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Phi Kappa Psi Fraternity FY2024 filing

Not tax-deductible

Champaign, IL501(c)(7)EIN 37-0676169Revenue $753K in FY2024

On file with the IRSilliniphipsi.com911 S 4th St, 61820-6115 · Champaign, ILTax-exempt since Jan 1941

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Provide room, board and social activities for active members

Mission: Form 990 Part I, line 1

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(7)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $57K a year · 7% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$345K
196% of total assets
Concern: liabilities are 196% of assets; over 80%.
Pt X · Ln 26
Independent board members
17
of 17 voting members
Looks good: 17 of 17 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$753K
-2% vs prior year
Spent
$865K
Net assets
−$169K
By yearFY2021–FY2025
Revenue
$753K
FY2024▼ -2%
Tap a bar for its year
Revenue by fiscal year
FY2021$764K
FY2022$922K
FY2023$769K
FY2024$753K
FY2025$851K
Expenses
$865K
FY2024▼ -12%
Tap a bar for its year
Expenses by fiscal year
FY2021$755K
FY2022$882K
FY2023$986K
FY2024$865K
FY2025$856K
Net assets
−$169K
FY2024▼ -193%
Tap a bar for its year
Net assets by fiscal year
FY2021$120K
FY2022$160K
FY2023−$58K
FY2024−$169K
FY2025−$174K

From the FY2024 Form 990 (year ending May 2024) · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 1941.

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

Who runs it and what they're paid

17 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Chris Eurich
Alumni Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Benjamin Joo
Vice President
$0Pt VII · Sec A
Jakob Sukhman
Treasurer
$0Pt VII · Sec A
Thomas Yoo
Recording Secretary
$0Pt VII · Sec A
Ben Yaney
Corresponding Secretary
$0Pt VII · Sec A
Caleb Thomas
External Vice President
$0Pt VII · Sec A
Mithesh Ballae
Risk Manager
$0Pt VII · Sec A
See Phi Kappa Psi Fraternity 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 lodging, meals, and social events for active members.

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Provided by the organization

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1 program · in their own filed words · FY2023
01

Provide room, board AND/OR social activities for active members

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$753K
Ln 12
Fees for servicesLn 2g$753K
Money outPt IX
$865K
Ln 25
Owns and owesPt X
−$169K
net assets · Ln 32
Cash and savingsLn 1–2$16K
Total assetsLn 16$176K
LiabilitiesLn 26$345K
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a17
IndependentVI 1b17
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$753K
Total revenueLn 12$753K
Assets in detailPt X, end of year
CashLn 1$16K
Cash and savings togetherLn 1–2$16K
Land, buildings, equipmentLn 10c$1K
Total assetsLn 16$176K
LiabilitiesLn 26$345K
Net assetsLn 32−$169K
OperationsPt I, VI
EmployeesI 50
VolunteersI 619
Fiscal year endsHeaderMay
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$45K$16K
Land, buildings, equipmentLn 10c$2K$1K
Total assetsLn 16$225K$176K
LiabilitiesLn 26$283K$345K
Net assetsLn 32−$58K−$169K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$42
Accounting feesLn 11c$11K
Information technologyLn 14$15K
OccupancyLn 16$416K
Depreciation, depletion and amortizationLn 22$725
InsuranceLn 23$40K
Other expenses (24a–d)Ln 24$358K
All other expensesLn 24e$24K
Total functional expensesLn 25$865K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $851K$856K−$5K−$174K 990 PDF
FY2024 Viewing $753K$865K−$111K−$169K 990 PDF
FY2023 $769K$986K−$217K−$58K 990 PDF
FY2022 $922K$882K$40K$160K 990 PDF
FY2021 $764K$755K$9K$120K 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 FY2024 990 (6 parts)
Part I · Summary $753,377 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $768,561$753,377
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $768,561$753,377
I-13 Grants and similar amounts paidPrior year $2,427$42
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 $983,543$864,718
I-18 Total expensesPrior year $985,970$864,760
I-19 Revenue less expensesPrior year −$217,409−$111,383
Part VI · Governance 17 of 17 board members independent, 4 to look at
VI-1a Voting members of the governing body17
VI-1b Independent voting members17
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $753,377 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $753,377$753,377
VIII-12 Total revenueRelated to mission $753,377 · Unrelated business $0 · Excluded from tax $0$753,377
Part IX · Statement of functional expenses $864,760 across 8 lines filed
IX-2 Grants to domestic individuals$42
IX-11c Accounting fees$10,505
IX-14 Information technology$15,492
IX-16 Occupancy$416,447
IX-22 Depreciation, depletion and amortization$725
IX-23 Insurance$39,636
IX-24 Other expenses (24a–d)$357,501
IX-24e All other expenses$24,412
IX-25 Total functional expenses$864,760
Part X · Balance sheet $176,031 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $44,554$15,648
X-4 Accounts receivableStart of year $178,319$159,070
X-10c Land, buildings and equipment, netStart of year $2,038$1,313
X-16 Total assetsStart of year $224,911$176,031
X-17 Accounts payable and accrued expensesStart of year $42,462$65,729
X-25 Other liabilitiesStart of year $240,039$279,275
X-26 Total liabilitiesStart of year $282,501$345,004
X-27 Net assets without donor restrictionsStart of year −$57,590−$168,973
X-32 Total net assets or fund balancesStart of year −$57,590−$168,973
X-33 Total liabilities and net assetsStart of year $224,911$176,031
Part XI · Reconciliation of net assets −$168,973 net assets at year end
XI-1 Total revenue$753,377
XI-2 Total expenses$864,760
XI-3 Revenue less expenses−$111,383
XI-4 Net assets at start of year−$57,590
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$168,973

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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