2018-06-15T16:31:46-05:00 2017-07-31 420714325 RSM US LLP 1 S WACKER DRIVE STE 800 CHICAGO IL 60606 990 2016-08-01 364480416 EDUCATIONAL ADVANCEMENT FUND INC EDUC 3123626659 55 EAST JACKSON BOULEVARD CHICAGO IL 60604 JEFFREY BETHKE PRESIDENT 3123626659 2018-06-15 1 ZACK FORTSCH P00052725 8475177070 2016 2022-09-23 18:48:47Z X UNIVERSITY CENTER OF CHICAGO JEFFREY BETHKE 55 EAST JACKSON BOULEVARD CHICAGO IL 60604 228472338 0 X N/A X 2001 DE THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS THE MAINTENANCE OF A RESIDENTIAL HOUSING COMPLEX FOR THE BENEFIT OF THREE CHICAGO-AREA TAX-EXEMPT INSTITUTIONS OF HIGHER LEARNING AND PROVIDING HOUSING TO THE STUDENTS THEREOF. X 6 0 0 0 0 0 0 0 25634633 24548431 672808 103351119 4062059 3383730 30369500 131283280 0 0 0 0 0 0 0 0 0 26192903 32709050 26192903 32709050 4176597 98574230 132385770 25578134 134411045 4494346 -2025275 21083788 X THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS THE MAINTENANCE OF A RESIDENTIAL HOUSING COMPLEX FOR THE BENEFIT OF THREE CHICAGO-AREA TAX-EXEMPT INSTITUTIONS OF HIGHER LEARNING AND PROVIDING HOUSING TO THE STUDENTS THEREOF. 0 1 27014446 27283949 EDUCATIONAL ADVANCEMENT FUND, INC. IS A NOT-FOR-PROFIT, TAX-EXEMPT ORGANIZATION FORMED TO ACQUIRE LAND AND CONSTRUCT, OPERATE, AND MAINTAIN A COLLEGE AND UNIVERSITY RESIDENTIAL COMPLEX. THE COMPLEX IS LOCATED AT STATE STREET AND CONGRESS PARKWAY IN CHICAGO, ILLINOIS (THE PROJECT). THE CORPORATION COMMENCED CONSTRUCTION OF THE PROJECT IN SPRING 2002, AND WAS SUBSTANTIALLY COMPLETED ON JULY 31, 2004. THE PROJECT BEGAN OPERATIONS IN AUGUST 2004. ON JULY 20, 2017, EDUCATIONAL ADVANCEMENT FUND CLOSED ON A BUSINESS TRANSACTION THAT SOLD THE PROPERTY TO A NEW OWNER. 27014446 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 31 0 1 0 0 0 0 0 0 0 0 0 0 0 X 6 0 0 1 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X NENA HAMILTON 3129351449 321 N CLARK STREET 33RD FLOOR CHICAGO IL 60654 JEFFREY BETHKE PRESIDENT/DIRECTOR 4.00 40.00 X X 0 393747 51467 TANGELLA MADDOX TREASURER/DIRECTOR 2.00 40.00 X X 0 178972 16255 REV DENNIS HOLTSCHNEIDER BOARD CHAIR (THRU 7/4/17) 1.00 40.00 X X 0 811988 80965 DR GABRIEL ESTEBAN BOARD CHAIR (AS OF 7/5/17) 1.00 40.00 X X 0 0 0 DR ALI MALEKZADEH DIRECTOR 1.00 40.00 X 0 529076 55833 DR KWANG-WU KIM DIRECTOR 1.00 40.00 X 0 475202 175889 JERRY TARRER DIRECTOR (AS OF 4/1/17) 1.00 40.00 X 0 0 0 RICHARD DOWSEK DIRECTOR (THRU 5/31/17) 1.00 40.00 X 0 260900 0 RICHARD MORECI SECRETARY 4.00 40.00 X 0 119354 23033 0 2769239 403442 0 0 1 0 CHARTWELLS DINING SERVICES PO BOX 91337 CHICAGO IL 60693 DINING SERVICES 6303122 CBRE INC PO BOX 848844 LOS ANGELES CA 90084 MANAGEMENT SERVICES 3678079 MIDWAY BUILDING SERVICES INC 1915 W HUBBARD STREET CHICAGO IL 60622 JANITORIAL SERVICES 873329 PREMIER SECURITY CORP 8750 W BRYN MAWR AVENUE CHICAGO IL 60631 SECURITY SERVICES 843730 FOX RIVER GRAPHICS 1051 E MAIN STREET SUITE 105 EAST DUNDEE IL 60118 BUILDING IMPROVEMENTS 308112 7 ROOM AND BOARD SVC 531110 24310623 24310623 RESIDENT LIFE SVC 531110 237808 237808 24548431 400436 400436 920033 271821 648212 648212 648212 199867920 96917237 102950683 102950683 102950683 CONFERENCE HOUSING INCOME 532000 2118685 2118685 CONFERENCE CENTER INCOME 532000 475664 475664 141169 141169 2735518 131283280 27283949 0 103999331 1557202 1557202 108205 108205 41253 41253 205667 205667 77390 77390 139528 126748 12780 129364 129364 1789958 1789958 198521 198521 6466193 6466193 4017646 4017646 287435 287435 FOOD SERVICE EXPENSE 5345519 5345519 LOSS ON DEFEASANCE 4155256 4155256 ARBITRAGE REBATE EXPENS 3692107 3692107 CONTRACT SERVICES 3517756 3517756 980050 980050 32709050 27014446 5694604 0 8090559 25385543 912072 191830 576189 0 0 0 102227861 0 20579089 761 132385770 25578134 3281049 4469856 127609881 0 3520115 24490 134411045 4494346 X -2025275 21083788 -2025275 21083788 132385770 25578134 X 98574230 -75465167 X 0 1 X 1 0 X X 3 COLUMBIA COLLEGE CHICAGO 366112087 2 1 33551941 0 DEPAUL UNIVERSITY 362167048 2 1 26297312 0 ROOSEVELT UNIVERSITY 362167854 2 1 15615914 0 3 75465167 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 SECURITY DEPOSITS 24490 24490 X 131555101 271821 271821 131283280 0 131283280 32980871 271821 271821 32709050 0 32709050 PART X, LINE 2: THE CORPORATION HAS RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE INDICATING IT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE AND, EXCEPT FOR TAXES PERTAINING TO UNRELATED BUSINESS INCOME, IS EXEMPT FROM FEDERAL INCOME TAXES. NO PROVISION FOR THE INCOME TAXES WAS REQUIRED FOR THE YEARS ENDED JULY 31, 2017 AND 2016. THE CORPORATION FOLLOWS THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE CORPORATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE CORPORATION, AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED JULY 31, 2017 AND 2016. THE CORPORATION FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION AND IN THE STATE OF ILLINOIS. THE CORPORATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE FISCAL 2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 271,821. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 271,821. 0 0 0 0 0 0 0 0 0 JEFFREY BETHKE PRESIDENT/DIRECTOR 0 392211 0 0 0 1536 0 22525 0 28942 0 445214 0 0 TANGELLA MADDOX TREASURER/DIRECTOR 0 178798 0 0 0 174 0 3914 0 12341 0 195227 0 0 REV DENNIS HOLTSCHNEIDER BOARD CHAIR (THRU 7/4/17) 0 528023 0 207000 0 76965 0 22525 0 58440 0 892953 0 0 DR ALI MALEKZADEH DIRECTOR 0 419534 0 63750 0 45792 0 43500 0 12333 0 584909 0 0 DR KWANG-WU KIM DIRECTOR 0 416780 0 41000 0 17422 0 76500 0 99389 0 651091 0 0 RICHARD DOWSEK DIRECTOR (THRU 5/31/17) 0 260900 0 0 0 0 0 0 0 0 0 260900 0 0 CASH 2017-07-20 33551941 CASH DISTRIBUTION 366112087 COLUMBIA COLLEGE CHICAGO 600 S MICHIGAN AVENUE CHICAGO IL 60605 501(C)(3) CASH 2017-07-20 26297312 CASH DISTRIBUTION 362167048 DEPAUL UNIVERSITY 1 EAST JACKSON BOULEVARD CHICAGO IL 60604 501(C)(3) CASH 2017-07-20 15615914 CASH DISTRIBUTION 362167854 ROOSEVELT UNIVERSITY 430 S MICHIGAN AVENUE CHICAGO IL 60605 501(C)(3) 1 1 0 0 SCHEDULE N, PART II, LINE 2: ON JULY 20, 2017, EDUCATIONAL ADVANCEMENT FUND (EAF) CLOSED ON A BUSINESS TRANSACTION THAT SOLD THE PROPERTY TO A NEW OWNER. EAF IS A SUPPORTING ORGANIZATION FOR COLUMBIA COLLEGE CHICAGO, DEPAUL UNIVERSITY, AND ROOSEVELT UNIVERSITY WHICH RECEIVE MONETARY DISTRIBUTIONS. AS A SUPPORTING ORGANIZATION, SEVERAL OF THE DIRECTORS OF EAF ARE DIRECTORS, OFFICERS, OR EMPLOYEES OF THE SUPPORTED ORGANIZATIONS. THEIR RELATIONSHIPS ARE AS FOLLOWS:JEFFREY BETHKE, EXECUTIVE VICE PRESIDENT - DEPAUL UNIVERSITYTANGELLA MADDOX, INTERIM VICE PRESIDENT FINANCE & ADMINISTRATION - ROOSEVELT UNIVERSITYREV. DENNIS HOLTSCHNEIDER, PRESIDENT AND TRUSTEE - DEPAUL UNIVERSITYDR. GABRIEL ESTEBAN, FORMER PRESIDENT AND TRUSTEE - DEPAUL UNIVERSITYDR. ALI MALEKZADEH, PRESIDENT - ROOSEVELT UNIVERSITYDR. KWANG-WU KIM, PRESIDENT & CEO - COLUMBIA COLLEGE CHICAGOJERRY TARRER, SENIOR VP OF BUSINESS AFFAIRS & CFO - COLUMBIA COLLEGE CHICAGORICHARD DOWSEK, - FORMER INTERIM SENIOR VP OF BUSINESS AFFAIRS & CFO COLUMBIA COLLEGE CHICAGORICHARD MORECI, DIRECTOR OF HOUSING SERVICES - DEPAUL UNIVERSITY FORM 990, PART III, LINE 3 THE ORGANIZATION'S RESIDENTIAL HOUSING COMPLEX WAS SOLD ON JULY 20, 2017. FORM 990, PART VI, SECTION A, LINE 3 DAY-TO-DAY MANAGEMENT OF UNIVERSITY CENTER (UCC) HAS BEEN DELEGATED TO CBRE, INC. PURSUANT TO THE TERMS OF A FACILITY MANAGEMENT AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 COLUMBIA COLLEGE CHICAGO, DEPAUL UNIVERSITY, AND ROOSEVELT UNIVERSITY, EACH A NOT-FOR-PROFIT CORPORATION, ARE THE MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER SCHOOL IS ALLOWED TO APPOINT DIRECTORS TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S TAX ADVISOR PREPARES THE FORM 990 BASED ON INFORMATION PROVIDED BY FINANCIAL MANAGEMENT. THE RETURNS ARE REVIEWED BY THE TAX ADVISOR AND FINANCIAL MANAGEMENT BEFORE BEING ELECTRONICALLY PROVIDED TO THE BOARD OF DIRECTORS AND SUBSEQUENTLY FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CERTIFICATE OF COMPLIANCE WILL BE COMPLETED BY ALL DIRECTORS AND OFFICERS OF EAF ANNUALLY. THE EAF OPERATING COMMITTEE WILL REVIEW AND ACT UPON ALL CONFLICT DISCLOSURES AS SOON AS THEY ARE BROUGHT TO THEIR ATTENTION. FORM 990, PART VI, SECTION B, LINE 15 NO COMPENSATION IS PAID TO DIRECTORS AND OFFICERS FROM EDUCATIONAL ADVANCEMENT FUND, INC. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE SUCH DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART XI, LINE 9: MEMBER SCHOOL DISTRIBUTIONS -75,465,167. COLUMBIA COLLEGE CHICAGO 600 S MICHIGAN AVENUE CHICAGO IL 60605 366112087 EDUCATION IL 501(C)(3) LINE 2 N/A 0 DEPAUL UNIVERSITY 1 EAST JACKSON BLVD CHICAGO IL 60604 362167048 EDUCATION IL 501(C)(3) LINE 2 N/A 0 ROOSEVELT UNIVERSITY 430 S MICHIGAN AVENUE CHICAGO IL 60605 362167854 EDUCATION IL 501(C)(3) LINE 2 N/A 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0