2017-12-19T14:05:41-06:00 2017-06-30 221914888 NISIVOCCIA LLP 200 VALLEY RD SUITE 300 MT ARLINGTON NJ 07856 990 2016-07-01 465768451 THE DREXEL FUND DREX 6177788110 606 E JUNEAU AVENUE 510635 MILWAUKEE WI 53203 JOHN ERIKSEN MANAGING TRUSTEE 6177788110 2017-12-04 1 MARCIA A GELTMAN CPA P00294146 9733281825 2017-12-04 96.57.126.58 2017-12-04 14:09:40 ES P 617A3C99F8D6D3C83356C88739E31D1CA60BD024 CBEC7B8DA7714B599D339465B81E6593901F1FDC 2016 2018-03-14 21:41:22Z X JOHN ERIKSEN 606 E JUNEAU AVENUE 510635 MILWAUKEE WI 53203 4886309 0 X WWW.DREXELFUND.ORG X 2015 CA THE DREXEL FUND IS A VENTURE PHILANTHROPY FUND THAT INVESTS AND PARTNERS IN THE GROWTH OF HIGH QUALITY, FINANCIALLY SUSTAINABLE NETWORKS OF FAITH BASED AND OTHER PRIVATE SCHOOLS. 9 4 4 0 0 0 5710000 3196661 0 0 1831 12473 11395 3016 5723226 3212150 2488520 2325000 0 0 978357 660086 0 0 0 301741 415041 3768618 3400127 1954608 -187977 4654225 5131880 2242525 2908157 2411700 2223723 THE DREXEL FUND IS A VENTURE PHILANTHROPY FUND THAT INVESTS AND PARTNERS IN THE GROWTH OF HIGH QUALITY, FINANCIALLY SUSTAINABLE NETWORKS OF FAITH BASED AND OTHER PRIVATE SCHOOLS. 0 0 2325000 2325000 GRANTS TO FAITH BASED PRIVATE SCHOOLS. 2325000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 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 0 0 0 0 0 1 5 0 1 4 1 0 0 0 0 0 0 0 0 0 0 X 9 4 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X JANE BROWN 9738961254 TWO ORIOLE TERRACE SPARTA NJ 07871 BJ CASSIN CHAIRMAN 2.00 X X 0 0 0 THOMAS HEALEY TREASURER 2.00 X X 0 0 0 DARREN JACKSON SECRETARY 2.00 X X 0 0 0 DR DANIEL SCOGGIN TRUSTEE 2.00 X 0 0 0 ROBERT BIRDSELL TRUSTEE 40.00 X X 126009 0 25585 JOHN ERIKSEN MANAGING TRUSTEE 40.00 X X 250000 0 32461 DARLA ROMFO TRUSTEE 2.00 X 0 0 0 ELIZABETH J BROWN CFO 20.00 X 92500 0 9250 ABIGAIL SCHUMWINGER TRUSTEE 40.00 X 185417 0 46946 653926 0 114242 3 0 1 0 0 3196661 3196661 1775 1775 1684857 1674159 10698 10698 10698 OTHER 900099 3016 3016 3016 3212150 0 0 15489 2125000 2125000 200000 200000 636954 636954 23132 23132 14356 14356 259180 259180 22890 22890 2351 2351 2718 2718 109311 109311 4235 4235 3400127 2325000 1075127 0 104266 789446 2349959 483863 2200000 2175000 1683571 4654225 5131880 72525 83157 2170000 2825000 2242525 2908157 X 2411700 2223723 2411700 2223723 4654225 5131880 -187977 0 X X 0 1 X 1 0 X 175000 5710000 3246661 9131661 175000 5710000 3246661 9131661 2363142 6768519 929 1831 12473 15233 11395 3016 14411 9161305 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 3212150 0 3212150 0 3212150 3400127 0 3400127 0 3400127 PART X, LINE 2: THE ORGANIZATION IS A NOT-FOR-PROFIT ASSOCIATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. THE ORGANIZATION IS ALSO EXEMPT UNDER SIMILAR STATE OF NEW JERSEY, CALIFORNIA, AND ILLINOIS TAX PROVISIONS. ACCORDINGLY, NO PROVISION FOR FEDERAL OR STATE INCOME TAX HAS BEEN PRESENTED IN THE ACCOMPANYING FINANCIAL STATEMENTS THE ORGANIZATION FOLLOWS THE PROVISIONS OF FASB ASC, INCOME TAXES. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION RELATED TO THOSE TAX POSITIONS. THE ORGANIZATION DOES NOT EXPECT A SIGNIFICANT INCREASE OR DECREASE TO THE TOTAL AMOUNTS OF UNRECOGNIZED TAX POSITIONS DURING THE YEAR ENDED JUNE 30, 2017. HOWEVER, THE ORGANIZATION IS SUBJECT TO AUDIT BY TAX AUTHORITIES INCLUDING A REVIEW OF ITS NONPROFIT STATUS WHICH MANAGEMENT BELIEVES WOULD BE UPHELD UPON EXAMINATION. THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE POSITIONS TAKEN ON ITS TAX RETURNS. NONETHELESS, THE AMOUNTS ULTIMATELY PAID, IF ANY, UPON RESOLUTION OF THE ISSUES RAISED BY THE TAXING AUTHORITIES MAY DIFFER MATERIALLY FROM THE AMOUNTS ACCRUED FOR EACH YEAR. AS REQUIRED BY LAW, THE ORGANIZATION FILES INFORMATIONAL RETURNS WITH BOTH THE UNITED STATES FEDERAL AND STATE OF CALIFORNIA JURISDICTIONS ON AN ANNUAL BASIS - FORM 990 WITH THE INTERNAL REVENUE SERVICE, AND FORM 199 WITH CALIFORNIA. THE FEDERAL RETURN IS SUBJECT TO EXAMINATION BY THE AUTHORITIES WITHIN THREE YEARS FROM THE LATEST FILING DATE. 1 THE OAKS ACADEMY 2301 NORTH PARK AVENUE INDIANPOLIS IN 46205 352050595 501(C)(3) 900000 PRIVATE SCHOOL FUNDING. CRISTO REY NETWORK 14 EAST JACKSON BLVD STE 1200 CHICAGO IL 60604 043730980 501(C)(3) 50000 PRIVATE SCHOOL FUNDING. JULLIE BILLIART NETWORK 4982 CLUBSIDE ROAD LYNDHURST OH 44124 814726551 501(C)(3) 450000 PRIVATE SCHOOL FUNDING. CRISTO REY OKLAHOMA CITY 900 N PORTLAND OKLAHOMA CITY OK 73107 475521087 501(C)(3) 425000 PRIVATE SCHOOL FUNDING. CRISTO RAY TAMPA 6400 EAST CHELSEA STREET TAMPA FL 33610 473494960 501(C)(3) 300000 PRIVATE SCHOOL FUNDING. 5 0 PRIVATE SCHOOL FUNDING 2 200000 PART I, LINE 2: GRANT FUNDING IS APPROVED BY THE BOARD OF TRUSTEES. AGREEMENTS ARE CREATED FOR THE GRANTS THAT ARE AWARDED. THE BOARD FOLLOWS UP AND VERIFIES THAT THE GRANT FUNDS ARE BEING USED FOR THE INTENDED PURPOSE. 1 0 0 0 0 0 0 0 0 0 ROBERT BIRDSELL TRUSTEE 126009 0 0 0 0 0 12500 0 13085 0 151594 0 0 0 JOHN ERIKSEN MANAGING TRUSTEE 250000 0 0 0 0 0 25000 0 7461 0 282461 0 0 0 ABIGAIL SCHUMWINGER TRUSTEE 185417 0 0 0 0 0 18542 0 28404 0 232363 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE DREXEL FUND HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS PROVIDED TO THE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH A REASONABLE AMOUNT OF TIME TO REVIEW THE FORM 990. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED THROUGH MANAGEMENT TO THE OUTSIDE ACCOUNTING FIRM. ANY APPLICABLE ISSUES ARE ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C THE DREXEL FUND CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IT REGULARLY MONITORS AND ENFORCES. THE BOARD MANDATES THAT ALL MEMBERS OF MANAGEMENT AND THE GOVERNING BODY ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. IF A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EXISTS, GOVERNING BODY AND MANAGEMENT WILL INVESTIGATE THE ISSUE. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST MANAGEMENT AND THE GOVERNING BODY WILL BE NOTIFIED IMMEDIATELY. THE MEMBER WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DECISIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL SUCH TIME THAT THERE IS NO LONGER A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE ORGANIZATIONS OFFICERS OR KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES AN INDEPENDENT BODY. FORM 990, PART VI, SECTION C, LINE 19 THE DREXEL FUND MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 606 E JUNEAU AVENUE #510635 MILWAUKEE, WI 53203. IN ADDITION FORM 1023 AS WELL AS THE FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 606 E JUNEAU AVENUE #510635 MILWAUKEE, WI 53203. FORM 990 PART XII LINE 2C THERE WAS NO CHANGE FROM THE PRIOR YEAR.