BASIC FUND: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- BASIC FUND (EIN 94-3290699)
- Tax period
- 2011-07-01 to 2012-06-30
- Filed
- 2013-05-15
- IRS object ID
- 201301359349308490
- Schema version
- 2011v1.5
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2013-05-15T16:58:10-05:00 | Timestamp |
| Tax Period End Date | 2012-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KPMG LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 55 Second Street 1400 | AddressLine1 |
| City | San Francisco | City |
| State | CA | State |
| ZIP Code | 94105 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 943290699 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | The Basic Fund | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of Name | % RACHEL ELGINSMITH | InCareOfName |
| Name Control | BASI | NameControl |
| Phone | 4159865650 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 268 Bush Street 2717 | AddressLine1 |
| City | San Francisco | City |
| State | CA | State |
| ZIP Code | 941043503 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Rachel Elginsmith | Name |
| Title | EXECUTIVE DIRECTOR | Title |
| Date Signed | 2013-05-14 | DateSigned |
| Authorize Third Party | true | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4159635100 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-25 16:41:14Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | John Kerrigan | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 268 Bush St 2717 | AddressLine1 |
| City | San Francisco | City |
| State | CA | State |
| ZIP Code | 94104 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 6568244 | GrossReceipts |
| Group Return For Affiliates | false | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | www.basicfund.org | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1997 | YearFormation |
| State Legal Domicile | CA | StateLegalDomicile |
| Activity Or Mission Description | To Broaden the educational opportunities for inner city children by helping low-income families afford tuition at private schools. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 29 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 29 | NbrIndependentVotingMembers |
| Total Nbr Employees | 8 | TotalNbrEmployees |
| Total Nbr Volunteers | 1 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Contributions Grants Prior Year | 7101594 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 6524664 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 0 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 0 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 52977 | InvestmentIncomePriorYear |
| Investment Income Current Year | 43580 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | 0 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 7154571 | TotalRevenuePriorYear |
| Total Revenue Current Year | 6568244 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 6541053 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 6191699 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 424627 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 447009 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 143167 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 177118 | OtherExpensePriorYear |
| Other Expenses Current Year | 192698 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 7142798 | TotalExpensesPriorYear |
| Total Expenses Current Year | 6831406 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 11773 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | -263162 | RevenuesLessExpensesCY |
| Total Assets BOY | 14824544 | TotalAssetsBOY |
| Total Assets EOY | 14569111 | TotalAssetsEOY |
| Total Liabilities BOY | 13399 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 18846 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 14811145 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 14550265 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | false | SignificantNewProgramServices |
| Significant Change | false | SignificantChange |
| Expense | 6589056 | Expense |
| Grants | 6191699 | Grants |
| Description | WE HAVE OFFERED A NEW PROGRAM EACH YEAR SINCE 1998 WHEN WE OFFERED 354 NEW SCHOLARSHIPS. THE 2011 PROGRAM ADDED 950 NEW STUDENTS. FOR THE 2011-2012 SCHOOL YEAR WE ARE SUPPORTING OVER 4,200 STUDENTS AT 291 DIFFERENT SCHOOLS IN THE BAY AREA. A 2007 STUDY SHOWED THAT OVER 94% OF STUDENTS THAT ENTER HIGH SCHOOL FROM THE BASIC FUND PROGRAM GRADUATE FROM HIGH SCHOOL. THE BASIC FUND'S TOTAL STUDENT POPULATION HAS GROWN FROM 355 IN 1998 TO A HIGH OF 5,095 IN 2008 AND IS NOW AT OVER 4,200. TOTAL ANNUAL SCHOLARSHIPS GIVEN BY THE BASIC FUND HAVE INCREASED FROM $365,000 IN 1998 TO A HIGH OF $7,300,000 IN 2008, CURRENTLY AT APPROXIMATELY $6,100,000. THE NUMBER OF SCHOOLS SUPPORTED IN OUR PROGRAMS HAS INCREASED FROM 46 IN 1998 TO 300 IN 2008. ANNUAL CONTRIBUTIONS FROM DONORS TO THE BASIC FUND HAVE GROWN FROM $476,000 IN 1998 TO A HIGH OF $8,000,000 IN 2008. THE NUMBER OF NEW SCHOLARSHIPS GIVEN TO STUDENTS EACH YEAR HAS INCREASED FROM 354 IN 1998 TO A HIGH OF 1,719 IN 2008. INCLUDING THE 2011 PROGRAM, OVER $60,000,000 IN SCHOLARSHIPS HAS BEEN DISTRIBUTED TO THE FAMILIES OF OVER 17,000 BAY AREA CHILDREN BY THE BASIC FUND. | Description |
| Total Program Service Expense | 6589056 | TotalProgramServiceExpense |
| Described In501 C3 | true | DescribedIn501C3 |
| Schedule B Required | true | ScheduleBRequired |
| Political Activities | false | PoliticalActivities |
| Lobbying Activities | false | LobbyingActivities |
| Subject To Proxy Tax | false | SubjectToProxyTax |
| Donor Advised Funds | false | DonorAdvisedFunds |
| Conservation Easements | false | ConservationEasements |
| Collections Of Art | false | CollectionsOfArt |
| Credit Counseling | false | CreditCounseling |
| Term Or Permanent Endowments | false | TermOrPermanentEndowments |
| Report Land Bldg Equip | true | ReportLandBldgEquip |
| Report Invest Oth Securities | false | ReportInvestOthSecurities |
| Report Prog Rel Invest | false | ReportProgRelInvest |
| Report Other Assets | false | ReportOtherAssets |
| Report Other Liabilities | false | ReportOtherLiabilities |
| Report Fin48 Footnote | true | ReportFin48Footnote |
| Independent Audit Financial Stmt | true | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | false | ConsolidatedAuditFinancialStmt |
| School | false | School |
| Foreign Office | false | ForeignOffice |
| Foreign Activities | false | ForeignActivities |
| More Than5000 K To Organizations | false | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividuals |
| Professional Fundraising | false | ProfessionalFundraising |
| Fundraising Activities | false | FundraisingActivities |
| Gaming | false | Gaming |
| Hospital | false | Hospital |
| Grants To Organizations | false | GrantsToOrganizations |
| Grants To Individuals | true | GrantsToIndividuals |
| Schedule J Required | false | ScheduleJRequired |
| Tax Exempt Bonds | false | TaxExemptBonds |
| Excess Benefit Transaction | false | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | false | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | false | LoanToOfficerOrDQP |
| Grant To Related Person | false | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | false | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | false | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | false | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | false | DeductibleNonCashContributions |
| Deductible Contributions Of Art | false | DeductibleContributionsOfArt |
| Terminated | false | Terminated |
| Partial Liquidation | false | PartialLiquidation |
| Disregarded Entity | false | DisregardedEntity |
| Related Entity | false | RelatedEntity |
| Related Org Controlled Entity | false | RelatedOrgControlledEntity |
| Transaction Related Entity | false | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | false | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | false | ActivitiesConductedPartnership |
| Schedule O Required | true | ScheduleORequired |
| Number Forms Transmitted With1096 | 4 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | true | ComplianceWithBackupWitholding |
| Number Of Employees | 8 | NumberOfEmployees |
| Employment Tax Returns Filed | true | EmploymentTaxReturnsFiled |
| Unrelated Business Income | false | UnrelatedBusinessIncome |
| Foreign Financial Account | false | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTrans |
| Taxable Party Notification | false | TaxablePartyNotification |
| Non Deductible Contributions | false | NonDeductibleContributions |
| Quid Pro Quo Contributions | false | QuidProQuoContributions |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | false | FundsToPayPremiums |
| Premiums Paid | false | PremiumsPaid |
| Indoor Tanning Services | false | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 29 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 29 | NumberIndependentVotingMembers |
| Family Or Business Relationship | true | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | false | DelegationOfManagementDuties |
| Changes To Organizing Docs | false | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuse |
| Members Or Stockholders | false | MembersOrStockholders |
| Election Of Board Members | false | ElectionOfBoardMembers |
| Decisions Subject To Approval | false | DecisionsSubjectToApproval |
| Minutes Of Governing Body | true | MinutesOfGoverningBody |
| Minutes Of Committees | true | MinutesOfCommittees |
| Officer Mailing Address | false | OfficerMailingAddress |
| Local Chapters | false | LocalChapters |
| Form990 Provided To Governing Body | true | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | true | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | true | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | true | RegularMonitoringEnforcement |
| Whistleblower Policy | true | WhistleblowerPolicy |
| Document Retention Policy | true | DocumentRetentionPolicy |
| Compensation Process CEO | true | CompensationProcessCEO |
| Compensation Process Other | false | CompensationProcessOther |
| Investment In Joint Venture | false | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | CA | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | RACHEL ELGINSMITH | NamePerson |
| Telephone Number | 4159865650 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 268 BUSH STREET 2717 | AddressLine1 |
| City | San Francisco | City |
| State | CA | State |
| ZIP Code | 941043503 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (30 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation |
|---|---|---|---|---|---|---|
| John Kerrigan | ||||||
| Chairman | 5.0 | X | X | 0 | 0 | 0 |
| J William Morris | ||||||
| President & Treasurer | 10.0 | X | X | 0 | 0 | 0 |
| Steven Klein | ||||||
| Vice President | 4.0 | X | X | 0 | 0 | 0 |
| June G McCarthy | ||||||
| Vice President | 2.0 | X | X | 0 | 0 | 0 |
| James A McCarthy | ||||||
| Chairman Emeritus, Director | 1.0 | X | 0 | 0 | 0 | |
| Richard Barker | ||||||
| director | 1.0 | X | 0 | 0 | 0 | |
| Robert Barrett | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Richard Bertero | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Kristi Markkula Bowers | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| James Conn | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Kenneth Derr | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Julie Divola | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| R Stephen Doyle | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Jeffrey G Edwards | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Byron Gill | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| James Herbert | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Rupert Johnson | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Jacquelyn Kung | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Edward McDermott | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Stephen L Millham | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Paul F Morton | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Tim Ranzetta | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| George Richard | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| William T Ring | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Eric Schwartz | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Warren Ned Spieker | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Jane Su | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Edward Ted Williams | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Michael Wilsey | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Rachel Elginsmith | ||||||
| Executive Director | 40.0 | X | 110000 | 13468 | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 110000 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 13468 | TotalOtherCompensation |
| Number Individuals GT100 K | 1 | NumberIndividualsGT100K |
| Formers Listed | false | FormersListed |
| Total Comp GT150 K | false | TotalCompGT150K |
| Compensation From Other Sources | false | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation
Name Of Contractor NameOfContractor
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | NONE | NamePerson |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Of Contractor | AddressOfContractor |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 0 | NumberOfContractorsGT100K |
| All Other Contributions | 6524664 | AllOtherContributions |
| Total Contributions | 6524664 | TotalContributions |
| Total Program Service Revenue | 0 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 43580 | TotalRevenueColumn |
| Exclusion | $43,580 | ExclusionAmount |
Income From Invest Bond Proceeds IncomeFromInvestBondProceeds
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Gaming NetIncomeFromGaming
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income Or Loss NetIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 0 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 6568244 | TotalRevenueColumn |
| Exclusion | $43,580 | ExclusionAmount |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6191699 | Total |
| Program Services | 6191699 | ProgramServices |
Foreign Grants ForeignGrants
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 121844 | Total |
| Program Services | 30461 | ProgramServices |
| Management And General | 30461 | ManagementAndGeneral |
| Fundraising | 60922 | Fundraising |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 265090 | Total |
| Program Services | 242422 | ProgramServices |
| Fundraising | 22668 | Fundraising |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 29902 | Total |
| Program Services | 22783 | ProgramServices |
| Management And General | 1424 | ManagementAndGeneral |
| Fundraising | 5695 | Fundraising |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 30173 | Total |
| Program Services | 21586 | ProgramServices |
| Management And General | 1437 | ManagementAndGeneral |
| Fundraising | 7150 | Fundraising |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 22000 | Total |
| Management And General | 22000 | ManagementAndGeneral |
Fees For Services Lobbying FeesForServicesLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3795 | Total |
| Program Services | 3368 | ProgramServices |
| Management And General | 85 | ManagementAndGeneral |
| Fundraising | 342 | Fundraising |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 16164 | Total |
| Management And General | 968 | ManagementAndGeneral |
| Fundraising | 15196 | Fundraising |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 39262 | Total |
| Program Services | 12996 | ProgramServices |
| Management And General | 12918 | ManagementAndGeneral |
| Fundraising | 13348 | Fundraising |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 7863 | Total |
| Program Services | 5062 | ProgramServices |
| Management And General | 1160 | ManagementAndGeneral |
| Fundraising | 1641 | Fundraising |
Royalties Royalties
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 69290 | Total |
| Program Services | 41887 | ProgramServices |
| Management And General | 12620 | ManagementAndGeneral |
| Fundraising | 14783 | Fundraising |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3105 | Total |
| Program Services | 3105 | ProgramServices |
Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 12541 | Total |
| Program Services | 8496 | ProgramServices |
| Management And General | 3995 | ManagementAndGeneral |
| Fundraising | 50 | Fundraising |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Payments To Affiliates PaymentsToAffiliates
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4526 | Total |
| Program Services | 3449 | ProgramServices |
| Management And General | 216 | ManagementAndGeneral |
| Fundraising | 861 | Fundraising |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 13429 | Total |
| Program Services | 1742 | ProgramServices |
| Management And General | 11176 | ManagementAndGeneral |
| Fundraising | 511 | Fundraising |
Other Expenses OtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | MISCELLANEOUS | Description |
| Total | 723 | Total |
| Management And General | 723 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6831406 | Total |
| Program Services | 6589056 | ProgramServices |
| Management And General | 99183 | ManagementAndGeneral |
| Fundraising | 143167 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4828 | BOY |
| EOY | 390609 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 968988 | BOY |
| EOY | 1542520 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1377079 | BOY |
| EOY | 1240176 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Receivables From Officers Etc ReceivablesFromOfficersEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Receivables From Disqual Persons ReceivablesFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 12718 | BOY |
| EOY | 7817 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 53952 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 43684 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10237 | BOY |
| EOY | 10268 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 12444358 | BOY |
| EOY | 11366688 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Intangible Assets IntangibleAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 6336 | BOY |
| EOY | 11033 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 14824544 | BOY |
| EOY | 14569111 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 13399 | BOY |
| EOY | 18846 | EOY |
Grants Payable GrantsPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Escrow Account Liability EscrowAccountLiability
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Loans From Officers Directors LoansFromOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 13399 | BOY |
| EOY | 18846 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 14811145 | BOY |
| EOY | 14550265 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 14824544 | BOY |
| EOY | 14569111 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | -263162 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 2282 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | false | AccountantCompileOrReview |
| FS Audited | true | FSAudited |
| Audit Committee | true | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | false | FederalGrantAuditRequired |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org170b1 Avi | X | PubliclySupportedOrg170b1Avi |
Gifts Grants Contrib Received170 GiftsGrantsContribReceived170
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 6308076 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 7590564 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 7227419 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 7101594 | CurrentTaxYearMinus1Year |
| Current Tax Year | 6524664 | CurrentTaxYear |
| Total | 34752317 | Total |
Total170 Total170
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 6308076 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 7590564 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 7227419 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 7101594 | CurrentTaxYearMinus1Year |
| Current Tax Year | 6524664 | CurrentTaxYear |
| Total | 34752317 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Amounts Subst Contributors Total | 10587947 | AmountsSubstContributorsTotal |
| Public Support Total170 | 24164370 | PublicSupportTotal170 |
Gross Investment Income170 GrossInvestmentIncome170
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 485777 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 202633 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 125640 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 52977 | CurrentTaxYearMinus1Year |
| Current Tax Year | 43580 | CurrentTaxYear |
| Total | 910607 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Support | 35662924 | TotalSupport |
| Public Support Pertcentage170 | 0.67758 | PublicSupportPertcentage170 |
| Public Support Pertcent Prior Year | 0.69002 | PublicSupportPertcentPriorYear |
| Thirty Three Percnt Tests CY170 | X | ThirtyThreePercntTestsCY170 |
Schedule B IRS990ScheduleB
Contributor Info ContributorInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor Number | RESTRICTED | ContributorNumber |
Contributor Name Business ContributorNameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor Address US ContributorAddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Aggregate Contributions | RESTRICTED | AggregateContributions |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amts | ArtPublicExhibitionAmts | |
| Held Works Of Art Amts | HeldWorksOfArtAmts | |
| Current Year Minus3 Years | CurrentYearMinus3Years | |
| Land | Land | |
| Buildings | Buildings | |
| Leasehold Improvements | LeaseholdImprovements |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 53952 | OtherCostOrOtherBasis |
| Depreciation | 43684 | Depreciation |
| Book Value | 10268 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Land Buildings | OtherLandBuildings | |
| Total Of Book Value Land Buildings | 10268 | TotalOfBookValueLandBuildings |
| Federal Income Tax Liability | 0 | FederalIncomeTaxLiability |
| Total Of Amounts | 0 | TotalOfAmounts |
| Total Revenue | 6568244 | TotalRevenue |
| Total Expenses | 6831406 | TotalExpenses |
| Excess Or Deficit For Year | -263162 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 2282 | NetUnrealizedGLOnInvestments |
| Total Adjustments | 2282 | TotalAdjustments |
| Excess Or Deficit Per FS | -260880 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 6570526 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | 2282 | NetUnrealizedGainsInvestments |
| Revenue Not Rptd F990 | 2282 | RevenueNotRptdF990 |
| Revenue Subtotal | 6568244 | RevenueSubtotal |
| Total Revenue Per Form990 | 6568244 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 6831406 | TotExpensesEtcAuditedFinclStmt |
| Expenses Subtotal | 6831406 | ExpensesSubtotal |
| Total Expenses Per Form990 | 6831406 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | ASC 740 | Identifier |
| Explanation | 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. | Explanation |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Records Maintained | true | RecordsMaintained |
Form990 Schedule I Part III Form990ScheduleIPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Type Of Grant | Scholarships | TypeOfGrant |
| Number Of Recipients | 4149 | NumberOfRecipients |
| Amount Of Cash Grant | 6191699 | AmountOfCashGrant |
| Method Of Valuation | n/a | MethodOfValuation |
| Description Of Non Cash Assistance | n/a | DescriptionOfNonCashAssistance |
Form990 Schedule I Part IV Form990ScheduleIPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | Schedule I, part I, line 2 | Identifier |
| Explanation | The Basic fund makes grants for scholarships for students to attend private 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 regularly but don't have a formal procedure in this regard. | Explanation |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (6 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Family Relationship | Part VI, Section A, line 2 | June McCarthy and James McCarthy have a family relationship. |
| Form 990 Review Process | Part VI, Section B, line 11 | The Executive President and Treasurer, Mr. J. William Morris III, reviewed in detail the Form 990 and provided a complete copy of the Form 990 to the Board prior to filing the return with the Internal Revenue Service. The audit committee will review the Form 990 subsequent to filing form 990 with the Internal Revenue Service. |
| Conflict of Interest | Part VI, Section B, line 12c | EVP 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. 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. |
| Process to determine officer compensation | 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 SUBDEQUENT CHANGE IN THE EXECUTIVE DIRECTOR'S COMPENSATION PACKAGE. THE ORGANIZATION DOES NOT HAVE ANY OTHER COMPENSATED OFFICERS OR KEY EMPLOYEES. | |
| Documents available to the public | 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. |
| Form 990, Part XI, Line 5 | Unrealized Gain $2,282 |
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