Ifma Educational Foundation EIN 23-7220674 Form 990 (PDF) Claim this org

Ifma Educational Foundation

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Funds scholarships and supports training for foodservice careers. For fiscal year 2024 it reported $499K in revenue, $637K in expenses, and $1.5M in net assets.Pt I

Type
Public charity (501(c)(3)) · Food & Agriculture
Location
Chicago, IL
Website
www.ifmaworld.com
Filings
5 on file (2020–2024)
Revenue
$499KFY2024
Expenses
$637K
Net assets
$1.5M
People
8
Filings
5
Updates
0
More identity details & actions ⌄
EIN  23-7220674 Public charity (501(c)(3)) Chicago, IL
Form 990 (PDF)
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Size
$100K–1M
What they do
Funds scholarships and supports training for foodservice careers.
Leadership
Phillip Kafarakis · President & CEO
Money in and out
$499K revenue, $637K expenses
Bottom line
31% program efficiency
Where the money goes · FY2024
Total revenue
$499K
Pt VIII · Ln 12
Total expenses
$637K
Pt IX · Ln 25
Net assets
$1.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$138K
Where spending went · Part IX cols B–D
Program services $0.31 Management & general $0.69
Program efficiency
31%
of spending reaches programs▲ +6% vs prior filing year
Operating runway
23.3mo
months of highly liquid reserves at operating expense rate▼ -13% vs prior filing year
Surplus margin
-28%
revenue over expenses, this year▼ -319% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$499K
FY2024▼ -8%
Expenses
$637K
FY2024▲ +34%
Total assets
$1.7M
FY2024▲ +3%
Total liabilities
$206K
FY2024▲ ×14
Total revenue
$499K
Pt VIII · Ln 12
Total expenses
$637K
Pt IX · Ln 25
Net assets
$1.5M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$138K
Total assetsPt X · Ln 16$1.7M
Program-expense ratioPt IX · col B31%
Voting members of governing bodyPt I · Ln 36
Independent voting membersPt I · Ln 45

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CIfma Educational Foundation
EINHdr · item D23-7220674
Principal addressHdr · item CChicago, IL
WebsiteHdr · item Jwww.ifmaworld.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MIL
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFood & Agriculture (K40P)
Ruling yearIRS BMFJan 1973

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a6
Independent voting membersPt VI · Ln 1b5
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President & CEO
$0Pt VII · Sec A
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Chief Financial Officer
$0Pt VII · Sec A
Executive Director (as of 02/2024)
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

1 program service account for $200K of program spending, described in the organization's own filed words · FY2024.
01

Scholarship and internship program for COLLEGES/UNIVERSITY students.

$200Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$357K · 72%
Investment income$142K · 28%
Contributions & grants72%$357K
Investment income28%$142K
Total revenueLn 12$499K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.31 Management & general $0.69
Program services31%$200K
Management & general69%$437K
Total functional expensesLn 25$637K

Balance Sheet

Part X · end of year
CashLn 1$55K
Total assetsLn 16$1.7M
Total liabilitiesLn 26$206K
Total net assetsLn 32$1.5M
Months of cash on handcomputed1.0

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.2M · Operating expenses/yr $637K
23.3 months
Where the money goes
Program services
Program services $200K · Total expenses $637K
31%
Management & General
Management & general $437K · Total expenses $637K
69%
Fundraising
Fundraising $0 · Total expenses $637K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $413K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $357K · Total revenue $499K
72%
Government reliance
Government grants — · Total revenue $499K
Earned-income share
Program service revenue $0 · Total revenue $499K
0%
Investment reliance
Investment income $142K · Total revenue $499K
+28%
Program self-sufficiency
Program service revenue $0 · Total expenses $637K
0%
Growth & trend
Revenue growth (YoY)
This year $499K · Prior year $544K
-8%
Revenue CAGR
FY2020 $255K · FY2024 $499K
+18%
Net-asset trend (YoY)
End of year $1.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $499K · Expenses $637K
-28%
Liabilities-to-Assets
Total liabilities — · Total assets $1.7M
Net-asset ratio
Net assets $1.5M · Total assets $1.7M
88%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $1.2M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.7M
68%
People & payroll
Highest Reported Total Compensation
Individual Phillip Kafarakis · Reported title PRESIDENT & CEO · Highest reported compensation $0 · Total expenses $637K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $637K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 31%
Overhead ratio 69%
Fundraising cost ratio 0%
Revenue growth -8%
Investment management fee ratio 0.5%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · this organization's grantmaking
Grants paid · 18 grants · $262K · 2020–2024
Northern Arizona UniversityFY2024$20,000
Purdue UniversityFY2024$15,000
Penn State HospitalityFY2024$13,000
Michigan State UniversityMI · FY2024$12,000
Texas A&m UniversityFY2024$10,000
Michigan State UniversityMI · FY2024$10,000
Florida International UniversityFY2024$10,000
Cornell UniversityNY · FY2024$10,000
Unitemized GrantFY2022$25,000
Unitemized GrantFY2021$12,000
Unitemized GrantFY2020$10,000

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$499K revenue · viewing · ⤓ 990 PDF
FY2023$544K revenue · ⤓ 990 PDF
FY2022$482K revenue · ⤓ 990 PDF
FY2021$216K revenue · ⤓ 990 PDF
FY2020$255K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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