Civic Intelligence

Reader Institute for Community Journalism Inc.

990 • Fiscal year 2020 • EIN 84-3670420

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

Organization ProfileWWW.CHICAGOREADER.COM
2930 S Michigan Ave Ste 102Chicago, IL 60616

(312) 392-2970

Siviq Scores

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

Liabilities / Assets

55th percentile

0.00x

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

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

55th percentile

0.00x

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

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Net Margin

92nd percentile

60%

Higher net margin than 92% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Top Officer Pay

98th percentile

$112,117

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 38.5% of source-year revenue.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

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

Source year 2020

Revenue Growth

Score unavailable

No value available

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

Source year 2020

Balance Sheet
Liabilities / Assets55th percentile

Assets

$174,189

No earlier filing loaded for comparison.

Net Assets

$174,189

No earlier filing loaded for comparison.

Liabilities

$0

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue55th percentileNet Margin92nd percentile

Revenue

$290,964

No earlier filing loaded for comparison.

Expenses

$116,775

No earlier filing loaded for comparison.

Net Income

$174,189

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.

$1.5M$1.0M$500K$0-$500KAssets 2020: $174,189Liabilities 2020: $0Net Assets 2020: $174,1892020Assets 2021: $419,159Liabilities 2021: $28,117Net Assets 2021: $391,0422021Assets 2022: $578,290Liabilities 2022: $235,638Net Assets 2022: $342,6522022Assets 2023: $580,510Liabilities 2023: $635,463Net Assets 2023: -$54,9532023Assets 2024: $897,886Liabilities 2024: $1,175,155Net Assets 2024: -$277,2692024

Highlighted filing

2020

Assets$174,189
Liabilities$0
Net Assets$174,189
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2020: $290,964Expenses 2020: $116,775Net Income 2020: $174,1892020Revenue 2021: $1,079,427Expenses 2021: $859,724Net Income 2021: $219,7032021Revenue 2022: $2,731,613Expenses 2022: $2,780,003Net Income 2022: -$48,3902022Revenue 2023: $3,360,024Expenses 2023: $3,757,629Net Income 2023: -$397,6052023Revenue 2024: $4,404,040Expenses 2024: $4,626,356Net Income 2024: -$222,3162024

Highlighted filing

2020

Revenue$290,964
Expenses$116,775
Net Income$174,189
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.0
Gross Receipts
$290,964
Mission and Program Overview

Mission

The corporation is organized to operate exclusively for charitable, educational, research and literary purposes including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the internal revenue code or the corresponding section of any future federal tax code, and, more specifically: (i) to conduct research, including investigative journalism and analysis of public policy issues, and to publish the results of said research, (ii) to promote community engagement with current events, the arts and literature by gathering and publishing information on such topics and related events, as a public service to the local community, (iii) to organize and promote community events and programming related to the foregoing purposes and (iv) any purpose permitted to be exempt from taxation under sections 501(c) of the united states internal revenue code or the corresponding section of any future federal tax code.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$160,858-
Total Assets$0$174,189▲ $174,189
Other Assets Total-$13,331-
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$174,189-
Total Net Assets Fund Balance$0$174,189▲ $174,189
Total Liabilities and Net Assets / Fund Balance$0$174,189▲ $174,189

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$13,331--
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Tracy BaimPresidentPT$112,117$112,117

Board Members and Trustees

NameTitle
Eileen RhodesBoard Chair
Alison CuddyDirector
Carol BellDirector
Dorothy LeavellDirector
Kim HuntDirector
Sladjana VuckovicDirector
Vanessa FernandezDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$290,964
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$290,964
Change in Net Assets
$174,189
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$67,790
Salaries, Compensation, and Employee Benefits$48,985
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$30,908--$30,908
Other Employee Benefits$18,077--$18,077
Fees for Services Legal-$8,184-$8,184
Information Technology$7,643--$7,643
Insurance-$6,445-$6,445
Office Expenses$4,500--$4,500
Other Expenses$2,120--$2,120
Fees for Services Accounting-$1,000-$1,000
Total Functional Expenses$101,146$15,629$0$116,775
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
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
No
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 2

“Chicago reader l3c east lake mgt grp, inc. Partner president east lake co-owns reader l3c east lake mgt grp, inc. East lake mgt grp, inc. President executive rhodes is bell's superior”

Form 990, Page 6, Part VI, Line 11B

“Draft of form 990 electronically circulated among board members by ceo prior to filing.”

Form 990, Page 6, Part VI, Line 19

“AVAILABLE UPON REQUEST.”

Form 990, Page 7, Part VII

“CHICAGO READER L3C”

Filing and Contact Details

Filer

Filer Name
Reader Institute for Community
EIN
84-3670420
Address
2930 S MICHIGAN AVE STE 102, CHICAGO, IL 60616
Doing Business As
Chicago Reader

Signing Officer

Name
Tracy Baim
Title
President
Phone
3123922970
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tracy Baim
Formed
2019
Legal Domicile
Il
Voting Board Members
7
Independent Board Members
4
Employees
0
Volunteers
8

Preparer

Firm
Achille Benko & Duvall Cpas
Address
1400 RENAISSANCE DR SUITE 404, PARK RIDGE, IL 60068-1329
Preparer
Thomas J Duvall CPA
Phone
8472577330
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The corporation is organized to operate exclusively for charitable, educational, research and literary purposes including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the internal revenue code or the corresponding section of any future federal tax code, and, more specifically: (i) to conduct research, including investigative journalism and analysis of public policy issues, and to publish the results of said research, (ii) to promote community engagement with current events, the arts and literature by gathering and publishing information on such topics and related events, as a public service to the local community, (iii) to organize and promote community events and programming related to the foregoing purposes and (iv) any purpose permitted to be exempt from taxation under sections 501(c) of the united states internal revenue code or the corresponding section of any future federal tax code.”

Form 990, Page 1, Part I, Line 6

“For 2020, entire board and executive leadership served pro bono.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS ORGANIZED TO OPERATE EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL, RESEARCH AND LITERARY PURPOSES INCLUDING, FOR SUCH PURPOSES, THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OR THE CORRESPONDING SECTION OF ANY FUTURE FEDERAL TAX CODE, AND, MORE SPECIFICALLY: (I) TO CONDUCT RESEARCH, INCLUDING INVESTIGATIVE JOURNALISM AND ANALYSIS OF PUBLIC POLICY ISSUES, AND TO PUBLISH THE RESULTS OF SAID RESEARCH, (II) TO PROMOTE COMMUNITY ENGAGEMENT WITH CURRENT EVENTS, THE ARTS AND LITERATURE BY GATHERING AND PUBLISHING INFORMATION ON SUCH TOPICS AND RELATED EVENTS, AS A PUBLIC SERVICE TO THE LOCAL COMMUNITY, (III) TO ORGANIZE AND PROMOTE COMMUNITY EVENTS AND PROGRAMMING RELATED TO THE FOREGOING PURPOSES AND (IV) ANY PURPOSE PERMITTED TO BE EXEMPT FROM TAXATION UNDER SECTIONS 501(C) OF THE UNITED STATES INTERNAL REVENUE CODE OR THE CORRESPONDING SECTION OF ANY FUTURE FEDERAL TAX CODE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FOR 2020, ENTIRE BOARD AND EXECUTIVE LEADERSHIP SERVED PRO BONO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CHICAGO READER L3C EAST LAKE MGT GRP, INC. PARTNER PRESIDENT EAST LAKE CO-OWNS READER L3C EAST LAKE MGT GRP, INC. EAST LAKE MGT GRP, INC. PRESIDENT EXECUTIVE RHODES IS BELL'S SUPERIOR
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DRAFT OF FORM 990 ELECTRONICALLY CIRCULATED AMONG BOARD MEMBERS BY CEO PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CHICAGO READER L3C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 7, PART VII
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IRS990ScheduleR/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION'S PREDECESSOR ENTITY IS AN ILLINOIS LIMITED PROFIT LIMITED LIABILITY COMPANY ("L3C") NAMED CHICAGO READER L3C. ORGANIZATION APPLIED FOR 501(C)(3) STATUS WITH IRS ON FEBRUARY 3, 2020. AND 501(C)(3) STATUS WAS GRANTED ON AUGUST 24, 2020. THE INTENTION (AS STATED IN THE ORGANIZATION'S FORM 1023 APPLICATION FOR 501(C)(3) STATUS) WAS FOR THE ORGANIZATION TO COMPLETE AN ACQUISITION TRANSACTION WHEREIN THE NEWSPAPER PUBLISHING ASSETS OF THE CHICAGO READER WOULD BE PURCHASED AT NET BOOK VALUE BY THE ORGANIZATION FROM CHICAGO READER L3C AND THEN CHICAGO READER L3C WOULD BE DISSOLVED AND THE ORGANIZATION WOULD CONTINUE AS THE 501(C)(3) PUBLISHER OF THE CHICAGO READER. HOWEVER THE ONSET OF THE COVID-19 PANDEMIC REQUIRED THAT THE ACQUISITION TRANSACTION BE POSTPONED WHILE CHICAGO READER L3C DEALT WITH THE PANDEMIC'S IMPACTS ON THE NEWSPAPER, INCLUDING DEALING WITH THE NEGATIVE IMPACT ON THE NEWSPAPER'S CIRCULATION AND STAFFING, AS WELL AS DEALING WITH THE SBA AND BANKS REGARDING PPP LOANS THAT WERE REQUIRED FOR SURVIVAL OF THE NEWSPAPER. DURING THAT TIME IN 2020, THE ORGANIZATION GARNERED SOME LIMITED CONTRIBUTIONS INTENDED TO SUPPORT THE NEWSPAPER. A PORTION OF THOSE CONTRIBUTIONS (95,222) WERE PROVIDED TO CHICAGO READER L3C AS REIMBURSEMENT FOR CERTAIN PUBLISHING COSTS IN NOVEMBER AND DECEMBER OF 2020 AND ACCOUNTED FOR IN THIS 2020 FORM 990 ON THE ORGANIZATION'S STATEMENT OF FUNCTIONAL EXPENSES (PART IX). THIS PRACTICE HAS CONTINUED IN 2021 -- AND WILL BE ACCOUNTED FOR IN THE SAME WAY IN THE ORGANIZATION'S 2021 FORM 990 -- WITH THE EXPECTATION THAT THE ORIGINALLY ENVISIONED TRANSACTION TO MOVE THE NEWSPAPER PUBLISHING INTO THE ORGANIZATION WILL BE CONSUMMATED IN LATE 2021.
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0TRANSACTION REGISTER
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IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0290964
IRS990/TotalEmployeeCnt00
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt015629
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0101146
IRS990/TotalFunctionalExpensesGrp/TotalAmt0116775
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0174189
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0290964
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0174189
IRS990/TotReportableCompRltdOrgAmt0112117
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0CHICAGO
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IRS990/WebsiteAddressTxt0WWW.CHICAGOREADER.COM
IRS990/WhistleblowerPolicyInd0false
IRS990/WrittenPolicyOrProcedureInd0true
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0TRACY BAIM
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03123922970
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0READER INSTITUTE FOR COMMUNITY
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0JOURNALISM INC
ReturnHeader/Filer/BusinessNameControlTxt0READ
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ACHILLE BENKO & DUVALL CPAS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01400 RENAISSANCE DR SUITE 404
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PARK RIDGE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0600681329
ReturnHeader/PreparerPersonGrp/PhoneNum08472577330
ReturnHeader/PreparerPersonGrp/PreparationDt02021-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0THOMAS J DUVALL CPA
ReturnHeader/ReturnTs02021-11-17T10:52:08-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0TRACY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0BAIM
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$174,189
Liabilities
$0
Net assets
$174,189
Revenue
$290,964
Expenses
$116,775
Net income
$174,189
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.90$1.18$0.28$4.40$4.63$0.22
2023Detailed filing. Detailed filing data is available for this year.$0.58$0.64$0.05$3.36$3.76$0.40
2022Detailed filing. Detailed filing data is available for this year.$0.58$0.24$0.34$2.73$2.78$0.05
2021Detailed filing. Detailed filing data is available for this year.$0.42$0.03$0.39$1.08$0.86$0.22
2020Detailed filing. Detailed filing data is available for this year.$0.17$0.00$0.17$0.29$0.12$0.17