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Advance Charitable & Educational Fund FY2022 filing

Tax-deductible

Brooklyn, NY501(c)(3)EducationEIN 30-0240855Revenue $16K in FY2022

On file with the IRSadvance.org1208 E 49th St, 11234-1513 · Brooklyn, NYTax-exempt since May 2004Publicly supported charity — 170(b)(1)(A)(vi)

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To provide Educational and Charitable projects including fellowships, achievement recognition and artistic development.

501(c)(3) charity; gifts are tax-deductible.
95¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
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
1 of 2
filings with a surplus
Average deficit $14K a year · 7% of revenue · last 2 filings
Worth a look: a surplus in 1 of the last 2 filings.
Pt I · Ln 19 · 2 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
8 mo
of spending, in cash
Looks good: 8.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$16K
-96% vs prior year
Spent
$84K
To programs
95%
Net assets
$220K
By yearFY2021–FY2024
Revenue
$16K
FY2022▼ -96%
Tap a bar for its year
Revenue by fiscal year
FY2021$388K
FY2022$16K
FY2023$0
FY2024$5K
Expenses
$84K
FY2022▼ -76%
Tap a bar for its year
Expenses by fiscal year
FY2021$349K
FY2022$84K
FY2023Not on file
FY2024Not on file
Net assets
$220K
FY2022▼ -24%
Tap a bar for its year
Net assets by fiscal year
FY2021$291K
FY2022$220K
FY2023$218K
FY2024$223K

From the FY2022 Form 990 (year ending June 2022) · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 2004.

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% · $80K Management & general 5% · $4K

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

3 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
$0Pt VII · Sec A
Louis Thurgood
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
See Advance Charitable & Educational Fund 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 fellowships, recognizes achievements, and supports artistic development.

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Provided by the organization

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2 programs · $80K · in their own filed words · FY2021
01

Innovation summit- annual event that showcases australian innovation and businesses to the us market,connects the next generation of australian entrepreneurs and innovations with dynamic global networks, key business insiders and investor and provides mentoring to australianuniversity students.

$40Kprogram expense
02

Advance global australian awards- awards given to select australian individuals living overseas who exhibit remarkable talent,exceptional vision, ambition and who are future leaders and innovators in their chosen field.

$40Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 1 grant · $118K · 2020–2020
Advanced-Global Australian Professionals INCNY · FY2020$118,407

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$16K
Ln 12
Gifts and grantsLn 1h$16K
Investment incomeLn 3$3
Money outPt IX
$84K
Ln 25
Programscol B$80K
Managementcol C$4K
Owns and owesPt X
$220K
net assets · Ln 32
Cash and savingsLn 1–2$57K
Total assetsLn 16$224K
LiabilitiesLn 26$4K
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$16K
Fundraising eventsLn 1c$16K
Investment incomeLn 3$3
Total revenueLn 12$16K
Assets in detailPt X, end of year
CashLn 1$57K
Cash and savings togetherLn 1–2$57K
Total assetsLn 16$224K
LiabilitiesLn 26$4K
Net assetsLn 32$220K
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
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 FY22End FY22
Cash and savingsLn 1–2$154K$57K
Total assetsLn 16$319K$224K
LiabilitiesLn 26$27K$4K
Net assetsLn 32$291K$220K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other expenses (24a–d)Ln 24$80K$80K$238$0
All other expensesLn 24e$4K$0$4K$0
Total functional expensesLn 25$84K$80K$4K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $5K$223K 990 PDF
FY2023 $0$218K 990 PDF
FY2022 Viewing $16K$84K−$67K$220K 990 PDF
FY2021 $388K$349K$39K$291K 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 FY2022 990 (6 parts)
Part I · Summary $16,474 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $362,238$16,471
I-9 Program service revenue$0
I-10 Investment incomePrior year $26,021$3
I-11 Other revenue$0
I-12 Total revenuePrior year $388,259$16,474
I-13 Grants and similar amounts paidPrior year $118,407$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $231,044$83,894
I-18 Total expensesPrior year $349,451$83,894
I-19 Revenue less expensesPrior year $38,808−$67,420
Part VI · Governance 3 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $16,474 across 4 lines filed
VIII-1c Fundraising events$16,471
VIII-1h Total contributions, gifts and grants$16,471
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $3$3
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $3$16,474
Part IX · Statement of functional expenses $83,894 across 2 lines filed
IX-24 Other expenses (24a–d)Programs $79,623 · Management $238 · Fundraising $0$79,861
IX-24e All other expensesPrograms $0 · Management $4,033 · Fundraising $0$4,033
IX-25 Total functional expensesPrograms $79,623 · Management $4,271 · Fundraising $0$83,894
Part X · Balance sheet $223,786 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $153,747$57,079
X-9 Prepaid expenses and deferred chargesStart of year $164,930$166,707
X-16 Total assetsStart of year $318,677$223,786
X-17 Accounts payable and accrued expensesStart of year $11,000$3,900
X-26 Total liabilitiesStart of year $27,471$3,900
X-27 Net assets without donor restrictionsStart of year $291,206$219,886
X-32 Total net assets or fund balancesStart of year $291,206$219,886
X-33 Total liabilities and net assetsStart of year $318,677$223,786
Part XI · Reconciliation of net assets $219,886 net assets at year end
XI-1 Total revenue$16,474
XI-2 Total expenses$83,894
XI-3 Revenue less expenses−$67,420
XI-4 Net assets at start of year$291,206
XI-10 Net assets at end of year$219,886

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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