BASIC FUND: Form 990, tax year 2009

View the entire original 990 at ProPublica ↗

Organization: BASIC FUND (EIN 94-3290699)
Tax period: 2009-07-01 to 2010-06-30
Filed: 2011-05-16
IRS object ID: 201131369349306493
Schema version: 2009v1.7
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
Form 990
Schedule A
Schedule B
Schedule D
Schedule I
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2011-05-16T22:01:09-05:00	Timestamp
Tax Period End Date	2010-06-30	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	2009-07-01	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)
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	Willim Morris	Name
Title	Treasurer	Title
Date Signed	2011-05-16	DateSigned

Preparer Preparer

Field	Value	IRS element (for citing)
Phone	4159635100	Phone

Field	Value	IRS element (for citing)
Tax Year	2009	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	James A McCarthy	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	7353059	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Organization501c	X	Organization501c
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	28	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	28	NbrIndependentVotingMembers
Total Nbr Employees	9	TotalNbrEmployees
Total Nbr Volunteers	0	TotalNbrVolunteers
Total Gross UBI	0	TotalGrossUBI
Net Unrelated Business Txbl Income	0	NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year	7590564	ContributionsGrantsPriorYear
Contributions Grants Current Year	7227419	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	0	ProgramServiceRevenuePriorYear
Program Service Revenue CY	0	ProgramServiceRevenueCY
Investment Income Prior Year	202633	InvestmentIncomePriorYear
Investment Income Current Year	125640	InvestmentIncomeCurrentYear
Other Revenue Prior Year	0	OtherRevenuePriorYear
Other Revenue Current Year	0	OtherRevenueCurrentYear
Total Revenue Prior Year	7793197	TotalRevenuePriorYear
Total Revenue Current Year	7353059	TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year	7429468	GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY	6975865	GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year	0	BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	329830	SalariesEtcPriorYear
Salaries Etc Current Year	394041	SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year	0	TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	135001	OtherExpensePriorYear
Other Expenses Current Year	147349	OtherExpensesCurrentYear
Total Expenses Prior Year	7894299	TotalExpensesPriorYear
Total Expenses Current Year	7517255	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	-101102	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	-164196	RevenuesLessExpensesCY
Total Assets BOY	14969981	TotalAssetsBOY
Total Assets EOY	14796903	TotalAssetsEOY
Total Liabilities BOY	5312	TotalLiabilitiesBOY
Total Liabilities EOY	3333	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	14964669	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	14793570	NetAssetsOrFundBalancesEOY
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	6975865	Expense
Grants	6975865	Grants
Revenue	0	Revenue
Description	WE HAVE OFFERED A NEW PROGRAM EACH YEAR SINCE 1998 WHEN WE OFFERED 354 NEW SCHOLARSHIPS. THE 2010 PROGRAM ADDED 915 NEW STUDENTS. FOR THE 2010-2011 SCHOOL YEAR WE ARE SUPPORTING OVER 4,500 STUDENTS AT 300 DIFFERENT SCHOOLS IN THE BAY AREA. A 2007 STUDY SHOWED THAT OVER 90% 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 4,500. 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 $6,000,000. THE NUMBER OF SCHOOLS SUPPORTED IN OUR PROGRAMS HAVE 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 2010 PROGRAM, OVER $55,000,000 IN SCHOLARSHIPS HAS BEEN DISTRIBUTED TO THE FAMILIES OF OVER 16,000 CHILDREN BY THE BASIC FUND.	Description
Total Program Service Expense	6975865	TotalProgramServiceExpense
Described In501 C3	true	DescribedIn501C3
Schedule B Required	true	ScheduleBRequired
Political Activities	false	PoliticalActivities
Lobbying Activities	false	LobbyingActivities
Donor Advised Funds	false	DonorAdvisedFunds
Conservation Easements	false	ConservationEasements
Collections Of Art	false	CollectionsOfArt
Credit Counseling	false	CreditCounseling
Term Or Permanent Endowments	false	TermOrPermanentEndowments
Balance Sheet Amounts Reported	true	BalanceSheetAmountsReported
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
Transfers To Exempt Non Chrtbl Org	false	TransfersToExemptNonChrtblOrg
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Number Forms Transmitted With1096	2	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	true	ComplianceWithBackupWitholding
Number Of Employees	9	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
Nbr Voting Governing Body Members	28	NbrVotingGoverningBodyMembers
Number Independent Voting Members	28	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 (29 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	OfficerOfficer
Richard J Barker
director	1.0	X	0	0	0
Robert Barrett
Director	1.0	X	0	0	0
Richard J Bertero
Director	1.0	X	0	0	0
James P Conn
Director	1.0	X	0	0	0
Kenneth Derr
Director	1.0	X	0	0	0
R Stephen Doyle
Director	1.0	X	0	0	0
James H Herbert
Director	1.0	X	0	0	0
Rupert Johnson
Director	1.0	X	0	0	0
John E Kerrigan
Director	2.0	X	0	0	0
Steven Klein
Director	1.0	X	0	0	0
Kristi Markkula Bowers
Director	1.0	X	0	0	0
James A McCarthy
Chairman	20.0	X	0	0	0	X
June McCarthy
Vice President	5.0	X	0	0	0	X
J William Morris
Treasurer	10.0	X	0	0	0	X
Paul Morton
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
Arthur Rock
President	2.0	X	0	0	0	X
Paul Sack
Director	1.0	X	0	0	0
Eric Schwartz
Director	1.0	X	0	0	0
Warren E Spieker
Director	1.0	X	0	0	0
Sara Steppe
Director	1.0	X	0	0	0
Kenneth Weeman
Director	1.0	X	0	0	0
Edward W Williams
Director	1.0	X	0	0	0
Michael W Wilsey
Director	1.0	X	0	0	0
Jeffery G Edwards
Board Member	1.0	X	0	0	0
Jane Su
Board Member	1.0	X	0	0	0
Stephen Millham
Board Member	1.0	X	0	0	0
Rachel Elginsmith
executive director (beg 1/09)	40.0		92517	0	9557	X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	92517	TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs	0	TotalReportableCompFrmRltdOrgs
Total Other Compensation	9557	TotalOtherCompensation
Number Individuals GT100 K	0	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	7227419	AllOtherContributions
Total Contributions	7227419	TotalContributions
Total Program Service Revenue	0	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	125640	TotalRevenueColumn
Exclusion	$125,640	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	7353059	TotalRevenueColumn
Unrelated Business Revenue	0	UnrelatedBusinessRevenue
Exclusion	$125,640	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	6975865	Total
Program Services	6975865	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	107500	Total
Management And General	107500	ManagementAndGeneral
Fundraising	0	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	217152	Total
Management And General	217152	ManagementAndGeneral

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	0	Total
Management And General	0	ManagementAndGeneral

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	43058	Total
Management And General	43058	ManagementAndGeneral

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	26331	Total
Management And General	26331	ManagementAndGeneral

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	23178	Total
Management And General	23178	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	6611	Total
Management And General	6611	ManagementAndGeneral

Advertising Advertising

Field	Value	IRS element (for citing)
Total	0	Total

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	34689	Total
Management And General	34689	ManagementAndGeneral

Information Technology InformationTechnology

Field	Value	IRS element (for citing)
Total	942	Total
Management And General	942	ManagementAndGeneral

Royalties Royalties

Field	Value	IRS element (for citing)
Total	0	Total

Occupancy Occupancy

Field	Value	IRS element (for citing)
Total	62042	Total
Management And General	62042	ManagementAndGeneral

Travel Travel

Field	Value	IRS element (for citing)
Total	1134	Total
Management And General	1134	ManagementAndGeneral

Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials

Field	Value	IRS element (for citing)
Total	0	Total

Conferences Meetings ConferencesMeetings

Field	Value	IRS element (for citing)
Total	5071	Total
Management And General	5071	ManagementAndGeneral

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	5095	Total
Management And General	5095	ManagementAndGeneral

Insurance Insurance

Field	Value	IRS element (for citing)
Total	7677	Total
Management And General	7677	ManagementAndGeneral

Other Expenses OtherExpenses

Field	Value	IRS element (for citing)
Description	SUBSCRIPTIONS	Description
Total	910	Total
Management And General	910	ManagementAndGeneral

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	7517255	Total
Program Services	6975865	ProgramServices
Management And General	541390	ManagementAndGeneral
Fundraising	0	Fundraising

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	1375	BOY
EOY	11467	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	536845	BOY
EOY	706925	EOY

Pledges And Grants Receivable PledgesAndGrantsReceivable

Field	Value	IRS element (for citing)
BOY	2476512	BOY
EOY	1395495	EOY

Field	Value	IRS element (for citing)
Accounts Receivable		AccountsReceivable

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	1986	BOY
EOY	1272	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	45139	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	34035	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	16199	BOY
EOY	11104	EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

Field	Value	IRS element (for citing)
BOY	11915443	BOY
EOY	12658540	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	21621	BOY
EOY	12100	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	14969981	BOY
EOY	14796903	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	5312	BOY
EOY	3333	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	5312	BOY
EOY	3333	EOY

Field	Value	IRS element (for citing)
Follow SFAS117	X	FollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	10051594	BOY
EOY	10238182	EOY

Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	4913075	BOY
EOY	4555388	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	14964669	BOY
EOY	14793570	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	14969981	BOY
EOY	14796903	EOY

Field	Value	IRS element (for citing)
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	7574729	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	6653449	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	6308076	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	7590564	CurrentTaxYearMinus1Year
Current Tax Year	7227419	CurrentTaxYear
Total	35354237	Total

Total170 Total170

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	7574729	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	6653449	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	6308076	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	7590564	CurrentTaxYearMinus1Year
Current Tax Year	7227419	CurrentTaxYear
Total	35354237	Total

Field	Value	IRS element (for citing)
Amounts Subst Contributors Total	9848296	AmountsSubstContributorsTotal
Public Support Total170	25505941	PublicSupportTotal170

Gross Investment Income170 GrossInvestmentIncome170

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	329846	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	489664	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	485777	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	202633	CurrentTaxYearMinus1Year
Current Tax Year	125640	CurrentTaxYear
Total	1633560	Total

Field	Value	IRS element (for citing)
Total Support	36987797	TotalSupport
Public Support Pertcentage170	0.68958	PublicSupportPertcentage170
Public Support Pertcent Prior Year	0.74036	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
Land		Land
Buildings		Buildings
Leasehold Improvements		LeaseholdImprovements

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	45139	OtherCostOrOtherBasis
Depreciation	34035	Depreciation
Book Value	11104	BookValue

Field	Value	IRS element (for citing)
Other Land Buildings		OtherLandBuildings
Total Of Book Value Land Buildings	11104	TotalOfBookValueLandBuildings
Total Revenue	7353059	TotalRevenue
Total Expenses	7517255	TotalExpenses
Excess Or Deficit For Year	-164196	ExcessOrDeficitForYear
Net Unrealized GL On Investments	-6903	NetUnrealizedGLOnInvestments
Donated Services And Facilities	8500	DonatedServicesAndFacilities
Total Adjustments	1597	TotalAdjustments
Excess Or Deficit Per FS	-162599	ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt	7354656	TotRevenueEtcAuditedFinclStmt
Net Unrealized Gains Investments	-6903	NetUnrealizedGainsInvestments
Donated Srvc And Use Of Facilities	8500	DonatedSrvcAndUseOfFacilities
Revenue Not Rptd F990	1597	RevenueNotRptdF990
Revenue Subtotal	7353059	RevenueSubtotal
Total Revenue Per Form990	7353059	TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt	7525755	TotExpensesEtcAuditedFinclStmt
Donated Services Use Of Facilities	8500	DonatedServicesUseOfFacilities
Expenses Not Rptd F990	8500	ExpensesNotRptdF990
Expenses Subtotal	7517255	ExpensesSubtotal
Total Expenses Per Form990	7517255	TotalExpensesPerForm990

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Records Maintained	true	RecordsMaintained
Total Nbr Of501 C3 And Govt Grants	0	TotalNbrOf501C3AndGovtGrants
Total Nbr Of Other Organizations	0	TotalNbrOfOtherOrganizations

Form990 Schedule I Part III Form990ScheduleIPartIII

Field	Value	IRS element (for citing)
Type Of Grant	Scholarships	TypeOfGrant
Number Of Recipients	4888	NumberOfRecipients
Amount Of Cash Grant	6975865	AmountOfCashGrant
Amount Of Non Cash Assistance	0	AmountOfNonCashAssistance
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 (5 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 Vice President and Treasurer, Mr. J. William Morris III, reviewed in detail the Form 990 and provided a 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, Principal 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 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		Last year, 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, etc. as required by the intermediate sanctions regulations. There are no other compensated officers or key employees of the organization.
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.