Civic Intelligence

Bulgarian Arts and Cultural Exchange

EIN 93-3111879 • 501(c)3 • Kildeer, IL

Profile

to enrich the community through vibrant engagement and meaningful connections by celebrating and preserving the Bulgarian national heritage through diverse range of artistic and cultural initiatives. Organizing community events ( festivals, concerts, theatre plays, community gatherings, educational seminars)

21180 N Highwood RdKildeer, IL 60047

bgace.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

92nd percentile

0.90x

Higher debt load relative to assets than 92% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

0.85x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

70th percentile

15%

Higher net margin than 70% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

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

501(c)3 • <$500k nonprofits • Source year 2024

Asset Growth

Score unavailable

No value available

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

Source year 2024

Revenue Growth

Score unavailable

No value available

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

Source year 2024

Balance Sheet
Liabilities / Assets92nd percentile

Assets

$263,638

No earlier filing loaded for comparison.

Liabilities

$236,991

No earlier filing loaded for comparison.

Net Assets

$26,647

No earlier filing loaded for comparison.

Operations
Liabilities / Revenue94th percentileNet Margin70th percentile

Revenue

$279,091

No earlier filing loaded for comparison.

Expenses

$236,991

No earlier filing loaded for comparison.

Net Income

$42,100

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300K$200K$100K$0Assets 2024: $263,638Liabilities 2024: $236,991Net Assets 2024: $26,6472024

Highlighted filing

2024

Assets$263,638
Liabilities$236,991
Net Assets$26,647
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300K$200K$100K$0Revenue 2024: $279,091Expenses 2024: $236,991Net Income 2024: $42,1002024

Highlighted filing

2024

Revenue$279,091
Expenses$236,991
Net Income$42,100
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$263,638
Liabilities
$236,991
Net assets
$26,647
Revenue
$279,091
Expenses
$236,991
Net income
$42,100
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.64$2.37$0.27$2.79$2.37$0.42
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 30, 2025
Return Version
2024v5.0
Gross Receipts
$279,091
Mission and Program Overview

Mission

to enrich the community through vibrant engagement and meaningful connections by celebrating and preserving the Bulgarian national heritage through diverse range of artistic and cultural initiatives. Organizing community events ( festivals, concerts, theatre plays, community gatherings, educational seminars)

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$0$237,173▲ $237,173
Cash and Non-Interest-Bearing Accounts$13,355$26,465▲ $13,110
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0--
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$13,355$263,638▲ $250,283
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$13,355$236,991▲ $223,636
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0--
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$13,355$236,991▲ $223,636
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$26,647▲ $26,647
Net Assets Without Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$0$26,647▲ $26,647
Total Liabilities and Net Assets / Fund Balance$13,355$263,638▲ $250,283
Compensation and Service Providers
Top Officer Pay81st percentile

Board Members and Trustees

NameTitle
Ivelina AngelovPresident
Nick AngelovTreasurer and Secretary
ValentinZografov
Revenue and Support

Revenue Composition

Contributions and Grants
$279,091
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$45,100
Change in Net Assets
$42,100
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$236,991
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$0$41,250$0$41,250
Fees for Services Management-$35,978-$35,978
Travel-$30,215-$30,215
Advertising-$22,411-$22,411
Fees for Services Other-$11,670-$11,670
Fees for Services Legal-$5,915-$5,915
All Other Expenses-$975-$975
Total Functional Expenses$0$236,991$0$236,991
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Theater Event 2$30,575$30,575$16,550$14,025
Theater Event$13,870$13,870$4,850$9,020
Total Events$279,091$279,091$236,991$42,100
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
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
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, Section A, Line 2

“Certain officers and/or directors of the organization share a familial relationship. Notwithstanding this relationship, no officer, director, trustee or key employee receives any form of compensation or financial remuneration from the organization”

Form 990, Part VI, Section A, Line 8A

“yes, the organization contemporaneously documents all meetings of the governing body and each committee with authority to act on its behalf through the preparation and retention of formal meeting minutes.”

Form 990, Part VI, Section B, Line 11B

“yes. The form 990 has been provided to the officers of the organization prior to its filling”

Form 990, Part VI, Section C, Line 19

“The Organization has a written conflict of interest policy, which was formally adopted on August 25 2023”

Filing and Contact Details

Filer

Filer Name
Bulgarian Arts and Cultural Exchange
EIN
93-3111879
Phone
7084156985
Address
21180 N Highwood Rd, Kildeer, IL 60047

Signing Officer

Name
Nick Angelov
Title
treasurer and secretary
Phone
7084156985
Signed
2025-05-30

Organization Details

Principal Officer
Ivelina Angelov
Formed
2023
Legal Domicile
Il
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
20
Supplemental Narrative

Additional Explanations

Form 990, Part IV, Line 11A

“yes. a complete copy of the Form 990 has been provided to all members of the organization's governing body prior to its filling”

Form 990, Part IV, Line 12A

“Yes. The organization has a writen conflict of interest policy , which was formally adopted on August 25, 2023”

Form 990, Part IV, Line 14A

“NO. The organization does not currently have a formal written document retention and destruction policy; however, the organization is in the process of developing and adopting such a policy.”

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IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssOtherEventsAmt080543
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt0101943
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt04850
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt016550
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt08
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt02750
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent2Amt03500
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsOtherEventsAmt070895
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsTotalEventsAmt077145
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0yes. a complete copy of the Form 990 has been provided to all members of the organization's governing body prior to its filling
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Yes. The organization has a writen conflict of interest policy , which was formally adopted on August 25, 2023
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO. The organization does not currently have a formal written document retention and destruction policy; however, the organization is in the process of developing and adopting such a policy.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Certain officers and/or directors of the organization share a familial relationship. Notwithstanding this relationship, no officer, director, trustee or key employee receives any form of compensation or financial remuneration from the organization
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4yes, the organization contemporaneously documents all meetings of the governing body and each committee with authority to act on its behalf through the preparation and retention of formal meeting minutes.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5yes. The form 990 has been provided to the officers of the organization prior to its filling
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The Organization has a written conflict of interest policy, which was formally adopted on August 25 2023
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part IV, Line 11a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part IV, Line 12a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part IV, Line 14a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section A, Line 8a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IL
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt013355
IRS990/TotalAssetsEOYAmt0263638
IRS990/TotalAssetsGrp/BOYAmt013355
IRS990/TotalAssetsGrp/EOYAmt0263638
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0279091
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0236991
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0236991
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt013355
IRS990/TotalLiabilitiesEOYAmt0236991
IRS990/TotalLiabilitiesGrp/BOYAmt013355
IRS990/TotalLiabilitiesGrp/EOYAmt0236991
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt026647
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt00
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt00
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0279091
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt020
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt013355
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0263638
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt030215
IRS990/TravelGrp/TotalAmt030215
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt021180 N HIGHWOOD RD
IRS990/USAddress/CityNm0KILDEER
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060047
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0BGACE.ORG
IRS990/WhistleblowerPolicyInd00
ReasonableCauseExplanation/ExplanationTxt0The late filing of our Form 990 was due to reasonable cause and not willful neglect. Our organization relies heavily on volunteers and experienced an unexpected change in personnel responsible for financial oversight and reporting. This transition led to delays in compiling the necessary documentation and information for a complete and accurate return. As soon as we became aware of the missed deadline, we took immediate steps to rectify the situation and file the return as quickly as possible. We have now instituted improved procedures, including earlier preparation and additional oversight, to ensure all future filings are submitted on time. We respectfully request that any penalties be waived in light of these circumstances and our commitment to compliance.
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Nick Angelov
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0treasurer and secretary
ReturnHeader/BusinessOfficerGrp/PhoneNum07084156985
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BULGARIAN ARTS AND CULTURAL EXCHANGE
ReturnHeader/Filer/BusinessNameControlTxt0BULG
ReturnHeader/Filer/EIN0933111879
ReturnHeader/Filer/PhoneNum07084156985
ReturnHeader/Filer/USAddress/AddressLine1Txt021180 N Highwood Rd
ReturnHeader/Filer/USAddress/CityNm0Kildeer
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060047
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/ReturnTs02025-05-30T11:47:31-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01

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