2020-11-10T15:43:38-06:00 2019-12-31 113518842 MARKS PANETH LLP 685 THIRD AVENUE NEW YORK NY 10017 990 2019-01-01 237173492 A BETTER CHANCE INC ABET 6463461310 253 W 35TH STREET 6TH FLOOR NEW YORK NY 10001 FRANCISCO TEZEN PRESIDENT & CEO 6463461310 2020-11-10 1 MAGDALENA M CZERNIAWSKI P00535099 2125038800 2020-11-10 47.19.112.229 2020-11-10 07:47:56 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 E99CEA45C307B5E011B655275064C3D25F8033D4 2019 2021-01-29 14:40:06Z FRANCISCO TEZEN 253 W 35TH STREET 6TH FLOOR NEW YORK NY 10001 7878576 0 X WWW.ABETTERCHANCE.ORG X 1971 MA A NATIONAL, EDUCATIONAL EQUITY ORG THAT HELPS YOUNG PEOPLE OF COLOR PREPARE TO BE LEADERS. 15 14 39 700 0 0 3083432 2508425 139195 596355 581840 579757 -13230 -26294 3791237 3658243 177994 90331 0 0 2310000 2595259 0 0 1103347 1862205 2300658 4350199 4986248 -558962 -1328005 11797820 12684460 2340278 3273553 9457542 9410907 TO INCREASE THE NUMBER OF WELL-EDUCATED YOUNG PEOPLE OF COLOR CAPABLE OF ASSUMING RESPONSIBLE AND LEADERSHIP ROLES IN AMERICAN SOCIETY. 0 0 3167544 90331 596355 A BETTER CHANCE (ABC) WAS FOUNDED IN 1963 DURING THE HEIGHT OF THE CIVIL RIGHTS MOVEMENT. EACH YEAR, ABC NATIONALLY RECRUITS, PLACES, & PROVIDES SUPPORT SERVICES TO STUDENTS ENROLLED IN GRADES 4-9 (FOR PLACEMENT IN GRADES 6-11) AT 200+ INDEPENDENT DAY, BOARDING, & SELECT PUBLIC SCHOOLS. SERVING OVER 2,000 ACADEMICALLY TALENTED YOUTH OF COLOR THROUGH OUR SIGNATURE COLLEGE PREPARATORY SCHOOLS PROGRAM (CPSP), SUPPORT SERVICES INCLUDE: INTERVIEW DAYS, MEMBER SCHOOL FAIRS & SUMMER SKILLS AND NEW SCHOLAR ORIENTATION WORKSHOPS. IN 2019 ALONE, ABC LEVERAGED $17M+ IN SCHOLARSHIP SUPPORT WITH NEARLY 100% OF OUR SCHOLARS ENROLLING IN COLLEGE & OVER 85% OF ALUMNI GOING ON TO EARN DEGREES. OUR RECORD OF SUCCESS IS EVIDENT IN 16K+ ALUMNI WHO HAVE BECOME GREAT INNOVATORS, THINKERS AND LEADERS IN THEIR RESPECTIVE FIELDS. 3167544 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 35 0 1 39 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 15 14 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 CARLA A HARRIS VICE-CHAIR 2.00 X X 0 0 0 DARRELL FORD DIRECTOR 2.00 X 0 0 0 DONALD W TOREY DIRECTOR 2.00 X 0 0 0 FRANK CLYBURN DIRECTOR (OUTGOING) 2.00 X 0 0 0 GENNELL JEFFERSON 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 CHAIR 2.00 X X 0 0 0 MICHELLE M GITTENS DIRECTOR 2.00 X 0 0 0 PETER ALLAN ATKINS DIRECTOR (OUTGOING) 2.00 X 0 0 0 RHONDA TROTTER DIRECTOR 2.00 X 0 0 0 RICHARD DANTAS DIRECTOR (OUTGOING) 2.00 X 0 0 0 ROXANE GAY DIRECTOR 2.00 X 0 0 0 SANDRA E TIMMONS PRESIDENT 37.50 X X 370315 0 34737 SHEILA MARMON DIRECTOR 2.00 X 0 0 0 SIMONE YATRAKIS DIRECTOR (OUTGOING) 2.00 X 0 0 0 SUSAN CHAPMAN-HUGHES DIRECTOR (OUTGOING) 2.00 X 0 0 0 THEO KILLION DIRECTOR 2.00 X 0 0 0 SUZAN MORNO-WADE DIRECTOR 2.00 X 0 0 0 DAMARIS HERON-WATKINS FIN. & ADMIN MANAGER 37.50 X 29799 0 12067 NICOLE JOHNSON DIR. OF DEVELOPMENT 37.50 X 169902 0 39880 570016 0 86684 2 0 1 0 0 1165392 1343033 123564 2508425 SCHOOL MEMBERSHIP DUES 611600 461187 461187 PARENTS AS PARTNERS 900099 115080 115080 REGISTRATION FEES 900099 20088 20088 596355 242117 242117 5955 5955 4492474 4154834 337640 337640 337640 33250 1165392 65499 -32249 -32249 3658243 596355 0 553463 90331 90331 656697 511782 27909 117006 1550236 991598 107877 450761 57252 35988 1745 19519 152788 96356 5658 50774 178286 122507 6191 49588 555 555 37116 37116 69201 30554 26380 12267 478772 64297 321022 93453 149233 66424 34860 47949 466363 358918 21158 86287 522552 462836 10881 48835 165406 95837 31581 37988 9557 7424 385 1748 34684 23601 1859 9224 EQUIPMENT PURCHASES 157878 110480 8728 38670 SUBSCRIPTION AND DUES 93853 59364 9763 24726 RECRUITING 47872 24427 12450 10995 MISCELLANEOUS 33670 10612 19586 3472 33946 4208 29653 85 4986248 3167544 715357 1103347 300 300 939156 1204542 566896 274271 67020 70627 125264 113950 12899 11314 9258529 10035341 953020 1088065 11797820 12684460 239493 259877 239034 92443 1754000 2854000 107751 67233 2340278 3273553 X -1381840 -2182027 10839382 11592934 9457542 9410907 11797820 12684460 X -1328005 1150810 130560 X X 0 1 X 1 0 X 2633291 568019 2831084 3083432 2508425 11624251 2633291 568019 2831084 3083432 2508425 11624251 859118 10765133 255382 114808 254412 250151 248072 1122825 152046 2964 91214 45500 33250 324974 13072050 1407481 0.82350 0.79440 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENT CONTRIBUTIONS - 2015 AMOUNT: $ 106,629. 2017 AMOUNT: $ 91,214. 2018 AMOUNT: $ 45,500. 2019 AMOUNT: $ 33,250. MISCELLANEOUS - 2015 AMOUNT: $ 45,417. 2016 AMOUNT: $ 2,964. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 9258528 1729049 734100 44830 10208647 10338413 -661540 418345 9258528 11541201 1297212 2500000 10338413 11718977 172224 350000 11541201 11622447 12500 434030 350000 11718977 0.04000 0.89000 0.07000 0 0 49761 41865 7896 75503 72085 3418 11314 BENEFICIAL INTEREST IN PERPETUAL TRUST 1083580 SECURITY DEPOSITS 4485 1088065 DEFERRED RENT 67233 67233 X 4877619 1150810 137767 1288577 3589042 69201 69201 3658243 5054814 137767 137767 4917047 69201 69201 4986248 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, 2019 AND 2018, IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. LUNCHEON 1198642 1165392 33250 64480 1019 1198642 1165392 33250 64480 1019 65499 -32249 1 SCHOLARSHIP AWARDS AND RESIDENTIAL ASSISTANCE 43 90331 N/A N/A PART I, LINE 2: "SAFETY NET" AWARDS ARE GRANTED TO COVER COSTS OF SUPPLEMENTAL EDUCATIONAL OPPORTUNITIES (SUCH AS STUDY-ABROAD PROGRAMS AND SCHOOL TRIPS) OFFERED BY MEMBER SCHOOLS. THESE GRANTS ARE PAID DIRECTLY TO THE ORGANIZATION OF SCHOOL SPONSORING THE PROGRAM. FOR ALL SCHOLARSHIP AWARDS GIVEN DIRECTLY TO THE 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 1 0 0 0 0 0 0 0 0 SANDRA E TIMMONS PRESIDENT 240315 0 0 0 130000 0 22200 0 12537 0 405052 0 0 0 NICOLE JOHNSON DIR. OF DEVELOPMENT 169902 0 0 0 0 0 11570 0 28310 0 209782 0 0 0 PART I, LINE 4A SANDRA TIMMONS RECEIVED A SEVERENCE PAYMENT OF $130,000. THE AMOUNT IS SHOWN ON SCHEDULE J, PART II, COLUMN (B)(III). X TEST VOUCHERS 2 123364 FMV X PRINTING 1 200 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 ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 130,560. 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.