Scholarship America Inc
- Assets
- $172.3m
- Revenue
- $240.3m
- Investments
- $3.5m
- Employees
- 218
- Location
- Minneapolis, MN
- Founding
- 04/1962
- Data as of
- 12/2023
- EIN
- 04-2296967
Organization Overview
Scholarship America Inc is located in Minneapolis, MN. The organization was established in 1962. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2023, Scholarship America Inc employed 218 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Scholarship America Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Scholarship America Inc generated $240.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $234.7m during the year ending 12/2023. While expenses have increased by 1.9% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ELIMINATE BARRIERS TO EDUCATIONAL SUCCESS SO THAT ANY STUDENT CAN PURSUE THEIR DREAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION ASSISTANCE: SCHOLARSHIP AMERICA (PROGRAM MANAGEMENT) IS THE LEADING PRIVATE EDUCATION ASSISTANCE SERVICE PROVIDER IN THE COUNTRY, HELPING CORPORATIONS, FOUNDATIONS AND INDIVIDUALS DESIGN AND ADMINISTER SCHOLARSHIP AND RELATED EDUCATIONAL ASSISTANCE PROGRAMS.
DOLLARS FOR SCHOLARS IS A NATIONAL NETWORK OF 438 COMMUNITY-BASED, VOLUNTEER- DRIVEN AFFILIATED ORGANIZATIONS THAT RAISE FUNDS AND PROVIDE SCHOLARSHIPS AND EDUCATIONAL SUPPORT TO LOCAL STUDENTS IN COMMUNITIES ACROSS THE COUNTRY.
OTHER PROGRAM SERVICES INCLUDE THE FAMILIES OF FREEDOM SCHOLARSHIP PROGRAM AND OTHER RELATED EDUCATION PROGRAM RESEARCH, POLICY AND COMMUNITY ENGAGEMENT ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Treasurer And Fin. & Inv. Committee Chair | OfficerTrustee | 5 | $0 |
Name Not Listed Chair Of The Board Of Trustees | OfficerTrustee | 5 | $0 |
Name Not Listed Immediate Past Chair Of The Board | OfficerTrustee | 3 | $0 |
Name Not Listed Secretary Of The Board | OfficerTrustee | 5 | $0 |
Name Not Listed Trustee | Trustee | 3 | $0 |
Name Not Listed Trustee | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pell Insurance Insurance Broker | 12/30/23 | $170,071 |
Nearform Inc Technology Consultant | 12/30/23 | $109,250 |
Cdw Direct Technology Hardware | 12/30/23 | $107,816 |
Parodi Consulting Inc Strategy Consultant | 12/30/23 | $105,378 |
Risk Strategies Company Cyber Insurance Consultant/broker | 12/30/23 | $101,928 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $625,408 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $219,556,301 |
| Noncash contributions included in lines 1a–1f | $763,239 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $220,181,709 |
| Total Program Service Revenue | $14,952,460 |
| Investment income | $4,862,620 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $362,832 |
| Net Income from Fundraising Events | -$172,391 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $240,271,340 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $207,814,989 |
| Grants and other assistance to Foreign Orgs/Individuals | $7,734,970 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $634,326 |
| Compensation of current officers, directors, key employees. | $634,326 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,273,482 |
| Pension plan accruals and contributions | $296,112 |
| Other employee benefits | $1,602,829 |
| Payroll taxes | $756,560 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,372 |
| Fees for services: Accounting | $81,210 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $43,538 |
| Fees for services: Other | $2,038,780 |
| Advertising and promotion | $220,138 |
| Office expenses | $327,164 |
| Information technology | $508,556 |
| Royalties | $0 |
| Occupancy | $379,704 |
| Travel | $279,685 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $79,499 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,191,488 |
| Insurance | $267,056 |
| All other expenses | $0 |
| Total functional expenses | $234,740,961 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $25,294,008 |
| Pledges and grants receivable | $2,140,290 |
| Accounts receivable, net | $2,832,978 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $425,218 |
| Net Land, buildings, and equipment | $2,931,456 |
| Investments—publicly traded securities | $133,724,527 |
| Investments—other securities | $3,471,080 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,483,617 |
| Total assets | $172,303,174 |
| Accounts payable and accrued expenses | $6,593,993 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,249,662 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $48,181,941 |
| Total liabilities | $57,025,596 |
| Net assets without donor restrictions | $11,469,450 |
| Net assets with donor restrictions | $103,808,128 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $172,303,174 |