The Chicago Scholars Foundation

What it reported doing in 2024

Chicago scholars offers an innovative seven-year program lasting fromthe summer before their senior year of high school through the senioryear of college and ending with two years of leadership development. Intheir first year of programming, scholars work closely with collegecounselors, mentors and peers to apply to colleges and universitiesthat are their right match, fit and financial fit. Our holisticapproach strives for our scholars to find the colleges and universitieswhere they can build community and foster belonging. Chicago scholarsprovides scholars enrolled in college unique scholarship opportunities, continued mentorship and a community of people who care, so that ourscholars persist through college, thrive in their studies and graduatewith degrees that lead to meaningful careers, higher salaries andeconomic mobility. Chicago scholars career programming helps ourscholars gain access to the key internships, opportunities, andnetworks that will lead them to their first jobs and launchlife-changing careers. Each year chicago scholars works to improve itsprograms, services and partnerships. To date, more than 6,000 chicagoscholars are in or have completed the program. 88% of our scholars andalums come from low-income households. 82% are first generation collegestudents. Our scholars have come from all 77 chicago community areas.historically, 96% of scholars matriculate to college in the fallfollowing their high school graduation, and 76% earn their degreeswithin six years. Overall the scholars attended or graduated from morethan 500 colleges and universities worldwide.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 69.6%; rating input score 70
• Fundraising efficiency: $4.83 raised per $1 spent on fundraising; rating input score 16; 16th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Pass
  • 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; 72nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -51.5%; rating input score 2; 2nd percentile among comparable filings
• Total-asset coverage ratio: 1.28; rating input score 46; 46th percentile among comparable filings
• Liabilities to assets ratio: 0.16; rating input score 49; 49th percentile among comparable filings
• Officer compensation ratio: 9.3%; rating input score 32; 32nd percentile among comparable filings

Growth

• Program expense growth: 10.9% per year; rating input score 100; 67th percentile among comparable filings
• Revenue growth: 8.1% per year; rating input score 100; 60th percentile among comparable filings
• Asset growth: 7.3% per year; rating input score 100; 46th percentile among comparable filings