The Childrens Scholarship Fund
- Assets
- $36.1m
- Revenue
- $24.7m
- Investments
- $0.0
- Employees
- 20
- Location
- New York, NY
- Founding
- 11/1998
- Data as of
- 08/2022
- EIN
- 13-4002189
Organization Overview
The Childrens Scholarship Fund is located in New York, NY. The organization was established in 1998. 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 08/2022, Childrens Scholarship Fund employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Childrens Scholarship Fund 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 08/2022, Childrens Scholarship Fund generated $24.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $23.3m during the year ending 08/2022. While expenses have increased by 0.7% per year over the past 6 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 2020, Childrens Scholarship Fund has awarded 51 individual grants totaling $9,090,406. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CHILDREN'S SCHOLARSHIP FUND (CSF) PROVIDES CHILDREN OF LOW-INCOME FAMILIES WITH TUITION ASSISTANCE IN GRADES K-8, AND SUPPORTS EXPANDING EDUCATIONAL OPPORTUNITIES FOR ALL CHILDREN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN FISCAL YEAR 2022 NEARLY 24,430 CHILDREN ACROSS THE US BENEFITED FROM SCHOLARSHIPS AWARDED BY CSF AND ITS PARTNER PROGRAMS. THESE CHILDREN, ALL OF WHOM ARE FROM LOW-INCOME FAMILIES, ARE RECEIVING THE EDUCATION DESIRED BY THEIR FAMILIES DUE TO THE GENEROSITY OF OUR DONORS AND THE EFFORTS OF SCHOLARSHIP PROGRAMS IN 25 COMMUNITIES. SINCE ITS INCEPTION IN 1998, NEARLY 191,500 CHILDREN FROM LOW-INCOME FAMILIES HAVE BENEFITED FROM ATTENDING THE PRIVATE SCHOOL OF THEIR CHOICE WITH MORE THAN $934 MILLION IN TUITION ASSISTANCE FROM CSF AND ITS PARTNER PROGRAMS.
PROGRAM MANAGEMENT AND ADMINISTRATION OF NEW HAMPSHIRE EDUCATION FREEDOM (EFA) PROGRAM: THE EFA PROGRAM PROVIDES STUDENTS WHO ARE NOT ENROLLED FULL TIME IN A NEW HAMPSHIRE PUBLIC SCHOOL AND WHOSE FAMILY EARNS 300% OF THE POVERTY LINE OR BELOW WITH A STATE GRANT TO SPEND ON ELIGIBLE EDUCATION RELATED EXPENSES. CSF ADMINISTERS THE FUNDING PROVIDED FROM THE STATE OF NEW HAMPSHIRE TO EACH STUDENT ACCOUNT. PROGRAM STAFF VERIFIES ELIGIBILITY OF STUDENTS THROUGH THE APPLICATION PROCESS, REVIEWS AND APPROVES PAYMENT OF ELIGIBLE EDUCATION EXPENSES, AND APPROVES EDUCATIONAL PROVIDERS. IN ADDITION, PROGRAM STAFF PROVIDE OUTREACH AND SUPPORT TO NH FAMILIES TO INFORM THEM ABOUT THE EFA PROGRAM. DURING FISCAL YEAR 2022, CSF RECEIVED APPROXIMATELY $8.7 MILLION FROM THE STATE OF NH TO FUND OVER 2,000 EFAS.
PROGRAM MANAGEMENT, OUTREACH AND SUPPORT: CSF'S PROGRAM STAFF WORKS WITH PARENTS AND SCHOOLS TO ENSURE THE INTEGRITY AND EFFICIENT MANAGEMENT OF THE PROGRAM. THE PROGRAM STAFF VERIFIES ELIGIBILITY AND STUDENT ATTENDANCE, DISBURSES THE TUITION ASSISTANCE PAYMENTS TO SCHOOLS AND ANNUALLY REQUALIFIES RETURNING STUDENTS. THE CHILDREN'S SCHOLARSHIP FUND MAINTAINS PARTNERSHIPS WITH LOCAL SCHOLARSHIP PROGRAMS IN COMMUNITIES AROUND THE COUNTRY. IN ADDITION TO PROVIDING MATCHING GRANTS TO THESE ORGANIZATIONS, THE CHILDREN'S SCHOLARSHIP FUND ALSO TRAINS LOCAL PROGRAM STAFF AND HAS DEVELOPED AND MAINTAINS SPECIALIZED SOFTWARE THAT IS USED TO MANAGE SCHOLARSHIP AWARDS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darla M Romfo President & COO | OfficerTrustee | 40 | $326,764 |
Thomas J Finnerty SVP | Officer | 40 | $216,269 |
Michele Mitola VP Strategic Planning & Development | Officer | 40 | $181,534 |
Elizabeth Toomey Corporate Secretary | Officer | 40 | $145,590 |
Kathleen Doran CFO | Officer | 40 | $130,494 |
Katie J Baker Demers Executive Director New Hampshire Programs | 40 | $102,236 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $5,095 |
| Membership dues | $0 |
| Fundraising events | $3,031 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $23,780,510 |
| Noncash contributions included in lines 1a–1f | $132,799 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $23,788,636 |
| Total Program Service Revenue | $860,103 |
| Investment income | $66,291 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,313 |
| Net Income from Fundraising Events | -$2,197 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,710,520 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,442,508 |
| Grants and other assistance to domestic individuals. | $17,802,815 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $992,362 |
| Compensation of current officers, directors, key employees. | $266,311 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $924,265 |
| Pension plan accruals and contributions | $42,462 |
| Other employee benefits | $126,896 |
| Payroll taxes | $130,284 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $425 |
| Fees for services: Accounting | $63,015 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $42,942 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,782 |
| Advertising and promotion | $0 |
| Office expenses | $45,346 |
| Information technology | $172,103 |
| Royalties | $0 |
| Occupancy | $211,340 |
| Travel | $26,742 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,416 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,990 |
| Insurance | $36,380 |
| All other expenses | $12,558 |
| Total functional expenses | $23,317,744 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $729,319 |
| Savings and temporary cash investments | $31,058,105 |
| Pledges and grants receivable | $1,763,214 |
| 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 | $34,626 |
| Net Land, buildings, and equipment | $52,795 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,497,943 |
| Total assets | $36,136,002 |
| Accounts payable and accrued expenses | $139,046 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,474,597 |
| 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 | $943,715 |
| Total liabilities | $3,557,358 |
| Net assets without donor restrictions | $8,572,395 |
| Net assets with donor restrictions | $24,006,249 |
| 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 | $36,136,002 |
Grants Awarded
Over the last fiscal year, The Childrens Scholarship Fund has awarded $2,442,508 in support to 17 organizations.
| Grant Recipient | Amount |
|---|---|
Oakland, CA PURPOSE: To provide partial scholarship awards to children from low-income families | $765,803 |
Omaha, NE PURPOSE: To provide partial scholarship awards to children from low-income families | $277,962 |
Buffalo, NY PURPOSE: To provide partial scholarship awards to children from low-income families | $259,020 |
Philadelphia, PA PURPOSE: To provide partial scholarship awards to children from low-income families | $236,953 |
Greenwood Village, CO PURPOSE: To provide partial scholarship awards to children from low-income families | $224,209 |
TODAY AND TOMORROW EDUCATIONAL FOUNDATION PURPOSE: To provide partial scholarship awards to children from low-income families | $171,996 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that The Childrens Scholarship Fund has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Gordon Gund And Llura Liggett Gund 1993 Charitable Foundation Princeton, NJ PURPOSE: SUPPORT THE CHARITABLE PURPOSE OF THE ORGANIZATION | $10,000 |
Dan And Micki Chapin Fund Sun Valley, ID PURPOSE: OPERATIONS | $10,000 |
Bill And Susan Oberndorf Foundation San Francisco, CA PURPOSE: GENERAL CHARITY | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Central Pennsylvania Scholarship Fund Tyrone, PA | $42,508,819 | $45,167,381 |
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 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |