Civic Intelligence

Emerald South Economic Development Collaborative

990 • Fiscal year 2023 • EIN 83-1478837

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 14, 2024

Organization ProfileEMERALDSOUTH.ORG

View Organization Page

4729 S Drexel BlvdChicago, IL 60615-1701

(773) 339-4956

Siviq Scores

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

Liabilities / Assets

31st percentile

0.01x

Higher debt load relative to assets than 31% of similar nonprofits.

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

Liabilities / Revenue

26th percentile

0.01x

Higher debt load relative to revenue than 26% of similar nonprofits.

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

Net Margin

72nd percentile

18%

Higher net margin than 72% of similar nonprofits.

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

Top Officer Pay

91st percentile

$219,232

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 6.8% of source-year revenue.

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

Asset Growth

64th percentile

11%

Faster asset growth than 64% of similar nonprofits.

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

Revenue Growth

10th percentile

-37%

Faster revenue growth than 10% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets31st percentile

Assets

Up

$2,986,656

Up $287,536 (+11%) from 2022

Net Assets

Up

$2,957,563

Up $375,811 (+15%) from 2022

Liabilities

Down

$29,093

Down $88,275 (-75%) from 2022

Revenue And Expenses
Liabilities / Revenue26th percentileNet Margin72nd percentile

Revenue

Down

$3,207,639

Down $1,903,913 (-37%) from 2022

Expenses

Down

$2,631,828

Down $543,312 (-17%) from 2022

Net Income

Down

$575,811

Down $1,360,601 (-70%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth64th 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

2023

Assets$2,986,656
Liabilities$29,093
Net Assets$2,957,563
Open 2023 Filing

Operations Trend

Revenue Growth10th 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

2023

Revenue$3,207,639
Expenses$2,631,828
Net Income$575,811
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 14, 2024
Return Version
2023v5.1
Gross Receipts
$3,207,639
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$1,940,121$2,837,281▲ $897,160
Accounts Receivable$758,999$149,375▼ $609,624
Total Assets$2,699,120$2,986,656▲ $287,536
Liabilities
Accounts Payable and Accrued Expenses$117,368$29,093▼ $88,275
Total Liabilities$117,368$29,093▼ $88,275
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,508,321$2,590,171▲ $1,081,850
Net Assets Without Donor Restrictions$1,073,431$367,392▼ $706,039
Total Net Assets Fund Balance$2,581,752$2,957,563▲ $375,811
Total Liabilities and Net Assets / Fund Balance$2,699,120$2,986,656▲ $287,536
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Ghian FormanPresident CEOFT$219,232$219,232

Board Members and Trustees

NameTitle
Michael StrautmanisChair
Joel HamernickEx Co-chair
-Director
Calvin HolmesDirector
Charise WilliamsDirector
Charles YoungDirector
Cory L ThamesDirector
Dawveed ScullyDirector
Donald McgruderDirector
Hubert O ThompsonDirector
Jacky GrimshawDirector
Kimberly LewisDirector
Liz GardnerDirector
Marc B BrooksDirector
Phaedra LeslieDirector
Rev Jessee Knox IiiDirector
Shayne EvansDirector
Stephanie GreenDirector
Susan SherDirector
Father Richard TolliverTreasurer and Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Urban AC LLCProgram Consulting Services52 West 120th Street Suite 4, New York, NY 10027$411,915
Revenue and Support

Revenue Composition

Contributions and Grants
$3,184,671
Program Service Revenue
$5,000
Investment Income
$15,181
Other Revenue
$2,787
All Other Contributions
$697,000
Change in Net Assets
$575,811

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,207,639
Total Revenue per Audited Statements
$3,207,639
Total Revenue per Form 990
$3,207,639
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,011,904
Salaries, Compensation, and Employee Benefits$619,924
Total Fundraising Expense$2,050
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$1,803,647$99,918$2,050$1,905,615
Comp Disqual Persons$232,251$17,679-$249,930
Current Officers, Directors, Trustees, and Key Employees$203,724$15,508-$219,232
Other Employee Benefits$82,749$20,688-$103,437
Fees for Services Accounting-$33,750-$33,750
Payroll Taxes$25,487$7,189-$32,676
Travel$1,004$21,953-$22,957
Other Expenses$610$14,526-$15,136
Pension Plan Contributions-$14,649-$14,649
Information Technology-$4,131-$4,131
Conferences and Meetings-$2,640-$2,640
Fees for Services Management-$1,450-$1,450
Total Functional Expenses$2,375,697$254,081$2,050$2,631,828

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,631,828
Total Expenses per Audited Statements$2,631,828
Total Expenses per Form 990$2,631,828
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
7733394956
Address
4729 S DREXEL BLVD, CHICAGO, IL 60615-1701

Signing Officer

Name
Ghian Foreman
Title
President and CEO
Phone
7733394956
Signed
2024-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ghian Foreman
Formed
2018
Legal Domicile
Il
Voting Board Members
21
Independent Board Members
20
Employees
5

Preparer

Firm
Evolve Accounting & Business Services Inc
Address
301 N WHITE STREET STE B, FRANKFORT, IL 60423
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 2020 and thereafter remain subject to examination by the internal revenue service.”

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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,986,656
Liabilities
$29,093
Net assets
$2,957,563
Revenue
$3,207,639
Expenses
$2,631,828
Net income
$575,811
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