Massachusetts Bankers Association Scholarship Foundation
- Assets
- $3.8k
- Revenue
- $49.5k
- Investments
- $79.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 07/1999
- Data as of
- 12/2023
- EIN
- 04-3460557
Organization Overview
Massachusetts Bankers Association Scholarship Foundation is located in Boston, MA. The organization was established in 1999. 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. Massachusetts Bankers Association Scholarship Foundation 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, Massachusetts Bankers Association Scholarship Foundation generated $49.5k in total revenue. All expenses for the organization totaled $53.4k during the year ending 12/2023. While expenses have increased by 34.3% per year over the past 5 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.
Since 2019, Massachusetts Bankers Association Scholarship Foundation has awarded 63 individual grants totaling $118,900. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William J Tsoules Treasurer | 1 | $0 | |
Kathleen Murphy President | 1 | $0 | |
Dennis Sheehan Director | 1 | $0 | |
James M Dunphy Director | 1 | $0 | |
Kevin M Tierney Sr Director | 1 | $0 | |
Lisa R Murray Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $49,500 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $49,500 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $35 |
| Total operating and administrative expenses | $2,385 |
| Contributions, gifts, grants paid | $51,000 |
| Total expenses and disbursements | $53,385 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,764 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $3,843 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $25 |
| Total liabilities | $25 |
Grants Awarded
Over the last fiscal year, Massachusetts Bankers Association Scholarship Foundation has awarded $51,000 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
PRINCETON UNIVERSITY - AIDEN WALKER PURPOSE: SCHOLARSHIP | $1,500 |
COASTAL CAROLINA UNIVERSITY - GINA PURPOSE: SCHOLARSHIP | $2,500 |
PENN STATE - LINDZIE JOHNDRO PURPOSE: SCHOLARSHIP | $2,500 |
NEW YORK UNIVERSITY - PRATEEK MOTAG PURPOSE: SCHOLARSHIP | $2,500 |
UMASS AMHERST - CHRISTOPHER RRAPI PURPOSE: SCHOLARSHIP | $2,500 |
WORCESTER POLYTECHNIC - CONNOR SAGA PURPOSE: SCHOLARSHIP | $2,500 |