Illinois Retail Merchants Association Education Foundation

Nonprofit profile at a glance

EIN
363956569
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2019
Location
Chicago, IL, USA
Phone
6306278100
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$47,132
Expenses
$74,963
Assets
$514,270
Liabilities
$894

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

3 people listed

Highest reported compensation

  • ROBERT KARR (TREASURER): $479,817 total reported compensation
  • SARAH SHUPENUS (CHAIR): $93,750 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization serves and supports the retention and expansion of the Illinois retailers by encouraging a deeper understanding of the Illinois retail sector and its importance to the Illinois economy. The focus will include but not be limited to research, workforce development, scholarships and resources for existing and prospective Illinois retailers.

What it reported doing in 2024

The organization provides scholarships to the sons and daughters of employees of firms who are members of the Illinois food retailers association.member companies can sponsor their own scholarship programs utilizing the application procedures and administration of the foundation.in 2024, the organization awarded scholarships to 26 individuals totaling $47,880.

Operating model

Revenue model
Donor-supported. 72% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 99% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 79
  • Accountability: 30
  • Sustainability: 34
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 98.6%; rating input score 99
  • Program expense ratio: 64.7%; rating input score 65
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 19th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -59%; rating input score 27; 27th percentile among comparable filings
  • Total-asset coverage ratio: 6.86; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 34; 34th percentile among comparable filings
  • Officer compensation ratio: 57.5%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: 4.9% per year; rating input score 100; 66th percentile among comparable filings
  • Revenue growth: -4.9% per year; rating input score 0; 43rd percentile among comparable filings
  • Asset growth: 18.4% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 98.6% of revenue deployed · 64.7% of spending went to programs
  • Governance: 1 of 3 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $49K in reported program spending
  • Leadership: top reported pay $480K · 3 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • 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.

  • Moderate — Accountability: Independent voting board scored 33/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 27/100.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 34/100.