Smith Shaver Law School Scholarship Fund Inc
- Assets
- $6.2m
- Revenue
- $548.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Winston Salem, NC
- Founding
- 05/2005
- Data as of
- 12/2022
- EIN
- 20-2749954
Organization Overview
Smith Shaver Law School Scholarship Fund Inc is located in Winston Salem, NC. The organization was established in 2005. 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. Smith Shaver Law School Scholarship Fund 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 12/2022, Smith Shaver Law School Scholarship Fund Inc generated $548.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (5.6%) each year. All expenses for the organization totaled $331.9k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND ENCOURAGE EDUCATIONAL OPPORTUNITY AND EXCELLENCE THROUGH SCHOLARSHIPS, BASED PRIMARILY ON NEED, FOR NORTH CAROLINA RESIDENTS ATTENDING SUPPORTED NORTH CAROLINA LAW SCHOOLS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SMITH/SHAVER LAW SCHOOL SCHOLARSHIP FUND, INC., THROUGH ITS SUPPORTED ORGANIZATIONS, AWARDED NEW SCHOLARSHIPS TO NORTH CAROLINA RESIDENTS IN THE AMOUNT OF $300,000.00, PAYABLE OVER THREE (3) YEARS OF LAW SCHOOL ($100,000.00 PER ACADEMIC YEAR). DURING 2022, THE SCHOLARSHIP FUND PAID $300,000.00 FOR OVER FIFTY (50) STUDENTS ATTENDING THE SUPPORTED LAW SCHOOLS. FOR THE PERIOD 2006-2022, THE SCHOLARSHIP FUND PAID $4,800,000.00 FOR SCHOLARSHIPS TO THE SUPPORTED LAW SCHOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith W Vaughan Director, Vice President/board Vice Chair | OfficerTrustee | 0.5 | $0 |
G Eugene Boyce Director, President/board Chair | OfficerTrustee | 1.2 | $0 |
W David Edwards Director, Secretary, Treasurer | OfficerTrustee | 2.5 | $0 |
Arch T Allen Director | Trustee | 0.5 | $0 |
Wanda G Bryant Director | Trustee | 0.5 | $0 |
C Colon Willoughby Jr Director | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $166,498 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $381,792 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $548,290 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $300,000 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,917 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $331,917 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,936 |
| Savings and temporary cash investments | $266,064 |
| 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 | $5,888,025 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,157,025 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $300,000 |
| 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 | $300,000 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $5,857,025 |
| Total liabilities and net assets/fund balances | $6,157,025 |