Edchoice INC EIN 35-1978359

Edchoice INC FY2023 filing

EIN  35-1978359 Public charity (501(c)(3)) Indianapolis, IN Founded 1996
Form 990 (PDF)
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →
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Verified accurate 7/22/26 · see original filing: IRS
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Size
$10–100M
What they do
Promotes educational freedom and choice to empower individuals and strengthen society.
Leadership
Robert C Enlow · President & CEO · $384K
Money in and out
$10.6M revenue, $13.0M expenses
Bottom line
89% program efficiency

Promotes educational freedom and choice to empower individuals and strengthen society. For fiscal year 2023 it reported $10.6M in revenue, $13.0M in expenses, and $19.2M in net assets.Pt I

Where the money goes · FY2023
Total revenue
$10.6M
Pt VIII · Ln 12
Total expenses
$13.0M
Pt IX · Ln 25
Net assets
$19.2M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$2.4M
Where spending went · Part IX cols B–D
Program services $0.89 Management & general $0.03 Fundraising $0.08
Program efficiency
89%
of spending reaches programs
Operating runway
17.8mo
months of highly liquid reserves at operating expense rate
Surplus margin
-22%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$10.6M
FY2023▼ -26%
Expenses
$13.0M
FY2023▲ +18%
Total assets
$20.5M
FY2023▼ -5%
Total liabilities
$1.3M
FY2023▲ +12%
Total revenue
$10.6M
Pt VIII · Ln 12
Total expenses
$13.0M
Pt IX · Ln 25
Net assets
$19.2M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$2.4M
Total assetsPt X · Ln 16$20.5M
Program-expense ratioPt IX · col B89%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 47
Mission & Programs · Part III

Where the work happens

3 program services account for $11.5M of program spending, described in the organization's own filed words · FY2023.
01

Training and Outreach

Edchoice, inc, undertakes non-partisan educational training and outreach activities that inform the public, media and policy makers on the issue of educational choice and on existing school choice programs. This includes formal trainings, conferences, fact-finding trips, and educational briefings.

$4.3Mprogram expense
02

State Programs

Edchoice, inc, works in states around the country to educate the public on the issue of educational choice, providing educational services to state-based organizations and individuals. Services include: sponsoring and hosting informational symposiums, testifying in front of various legislative bodies, educating local and state…

$4.0Mprogram expense
03

Research and Thought Leadership

Edchoice, inc, produces non-partisan research and publications intended to inform the public on the issue of educational choice. Types of research and educational publications include: reviewing and synthesizing existing research on educational choice, such as the abc's of school choice and informational brochures; conducting original…

$3.2Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CEdchoice INC
EINHdr · item D35-1978359
Principal addressHdr · item CIndianapolis, IN
WebsiteHdr · item Jwww.edchoice.org
Year of formationHdr · item L1996
State of legal domicileHdr · item MIN
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B90)
Ruling yearIRS BMFJun 1996

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1b7
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 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President & CEO
$383,904Pt VII · Sec A
Vice President- Legal Affairs
$203,398Pt VII · Sec A
Vice President of Operations
$184,783Pt VII · Sec A
V.p. of Research & Innovation
$180,262Pt VII · Sec A
V.p. of External Relations
$180,246Pt VII · Sec A
Vice President of Development
$170,504Pt VII · Sec A
Director of Fiscal Research
$154,289Pt VII · Sec A
V.p. of Training
$142,979Pt VII · Sec A

Robert C Enlow’s $407K as President & CEO is at the 81st percentile of top reported officer pay among 3682 $10–100M 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 · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Robert C Enlow$407,301$452,708$383,904$338,508$323,504$316,110
Thomas Fisher$251,380$250,004
Leslie Hiner$212,300$213,008$203,398$181,104$176,951$163,500
Carey E Folco$195,400$187,900$184,783$155,454$130,800$107,133
Brian McGrath$191,100$175,650$180,246$148,284$146,650
Paul Diperna$185,100$175,650$180,262$149,600$148,241$130,658
Steven Holwerda$181,000$165,904$170,504$166,000$167,893$145,824
Bryan Cleveland$173,118

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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Statement of Revenue

Part VIII
Contributions & grants$9.7M · 91%
Investment income$847K · 8%
Program service revenue$109K · 1%
Contributions & grants91%$9.7M
Investment income8%$847K
Program service revenue1%$109K
Other revenue$14K
Total revenueLn 12$10.6M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.89 Management & general $0.03 Fundraising $0.08
Program services89%$11.6M
Management & general3%$430K
Fundraising8%$989K
Total functional expensesLn 25$13.0M

Balance Sheet

Part X · end of year
CashLn 1$3.0M
Total assetsLn 16$20.5M
Total liabilitiesLn 26$1.3M
Total net assetsLn 32$19.2M
Months of cash on handcomputed2.8

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $19.2M · Operating expenses (Pt IX) $13.0M · Less non-cash grants $10K · Cash operating expenses/yr $13.0M
17.8 months
Where the money goes
Program services
Program services $11.6M · Total expenses $13.0M
89%
Management & General
Management & general $430K · Total expenses $13.0M
3%
Fundraising
Fundraising $989K · Total expenses $13.0M
8%
Cost to raise $1
Fundraising expense (3-yr avg) $945K · Solicited contributions (3-yr avg) $10.2M
$0.09 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $9.7M · Total revenue $10.6M
91%
Government reliance
Government grants — · Total revenue $10.6M
Earned-income share
Program service revenue $109K · Total revenue $10.6M
1%
Investment reliance
Investment income $847K · Total revenue $10.6M
+8%
Program self-sufficiency
Program service revenue $109K · Total expenses $13.0M
1%
Growth & trend
Revenue growth (YoY)
This year $10.6M · Prior year $14.3M
-26%
Net-asset trend (YoY)
End of year $19.2M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $10.6M · Expenses $13.0M
-22%
Liabilities-to-Assets
Total liabilities — · Total assets $20.5M
Net-asset ratio
Net assets $19.2M · Total assets $20.5M
94%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $16.2M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $20.5M
79%
People & payroll
Highest Reported Total Compensation
Individual Robert C Enlow · Reported title PRESIDENT & CEO · Highest reported compensation $384K · Total expenses $13.0M
3%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $4.4M · Total expenses $13.0M
34%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 89%
Overhead ratio 3%
Fundraising cost ratio 10%
Revenue growth -26%
Legal fee ratio 0%
Accounting fee ratio 0%
Fundraising fee ratio 1%

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 · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$25K
Grants paid · 121 grants · $6.5M · 2020–2025
National Microschooling CenterNV · FY2025$75,000
Love Your SchoolAZ · FY2025$75,000
National Urban League INCNY · FY2025$50,000
Palmetto Promise InstituteSC · FY2025$40,000
Alabama Policy Institute INCAL · FY2025$30,000
National Urban League INCNY · FY2024$100,000
See all 121 grants →

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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
FY2025 (Latest)$11.7M revenue · ⤓ 990 PDF
FY2024$11.7M revenue · ⤓ 990 PDF
FY2023$10.6M revenue · viewing · ⤓ 990 PDF
FY2022$14.3M revenue · ⤓ 990 PDF
FY2021$10.1M revenue · ⤓ 990 PDF
FY2020$8.1M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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