenses per Audited Statements$3,175,140
Total Expenses per Form 990$3,175,140
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
Federal income taxes-
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Line 11B

“The form 990 is reviewed by members at the board meeting”

Form 990, Part VI, Line 19

“Documents are available at organiztions office for review upon written request. Also available on the irs.gov website”

Filing and Contact Details

Filer

Filer Name
Emerald South Economic Development Colloborative
EIN
83-1478837
In Care Of
% GHIAN FOREMAN
Phone
7734361000
Address
4729 S DREXEL BLVD, CHICAGO, IL 60615-1701

Signing Officer

Name
Ghian Foreman
Title
President and CEO
Phone
7734361000
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ghian Foreman
Formed
2018
Legal Domicile
Il
Voting Board Members
23
Independent Board Members
22
Employees
3

Preparer

Firm
Evolve Accounting & Business Services Inc
Address
4256 ARLINGTON HEIGHTS RD STE 104, ARLINGTON HEIGHTS, IL 60004
Preparer
Michael R Sieczkowski
Phone
8477491851
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“PROGRAM CONSULTING FEES”

Financial Statement Notes

X 2

“The organization is exempt from federal and state income taxes under section 501c3 of the internal revenue code and is not considered to be a private foundation. It is also required to recognize or de-recognize in its financial statements positions taken or expected to be taken in a tax return on a more likely than not threshold. The organization does not believe its financial statements include any uncertain tax positions. The organizations income tax filings for the years 2019 and thereafter remain subject to examination by the internal revenue service.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,699,120
Liabilities
$117,368
Net assets
$2,581,752
Revenue
$5,111,552
Expenses
$3,175,140
Net income
$1,936,412
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.01$0.03$0.98$0.81$2.61$1.80
2023Detailed filing. Detailed filing data is available for this year.$2.99$0.03$2.96$3.21$2.63$0.58
2022Detailed filing. Detailed filing data is available for this year.$2.70$0.12$2.58$5.11$3.18$1.94
2021Detailed filing. Detailed filing data is available for this year.$1.20$0.55$0.65$2.27$2.28$0.01
2020Summary only. Only limited summary data is available for this year.$0.68$0.01$0.67$0.79$0.81$0.02
2019Summary only. Only limited summary data is available for this year.$0.77$0.12$0.65$0.68$0.36$0.32
2018Summary only. Only limited summary data is available for this year.$0.33$0.00$0.33$0.35$0.02$0.33