Manchester Scholarship Foundation Inc
- Assets
- $23.7m
- Revenue
- $7.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Manchester, CT
- Founding
- 11/1965
- Data as of
- 12/2021
- EIN
- 06-6076924
Organization Overview
Manchester Scholarship Foundation Inc is located in Manchester, CT. The organization was established in 1965. 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. Manchester 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 12/2021, Manchester Scholarship Foundation Inc generated $7.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.0% each year . All expenses for the organization totaled $821.7k during the year ending 12/2021. While expenses have increased by 9.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION AWARDS SCHOLARSHIPS TO STUDENTS ATTENDING ACCREDITED COLLEGES AND UNIVERSITIES OR OTHER POST SECONDARY SCHOOLS ON A FULL-TIME BASIS. APPLICANTS MUST BE GRADUATING HIGH SCHOOL AND/OR RESIDENTS OF MANCHESTER. AWARDS ARE BASED ON A COMBINATION OR SCHOLASTIC ACHIEVEMENT, FINANCIAL NEED, AND SCHOOL COMMUNITY ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COLLEGE TUITION SCHOLARSHIPS.
OTHER PROGRAM SERVICE EXPENSES RELATED TO THE DISTRIBUTION OF COLLEGE TUITION SCHOLARSHIPS.
COLLEGE TUITION SCHOLARSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Higgins Treasurer | Officer | 1 | $0 |
Nancy Bray Secretary | Officer | 1 | $0 |
Carol Powell President | Officer | 1 | $0 |
Helene Marchese Vice Preside | Officer | 1 | $0 |
Michael Darby Director | Trustee | 1 | $0 |
Mary Ann Hayward Director | Trustee | 1 | $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 | $405,521 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $405,521 |
| Total Program Service Revenue | $0 |
| Investment income | $6,657,492 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,063,013 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $790,443 |
| 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 | $9,107 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $770 |
| Office expenses | $769 |
| 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 | $491 |
| All other expenses | $1,572 |
| Total functional expenses | $821,689 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $110,281 |
| Pledges and grants receivable | $0 |
| 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 | $23,552,119 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,662,400 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $19,149,910 |
| Net assets with donor restrictions | $4,512,490 |
| 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 | $23,662,400 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Manchester Scholarship Foundation Inc has recieved totaling $77,074.
| Awarding Organization | Amount |
|---|---|
Hartford Foundation For Public Giving Hartford, CT PURPOSE: SCHOLARSHIPS | $39,267 |
Hartford Foundation For Public Giving Hartford, CT PURPOSE: GENERAL OPERATING SUPPORT | $37,707 |
Bobs Discount Furniture Charitable Foundation Inc Oakdale, CT PURPOSE: FOR EXEMPT PURPOSE | $100 |
Endowment Analysis
| Beg. Balance | $17,342,161 |
| Earnings | $6,657,492 |
| Admin Expense | $55,054 |
| Net Contributions | $405,521 |
| Other Expense | $7,558 |
| Grants | $790,443 |
| Ending Balance | $23,552,119 |
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 |
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 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |