2024-10-09T07:30:36-05:00 2023-12-31 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2023-01-01 237173492 A BETTER CHANCE INC ABET 6463461310 253 W 35TH STREET 15TH FLOOR NEW YORK NY 10001 FRANCISCO TEZEN PRESIDENT & CEO 6463461310 2024-10-09 1 0 RICHARD J LOCASTRO CPA P00288314 3019519090 2023 2024-10-15 13:58:12Z FRANCISCO TEZEN 253 W 35TH STREET 15TH FLOOR NEW YORK NY 10001 4284854 0 X WWW.ABETTERCHANCE.ORG X 1971 MA SEE PART III, LINE 1. 21 20 35 21 0 0 4701239 3229649 245445 246464 500124 463993 -29096 -14800 5417712 3925306 113714 176995 0 0 3014621 3300522 0 128050 1065887 1856103 1937407 4984438 5542974 433274 -1617668 17353052 16739776 5587028 5744904 11766024 10994872 X TO INCREASE THE NUMBER OF WELL-EDUCATED YOUNG PEOPLE OF COLOR CAPABLE OF ASSUMING RESPONSIBILITY AND LEADERSHIP ROLES IN AMERICAN SOCIETY. 0 0 3744845 176995 246464 SINCE 1963, A BETTER CHANCE HAS ACCOMPLISHED ITS MISSION BY NATIONALLY RECRUITING, PLACING AND PROVIDING SUPPORT TO A COMMUNITY OF 1,900 ACADEMICALLY TALENTED YOUTH OF COLOR THROUGH ITS SIGNATURE COLLEGE PREPARATORY SCHOOLS PROGRAM. OUR SUCCESS IS EVIDENT IN THE OVER 20,000 ALUMNI WHO HAVE BECOME GREAT INNOVATORS, THINKERS AND LEADERS IN THEIR RESPECTIVE FIELDS. IN 2023, A BETTER CHANCE ACHIEVED 271 PLACEMENTS FROM A POOL OF 636 AND SAW NEARLY 100% OF GRADUATING HS SCHOLARS ENROLLING IN COLLEGE (SEE SCHEDULE O FOR DETAILS).THE ORGANIZATION HOSTED VIRTUAL SCHOOL FAIRS AT WHICH 103 OF OUR 200 MEMBER SCHOOLS PARTICIPATED. AN IN-PERSON MEMBER SCHOOL FAIR WAS HOSTED AT HOLY INNOCENTS EPISCOPAL SCHOOL AT WHICH 42 MEMBER SCHOOL PARTICIPATED. THE ORGANIZATION ALSO LED VIRTUAL ADMISSIONS AND FINANCIAL AID WORKSHOPS, VIRTUAL INTERVIEW DAYS AND OUR SIGNATURE SUMMER LEADERSHIP ACADEMY, WHICH HELPS FAMILIES BETTER NAVIGATE AND UNDERSTAND THE APPLICATION, ACCEPTANCE AND PLACEMENT PROCESS. 196 MIDDLE SCHOOL AND 238 HIGH SCHOOL STUDENTS ACCEPTED BY A BETTER CHANCE FOR PLACEMENT, ABOUT 70%, REGISTERED FOR SUMMER LEADERSHIP ACADEMY WORKSHOPS. AN AVERAGE OF 110 STUDENTS PER DAY WERE IN ATTENDANCE. 3744845 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 35 0 1 35 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AL AR CA FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC OR PA RI SC TN UT VA WV WI X X FRANCISCO TEZEN 6463461352 253 WEST 35TH STREET 15TH FLOOR NEW YORK NY 10001 FRANCISCO TEZEN PRESIDENT & CEO 37.50 X X 374982 0 41511 THEO KILLION CHAIR 2.00 X X 0 0 0 SHEILA MARMON VICE CHAIR 2.00 X X 0 0 0 ROB FULLERTON VICE CHAIR 2.00 X X 0 0 0 RHONDA TROTTER VICE CHAIR 2.00 X X 0 0 0 ROGER ARRIEUX DIRECTOR 2.00 X 0 0 0 KEITH EVANS DIRECTOR 2.00 X 0 0 0 GENNELL JEFFERSON DIRECTOR 2.00 X 0 0 0 GERALD KEEFE DIRECTOR 2.00 X 0 0 0 TRACEY KOZIOL DIRECTOR 2.00 X 0 0 0 EKENE EZULIKE DIRECTOR 2.00 X 0 0 0 TAYO FAMAKINWA DIRECTOR 2.00 X 0 0 0 ALLISON LAWRENCE DIRECTOR 2.00 X 0 0 0 SHEA MANIGO DIRECTOR 2.00 X 0 0 0 ROXANE GAY DIRECTOR 2.00 X 0 0 0 MICHELLE GITTENS DIRECTOR 2.00 X 0 0 0 STARLISHA MCDADE DIRECTOR 2.00 X 0 0 0 NICOLE MELWOOD DIRECTOR 2.00 X 0 0 0 SUSAN MORNO-WADE DIRECTOR 2.00 X 0 0 0 A LOUIS PARKER DIRECTOR 2.00 X 0 0 0 KURT VAN WAGENEN DIRECTOR 2.00 X 0 0 0 DAMARIS HERRON-WATKINS CHIEF FINANCE & OPERATIONS OFFICER 37.50 X 171962 0 15169 BENJAMIN BINGMAN-TENNANT CHIEF PROGRAMS OFFICER 37.50 X 175045 0 32068 JOHN ANTHONY DUMEY NAT. DIR, DEV. & COMMS (UNTIL 10/23) 37.50 X 135826 0 20992 857815 0 109740 4 0 1 0 BEACON HILL STAFFING GROUP PO BOX 846193 BOSTON MA 022846193 TEMPORARY STAFFING 203041 ORR GROUP 3000 K STREET NW SUITE E280 WASHINGTON DC 20007 DEVELOPMENT CONSULTING SERVICES 128050 2 1376016 1853633 269003 3229649 SCHOOL MEMBERSHIP DUES 900099 236450 236450 REGISTRATION FEES 900099 10014 10014 246464 268041 268041 390850 194898 195952 195952 195952 127500 1376016 164650 -37150 -37150 OTHER REVENUE 900099 22350 22350 22350 3925306 246464 0 449193 176995 176995 810737 552686 137326 120725 1956898 1452147 193768 310983 29238 19238 1871 8129 280972 215252 17042 48678 222677 167225 17418 38034 62702 62702 43514 21544 16614 5356 128050 128050 72365 72365 179521 103151 11669 64701 295 295 79965 31541 22099 26325 231295 169011 20614 41670 65576 44690 9966 10920 23966 23025 941 208543 137219 36280 35044 16017 11649 1392 2976 52036 38396 4113 9527 SUBSCRIPTIONS & DUES 280692 201005 28542 51145 EQUIPMENT RENTAL 254779 178897 30177 45705 TESTING & PROGRAMMING 125326 125326 PAYROLL FEES 79361 59598 6208 13555 161454 15955 41135 104364 5542974 3744845 732242 1065887 42 787423 1778379 868842 2990127 1976426 56350 87825 208359 180580 138068 58081 91174 79987 9188581 9950040 3040040 2808653 17353052 16739776 250769 230321 126932 137114 2959337 3431726 2249990 1945743 5587028 5744904 X -1666976 -3399020 13433000 14393892 11766024 10994872 17353052 16739776 X -1617668 757989 88527 X 0 1 X 1 0 X 2508425 4261300 4943904 4701239 3229649 19644517 2508425 4261300 4943904 4701239 3229649 19644517 1445189 18199328 248072 233520 219368 216312 268041 1185313 32174 317 22350 54841 20884671 1575034 0.87140 0.85350 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9367571 1153615 314976 10206210 10835877 -1347435 120871 9367571 10391790 1228115 784028 10835877 10208647 933406 686520 63743 10391790 9258528 1729049 734100 44830 10208647 0.01460 0.98540 0.00000 1 0 21759 5152 16607 116309 52929 63380 79987 BENEFICIAL INTEREST IN PERPETUAL TRUST 1046285 RIGHT-OF-USE ASSETS 1762368 2808653 OPERATING LEASE LIABILITY 1945743 1945743 4924680 757989 313750 1071739 3852941 72365 72365 3925306 5784359 313750 313750 5470609 72365 72365 5542974 PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS ARE FOR CAPITAL PRESERVATION, FUTURE GROWTH AND OPERATIONAL PURPOSES. 1 ORR GROUP 3000 K STREET NW SUITE E280 WASHINGTON DC 20007 INFRASTRUCTURE 0 0 128050 -128050 128050 -128050 AK AL AR AZ CA CO CT DC FL GA IL KS KY MA MD ME MI MN MO MS NC ND NH NJ NM NY OH OK OR PA RI SC TN UT VA WA WI WV BENEFIT DINNER 1503516 1376016 127500 164650 1503516 1376016 127500 164650 164650 -37150 1 SCHOLARSHIP AWARDS & SUMMER ENRICHMENT 94 176995 PART I, LINE 2: SAFETY NET AWARDS ARE GRANTED TO COVER COSTS OF SUPPLEMENTAL EDUCATIONAL OPPORTUNITIES SUCH AS STUDY-ABROAD PROGRAMS, SUMMER ENRICHMENT OPPORTUNITIES AND SCHOOL TRIPS. THESE GRANTS ARE EITHER PAID DIRECTLY TO THE ORGANIZATION OR SCHOOL SPONSORING THE PROGRAM OR AS A REIMBURSEMENT FOR A PROGRAM THAT A SCHOLAR'S FAMILY HAS ALREADY PAID FOR. FOR ALL SCHOLARSHIP AWARDS GIVEN DIRECTLY TO STUDENTS (SUCH AS A BETTER CHANCE AWARDS GIVEN AT THE ANNUAL LUNCHEON), 1099'S ARE ISSUED TO ANYONE RECEIVING MORE THAN A TOTAL OF $600. X X 0 0 0 0 0 0 0 1 0 FRANCISCO TEZEN PRESIDENT & CEO 327732 0 47250 0 0 0 22500 0 19011 0 416493 0 0 0 BENJAMIN BINGMAN-TENNANT CHIEF PROGRAMS OFFICER 171045 0 4000 0 0 0 22500 0 9568 0 207113 0 0 0 DAMARIS HERRON-WATKINS CHIEF FINANCE & OPERATIONS OFFICER 167962 0 4000 0 0 0 1745 0 13424 0 187131 0 0 0 JOHN ANTHONY DUMEY NAT. DIR, DEV. & COMMS (UNTIL 10/23) 135826 0 0 0 0 0 7246 0 13746 0 156818 0 0 0 PART I, LINE 7 THE CEO'S BONUS WAS LINKED TO AGREED UPON GOALS IN HIS OFFER LETTER. THE BONUS AMOUNT FOR STAFF IS APPROVED BY THE PRESIDENT & CEO, AND THE CHAIRMAN OF THE BOARD. THE BONUS AMOUNT FOR THE PRESIDENT & CEO IS APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD. BONUS PAYMENTS ARE REPORTED IN SCHEDULE J, PART II, COL. (B)(II). X 6 194509 FMV X TEST WAIVERS 2 69261 FMV X OTHER SUPPLIES 2 5233 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND IS REVIEWED BY MANAGEMENT AND SENT TO MEMBERS OF THE FINANCE COMMITTEE FOR REVIEW. THE RETURN IS SENT TO ALL BOARD MEMBERS TO REVIEW AND COMMENT BEFORE THE FORM 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY FORM IS REQUIRED TO BE SIGNED EVERY YEAR BY THE BOARD AND SENIOR MANAGEMENT. THE BOARD AND SENIOR MANAGEMENT ARE ACTIVE IN KNOWLEDGE OF EACH OTHER'S CAREERS AND INTERESTS TO ENSURE THAT THIS POLICY IS ENFORCED. ANY BOARD MEMBER WHO HAS ANY ABILITY TO INFLUENCE A TRANSACTION INVOLVING PURCHASES, CONTRACTS OR LEASES OF A BETTER CHANCE MUST DISCLOSE THE EXISTENCE OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST TO THE BOARD CHAIR OR THE PRESIDENT AS SOON AS THE CONFLICT OR POTENTIAL CONFLICT ARISES SO THAT SAFEGUARDS CAN BE ESTABLISHED TO PROTECT ALL PARTIES. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD CHAIR GATHERED DATA ON CEO SALARIES FROM COMPARABLE INDUSTRY ORGANIZATIONS AND FROM SALARY SURVEYS. THIS DATA WAS PRESENTED TO THE EXECUTIVE COMMITTEE, WHICH THEN SETS THE CEO'S SALARY. THE LAST COMPENSATION REVIEW PROCESS TOOK PLACE APRIL 2023. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON WWW.ABETTERCHANCE.ORG FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 88,527.