2019-05-15T19:55:01-05:00 2018-06-30 KPMG LLP 55 Second Street 1400 San Francisco CA 94105 990 2017-07-01 943290699 The Basic Fund % RACHEL ELGINSMITH BASI 4159865650 475 14TH STREET SUITE 520 OAKLAND CA 94612 J WILLIAM MORRIS III President 4159865650 2019-05-14 true Valerie Ball P00178114 4159635100 2019-05-15 167.68.102.5 94029720191355000275 2019-05-15 P BACE7382F7BDC28925EB8A1556F93D1CD86F672F AFC1CABF2724952AFBFC3879A4882118A11459E7 2017 2019-02-21 02:37:17Z John Kerrigan 475 14TH STREET SUITE 520 OAKLAND CA 94612 34161758 false 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. 30 30 16 30 0 6580735 8357268 0 0 136854 265190 0 0 6717589 8622458 5161370 5198692 0 0 760702 814935 0 0 477916 337931 398591 6260003 6412218 457586 2210240 19205638 21352697 58321 33614 19147317 21319083 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. false false 5824150 5198692 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. 5824150 true true false false false false false false false false true false false false false true true false false false false false false false false false false false true false false false false false false false false false true false false false false false false false false true 17 0 true 16 true false false false false false false false false false false X 30 30 false false false false false false false true true false false true true true true true true true false false CA X RACHEL ELGINSMITH 4159865650 268 BUSH STREET 2717 San Francisco CA 941043503 KENNETH T DERR CHAIRMAN 1.0 0.0 X X 0 0 0 J WILLIAM MORRIS III PRESIDENT 1.0 0.0 X X 0 0 0 STEVEN S KLEIN VICE PRESIDENT 1.0 0.0 X X 0 0 0 BRIAN GRIGGS DIRECTOR 1.0 0.0 X 0 0 0 RICHARD BARKER DIRECTOR 1.0 0.0 X 0 0 0 ROBERT BARRETT DIRECTOR 1.0 0.0 X 0 0 0 RICHARD BERTERO DIRECTOR 1.0 0.0 X 0 0 0 CABOT BROWN DIRECTOR 1.0 0.0 X 0 0 0 CRAIG JOHNSON DIRECTOR 1.0 0.0 X 0 0 0 JAMES P CONN DIRECTOR 1.0 0.0 X 0 0 0 JOHN COUCH DIRECTOR 1.0 0.0 X 0 0 0 JOHN KERRIGAN DIRECTOR 1.0 0.0 X 0 0 0 STEPHEN DOYLE DIRECTOR 1.0 0.0 X 0 0 0 JEFFREY G EDWARDS DIRECTOR 1.0 0.0 X 0 0 0 BYRON GILL DIRECTOR 1.0 0.0 X 0 0 0 JAMES H HERBERT DIRECTOR 1.0 0.0 X 0 0 0 RUPERT JOHNSON JR DIRECTOR 1.0 0.0 X 0 0 0 JACQUELYN KUNG DIRECTOR 1.0 0.0 X 0 0 0 EDWARD MCDERMOTT DIRECTOR 1.0 0.0 X 0 0 0 STEPHEN L MILLHAM DIRECTOR 1.0 0.0 X 0 0 0 MARTIN ROMO DIRECTOR 1.0 0.0 X 0 0 0 TIMOTHY RANZETTA DIRECTOR 1.0 0.0 X 0 0 0 JEREMY PETERS TREASURER 1.0 0.0 X X 0 0 0 WILLIAM T RING DIRECTOR 1.0 0.0 X 0 0 0 ERIC A SCHWARTZ DIRECTOR 1.0 0.0 X 0 0 0 WARREN E SPIEKER JR DIRECTOR 1.0 0.0 X 0 0 0 MICHAEL W WILSEY DIRECTOR 1.0 0.0 X 0 0 0 Crystal Bryant Director 1.0 0.0 X 0 0 0 Ed Jamieson Director 1.0 0.0 X 0 0 0 Genet Garamendi Director 1.0 0.0 X 0 0 0 James A McCarthy Director (to 10/2018) 1.0 0.0 X 0 0 0 RACHEL ELGINSMITH EXECUTUVE DIRECTOR 50.0 0.0 X 133160 0 0 MICHELLE HARRIS DEVELOPMENT DIRECTOR 50.0 0.0 X 144525 0 0 277685 0 0 2 false false false NONE 0 8357268 8357268 0 247154 247154 0 0 0 0 0 25557336 25539300 18036 18036 0 0 0 0 0 0 0 0 0 0 8622458 247154 0 5198692 5198692 0 0 131637 43879 43879 43879 0 596188 345789 0 250399 0 30151 16142 1818 12191 56959 30495 3434 23030 0 0 33581 33581 0 0 5445 5445 36477 31134 5343 0 16499 11054 660 4785 49183 32953 1967 14263 0 93282 62499 3731 27052 925 925 0 16996 15100 1896 0 0 4903 3285 196 1422 15162 5055 5054 5053 FUNDRAISING 93946 93946 POSTAGE 15542 15542 PRINTING AND REPRODUCTION 11606 11606 BOARD EXPENSE 5044 5044 6412218 5824150 110152 477916 45853 88374 1983296 451223 1988440 1884932 0 0 0 0 0 0 0 0 0 0 17330 95202 73270 56357 12153 16913 15102786 18754761 0 0 0 0 0 0 55780 61292 19205638 21352697 58321 33614 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 58321 33614 X 0 0 0 0 0 0 19147317 21319083 19205638 21352697 2210240 -38474 X false true X true false X 5529713 5760777 6858826 6580735 8357269 33087320 0 0 5529713 5760777 6858826 6580735 8357269 33087320 7911145 25176175 50435 82760 81500 136854 247154 598703 0 0 33686023 0.74738 0.71335 X 73270 56357 16913 16913 0 0 X 8578539 -38474 -38474 8617013 5445 5445 8622458 6406773 6406773 5445 5445 6412218 ASC 740 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 STATEMENT OF FINANCIAL POSITION TO COMPLY WITH PROVISIONS OF THIS GUIDANCE. true Scholarships 3460 5031666 n/a n/a Schedule I, part I, line 2 THE BASIC FUND MAKES GRANTS FOR SCHOLARSHIPS FOR STUDENTS TO ATTEND PRIVATY 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 CHECKS ARE THEN SENT DIRECTLY TO THE SCHOOLS. 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 8 82768 average market false false false SCHEDULE M, PART I, LINE 9 THE NUMBER OF INDIVIDUAL CONTRIBUTORS IS BEING REPORTED. PART VI, SECTION B, LINE 11B The President, Mr. J. William Morris III, and Treasurer, Mr. Jeremy Peters, reviewed in detail the Form 990. A complete copy of the Form 990 is provided to the board for review. Subsequent to filing the return with the internal revenue service, the audit committee will review the form 990. PART VI, SECTION B, LINE 12C President J. William Morris III and Executive Director 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 Executive Director 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. recorded. PART VI, SECTION B, LINE 15 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 decsion 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 EXECUTIVE DIRECTOR'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. PART VI, SECTION C, LINE 19 Federal Tax laws do not mandate that the organization's governing documents, conflict of interest policy and financial statements be made available for public inspection. The organization makes its financial statements available on its website and upon request.