Full Report

Organization’s Full Report

U.S. Chess Trust
P.O. Box 838
Wallkill, NY 12589
www.uschesstrust.org

Mission and Programs

Mission

The U.S. Chess Trust is the charitable arm of the United States Chess Federation, the governing body for chess in the United States. Its mission is to provide chess education throughout America. The Trust provides free chess sets/boards,teaching materials, lectures and seminars for schools, chess clubs, childrens’ and VA hospitals.

Programs

TRAINING/SEMINARS–Chess in education, program organization, curriculum and instruction, and tournament organization

CHESS IN SCHOOLS–provides sets and boards and manuals on how to teach chess in the classroom to schools across the nation.

MEMBERSHIPS FOR NEEDY CHILDREN–memberships provided to children on free lunch programs

CHESS SCHOLAR AWARDS–Awards for high school senior and juniors Funds the Denker Tournament of High School Champions and youth chess tournaments.

U.S. Chess Trust Hall of Fame–owns and sponsors the HOF in Miami preserving America’s chess heritage. The Trust co-sponsors.

Additional Comments from the Organization:

The U.S. Chess Trust does not receive state nor government funding.

Who We Are

Chess is a positive alternative for at-risk children; studies indicate that children exposed to chess show improvement in academic performance and behavioral indicators.

NTEE Code

A25 Arts Education/Schools
N99 Other Recreation, Sports, or Leisure Activities N.E.C.

Goals and Results

Accomplishments for Fiscal Year Ending December 31, 2006

• Provided more than 3,000 chess sets and boards, and teaching curriculum to schools, VA and children’s hospitals nationwide.
• Over 1,000 memberships provided to needy children.
• Received letter of commendation from armed forces for chess equipment sent to Iraq and Afghanistan.
• Funded Scholar Chessplayer Outstanding Achievement Award and youth chess tournaments.
• Previously co-sponsored scholarly conference of leaders in Chess in Education

Objectives for Fiscal Year Beginning January 1, 2007

• Obtain contributions/grants to continue our chess programs in schools, VA and childrens’ hospitals.
• Continue to put chess education throughout America.
• Increase Chess Scholarship Awards and funding for youth chess tournaments.
• Support the International Scholastic Chess Convention
• The vision of the initiative is to establish long-term relationships between the young people around the globe by using chess as the vehicle by which to promote mutual understanding of shared problems.
• In addition, we expect these relationships to add to the students?
• General educational knowledge as well as helping the participants to foster a better understanding of their world.

Chief Executive Profile

Harold B. Dondis, Legal Counsel for Rich May, A Professional Corporation, is the philanthropic founder of the U.S. Chess Trust.

Financial Data

Revenues and Expenses: Fiscal Year Ending May 31, 2006

Revenue

Contributions $0
Government Grants $0
Program Services $0
Investments $0
Special Events $0
Sales $0
Other $0
Total Revenue $234,632

Expenses

Program Services $132,965
Administration $21,706
Other $8,585
Total Expenditures $163,256
Net Gain/Loss $0

Balance Sheet: Fiscal Year Ending May 31, 2006

Note: The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization’s total assets should generally exceed its total liabilities, or it cannot long survive, but the types of assets and liabilities also must be considered. For instance, an organization’s current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

June 1, 2005 May 31, 2006 Change

Assets

Cash & Equivalent $118,009 $131,606 $13,597
Accounts Receivable $0 $0 $0
Pledges & Grants Receivable $0 $0 $0
Receivables/Other $0 $0 $0
Inventories for Sale or Use $0 $0 $0
Investments/Securities $346,717 $432,809 $86,092
Investments/Other $0 $0 $0
Fixed Assets $0 $0 $0
Other $0 $0 $0
Total Assets $0 $741,857 $741,857

Liabilities

Accounts Payable $0 $0 $0
Grants Payable $0 $0 $0
Deferred Revenue $0 $0 $0
Loans and Notes $0 $0 $0
Tax-Exempt Bond Liabilities $0 $0 $0
Other $0 $0 $0
Total Liabilities $8,015 $8,950 $935
Fund Balance $0 $0 $0

Financial Comments from the Organization

Fiscal Year 2006 Income: $234,632  Expenses: $163,256  Assets: $732,907

Basic Information

This organization is a 501(c)(3) Public Charity.
This organization is required to file an IRS Form 990 or 990-EZ.
Additional narrative information in this report was last supplied by the organization on May 29, 2007.
It makes its audited financial statements available to the public upon request.
Contributions are deductible, as provided by law.

EIN
23-7016117

Executive
Harold Dondis

Contact
Ms. Barbara DeMaro, Managing Director

Phone
(845) 527-1167

Fax
(845) 566-0509

E-mail
bduscf@aol.com

Fiscal Year
May 31, 2006

Assets
$741,857 (from May 31, 2006 Form 990)

Income
$234,632 (from May 31, 2006 Form 990)

Year Founded
1967

Ruling Year
1984

No. of Board Members
12

No. of Full-Time Employees
1-5

No. of Part-Time Employees
0

No. of Volunteers
11-20

Funding

This organization is seeking funds from contributions and grants. These funds will be used for unrestricted operating expenses and special projects.

Locations Served

National

Board of Directors

Harold J. Winston, Chairman
Shane Samole, President
James Eade, Treasurer
Harold B. Dondis, Chairman Emeritus