Alef Fund INC FY2020 filing

Atlanta, GAUnknown exempt organizationEIN 26-2919210Revenue $5.7M in FY2020

On file with the IRSaleffund.org1440 Spring Street Nw · Atlanta, GA

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Providing scholarships to qualifying students of atlanta area jewish schools

95¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average deficit $60K a year · 1% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
95%
of spending
Looks good: 95% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
18 mo
of spending, in cash
Looks good: 18.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $2K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$8.4M
96% of total assets
Concern: liabilities are 96% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 8 voting members
Looks good: 7 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.7M
Spent
$5.7M
To programs
95%
Net assets
$377K
By yearFY2020–FY2024
Revenue
$5.7M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$5.7M
FY2021$5.5M
FY2022$6.2M
FY2023$6.2M
FY2024$395
Expenses
$5.7M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$5.7M
FY2021$5.4M
FY2022$6.3M
FY2023$6.0M
FY2024$534K
Net assets
$377K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$377K
FY2021$407K
FY2022$322K
FY2023$533K
FY2024$0

From the FY2020 Form 990 (year ending June 2020) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

95 cents of each dollar spent went to programs.

Program services 95% · $5.4M Management & general 4% · $242K Fundraising 1% · $41K

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.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Immediate Past President
$0Pt VII · Sec A
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
See Alef Fund INC executive salaries →

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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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers scholarships to deserving students at Atlanta-area Jewish schools.

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Provided by the organization

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2 programs · $5.4M · in their own filed words · FY2019
01

Providing scholarship funds to 772 students of eighteen georgia jewish day schools in accordance with title 20 chapter 2a and title 48 chapter 7 of the official code of georgia annotated and applicable regulations promulgated by the georgia department of revenue.

$5.2Mprogram expense
02

Grants to other student scholarship organizations

$200Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2021
Total grants receivedfrom 1 funder$2K
Grants paid · 13 grants · $22.6M · 2019–2023
Unitemized GrantFY2022$5,548,227
Unitemized GrantFY2021$5,621,830
Unitemized GrantFY2020$4,984,826
Unitemized GrantFY2019$5,162,567

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$5.7M
Ln 12
Gifts and grantsLn 1h$5.7M
Investment incomeLn 3$22K
Money outPt IX
$5.7M
Ln 25
Programscol B$5.4M
Managementcol C$242K
Fundraisingcol D$41K
Owns and owesPt X
$377K
net assets · Ln 32
Cash and savingsLn 1–2$8.7M
Total assetsLn 16$8.7M
LiabilitiesLn 26$8.4M
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5.7M
Investment incomeLn 3$22K
Total revenueLn 12$5.7M
Assets in detailPt X, end of year
CashLn 1$8.7M
Cash and savings togetherLn 1–2$8.7M
Total assetsLn 16$8.7M
LiabilitiesLn 26$8.4M
Net assetsLn 32$377K
OperationsPt I, VI
EmployeesI 50
VolunteersI 68
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$8.0M$8.7M
Total assetsLn 16$8.0M$8.7M
LiabilitiesLn 26$7.7M$8.4M
Net assetsLn 32$300K$377K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$200K$200K
Grants to domestic individualsLn 2$5.2M$5.2M
Accounting feesLn 11c$14K$14K
Lobbying feesLn 11d$7K$7K
Other fees for servicesLn 11g$5K$5K$300
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$2K$2K
Information technologyLn 14$34K$34K
Conferences, conventions and meetingsLn 19$1K$1K
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$238K$24K$176K$38K
Total functional expensesLn 25$5.7M$5.4M$242K$41K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $395$534K−$533K$0 990 PDF
FY2023 $6.2M$6.0M$212K$533K 990 PDF
FY2022 $6.2M$6.3M−$85K$322K 990 PDF
FY2021 $5.5M$5.4M$29K$407K 990 PDF
FY2020 Viewing $5.7M$5.7M$78K$377K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $5,747,313 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $6,228,424$5,725,166
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $4,984$22,147
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $6,233,408$5,747,313
I-13 Grants and similar amounts paidPrior year $5,841,807$5,362,464
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $331,985$306,968
I-18 Total expensesPrior year $6,173,792$5,669,432
I-19 Revenue less expensesPrior year $59,616$77,881
Part VI · Governance 7 of 8 board members independent, 2 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $5,747,313 across 4 lines filed
VIII-1f All other contributions, gifts and grants$5,725,166
VIII-1h Total contributions, gifts and grants$5,725,166
VIII-3 Investment incomeExcluded from tax $22,147$22,147
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $22,147$5,747,313
Part IX · Statement of functional expenses $5,669,432 across 11 lines filed
IX-1 Grants to domestic organizationsPrograms $199,897$199,897
IX-2 Grants to domestic individualsPrograms $5,162,567$5,162,567
IX-11c Accounting feesManagement $14,080$14,080
IX-11d Lobbying feesManagement $6,750$6,750
IX-11g Other fees for servicesManagement $4,512 · Fundraising $300$4,812
IX-12 Advertising and promotionFundraising $2,318$2,318
IX-13 Office expensesManagement $2,194$2,194
IX-14 Information technologyManagement $34,224$34,224
IX-19 Conferences, conventions and meetingsManagement $1,038$1,038
IX-23 InsuranceManagement $3,166$3,166
IX-24 Other expenses (24a–d)Programs $24,487 · Management $175,572 · Fundraising $38,327$238,386
IX-25 Total functional expensesPrograms $5,386,951 · Management $241,536 · Fundraising $40,945$5,669,432
Part X · Balance sheet $8,729,658 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $8,024,588$8,727,923
X-9 Prepaid expenses and deferred chargesStart of year $1,049$1,735
X-16 Total assetsStart of year $8,025,637$8,729,658
X-17 Accounts payable and accrued expensesStart of year $14,930$6,201
X-18 Grants payableStart of year $7,670,254$8,303,994
X-25 Other liabilitiesStart of year $40,849$41,979
X-26 Total liabilitiesStart of year $7,726,033$8,352,174
X-27 Net assets without donor restrictionsStart of year $292,404$370,284
X-28 Net assets with donor restrictionsStart of year $7,200$7,200
X-32 Total net assets or fund balancesStart of year $299,604$377,484
X-33 Total liabilities and net assetsStart of year $8,025,637$8,729,658
Part XI · Reconciliation of net assets $377,484 net assets at year end
XI-1 Total revenue$5,747,313
XI-2 Total expenses$5,669,432
XI-3 Revenue less expenses$77,881
XI-4 Net assets at start of year$299,604
XI-9 Other changes in net assets−$1
XI-10 Net assets at end of year$377,484

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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