2023-05-15T17:20:09-05:00 2022-06-30 941254756 HOOD & STRONG LLP 60 SO MARKET ST STE 200 SAN JOSE CA 95113 990 2021-07-01 943290699 THE BASIC FUND BASI 4159865650 475 14TH STREET 290 OAKLAND CA 94612 RACHEL ELGINSMITH CHIEF EXECUTIVE OFFICER 4159865650 2023-05-15 1 RACHEL ELGINSMITH 999009999 MAGA E KISRIEV P01008919 4089988400 2023-05-15 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z RACHEL ELGINSMITH 475 14TH STREET 290 OAKLAND CA 94612 107399588 0 X WWW.BASICFUND.ORG X 1997 CA TO ENHANCE EQUITY BY PROVIDING SCHOLARSHIPS TO LOW INCOME FAMILIES. 28 28 13 27 0 0 9432921 9372132 0 0 204861 49841 0 0 9637782 9421973 7662969 8011902 0 0 1026936 1128660 11760 0 499655 364494 416179 9066159 9556741 571623 -134768 23987500 23502708 267341 107485 23720159 23395223 THE BASIC FUND IS A PRIVATELY FUNDED PROGRAM WHOSE MISSION IS TO ADVANCE EDUCATIONAL EQUITY FOR LOW-INCOME FAMILIES BY HELPING OFFSET THE COST OF TUITION AT PRIVATE SCHOOLS IN THE BAY AREA. 0 0 8844285 8011902 0 THE BASIC FUND (THE FUND) IS A PRIVATELY FUNDED PROGRAM DEDICATED TO BROADENING THE EDUCATIONAL EQUITY BY HELPING LOW-INCOME FAMILIES IN ALAMEDA, CONTRA COSTA, MARIN, NAPA, SAN FRANCISCO, SAN MATEO, SANTA CLARA, SOLANO, AND SONOMA COUNTIES AFFORD THE COST OF TUITION AT PRIVATE OR PAROCHIAL SCHOOLS OF THEIR CHOICE. THE SCHOLARSHIPS ARE OFFERED TO STUDENTS IN PRE-KINDERGARTEN THROUGH EIGHTH GRADE. 8844285 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 10 0 1 13 1 0 0 0 0 0 0 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA X RACHEL ELGINSMITH 4159865650 475 14TH STREET 290 OAKLAND CA 94612 JAMES H HERBERT II CHAIRMAN 1.00 X X 0 0 0 BRIAN GRIGGS PRESIDENT 1.00 X X 0 0 0 STEVEN S KLEIN VICE PRESIDENT 1.00 X X 0 0 0 JOHN COUCH VICE PRESIDENT 1.00 X X 0 0 0 JEREMY PETERS TREASURER 1.00 X X 0 0 0 RICHARD C BARKER DIRECTOR 1.00 X 0 0 0 ROBERT G BARRETT DIRECTOR 1.00 X 0 0 0 CRYSTAL BRYANT DIRECTOR 1.00 X 0 0 0 RICHARD CHOW DIRECTOR 1.00 X 0 0 0 KENNETH T DERR DIRECTOR 1.00 X 0 0 0 JEFFREY G EDWARDS DIRECTOR 1.00 X 0 0 0 JONO GRAYSON DIRECTOR 1.00 X 0 0 0 EDWARD JAMIESON DIRECTOR 1.00 X 0 0 0 RUPERT JOHNSON JR DIRECTOR 1.00 X 0 0 0 JOHN E KERRIGAN JR DIRECTOR 1.00 X 0 0 0 THEODORE KRUTTSCHNITT DIRECTOR 1.00 X 0 0 0 RONNIE LOTT DIRECTOR 1.00 X 0 0 0 MARISSA MAR DIRECTOR 1.00 X 0 0 0 MICHAEL MCCARTHY DIRECTOR 1.00 X 0 0 0 EDWARD MCDERMOTT DIRECTOR 1.00 X 0 0 0 SONYA MUGHAL DIRECTOR 1.00 X 0 0 0 TIM RANZETTA DIRECTOR 1.00 X 0 0 0 WILLIAM T RING DIRECTOR 1.00 X 0 0 0 MARTIN ROMO DIRECTOR 1.00 X 0 0 0 JANISHA SABNANI DIRECTOR 1.00 X 0 0 0 ERIC A SCHWARTZ DIRECTOR 1.00 X 0 0 0 WARREN E NED SPIEKER JR DIRECTOR 1.00 X 0 0 0 JOHN WATSON DIRECTOR 1.00 X 0 0 0 RACHEL ELGINSMITH CHIEF EXECUTIVE OFFICER 50.00 X 196760 0 0 CHRISTINE WEISS CHIEF ADV. OFFICER 50.00 X 197510 0 0 394270 0 0 2 0 1 0 0 20000 137600 9214532 333698 9372132 54842 54842 97972614 97977615 -5001 -5001 -5001 9421973 0 0 49841 8011902 8011902 415160 66420 66420 282320 571352 454759 48575 68018 72298 59065 5329 7904 69850 39229 7793 22828 20423 20423 49924 14191 30384 5349 7503 7503 81892 54868 3275 23749 24120 24120 23164 15520 927 6717 21572 14453 863 6256 119377 79982 4776 34619 6462 4330 258 1874 21162 7054 7054 7054 21539 14431 862 6246 8970 6010 359 2601 PROGRAM COSTS 2071 2071 8000 8000 9556741 8844285 212801 499655 328463 227064 3136530 1370081 1921379 2989029 38059 40162 103482 47263 65091 56219 18390832 18526117 97500 285000 9646 9036 23987500 23502708 129741 107485 137600 0 267341 107485 X 1418755 1697493 22301404 21697730 23720159 23395223 23987500 23502708 -134768 -190168 0 X 0 1 X 1 0 X 8357268 6944838 8988126 9432921 9372132 43095285 8357268 6944838 8988126 9432921 9372132 43095285 11103552 31991733 247154 409073 430762 159717 54842 1301548 44396833 0.72060 0.72290 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45728 12521 33207 33443 19131 14312 24311 15611 8700 56219 X 9224302 -190168 -190168 9414470 7503 7503 9421973 9549238 0 9549238 7503 7503 9556741 PART X, LINE 2: THE FUND IS A TAX-EXEMPT ORGANIZATION UNDER INTERNAL REVENUE SERVICE CODE SECTION 501(C)(3) AND THE CALIFORNIA TAX CODE. MANAGEMENT EVALUATED THE FUND'S TAX POSITIONS AND CONCLUDED THAT THE FUND HAD MAINTAINED ITS TAX-EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THIS GUIDANCE. 1 SCHOLARSHIPS 3618 8011902 PART I, LINE 2: THE BASIC FUND MAKES GRANTS FOR SCHOLARSHIPS FOR STUDENTS TO ATTEND PRIVATE INSTITUTIONS. THE FUND AWARDS THESE SCHOLARSHIPS TO FAMILIES WHO QUALIFY FOR ASSISTANCE ACCORDING TO THE FUND'S ELIGIBILITY REQUIREMENTS, BASED ON FEDERAL POVERTY GUIDELINES. FAMILIES SUBMIT FOR EACH STUDENT ALONG WITH FINANCIAL DOCUMENTATION FROM A GOVERNMENTAL AGENCY. EACH STUDENT MUST MEET THE ACADEMIC ADMISSIONS REQUIREMENTS OF THEIR CHOSEN SCHOOL. SCHOLARSHIP AMOUNTS ARE BASED ON A SLIDING SCALE, DETERMINED BY FINANCIAL NEED. ONCE AN APPLICANT HAS BEEN AWARDED A SCHOLARSHIP THE SCHOOL VERIFIES TO THE BASIC FUND THAT THE STUDENT HAS BEEN ACCEPTED AND IS ATTENDING THE SCHOOL. SCHOLARSHIP PAYMENTS ARE SENT DIRECTLY TO THE SCHOOLS, EITHER THROUGH PRE-APPROVED ACH PAYMENTS OR BY CHECK. THE INSTITUTIONS ARE ALL SCHOOLS KNOWN TO THE BASIC FUND, WHICH HAS LONG STANDING ARRANGEMENTS AND MULTIPLE SCHOLARSHIP RECIPIENTS AT EACH SCHOOL. THE ORGANIZATION REGULARLY VISITS ANY NEW SCHOOLS CHOSEN BY PARENTS, AS WELL AS SCHOOLS WHERE THERE IS A LARGE CONCENTRATION OF SCHOLARSHIP RECIPIENTS, AND IN ANY CASE AIM TO VISIT EACH SCHOOL AT LEAST BIANNUALLY. X X X 0 0 0 0 0 0 0 0 0 CHRISTINE WEISS CHIEF ADV. OFFICER 197510 0 0 0 0 0 0 0 0 0 197510 0 0 0 RACHEL ELGINSMITH CHIEF EXECUTIVE OFFICER 196760 0 0 0 0 0 0 0 0 0 196760 0 0 0 X 9 333698 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER REFLECTS THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT, BRIAN GRIGGS, TREASURER, MR. JEREMY PETERS, AND CHIEF EXECUTIVE OFFICER, RACHEL ELGINSMITH, REVIEWED IN DETAIL THE FORM 990. A COMPLETED COPY OF THE FORM 990 WAS PROVIDED TO THE BOARD FOR REVIEW BEFORE FILING. SUBSEQUENT TO FILING THE RETURN WITH THE INTERNAL REVENUE SERVICE, THE AUDIT COMMITTEE REVIEWED THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C PRESIDENT BRIAN GRIGGS AND CHIEF EXECUTIVE OFFICER RACHEL ELGINSMITH REGULARLY MONITOR THE ACTIVITIES OF THE ORGANIZATION AND ITS BOARD TO ENSURE THERE IS NO CONFLICT OF INTEREST. IT IS MANDATED BY POLICY, THAT ALL DIRECTORS AND OFFICERS MUST NOTIFY THE BOARD OF POTENTIAL CONFLICTS ON A NO LESS THAN ANNUAL BASIS. OUR CONFLICTS OF INTEREST POLICY (THE "POLICY") COVERS ALL DIRECTORS, OFFICERS, AND MEMBERS OF BOARD COMMITTEES WITH BOARD DELEGATED POWERS, AND FAMILY MEMBERS OF SUCH PERSONS. IN CONNECTION WITH ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST, ANY PERSON COVERED UNDER THE POLICY MUST ANNUALLY DISCLOSE THE EXISTENCE OF HIS OR HER FINANCIAL INTEREST AND ALL MATERIAL FACTS TO THE DIRECTOR(S) AND OFFICER(S) DELEGATED BY THE BOARD, CURRENTLY THE CHIEF EXECUTIVE OFFICER AND TREASURER, TO CONSIDER THE TRANSACTION OR ARRANGEMENT. SHOULD THE POTENTIAL CONFLICT WARRANT REVIEW BY THE BOARD, THE DESIGNATED OFFICER(S) ALERT THE CHAIRMAN AND OTHER BOARD COMMITTEE CHAIRS, TO CONSIDER THE TRANSACTION AND DETERMINE WHETHER THERE IS A POTENTIAL CONFLICT. AN INVESTIGATION AND SPECIAL MEETING MAY BE CALLED TO AID IN THE DETERMINATION, IF NECESSARY. A CONFLICT MUST NOT EXIST WITHIN THE ORGANIZATION AT ANY TIME. IF IT IS DETERMINED THAT A TRANSACTION WILL RESULT IN A CONFLICT OF INTEREST THE BOARD MUST TAKE STEPS TO ENSURE THAT THE CONFLICT OF INTEREST DOES NOT ARISE. SHOULD AN ALREADY EXISTING CONFLICT OF INTEREST BE BROUGHT TO THE ATTENTION OF THE BOARD, NECESSARY STEPS TO ELIMINATE THE CONFLICT MUST BE TAKEN. IF THERE IS REASONABLE CAUSE TO BELIEVE THAT AN INDIVIDUAL HAS FAILED TO DISCLOSE A POTENTIAL CONFLICT, THE BOARD SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. IN THE CASE OF A TRANSACTION THAT COULD BE CHARACTERIZED AS AN EXCESS BENEFIT TO A DIRECTOR OR VOTING OFFICER, SPECIAL PROCEDURES ("SANCTIONS") ARE UNDERTAKEN PRIOR TO SUCH A TRANSACTION. THESE SANCTIONS INCLUDE BOARD APPROVAL OF SUCH TRANSACTION, AND INVESTIGATIONS AND DATA GATHERING IS TO HAPPEN PRIOR TO SUCH A VOTE. THE VOTE OCCURS WITHOUT THE PARTICIPATION OF THE DIRECTOR OR OFFICER IN QUESTION, OR THEIR FAMILY MEMBERS. ANY APPROVED TRANSACTIONS ARE DULY RECORDED. FORM 990, PART VI, SECTION B, LINE 15A IN 2009, THE BOARD MADE UP OF INDEPENDENT MEMBERS APPROVED THE USE OF A SEARCH COMPANY TO FILL THE NEWLY CREATED EXECUTIVE DIRECTOR ROLE. THE SEARCH FIRM PROVIDED COMPARABLE COMPENSATION DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE SALARY RANGE DETERMINED FOR THE EXECUTIVE DIRECTOR POSITION AND THE DELIBERATIONS AND DECISION WERE DOCUMENTED CONTEMPORANEOUSLY. THE DOCUMENTATION INCLUDED THE LIST OF THE MEMBERS PRESENT AT THE TIME, HOW THE MEMBERS VOTED AND A DESCRIPTION FOR THE COMPARABLE DATA RELIED UPON BY THE BOARD AND HOW IT WAS OBTAINED, ETC. AS REQUIRED BY THE INTERMEDIATE SANCTIONS REGULATIONS. UNTIL 2019, THE BOARD REQUESTED A REVIEW OF MARKET CONDITIONS AND COMPENSATION DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. UPON REVIEW BY THE BOARD PRESIDENT AND CHAIRMAN, THE BOARD VOTED TO APPROVE THE TITLE OF CHIEF EXECUTIVE OFFICER AND A SALARY INCREASE TO REFLECT UPDATED RESPONSIBILITIES AND MARKET CONDITIONS FOR THE POSITION. IN JANUARY 2020, THE BOARD MADE UP OF INDEPENDENT MEMBERS APPROVED THE USE OF A SEARCH COMPANY TO FILL THE NEWLY CREATED CHIEF ADVANCEMENT OFFICER ROLE. THE SEARCH FIRM PROVIDED COMPARABLE COMPENSATION DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE SALARY RANGE DETERMINED FOR THE ADVANCEMENT DIRECTOR POSITION AND THE DELIBERATIONS AND DECISION WERE DOCUMENTED CONTEMPORANEOUSLY. THE PRESIDENT OF THE BOARD OF DIRECTORS APPROVES ALL OF THE COMPENSATION ADJUSTMENTS ON AN ANNUAL BASIS. COMPENSATION ADJUSTMENTS INCLUDE A REVIEW OF SIMILAR POSITIONS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE ON ITS WEBSITE AND UPON REQUEST FOR THE SAME PERIOD OF TIME SET FORTH IN SEC. 6104(D).