2021-05-17T17:03:00-05:00 2020-06-30 941254756 HOOD & STRONG LLP 275 BATTERY ST STE 900 SAN FRANCISCO CA 94111 990 2019-07-01 943290699 THE BASIC FUND BASI 4159865650 475 14TH STREET NO 290 OAKLAND CA 94612 RACHEL ELGINSMITH CHIEF EXECUTIVE OFFICER 4159865650 2021-05-17 1 MAGA E KISRIEV P01008919 4157810793 2019 2022-09-23 18:48:47Z RACHEL ELGINSMITH 475 14TH STREET NO 290 OAKLAND CA 94612 35944173 0 X WWW.BASICFUND.ORG X 1997 CA TO BROADEN THE EDUCATIONAL OPPORTUNITIES FOR INNER CITY CHILDREN BY HELPING LOW-INCOME FAMILIES AFFORD TUITION AT PRIVATE SCHOOLS. 27 27 15 27 0 0 6944838 8988126 0 0 442112 519207 0 0 7386950 9507333 6133232 6246633 0 0 895707 872531 0 0 426091 542296 359260 7571235 7478424 -184285 2028909 21176737 23234810 32803 201299 21143934 23033511 THE BASIC FUND (BAY AREA SCHOLARSHIPS FOR INNER CITY CHILDREN) IS A PRIVATELY FUNDED PROGRAM WHOSE MISSION IS TO BROADEN THE EDUCATIONAL OPPORTUNITIES FOR INNER CITY CHILDREN BY HELPING LOW-INCOME FAMILIES AFFORD THE COST OF TUITION AT PRIVATE SCHOOLS IN THE BAY AREA. 0 0 6919663 6246633 0 THE BASIC FUND (BAY AREA SCHOLARSHIPS FOR INNER CITY CHILDREN) IS A PRIVATELY FUNDED PROGRAM WHOSE MISSION IS TO BROADEN THE EDUCATIONAL OPPORTUNITIES FOR INNER CITY CHILDREN BY HELPING LOW-INCOME FAMILIES AFFORD THE COST OF TUITION AT PRIVATE SCHOOLS IN THE BAY AREA. 6919663 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 15 1 0 0 0 0 0 0 0 0 0 0 0 0 X 27 27 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 NO 290 OAKLAND CA 94612 BRIAN GRIGGS PRESIDENT 1.00 X X 0 0 0 STEVEN S KLEIN VICE PRESIDENT 1.00 X X 0 0 0 WILLIAM RING VICE PRESIDENT 1.00 X X 0 0 0 RICHARD C BARKER CHAIRMAN 1.00 X X 0 0 0 JEREMY PETERS TREASURER 1.00 X X 0 0 0 ROBERT G BARRETT DIRECTOR 1.00 X 0 0 0 RICHARD BERTERO 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 JAMES P CONN DIRECTOR 1.00 X 0 0 0 JOHN COUCH 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 JAMES H HERBERT II 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 MICHAEL MCCARTHY DIRECTOR 1.00 X 0 0 0 EDWARD MCDERMOTT DIRECTOR 1.00 X 0 0 0 STEPHEN MILLHAM DIRECTOR 1.00 X 0 0 0 J WILLIAM MORRIS III DIRECTOR 1.00 X 0 0 0 TIMOTHY RANZETTA DIRECTOR 1.00 X 0 0 0 MARTIN ROMO DIRECTOR 1.00 X 0 0 0 ERIC A SCHWARTZ DIRECTOR 1.00 X 0 0 0 WARREN E SPIEKER JR DIRECTOR 1.00 X 0 0 0 MICHAEL WILSEY DIRECTOR 1.00 X 0 0 0 RACHEL ELGINSMITH CHIEF EXECUTIVE OFFICER 50.00 X 168077 0 0 168077 0 0 1 0 1 0 0 8988126 1172170 8988126 430762 430762 26525285 26436840 88445 88445 88445 9507333 0 0 519207 6246633 6246633 168077 56026 56026 56025 602256 362201 3141 236914 45921 24931 3527 17463 56277 30553 4322 21402 30596 30596 5790 5790 46595 23573 16945 6077 49817 33377 1993 14447 48072 32208 1923 13941 102856 68914 4114 29828 3244 2173 130 941 14026 9397 561 4068 PROGRAM COSTS 26075 26075 FUNDRAISING EXPENSE 14400 14400 TEAM BUILDING 10806 3602 3602 3602 BOARD EXPENSE 6983 6983 7478424 6919663 132670 426091 100826 432125 16269026 10337153 1572415 1724092 44525 37696 129150 66663 20003 62487 3093045 10560836 76897 80421 21176737 23234810 32803 63699 0 137600 32803 201299 X 959572 1328386 20184362 21705125 21143934 23033511 21176737 23234810 2028909 -139332 0 X 0 1 X 1 0 X 6858826 6580735 8357268 6944838 8988126 37729793 6858826 6580735 8357268 6944838 8988126 37729793 9305334 28424459 81500 136854 247154 409073 430762 1305343 39035136 0.72820 0.72700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45728 45728 66352 57981 8371 17070 8682 8388 62487 X 9362211 -139332 -139332 9501543 5790 5790 9507333 7472634 0 7472634 5790 5790 7478424 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. THE FUND FOLLOWS THE GUIDANCE OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) TOPIC 740 FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. 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 3538 6246633 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 UNDER THE GUIDELINES SET FOR THE FREE OR REDUCED PRICE FEDERAL LUNCH PROGRAM. THE STUDENT SUBMITS AN APPLICATION AND THE FINANCIAL DOCUMENTATION FROM A GOVERNMENTAL AGENCY. THE STUDENT MUST MEET THE ACADEMIC AND ADMISSIONS REQUIREMENTS OF THEIR CHOSEN SCHOOL. APPLICANTS ARE AWARDED SCHOLARSHIPS BASED ON 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 INSTITUTION. 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 AND WE GENERALLY HAVE NUMEROUS SCHOLARSHIP ATTENDEES AT EACH OF THESE INNER CITY SCHOOLS. WE VISIT ANY SCHOOLS THAT ARE NEW TO OUR ORGANIZATION, AND WE REGULARLY VISIT SCHOOLS WITH THE HIGHEST CONCENTRATION OF STUDENTS. WE ENDEAVOR TO VISIT EACH OF THE SMALLER SCHOOLS ON A BIANNUAL BASIS. X X X 0 0 0 0 0 0 0 0 0 RACHEL ELGINSMITH CHIEF EXECUTIVE OFFICER 168077 0 0 0 0 0 0 0 0 0 168077 0 0 0 X 7 1172170 FAIR MARKET VALUE 0 0 0 0 PART I, COLUMN (B): THIS COLUMN REFLECTS THE NUMBER OF CONTRIBUTIONS, NOT 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 COMPLETE 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 CHIEF EXECUTIVE 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 CHIEF EXECUTIVE OFFICER 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 OF THE COMPARABLE DATA RELIED UPON BY THE BOARD AND HOW IT WAS OBTAINED, ETC. AS REQUIRED BY THE INTERMEDIATE SANCTIONS REGULATIONS. THE BOARD HAS DETERMINED THAT THE RELEVANT MARKET CONDITIONS HAVE NOT CHANGED MATERIALLY, AND IT POSSESSES NO OTHER INFORMATION INDICATING THAT THE RESULTS OF THE PRIOR YEAR'S COMPARABILITY DATA ARE NO LONGER VALID. THUS, OTHER THAN A SMALL COST OF LIVING INCREASE, THERE HAS BEEN NO SUBSEQUENT CHANGE IN THE CHIEF EXECUTIVE OFFICER'S COMPENSATION PACKAGE. THE ORGANIZATION DOES NOT HAVE ANY OTHER COMPENSATED OFFICERS OR KEY EMPLOYEES. THE PRESIDENT OF THE BOARD OF DIRECTORS APPROVES ALL THE COMPENSATION ADJUSTMENTS ON AN ANNUAL BASIS. THE 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).