2017-01-09T08:42:44-06:00 2016-06-30 221914888 NISIVOCCIA LLP 200 VALLEY RD SUITE 300 MT ARLINGTON NJ 07856 990 2015-07-01 465768451 THE DREXEL FUND DREX 6177788110 1603 ORRINGTON AVENUE NO 600 EVANSTON IL 60201 JOHN ERIKSEN MANAGING PARTNER 6177788110 2017-01-09 1 MARCIA A GELTMAN CPA P00294146 9733281825 2017-01-09 2015 2021-01-29 14:40:06Z JOHN ERIKSEN 1603 ORRINGTON AVENUE NO 600 EVANSTON IL 60201 5723226 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. 6 4 4 4 0 0 175000 5710000 929 0 0 1831 0 11395 175929 5723226 0 2488520 0 0 181286 978357 0 0 0 70600 301741 251886 3768618 -75957 1954608 445366 4654225 0 2242525 445366 2411700 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 2488520 2488520 GRANTS TO FAITH BASED PRIVATE SCHOOLS. 2488520 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 4 1 0 0 0 0 0 0 0 0 0 0 X 6 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 DAN SCOGGINS TRUSTEE 2.00 X 0 0 0 ROBERT BIRDSELL PARTNER 40.00 X X 186871 0 35699 JOHN ERIKSEN MANAGING PARTNER 40.00 X X 185910 0 23250 ELIZABETH J BROWN CFO 20.00 X 46250 0 0 ABIGAIL SCHUMWINGER PRINCIPAL 40.00 X 107491 0 27599 526522 0 86548 3 0 1 0 0 5710000 5710000 1831 1831 OTHER 900099 11395 11395 11395 5723226 0 0 13226 2488520 2488520 613070 613070 259988 259988 41117 41117 64182 64182 14000 14000 104795 104795 22870 22870 25694 25694 9566 9566 121362 121362 3454 3454 3768618 2488520 1280098 0 445366 104266 2349959 2200000 445366 4654225 72525 2170000 0 2242525 X 445366 2411700 445366 2411700 445366 4654225 1954608 11726 0 X X 0 1 X 1 0 X 175000 5710000 5885000 175000 5710000 5885000 5885000 929 1831 2760 11395 11395 5899155 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 5723226 0 5723226 0 5723226 3768618 0 3768618 0 3768618 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, 2016. 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 EDUCATIONAL ENTERPRISES INC 20935 SWENSON DR WAUKESHA WA 53186 392014547 501(C)(3) 2050000 THE PURPOSE OF THIS GRANT IS FOR THE GENERAL SUPPORT OF GRANTEE IN PROVIDING FUNDING FOR GRANTEE'S MANAGEMENT ORGANIZATION THAT SUPPORTS ALL OF THE WISCONSIN PRIVATE SCHOOLS OPERATED BY THE GRANTEE IN CARRYING OUT ITS CHARITABLE TAX-EXEMPT PURPOSES (THE "PROJECT"). THE OAKS ACADEMY 2301 NORTH PARK AVENUE INDIANPOLIS IN 46205 352050595 501(C)(3) 42000 PRIVATE SCHOOL FUNDING. CRISTO REY NETWORK 14 EAST JACKSON BLVD STE 1200 CHICAGO IL 60604 043730980 501(C)(3) 50000 PRIVATE SCHOOL FUNDING. SETON EDUCATION PARTNERS 1562 FIRST AVENUE NO 205-2219 NEW YORK NY 10028 262782492 501(C)(3) 50000 PRIVATE SCHOOL FUNDING. SAN MIGUEL HIGH SCHOOL 6601 S SAN FERNANDO RD TUCSON AZ 85756 481270906 501(C)(3) 42000 PRIVATE SCHOOL FUNDING. ACADEMY PREP FOUNDATION INC 1407 EAST COLUMBUS DRIVE TAMPA FL 33605 593377240 501(C)(3) 39000 PRIVATE SCHOOL FUNDING. CRISTO REY NETWORK 14 EAST JACKSON BLVD STE 1200 CHICAGO IL 60604 043730980 501(C)(3) 50000 PRIVATE SCHOOL FUNDING. FUGEES FAMILY INC PO BOX 388 SCOTTDALE GA 30079 205771149 501(C)(3) 50000 PRIVATE SCHOOL FUNDING. JULLIE BILLIART SCHOOL 4982 CLUBSIDE ROAD LYNDHURST OH 44124 340827831 501(C)(3) 50000 PRIVATE SCHOOL FUNDING. GOOD SHEPHERD NATIVITY MISSION SCHOOL 353 BARONNE ST NEW ORLEANS LA 70112 721489054 501(C)(3) 20520 PRIVATE SCHOOL FUNDING. VALLEY CHRISTIAN SCHOOL (HIGHWAY TABERNACLE CHURCH DBA VCS) 4401 SOUTHERN BOULEVARD YOUNGSTOWN OH 44512 593796746 501(C)(3) 45000 PRIVATE SCHOOL FUNDING. 12 0 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 PARTNER 186871 0 0 0 0 0 0 0 35699 0 222570 0 0 0 JOHN ERIKSEN MANAGING PARTNER 185910 0 0 0 0 0 0 0 23250 0 209160 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 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 1603 ORRINGTON AVENUE EVANSTON, IL 60201. 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 1603 ORRINGTON AVENUE EVANSTON, IL 60201. FORM 990 PART XII LINE 1 THE ORGANIZATION CHANGED THEIR ACCOUNTING METHOD FROM CASH BASIS TO ACCRUAL BASIS. (SEE ATTACHED FORM 3115) FORM 990 PART XII LINE 2C THERE WAS NO CHANGE FROM THE PRIOR YEAR.