2025-11-06T19:45:02-06:00 2024-12-31 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2024-01-01 237173492 A BETTER CHANCE INC ABET 6463461310 253 W 35TH STREET 15TH FLOOR NEW YORK NY 10001 FRANCISCO TEZEN PRESIDENT & CEO 6463461310 2025-11-06 1 0 RICHARD J LOCASTRO CPA P00288314 3019519090 2024 2025-03-06 01:10:19Z FRANCISCO TEZEN 253 W 35TH STREET 15TH FLOOR NEW YORK NY 10001 6105566 0 X WWW.ABETTERCHANCE.ORG X 1971 MA SEE PART III, LINE 1. 21 20 40 21 0 0 3229649 2850118 246464 271452 463993 748251 -14800 19152 3925306 3888973 176995 204087 0 0 3300522 3386721 128050 150000 1062461 1937407 1979969 5542974 5720777 -1617668 -1831804 16739776 18230196 5744904 9007389 10994872 9222807 X TO INCREASE THE NUMBER OF WELL-EDUCATED YOUNG PEOPLE OF COLOR CAPABLE OF ASSUMING RESPONSIBILITY AND LEADERSHIP ROLES IN AMERICAN SOCIETY. 0 0 3899526 204087 271452 SINCE 1963, A BETTER CHANCE HAS ACCOMPLISHED ITS MISSION BY NATIONALLY RECRUITING, PLACING AND PROVIDING SUPPORT TO A COMMUNITY OF 1,500 ACADEMICALLY TALENTED YOUTH THROUGH ITS SIGNATURE COLLEGE PREPARATORY SCHOOLS PROGRAM. OUR SUCCESS IS EVIDENT IN THE OVER 20,000ALUMNI WHO HAVE BECOME GREAT INNOVATORS, THINKERS AND LEADERS IN THEIR RESPECTIVE FIELDS. IN 2024, A BETTER CHANCE ACHIEVED 250 PLACEMENTS FROM A POOL OF 455 AND SAW NEARLY 100% OF GRADUATING HS SCHOLARS ENROLLING IN COLLEGE (SEE SCHEDULE O FOR DETAILS).THE ORGANIZATION HOSTED VIRTUAL SCHOOL FAIRS AT WHICH 120 OF OUR 200 MEMBER SCHOOLS PARTICIPATED. AN IN-PERSON MEMBER SCHOOL FAIR WAS HOSTED IN ATLANTA AT WHICH 35 MEMBER SCHOOL PARTICIPATED. THE ORGANIZATION ALSO LED VIRTUAL ADMISSIONS AND FINANCIAL AID WORKSHOPS, VIRTUAL INTERVIEW DAYS AND OUR SIGNATURE SUMMER LEADERSHIP ACADEMY (SLA), WHICH HELPS FAMILIES BETTER NAVIGATE AND UNDERSTAND THE APPLICATION, ACCEPTANCE AND PLACEMENT PROCESS. 103 MIDDLE SCHOOL AND 110 HIGH SCHOOL STUDENTS ACCEPTED BY A BETTER CHANCE FOR PLACEMENT PARTICIPATED IN SLA. 3899526 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 40 0 1 40 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 306521 0 29668 SHEILA MARMON CHAIR 2.00 X X 0 0 0 THEO KILLION 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 GENNELL JEFFERSON DIRECTOR 2.00 X 0 0 0 GERALD KEEFE DIRECTOR 2.00 X 0 0 0 RENEE J CARTER 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 DANIEL DIBIASIO DIRECTOR 2.00 X 0 0 0 SHEA MANIGO DIRECTOR 2.00 X 0 0 0 ADREA WILLIAMS 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 KURT VAN WAGENEN DIRECTOR 2.00 X 0 0 0 ROGER ARRIEUX DIRECTOR 2.00 X 0 0 0 KEITH EVANS DIRECTOR 2.00 X 0 0 0 NICOLE MELWOOD DIRECTOR 2.00 X 0 0 0 GEORGE WILSON DIRECTOR 2.00 X 0 0 0 SAMANTHA ROBINSON-GAYE DIRECTOR 2.00 X 0 0 0 DAMARIS HERRON-WATKINS CHIEF FINANCE & OPERATIONS 37.50 X 197519 0 20012 BENJAMIN BINGMAN-TENNANT CHIEF PROGRAMS OFFICER 37.50 X 199798 0 16339 JOHN KORNFELD DIRECTOR OF DEVELOPMENT 37.50 X 133900 0 12553 837738 0 78572 4 0 1 0 ORR GROUP 3000 K STREET NW SUITE E280 WASHINGTON DC 20007 DEVELOPMENT CONSULTING SERVICES 150000 BEACON HILL STAFFING GROUP PO BOX 846193 BOSTON MA 022846193 TEMPORARY STAFFING 138826 2 1103724 1746394 131051 2850118 SCHOOL MEMBERSHIP DUES 900099 262452 262452 REGISTRATION FEES 900099 9000 9000 271452 291651 291651 2517375 2060775 456600 456600 456600 163150 1103724 155818 7332 7332 OTHER REVENUE 900099 11820 11820 11820 3888973 271452 0 767403 204087 204087 769857 521672 137441 110744 2085344 1564644 164900 355800 58410 42926 5591 9893 236708 173351 24549 38808 236402 170135 27883 38384 33393 33393 43368 43368 150000 150000 75121 75121 203550 105230 34108 64212 423 423 80024 37767 19725 22532 235297 169531 23933 41833 68577 53847 7545 7185 15107 14942 165 258648 173992 40220 44436 16535 12027 1436 3072 47330 34425 4117 8788 SUBSCRIPTIONS & DUES 280156 190135 29205 60816 EQUIPMENT RENTAL 239683 167928 28841 42914 TESTING & PROGRAMMING 93610 93610 PAYROLL FEES 88522 63708 10441 14373 200625 105146 46808 48671 5720777 3899526 758790 1062461 787423 745517 868842 887271 1976426 844971 87825 110480 180580 228192 146686 74616 79987 72070 9950040 9791042 2808653 5550653 16739776 18230196 230321 163713 137114 142460 3431726 4065491 1945743 4635725 5744904 9007389 X -3399020 -4078646 14393892 13301453 10994872 9222807 16739776 18230196 X -1831804 204107 -144368 X 0 1 X 1 0 X 4261300 4943904 4701239 3229649 2850118 19986210 4261300 4943904 4701239 3229649 2850118 19986210 1257662 18728548 233520 219368 216312 268041 291651 1228892 7332 7332 32174 317 22350 11820 66661 21289095 1250131 0.87970 0.87140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10206210 877943 1014502 10069651 9367571 1153615 314976 10206210 10835877 -1347435 120871 9367571 10391790 1228115 784028 10835877 10208647 933406 686520 63743 10391790 0.01603 0.98397 1 0 21759 7371 14388 124927 67245 57682 72070 BENEFICIAL INTEREST IN PERPETUAL TRUST 1100016 RIGHT-OF-USE ASSETS 4450637 5550653 OPERATING LEASE LIABILITY 4635725 4635725 4052959 204107 35000 239107 3813852 75121 75121 3888973 5680656 35000 35000 5645656 75121 75121 5720777 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 150000 -150000 150000 -150000 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 1266874 1103724 163150 154535 1283 1266874 1103724 163150 154535 1283 155818 7332 1 SCHOLARSHIP AWARDS & SUMMER ENRICHMENT 79 204087 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 296521 0 10000 0 0 0 9315 0 20353 0 336189 0 0 0 DAMARIS HERRON-WATKINS CHIEF FINANCE & OPERATIONS 194519 0 3000 0 0 0 6090 0 13922 0 217531 0 0 0 BENJAMIN BINGMAN-TENNANT CHIEF PROGRAMS OFFICER 196798 0 3000 0 0 0 6090 0 10249 0 216137 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. MERIT BASED BONUS PAYMENTS WERE MADE TO THE FOLLOWING INDIVIDULAS: FRANCISCO TEZEN $10,000 BENJAMIN BINGMAN-TENNANT $3,000 DAMARIS HERRON-WATKINS $3,000 JOHN KORNFELD $3,000 X 7 58610 FMV X TEST WAIVERS 2 46795 FMV X OTHER SUPPLIES 2 25646 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 2024. 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 53,731. BAD DEBTS -198,099.