2011-05-16T22:01:09-05:00 2010-06-30 KPMG LLP 55 Second Street 1400 San Francisco CA 94105 990 2009-07-01 943290699 The Basic Fund BASI 4159865650 268 Bush Street 2717 San Francisco CA 941043503 Willim Morris 2011-05-16 4159635100 2009 2016-02-24 21:20:13Z James A McCarthy 268 Bush St 2717 San Francisco CA 94104 7353059 false X www.basicfund.org X 1997 CA To Broaden the educational opportunities for inner city children by helping low-income families afford tuition at private schools. 28 28 9 0 0 0 7590564 7227419 0 0 202633 125640 0 0 7793197 7353059 7429468 6975865 0 0 329830 394041 0 0 0 135001 147349 7894299 7517255 -101102 -164196 14969981 14796903 5312 3333 14964669 14793570 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. false false 6975865 6975865 0 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. 6975865 true true false false false false false false false true true false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false true 2 0 true 9 true false false false false false false false false false 28 28 true false false false false false false true true false false true true true true true true true false false CA X RACHEL ELGINSMITH 4159865650 268 BUSH STREET 2717 San Francisco CA 941043503 Richard J Barker 1.0 X 0 0 0 Robert Barrett 1.0 X 0 0 0 Richard J Bertero 1.0 X 0 0 0 James P Conn 1.0 X 0 0 0 Kenneth Derr 1.0 X 0 0 0 R Stephen Doyle 1.0 X 0 0 0 James H Herbert 1.0 X 0 0 0 Rupert Johnson 1.0 X 0 0 0 John E Kerrigan 2.0 X 0 0 0 Steven Klein 1.0 X 0 0 0 Kristi Markkula Bowers 1.0 X 0 0 0 James A McCarthy 20.0 X X 0 0 0 June McCarthy 5.0 X X 0 0 0 J William Morris 10.0 X X 0 0 0 Paul Morton 1.0 X 0 0 0 George Richard 1.0 X 0 0 0 William T Ring 1.0 X 0 0 0 Arthur Rock 2.0 X X 0 0 0 Paul Sack 1.0 X 0 0 0 Eric Schwartz 1.0 X 0 0 0 Warren E Spieker 1.0 X 0 0 0 Sara Steppe 1.0 X 0 0 0 Kenneth Weeman 1.0 X 0 0 0 Edward W Williams 1.0 X 0 0 0 Michael W Wilsey 1.0 X 0 0 0 Jeffery G Edwards 1.0 X 0 0 0 Jane Su 1.0 X 0 0 0 Stephen Millham 1.0 X 0 0 0 Rachel Elginsmith 40.0 X 92517 0 9557 92517 0 9557 0 false false false NONE 0 7227419 7227419 0 125640 125640 0 0 0 0 0 0 0 7353059 0 125640 0 6975865 6975865 0 0 107500 107500 0 0 217152 217152 0 0 43058 43058 26331 26331 0 0 23178 23178 0 0 0 6611 6611 0 34689 34689 942 942 0 62042 62042 1134 1134 0 5071 5071 0 0 5095 5095 7677 7677 SUBSCRIPTIONS 910 910 7517255 6975865 541390 0 1375 11467 536845 706925 2476512 1395495 1986 1272 45139 34035 16199 11104 11915443 12658540 21621 12100 14969981 14796903 5312 3333 5312 3333 X 10051594 10238182 4913075 4555388 14964669 14793570 14969981 14796903 X false true true X false X 7574729 6653449 6308076 7590564 7227419 35354237 7574729 6653449 6308076 7590564 7227419 35354237 9848296 25505941 329846 489664 485777 202633 125640 1633560 36987797 0.68958 0.74036 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45139 34035 11104 11104 7353059 7517255 -164196 -6903 8500 1597 -162599 7354656 -6903 8500 1597 7353059 7353059 7525755 8500 8500 7517255 7517255 true 0 0 Scholarships 4888 6975865 0 n/a n/a Schedule I, part I, line 2 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. 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.