Alef Fund INC FY2021 filing

Atlanta, GAUnknown exempt organizationEIN 26-2919210

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Providing scholarships to qualifying students of atlanta area jewish schools

96¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · 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
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
20 mo
of spending, in cash
Looks good: 19.7 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
$8.5M
95% of total assets
Concern: liabilities are 95% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 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
$5.5M
-5% vs prior year
Spent
$5.4M
To programs
96%
Net assets
$407K
By yearFY2020–FY2024
Revenue
$5.5M
FY2021▼ -5%
Revenue by fiscal year
FY2020$5.7M
FY2021$5.5M
FY2022$6.2M
FY2023$6.2M
FY2024$395
Expenses
$5.4M
FY2021▼ -4%
Expenses by fiscal year
FY2020$5.7M
FY2021$5.4M
FY2022$6.3M
FY2023$6.0M
FY2024$534K
Net assets
$407K
FY2021▲ +8%
Net assets by fiscal year
FY2020$377K
FY2021$407K
FY2022$322K
FY2023$533K
FY2024$0

From the FY2021 Form 990 (year ending June 2021) · 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

96 cents of each dollar spent went to programs.

Program services 96% · $5.2M Management & general 4% · $208K Fundraising 1% · $36K

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 (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
Immediate Past President
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$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 2No
  • 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.

Provided by the organization

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2 program services account for $5.2M of program spending, described in the organization's own filed words · FY2020.
01

Providing scholarship funds to 769 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.

$5.0Mprogram expense
02

Grants to other student scholarship organizations

$185Kprogram expense

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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 FY2021 990, line by line.

1The main four
Money inPt VIII
$5.5M
Ln 12
Gifts and grantsLn 1h$5.5M
Investment incomeLn 3$938
Money outPt IX
$5.4M
Ln 25
Programscol B$5.2M
Managementcol C$208K
Fundraisingcol D$36K
Owns and owesPt X
$407K
net assets · Ln 32
Cash and savingsLn 1–2$8.9M
Total assetsLn 16$8.9M
LiabilitiesLn 26$8.5M
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5.5M
Investment incomeLn 3$938
Total revenueLn 12$5.5M
Assets in detailPt X, end of year
CashLn 1$8.9M
Cash and savings togetherLn 1–2$8.9M
Total assetsLn 16$8.9M
LiabilitiesLn 26$8.5M
Net assetsLn 32$407K
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 FY21End FY21
Cash and savingsLn 1–2$8.7M$8.9M
Total assetsLn 16$8.7M$8.9M
LiabilitiesLn 26$8.4M$8.5M
Net assetsLn 32$377K$407K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$185K$185K
Grants to domestic individualsLn 2$5.0M$5.0M
Accounting feesLn 11c$12K$12K
Lobbying feesLn 11d$7K$7K
Other fees for servicesLn 11g$2K$2K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$284$284
Information technologyLn 14$18K$18K
Conferences, conventions and meetingsLn 19$306$306
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$218K$20K$167K$31K
Total functional expensesLn 25$5.4M$5.2M$208K$36K

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 Viewing $5.5M$5.4M$29K$407K 990 PDF
FY2020 $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 FY2021 990 (4 parts)
Part VIII · Statement of revenue $5,465,545 across 4 lines filed
VIII-1f All other contributions, gifts and grants$5,464,607
VIII-1h Total contributions, gifts and grants$5,464,607
VIII-3 Investment incomeExcluded from tax $938$938
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $938$5,465,545
Part IX · Statement of functional expenses $5,436,295 across 11 lines filed
IX-1 Grants to domestic organizationsPrograms $185,427$185,427
IX-2 Grants to domestic individualsPrograms $4,987,146$4,987,146
IX-11c Accounting feesManagement $11,500$11,500
IX-11d Lobbying feesManagement $6,750$6,750
IX-11g Other fees for servicesManagement $2,475$2,475
IX-12 Advertising and promotionFundraising $4,344$4,344
IX-13 Office expensesManagement $284$284
IX-14 Information technologyManagement $18,421$18,421
IX-19 Conferences, conventions and meetingsManagement $306$306
IX-23 InsuranceManagement $1,735$1,735
IX-24 Other expenses (24a–d)Programs $19,927 · Management $166,789 · Fundraising $31,191$217,907
IX-25 Total functional expensesPrograms $5,192,500 · Management $208,260 · Fundraising $35,535$5,436,295
Part X · Balance sheet $8,925,484 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $8,727,923$8,925,484
X-9 Prepaid expenses and deferred chargesStart of year $1,735$0
X-16 Total assetsStart of year $8,729,658$8,925,484
X-18 Grants payableStart of year $8,303,994$8,514,146
X-25 Other liabilitiesStart of year $41,979$4,604
X-26 Total liabilitiesStart of year $8,352,174$8,518,750
X-27 Net assets without donor restrictionsStart of year $370,284$399,534
X-28 Net assets with donor restrictionsStart of year $7,200$7,200
X-32 Total net assets or fund balancesStart of year $377,484$406,734
X-33 Total liabilities and net assetsStart of year $8,729,658$8,925,484
Part XI · Reconciliation of net assets $406,734 net assets at year end
XI-1 Total revenue$5,465,545
XI-2 Total expenses$5,436,295
XI-3 Revenue less expenses$29,250
XI-4 Net assets at start of year$377,484
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$406,734

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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