2021-10-06T15:34:50-05:00 2020-12-31 113518842 MARKS PANETH LLP 685 THIRD AVENUE NEW YORK NY 10017 990 2020-01-01 237173492 A BETTER CHANCE INC ABET 6463461310 253 W 35TH STREET 6TH FLOOR NEW YORK NY 10001 FRANCISCO TEZEN PRESIDENT & CEO 6463461310 2021-09-30 1 FRANCISCO TEZEN 999009999 MAGDALENA M CZERNIAWSKI P00535099 2125038800 2021-09-30 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z FRANCISCO TEZEN 253 W 35TH STREET 6TH FLOOR NEW YORK NY 10001 5420233 0 X WWW.ABETTERCHANCE.ORG X 1971 MA A NATIONAL, EDUCATIONAL EQUITY ORG THAT HELPS YOUNG PEOPLE OF COLOR PREPARE TO BE LEADERS. 21 20 37 100 0 0 2508425 4261300 596355 237670 579757 718046 -26294 3343 3658243 5220359 90331 21688 0 0 2595259 2398830 0 0 743995 2300658 1565303 4986248 3985821 -1328005 1234538 12684460 14248883 3273553 3327942 9410907 10920941 TO INCREASE THE NUMBER OF WELL-EDUCATED YOUNG PEOPLE OF COLOR CAPABLE OF ASSUMING RESPONSIBLE AND LEADERSHIP ROLES IN AMERICAN SOCIETY. 0 0 2818847 21688 237670 SINCE 1963, A BETTER CHANCE HAS ACCOMPLISHED ITS MISSION BY NATIONALLY RECRUITING, PLACING AND PROVIDING SUPPORT TO A COMMUNITY OF OVER 2,000 ACADEMICALLY TALENTED YOUTH OF COLOR THROUGH ITS SIGNATURE COLLEGE PREPARATORY SCHOOLS PROGRAM. IN 2020, THE ORGANIZATION LEVERAGED $18M IN SCHOLARSHIP SUPPORT WITH NEARLY 100% OF SCHOLARS ENROLLING IN COLLEGE & OVER 85% OF ALUMNI GOING ON TO EARN COLLEGE DEGREES. OUR RECORD OF SUCCESS IS EVIDENT IN THE OVER 17,000 ALUMNI WHO HAVE BECOME GREAT INNOVATORS, THINKERS AND LEADERS IN THEIR RESPECTIVE FIELDS. 2818847 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 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 23 0 1 37 1 0 0 0 0 0 0 0 0 0 0 0 0 X 21 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AK AL AR AZ CA CO CT DC FL GA IL KS KY MA MD ME MI MN MO MS NC ND NH NJ NM NY OH OK OR PA RI SC TN VA WA WI WV HI UT X X FRANCISCO TEZEN PRESIDENT & CEO 6463461352 253 W 35TH STREET 6TH FLOOR NEW YORK NY 10001 A LOUIS PARKER VICE-CHAIR 2.00 X X 0 0 0 ALLISON LAWRENCE DIRECTOR 2.00 X 0 0 0 DARRELL FORD DIRECTOR 2.00 X 0 0 0 EKENE EZULIKE DIRECTOR 2.00 X 0 0 0 FRANCISCO TEZEN PRESIDENT & CEO 37.50 X X 221222 0 49652 GENNELL JEFFERSON DIRECTOR 2.00 X 0 0 0 GERALD KEEFE DIRECTOR 2.00 X 0 0 0 GREGORY T DURANT VICE-CHAIR 2.00 X X 0 0 0 KEITH EVANS DIRECTOR 2.00 X 0 0 0 KURT VAN WAGENEN DIRECTOR 2.00 X 0 0 0 MALY BERNSTEIN DIRECTOR 2.00 X 0 0 0 MICHELLE M GITTENS DIRECTOR 2.00 X 0 0 0 RHONDA TROTTER VICE-CHAIR 2.00 X X 0 0 0 ROB FULLERTON DIRECTOR 2.00 X 0 0 0 ROXANE GAY DIRECTOR 2.00 X 0 0 0 SANDRA E TIMMONS PRESIDENT (OUTGOING) 37.50 X X 72423 0 3313 SHEILA MARMON DIRECTOR 2.00 X 0 0 0 STAR MCDADE DIRECTOR 2.00 X 0 0 0 SUZAN MORNO-WADE DIRECTOR 2.00 X 0 0 0 TAYO FAMAKINWA DIRECTOR 2.00 X 0 0 0 THEO KILLION CHAIR 2.00 X X 0 0 0 TRACEY KOZIOL DIRECTOR 2.00 X 0 0 0 DAMARIS HERON-WATKINS FIN. & ADMIN MANAGER 37.50 X 84321 0 29841 BENJAMIN BINGMAN-TENNANT DIR. OF PROGRAMS 37.50 X 157284 0 15858 NICOLE JOHNSON DIR. OF DEVELOPMENT 37.50 X 182547 0 35847 717797 0 134511 3 0 1 0 0 424079 3837221 123483 4261300 SCHOOL MEMBERSHIP DUES 611600 226075 226075 REGISTRATION FEES 900099 7200 7200 PARENTS AS PARTNERS 900099 4395 4395 237670 230177 230177 3343 3343 687743 199874 487869 487869 487869 5220359 237670 0 721389 21688 21688 460771 313325 27646 119800 1573389 1142665 161460 269264 19422 16363 1636 1423 185331 139172 13080 33079 159917 117811 10946 31160 21267 21267 63743 43289 10026 10428 309156 203537 3909 101710 36717 13507 11280 11930 391791 307323 25399 59069 31912 24632 4477 2803 66929 54664 3239 9026 6409 5059 412 938 35758 26329 2869 6560 EQUIPMENT PURCHASES 173640 124606 16610 32424 TESTING & PROGRAMMING 155743 155743 SUBSCRIPTION AND DUES 134276 98662 11773 23841 MISCELLANEOUS 63855 7694 35147 21014 74107 2778 61803 9526 3985821 2818847 422979 743995 300 300 1204542 1888652 274271 1089684 31600 70627 81527 125264 120359 11314 4905 10035341 10009231 1088065 1142984 12684460 14248883 259877 208517 92443 178004 2854000 2906650 17194 67233 17577 3273553 3327942 X -2182027 -2368248 11592934 13289189 9410907 10920941 12684460 14248883 X 1234538 219827 55669 X X 0 1 X 1 0 X 568019 2831084 3083432 2508425 4261300 13252260 568019 2831084 3083432 2508425 4261300 13252260 1472133 11780127 114808 254412 250151 248072 233520 1100963 2964 91214 45500 33250 172928 14526151 1395801 0.81100 0.82350 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENT CONTRIBUTIONS - 2017 AMOUNT: $ 91,214. 2018 AMOUNT: $ 45,500. 2019 AMOUNT: $ 33,250. MISCELLANEOUS - 2016 AMOUNT: $ 2,964. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10208647 933406 686520 63743 10391790 9258528 1729049 734100 44830 10208647 10338413 -661540 418345 9258528 11541201 1297212 2500000 10338413 11718977 172224 350000 11541201 0.01119 0.87617 0.11264 1 0 49761 45767 3994 75503 74592 911 4905 BENEFICIAL INTEREST IN PERPETUAL TRUST 1139249 SECURITY DEPOSITS 3735 1142984 DEFERRED RENT 17577 17577 X 5376443 219827 219827 5156616 63743 63743 5220359 3922078 0 3922078 63743 63743 3985821 PART V, LINE 4: THE INTENDED USES OF THE ORGANIZATION'S ENDOWMENT FUNDS ARE FOR CAPITAL PRESERVATION, FUTURE GROWTH AND OPERATIONAL PURPOSES. PART X, LINE 2: THE ORGANIZATION BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2020 AND 2019, IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. 1 SCHOLARSHIP AWARDS AND RESIDENTIAL ASSISTANCE 10 21688 PART I, LINE 2: SAFETY NET AWARDS ARE GRANTED TO COVER COSTS OF SUPPLEMENTAL EDUCATIONAL OPPORTUNITIES SUCH AS STUDY-ABROAD PROGRAMS, SUMMER ENRICHMENT OPPORTUNITIES AND SCHOOL TRIPS. THESE GRANTS ARE EITHER PAID DIRECTLY TO THE ORGANIZATION OR SCHOOL SPONSORING THE PROGRAM OR AS A REIMBURSEMENT FOR A PROGRAM THAT A SCHOLAR'S FAMILY HAS ALREADY PAID FOR. FOR ALL SCHOLARSHIP AWARDS GIVEN DIRECTLY TO STUDENTS (SUCH AS A BETTER CHANCE AWARDS GIVEN AT THE ANNUAL LUNCHEON), 1099'S ARE ISSUED TO ANYONE RECEIVING MORE THAN A TOTAL OF $600. X 0 0 0 0 0 0 0 1 0 FRANCISCO TEZEN PRESIDENT & CEO 221222 0 0 0 0 0 31637 0 18015 0 270874 0 0 0 NICOLE JOHNSON DIR. OF DEVELOPMENT 174547 0 8000 0 0 0 5152 0 30695 0 218394 0 0 0 BENJAMIN BINGMAN-TENNANT DIR. OF PROGRAMS 149284 0 8000 0 0 0 4134 0 11724 0 173142 0 0 0 PART I, LINE 7 THE BONUS AMOUNT FOR STAFF IS APPROVED BY THE PRESIDENT & CEO AND THE CHAIRMAN OF THE BOARD. THE BONUS AMOUNT FOR THE PRESIDENT & CEO IS APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD. X TEST VOUCHERS 2 110729 FMV X AUCTION ITEMS FOR GALA 0 12430 FMV X LUNCH FOR BOARD 1 324 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND WILL BE REVIEWED BY MANAGEMENT AND THEN BE SENT TO MEMBERS OF THE FINANCE COMMITTEE FOR REVIEW. THE RETURN WILL BE SENT TO ALL BOARD MEMBERS TO REVIEW AND COMMENT BEFORE THE FORM 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY FORM IS REQUIRED TO BE SIGNED EVERY YEAR BY THE BOARD AND SENIOR MANAGEMENT. THE BOARD AND SENIOR MANAGEMENT ARE ACTIVE IN KNOWLEDGE OF EACH OTHER'S CAREERS AND INTERESTS TO ENSURE THAT THIS POLICY IS ENFORCED." FORM 990, PART VI, SECTION B, LINE 15A THE BOARD CHAIR GATHERED DATA ON CEO SALARIES FROM COMPARABLE INDUSTRY ORGANIZATIONS AND FROM SALARY SURVEYS. THIS DATA WAS PRESENTED TO THE EXECUTIVE COMMITTEE, WHICH THEN SET THE CEO'S SALARY FOR 2019. ON FEBRUARY 3, 2020 FRANCISCO TEZEN COMMENCED AS CEO OF A BETTER CHANCE AND HIS SALARY WAS SET CONSISTENT WITH THE ABOVE POLICY. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON WWW.ABETTERCHANCE.ORG FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 55,669. FORM 990, PART XI LINE 2C: THE PROCESS OF OVERSEEING THE AUDIT AND SELECTION OF INDEPENDENT ACCOUNTANT HAS NOT BEEN CHANGED FROM THE PRIOR YEAR.