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Phi Sigma Kappa Assoc of Illinois

Downers Grove, IL501(c)(7)EIN 37-6046708Revenue $212K in FY2025

On file with the IRS4708 Woodward Ave, 60515-3335 · Downers Grove, ILTax-exempt since Dec 1940

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College fraternity alumni organization that is a social group and provides leadership and stewardship to the undergraduate chapter.

Run by 9 volunteers.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2025 · 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
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
4 of 6
filings with a surplus
Average surplus $7K a year · 5% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$99K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 11 voting members
Concern: none of 11 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$212K
+2% vs prior year
Spent
$209K
To programs
0%
Net assets
$1.8M
By yearFY2020–FY2025
Revenue
$212K
FY2025▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$75K
FY2021$37K
FY2022$17K
FY2023$235K
FY2024$207K
FY2025$212K
Expenses
$209K
FY2025▲ +21%
Tap a bar for its year
Expenses by fiscal year
FY2020$41K
FY2021$38K
FY2022$54K
FY2023$226K
FY2024$173K
FY2025$209K
Net assets
$1.8M
FY2025▲ +0.8%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.7M
FY2021$1.7M
FY2022$1.7M
FY2023$1.8M
FY2024$1.8M
FY2025$1.8M

From the FY2025 Form 990 (year ending July 2025) · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1940.

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

Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Tim Sheehan
Director
$0Pt VII · Sec A
Eric Lewis
Director
$0Pt VII · Sec A
Eric Simon
Director
$0Pt VII · Sec A
Ash Kumar
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Mark Leipold
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Joey Schwartz
President
$0Pt VII · Sec A
See Phi Sigma Kappa Assoc of Illinois 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

Supports undergraduate chapter through leadership, stewardship, and alumni connection.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

College fraternity alumni organization that is a social club and provides stewardship and leadership to the undergraduate chapter.

Pt IX · col B

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$212K
Ln 12
Other incomeLn 4–11$212K
Money outPt IX
$209K
Ln 25
Owns and owesPt X
$1.8M
net assets · Ln 32
Cash and savingsLn 1–2$69K
Total assetsLn 16$1.9M
LiabilitiesLn 26$99K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fundraising eventsLn 1c$0
Other incomeLn 4–11$212K
Total revenueLn 12$212K
Assets in detailPt X, end of year
CashLn 1$57K
SavingsLn 2$12K
Cash and savings togetherLn 1–2$69K
Land, buildings, equipmentLn 10c$1.9M
Total assetsLn 16$1.9M
LiabilitiesLn 26$99K
Net assetsLn 32$1.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 69
Fiscal year endsHeaderJuly
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 FY25End FY25
Cash and savingsLn 1–2$84K$69K
Land, buildings, equipmentLn 10c$1.9M$1.9M
Total assetsLn 16$2.0M$1.9M
LiabilitiesLn 26$129K$99K
Net assetsLn 32$1.8M$1.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Advertising and promotionLn 12$6K
OccupancyLn 16$196K
Conferences, conventions and meetingsLn 19$8K
Total functional expensesLn 25$209K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $212K$209K$3K$1.8M 990 PDF
FY2024 $207K$173K$35K$1.8M 990 PDF
FY2023 $235K$226K$9K$1.8M 990 PDF
FY2022 $17K$54K−$37K$1.7M 990 PDF
FY2021 $37K$38K−$967$1.7M 990 PDF
FY2020 $75K$41K$33K$1.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $212,270 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $995$0
I-11 Other revenuePrior year $206,307$212,270
I-12 Total revenuePrior year $207,302$212,270
I-13 Grants and similar amounts paidPrior year $0$0
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 $172,747$208,778
I-18 Total expensesPrior year $172,747$208,778
I-19 Revenue less expensesPrior year $34,555$3,492
Part VI · Governance 0 of 11 board members independent, 4 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members0
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 $212,270 across 5 lines filed
Lines not itemized here account for $13,128 of total revenue; see the IRS return.
VIII-1c Fundraising events$0
VIII-1h Total contributions, gifts and grants$0
VIII-6 Net rental income or lossRelated to mission $199,142 · Unrelated business $0 · Excluded from tax $0$199,142
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $212,270 · Unrelated business $0 · Excluded from tax $0$212,270
Part IX · Statement of functional expenses $208,778 across 3 lines filed
IX-12 Advertising and promotion$5,543
IX-16 Occupancy$195,563
IX-19 Conferences, conventions and meetings$7,672
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$208,778
Part X · Balance sheet $1,942,232 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $52,714$57,014
X-2 Savings and temporary cash investmentsStart of year $31,701$11,702
X-10c Land, buildings and equipment, netStart of year $1,873,516$1,873,516
X-16 Total assetsStart of year $1,957,931$1,942,232
X-26 Total liabilitiesStart of year $129,414$98,915
X-27 Net assets without donor restrictionsStart of year $1,828,517$1,843,317
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $1,828,517$1,843,317
X-33 Total liabilities and net assetsStart of year $1,957,931$1,942,232
Part XI · Reconciliation of net assets $1,843,317 net assets at year end
XI-1 Total revenue$212,270
XI-2 Total expenses$208,778
XI-3 Revenue less expenses$3,492
XI-4 Net assets at start of year$1,828,517
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$11,308
XI-10 Net assets at end of year$1,843,317

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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