HFS Chicago Scholars

Analysis

HFS Chicago Scholars is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in September 1994, 32 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, HFS Chicago Scholars reported income of $1.2m and spending of $1.0m, spending 83% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.3m to $1.2m (-3.1%), an average of -0.8% a year. The sharpest change came in the year to June 2021, when income rose by 20%. Over the whole period it spent 68% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, HFS Chicago Scholars sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 81st percentile within IL. Charities of a similar size with the same main cause include Lake Highland Preparatory School Foundation Inc ($1.2m), Coalition of African American Nurses ($1.2m) and Centenary Equestrian Foundation LLC ($1.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% of the total. Compensation of current officers, directors and key employees was $100k (9.7% of expenses). Other salaries and wages came to $300k. At year end it held assets of $3.7m against liabilities of $38k, net assets of $3.7m. It reported 19 employees.