For the Love of Chocolate Foundation

Nonprofit profile at a glance

EIN
260237807
IRS 990-EZ coverage
2011–2014
Forms available
Form 990 2012, Form 990-EZ 2014
Location
Melrose Park, IL, USA
Phone
7739721927
Rating
89
Verdict
STRONG
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$127,432
Expenses
$155,529
Assets
$132,309

Source: IRS Form 990-EZ. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • THEDORE R TIMM (PRESIDENT)

People named in this filing

  • FRANCO PACINI (CHAIRMAN OF)
  • THEDORE R TIMM (PRESIDENT)
  • MARIE DONOVAN (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990-EZ. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

For the love of chocolate foundation awards scholarships to students in the full-time programs taught by the french pastry school at city colleges of chicago, promoting commitment in pastry arts education for individuals looking to change careers, as well as individuals who have shown potential in the culinary field but have no formal pastry education. Goals the goal of the scholarships is to encourage and assist aspiring students, career changers, and culinary career professionals to advance their knowledge of the pastry arts. The program is specifically geared toward individuals who are in need of financial assistance. The french pastry school's full-time programs not only trains students in the art of pastry, but they also educate them about the pastry profession. Scholarships through the generosity of the foundations sponsors, alumni, industry vendors and associates, scholarship funding to offset tuition is available to all new students on a first-come first-served basis, through a

What it reported doing in 2014

Scholarship funding to offset tuition is available to all new students on a first-come first-served basis, through a competitive application process. Students were chosen based on their desire to develop their pastry art skills, financial need, as well as being accepted into one of the french pastry school's full-time programs. Scholarships are disbursed in increments determined by the board of directors. The award is disbursed directly to the french pastry school of kennedy-king college for a student in a full-time program. Funds typically cover partial tuition for lart de la ptisserie or l'art du gteau programs.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 98
  • Transparency & Controls: 92
  • Sustainability: 27
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.9%; rating input score 94

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 1st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100

Sustainability

  • Operating margin: -22%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 0.85; rating input score 58; 58th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 66; 66th percentile among comparable filings

Growth

  • Program expense growth: 28.6% per year; rating input score 100; 83rd percentile among comparable filings
  • Revenue growth: -4.4% per year; rating input score 0; 17th percentile among comparable filings
  • Asset growth: -4.1% per year; rating input score 0; 26th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.9% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $146K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 7 of 7 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 3 filing years from 2011 to 2014
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 58/100.