Is it real?
Yes. Exemption reinstated (2020-11-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Jun 2021.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
87 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
8 people listed on the 990; $179K paid to officers and key staff.
Eric Stevenson’s $209K as Trustee Executive Drector is at the 98th percentile of top reported officer pay among 146 <$100K education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 1 named individual · Part VII
| Name | FY2023 | FY2021 |
|---|---|---|
| Eric Stevenson | $209,280 | $178,652 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Champions high-quality schools and college access for Newark students through educational opportunities.
Questions for The Chad School Foundation INC
Your first name shows with your question. The Chad School Foundation INC answers here, for everyone.
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The chad scholars program provides scholarships to college bound high school seniors in greater newark metropolitan area.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2021 990, line by line.
Download 990
| Line | Start FY21 | End FY21 |
|---|---|---|
| Cash and savingsLn 1–2 | $193K | $230K |
| Land, buildings, equipmentLn 10c | $5.6M | $6.6M |
| Total assetsLn 16 | $5.8M | $6.8M |
| LiabilitiesLn 26 | $1.6M | $2.0M |
| Net assetsLn 32 | $4.2M | $4.9M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $216K | $216K | ||
| Legal feesLn 11b | $59K | $59K | ||
| Advertising and promotionLn 12 | $6K | $6K | ||
| Office expensesLn 13 | $38K | $38K | ||
| InterestLn 20 | $101K | $101K | ||
| Depreciation, depletion and amortizationLn 22 | $268K | $268K | ||
| InsuranceLn 23 | $46K | $46K | ||
| Other expenses (24a–d)Ln 24 | $74K | $54K | $20K | |
| Total functional expensesLn 25 | $807K | $703K | $104K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest | $0 | $202K | −$202K | $6.1M | 990 PDF |
| FY2023 | $753K | $1.0M | −$283K | $6.3M | 990 PDF |
| FY2022 | Not on file | ||||
| FY2021 Viewing | $242K | $807K | −$565K | $4.9M | 990 PDF |
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Schedules filed Part IV
See the full FY2021 990 (6 parts)
Part I · Summary $242,182 revenue, 12 lines filed
Part VI · Governance 7 of 8 board members independent, no flags
Part VIII · Statement of revenue $242,182 across 4 lines filed
Part IX · Statement of functional expenses $807,135 across 8 lines filed
Part X · Balance sheet $6,841,360 assets, 11 lines filed
Part XI · Reconciliation of net assets $4,865,435 net assets at year end
Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File
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