Chicago Equity Fund Inc in Chicago, Illinois (IL)

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Chicago Equity Fund Inc
Employer Identification Number (EIN)363371326
Name of OrganizationChicago Equity Fund Inc
Address120 S Riverside Plz Lbby 15, Chicago, IL 60606-3947
ActivitiesLow and moderate income housing
SubsectionCivic League
Ruling Date01/1995
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2011
Assets$500,000 to $999,999
Income$500,000 to $999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$819,204
Amount of Income$681,867
Form 990 Revenue Amount$681,867
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Fund Raising and/or Fund Distribution


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Amount of income in 2011: $681,867
This organization: 

 $681,867
Other organizations performing similar types of work: 

 $305,311

Assets in 2011: $819,204
Chicago Equity Fund Inc: 

 $819,204
Other organizations performing similar types of work: 

 $541,261

Expenses in 2011: $1,381,481
Chicago Equity Fund Inc: 

 $1,381,481
Other organizations performing similar types of work: 

 $118,245

Income to expenses ratio in 2011: 0.5
This organization: 

 0.5
Other organizations performing similar types of work: 

 1.4

Expenses allocated to program services in 2004: 97.5%
This organization: 

 97.5%
Other organizations performing similar types of work: 

 88.1%

Number of employees in 2011: 1
This organization: 

 1
Other organizations performing similar types of work: 

 1

Grants share in income in 2011: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 50.5%

Financial snapshot ($)

Revenue for 2011

Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$681,867
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$17,771
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$3,368
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$660,728
Gross amount from sales of assets other than inventory (Securities / Other)$0 / $660,728
Less: cost or other basis and sales expenses (Securities / Other)$0 / $0
Gain or (loss) (Securities / Other)$0 / $660,728
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2011)
Total functional expenses$1,381,481
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$0
Payroll taxes$0
Professional fundraising services$0
Other$1,381,481
Balance Sheet (for 2011)
Total assets$819,204
Total liabilities$0
Total net assets or fund balances$819,204
Retained earnings, endowment, accumulated income, or other funds$819,204
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:Not provided
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004
Total revenue$3,621,410$3,761,101$3,390,754$3,116,585$2,626,528
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0
Contributions to donor advised funds
Direct public support$0$0$0$0$0
Indirect public support$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0
Program service revenue including government fees and contracts$3,041,606$3,149,352$3,108,688$2,876,479$2,548,383
Membership dues and assessments$0$0$0$0$0
Interest on savings and temporary cash investments$579,804$611,749$282,066$240,106$78,145
Dividends and interest from securities$0$0$0$0$0
Net rental income or (loss)$0$0$0$0$0
Gross rents$0$0$0$0$0
Less: rental expenses$0$0$0$0$0
Other investment income$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0
Gross amount from sales of assets other than inventory$0$0$0$0$0
Less: cost or other basis and sales expenses$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0
Gross revenue$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0
Other revenue$0$0$0$0$0
Total expenses$2,912,911$3,455,322$3,095,911$2,958,939$7,196,370
Program services$2,690,249$3,284,170$2,909,487$2,660,589$7,014,486
Management and general$222,662$171,152$186,427$298,350$181,884
Fundraising$0$0$0$0$0
Payments to affiliates$0$0$0$0$0
Net assets or fund balances at end of year$6,485,429$6,791,208$7,086,051$7,243,697$2,673,855
Excess or (deficit) for the year$708,499$305,779$294,843$157,646$-4,569,842
Net assets or fund balances at beginning of year$5,776,930$6,485,429$6,791,208$7,086,051$7,243,697
Other changes in net assets or fund balances$0$0$0$0$0
Statement of Functional Expenses (for 2004)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$7,196,370$7,014,486$181,884$0
Grants paid from donor advised funds
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$187,500$150,000$37,500$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$197,714$108,743$88,971$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$76,513$61,211$15,302$0
Payroll taxes$25,908$20,726$5,182$0
Professional fundraising fees$0$0$0$0
Accounting fees$42,691$34,153$8,538$0
Legal fees$16,065$16,065$0$0
Supplies$43,004$34,403$8,601$0
Telephone$12,012$9,610$2,402$0
Postage and shipping$8,734$6,987$1,747$0
Occupancy$37,586$30,070$7,516$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$50,867$50,204$663$0
Travel$8,494$6,795$1,699$0
Conferences, conventions, and meetings$0$0$0$0
Interest$319,993$319,993$0$0
Depreciation, depletion, etc.$63,153$63,153$0$0
Other expenses not covered above$6,106,136$6,102,373$3,763$0
Balance Sheets
20002001200220032004
Total assets$19,660,879$22,569,308$21,698,295$22,832,560$15,889,143
Cash - non-interest-bearing$89,688$2,896,064$2,205,942$778,944$36,204
Savings and temporary cash investments$6,000,000$7,000,000$7,000,000$7,150,000$7,150,000
Accounts receivable less allowance for doubtful accounts$1,642,490$971,407$22,501$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0
Grants receivable$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$6,315,714$7,046,857$7,549,352$9,659,352$5,506,505
Inventories for sale or use$0$0$0$0$0
Prepaid expenses and deferred charges$0$0$0$0$0
Investments - publicly-traded securities
Investments - other securities$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0
Investments - other$1,501$1,601$1,701$47,959$48,059
Land, buildings, and equipment less accumulated depreciation$26,547$20,488$15,785$143,855$234,330
Other assets, including program-related investments$5,584,939$4,632,891$4,903,014$5,052,450$2,914,045
Total liabilities$13,175,450$15,778,100$14,612,244$15,588,863$13,215,288
Accounts payable and accrued expenses$74,287$155,237$63,735$124,551$263,982
Grants payable$0$0$0$0$0
Deferred revenue$0$400,000$200,000$0$3,557,127
Loans from officers, directors, trustees, and key employees$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0
Mortgages and other notes payable$0$0$0$6,806,994$6,398,765
Other liabilities$13,101,163$15,222,863$14,348,509$8,657,318$2,995,414
Total liabilities and net assets/fund balances$19,660,879$22,569,308$21,698,295$22,832,560$15,889,143
Total net assets or fund balances$6,485,429$6,791,208$7,086,051$7,243,697$2,673,855
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004
Total revenue$3,621,410$3,761,101$3,390,754$3,116,585$2,626,528
Total revenue, gains, and other support per audited financial statements$3,621,410$3,761,101$3,390,754$3,070,261$2,626,528
Other expenses$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0
Other$0$0$0$0$0
Other revenue$0$0$0$46,324$0
Investment expenses$0$0$0$0$0
Other$0$0$0$46,324$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004
Total expenses$2,912,911$3,455,322$3,095,911$2,958,939$7,196,370
Total expenses and losses per audited financial statements$2,912,911$3,455,322$3,095,911$2,958,773$7,196,370
Other revenue$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0
Prior year adjustments$0$0$0$0$0
Losses$0$0$0$0$0
Other$0$0$0$0$0
Other expenses$0$0$0$166$0
Investment expenses$0$0$0$0$0
Other$0$0$0$166$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2004)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$2,626,528$0$0
Program service revenue
Program service revenue 1999999$2,257,16500$0$0
Program service revenue 2999999$120,79900$0$0
Program service revenue 3999999$170,41900$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments999999$78,14500$0$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2004)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2004)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2004)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
The aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
19992000200120022003
Total$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0
Membership fees received$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0
Other income$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2004)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Chicago Equity Fund Inc120 S Riverside Plz Lbby 15, Chicago, IL 60606-3947IL1995-01$681,867
2National Lutheran Home For The Aged Incorporated2301 Research Blvd Ste 310, Rockville, MD 20850-6265MD2011-04$97,702,634
3Vermont Housing Finance Agency164 St Paul St Pobox 408, Burlington, VT 05401-4634VT2002-08$51,250,734
4Vincent Depaul Foundation Inc1931 Buffalo Rd, Rochester, NY 14624-1535NY2004-02$2,777,807
5Scott County Housing Council1504 3rd Ave, Rock Island, IL 61201-8612IL2000-04$1,045,715
6Sqlc Charitable Foundation12720 Hillcrest Rd Ste 106, Dallas, TX 75230-7121TX2009-01$678,219
7Whv Foundation1151 College Ave, Columbus, OH 43209-2827OH2002-02$305,311
8Habitat For Humanity Of North Carolina IncPO BOX 20968, Winston Salem, NC 27120-0968NC2010-06$286,990
9Franciscan Ministries Community Foundation IncPO BOX 667, Wheaton, IL 60187-0667IL2001-08$188,435
10Genesis Community Development CorpPO BOX 3188, Jackson, TN 38303-3188TN2007-08$85,788
11Texas Association Of Realtors Housing Opportunity Foundation1115 San Jacinto Blvd Ste 200, Austin, TX 78701-1994TX2005-10$25,241
12Dreambuilders Foundation1139 Cedar Creek Dr Apt 3, Modesto, CA 95355-5236CA2009-08$1
13American Revolutions Riding Club5109 104th St, Pleasant Prairie, WI 53158WI2009-07$0
14Associates Of Old Peoples Home Of Sparti130 E End Ave, New York, NY 10028NY2006-03$0
15Housing Partners IncPO BOX 247, Camilla, GA 31730-0247GA2002-09$0
16Madison Valley Manor-Auxiliary, Madison Valley Manor AuxiliaryPo Box 123, Ennis, MT 59729MT2013-10$0
17Religious Action For Affordable Housing306 N Division, Ann Arbor, MI 48103MI2001-08$0
18Tim Obrien Memorial Foundation IncPO BOX 4524, Springfield, MO 65808-4524MO2000-05$0
19Vantage Housing Services Inc2 Park Avenue, Dumont, NJ 07628NJ2001-08$0
20Just Housing1400 W Hillcrest Dr, Newbury Park, CA 91320-2721CA2012-07$-3
Number of organizations performing similar types of work
California4
Connecticut2
Georgia1
Illinois3
Massachusetts1
Maryland1
Maine1
Michigan1
Minnesota2
Missouri1
Montana1
North Carolina1
New Jersey3
New York3
Ohio1
Oregon1
Pennsylvania1
Tennessee2
Texas3
Virginia3
Vermont1
Wisconsin3
Total40

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