Wellesley Scholarship Foundation Inc
- Assets
- $8.2m
- Revenue
- $250.2k
- Investments
- $7.5m
- Employees
- 0
- Location
- Wellesley, MA
- Founding
- 04/1953
- Data as of
- 06/2021
- EIN
- 04-2392419
Organization Overview
Wellesley Scholarship Foundation Inc is located in Wellesley, MA. The organization was established in 1953. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wellesley Scholarship Foundation 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 06/2021, Wellesley Scholarship Foundation Inc generated $250.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (11.6%) each year. All expenses for the organization totaled $375.6k during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL ASSISTANCE TO POST-SECONDARY STUDENTS FROM WELLESLEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MERIT AND NEED-BASED SCHOLARSHIPS GRANTED TO WELLESLEY RESIDENTS, AND TO NON-RESIDENTS OF WELLESLEY WHO ARE GRADUATES OF WELLESLEY HIGH SCHOOL, FOR POST-SECONDARY EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ann Marie Gross Co-President | OfficerTrustee | 1 | $0 |
Brian Boyce Treasurer | OfficerTrustee | 1 | $0 |
Kathy Skelly Co-President | OfficerTrustee | 1 | $0 |
Mason Smith Secretary | OfficerTrustee | 1 | $0 |
Allison Sunny Allen Trustee | Trustee | 0.5 | $0 |
Elizabeth Cook Trustee | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $236,217 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $236,217 |
| Total Program Service Revenue | $0 |
| Investment income | $42,906 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$28,932 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $250,191 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $352,505 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,340 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $630 |
| Advertising and promotion | $0 |
| Office expenses | $5,677 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $375,618 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $52,674 |
| Savings and temporary cash investments | $625,626 |
| Pledges and grants receivable | $30,000 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,473,211 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,181,511 |
| Accounts payable and accrued expenses | $4,527 |
| Grants payable | $203,500 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $208,027 |
| Net assets without donor restrictions | $5,877,073 |
| Net assets with donor restrictions | $2,096,411 |
| 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 | $8,181,511 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Wellesley Scholarship Foundation Inc has recieved totaling $31,100.
| Awarding Organization | Amount |
|---|---|
Jack Tarver Family Foundation Orlando, FL PURPOSE: GENERAL OPERATING | $10,000 |
The David And Kathleen@baum Family Foundation Coconut Grove, FL PURPOSE: GENERAL CONTRIBUTION | $10,000 |
Cambridge Trust Charitable Found Fka Wellesley Bank Charitable Fdn Burlington, MA PURPOSE: EXEMPT PURPOSE | $5,000 |
Cambridge Trust Charitable Found Fka Wellesley Bank Charitable Fdn Burlington, MA PURPOSE: EXEMPT PURPOSE | $5,000 |
John J And Susan F Doran Family Foundation Wellesley, MA PURPOSE: GENERAL CONTRIBUTION | $1,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $100 |
Endowment Analysis
| Beg. Balance | $3,094,358 |
| Earnings | $503,999 |
| Net Contributions | $34,109 |
| Grants | $383,855 |
| Ending Balance | $3,248,611 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
N H Higher Education Loan Corporation Concord, NH | $928,313,847 | $60,034,018 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |