Timeless Gifts FY2021 filing

Tax-deductible

Chicago, IL501(c)(3)Arts & CultureEIN 45-3482850Revenue $136K in FY2021

On file with the IRStimelessgifts.org3427 S Giles Ave, 60616-3911 · Chicago, ILTax-exempt since May 2012Publicly supported charity — 170(b)(1)(A)(vi)

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Timeless Gifts serves as a youth mentoring organization in the area of the performing arts.

501(c)(3) charity; gifts are tax-deductible.
21¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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
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 6
filings with a surplus
Average surplus $2K a year · under 1% of revenue · last 6 filings
Worth a look: a surplus in 2 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
21%
of spending
Concern: 21% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
7 mo
of spending, in cash
Looks good: 6.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $30K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
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
$136K
+26% vs prior year
Spent
$153K
To programs
21%
Net assets
$88K
By yearFY2020–FY2025
Revenue
$136K
FY2021▲ +26%
Tap a bar for its year
Revenue by fiscal year
FY2020$108K
FY2021$136K
FY2022$360K
FY2023$296K
FY2024$102K
FY2025$139K
Expenses
$153K
FY2021▲ +139%
Tap a bar for its year
Expenses by fiscal year
FY2020$64K
FY2021$153K
FY2022$247K
FY2023$345K
FY2024$175K
FY2025$149K
Net assets
$88K
FY2021▼ -16%
Tap a bar for its year
Net assets by fiscal year
FY2020$105K
FY2021$88K
FY2022$201K
FY2023$152K
FY2024$70K
FY2025$49K

From the FY2021 Form 990 · see the original

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You’re viewing the FY2021 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 May 2012.

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

Where the money goes

21 cents of each dollar spent went to programs.

Program services 21% · $32K

Form 990 Part IX, line 25. 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
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Joan Walton Collaso’s $70K as Executive Director is at the 64th percentile of top reported officer pay among 2216 $100K–1M arts & culture 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 · 2 named individuals · Part VII

NameFY2025FY2024
Joan Walton Collaso$70,000$55,200
Rayzine Collaso$28,000$38,000

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.

See Timeless Gifts 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

Mentors young people in the performing arts.

Provided by the organization

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3 programs · $70K · in their own filed words · FY2021
01

Mentoring

Professional adult musicians taught and mentored aspiring

$32Kprogram expense
02

Production

Short film

$20Kprogram expense
03

Production

Concerts

$17Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$30K

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$136K
Ln 12
Gifts and grantsLn 1h$110K
Fees for servicesLn 2g$26K
Money outPt IX
$153K
Ln 25
Programscol B$32K
Owns and owesPt X
$88K
net assets · Ln 32
Cash and savingsLn 1–2$88K
Total assetsLn 16$88K
LiabilitiesLn 26$0
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$110K
Government grantsLn 1e$110K
Fees for servicesLn 2g$26K
Total revenueLn 12$136K
Assets in detailPt X, end of year
CashLn 1$88K
Cash and savings togetherLn 1–2$88K
Total assetsLn 16$88K
LiabilitiesLn 26$0
Net assetsLn 32$88K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
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 FY21End FY21
Cash and savingsLn 1–2$105K$88K
Total assetsLn 16$241K$88K
LiabilitiesLn 26$153K$0
Net assetsLn 32$88K$88K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$13K$13K
Accounting feesLn 11c$2K$2K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$691$691
Information technologyLn 14$11K$11K
InsuranceLn 23$3K$3K
All other expensesLn 24e$121K
Total functional expensesLn 25$153K$32K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $139K$149K−$10K$49K 990 PDF
FY2024 $102K$175K−$72K$70K 990 PDF
FY2023 $296K$345K−$49K$152K 990 PDF
FY2022 $360K$247K$113K$201K 990 PDF
FY2021 Viewing $136K$153K−$17K$88K 990 PDF
FY2020 $108K$64K$45K$105K 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 (6 parts)
Part I · Summary $136,298 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $96,277$110,242
I-9 Program service revenuePrior year $12,130$26,056
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $108,407$136,298
I-13 Grants and similar amounts paid$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 $63,884$152,998
I-18 Total expensesPrior year $63,884$152,998
I-19 Revenue less expensesPrior year $44,523−$16,700
Part VI · Governance 8 of 8 board members independent, 4 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
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 $136,298 across 5 lines filed
VIII-1e Government grants$110,242
VIII-1h Total contributions, gifts and grants$110,242
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $26,056$26,056
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueRelated to mission $26,056$136,298
Part IX · Statement of functional expenses $152,998 across 7 lines filed
IX-11a Management feesPrograms $13,250$13,250
IX-11c Accounting feesPrograms $1,761$1,761
IX-12 Advertising and promotionPrograms $2,341$2,341
IX-13 Office expensesPrograms $691$691
IX-14 Information technologyPrograms $11,028$11,028
IX-23 InsurancePrograms $2,555$2,555
IX-24e All other expenses$121,372
IX-25 Total functional expensesPrograms $31,626 · Management $0 · Fundraising $0$152,998
Part X · Balance sheet $88,029 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $104,729$88,029
X-16 Total assetsStart of year $241,027$88,029
X-26 Total liabilitiesStart of year $152,998$0
X-27 Net assets without donor restrictionsStart of year $88,029$88,029
X-32 Total net assets or fund balancesStart of year $88,029$88,029
X-33 Total liabilities and net assetsStart of year $241,027$88,029
Part XI · Reconciliation of net assets $88,029 net assets at year end
XI-1 Total revenue$136,298
XI-2 Total expenses$152,998
XI-3 Revenue less expenses−$16,700
XI-4 Net assets at start of year$88,029
XI-10 Net assets at end of year$88,029

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

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