Lancaster Dollars For Higher Learning
- Assets
- $5.7m
- Revenue
- $398.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Lancaster, PA
- Founding
- 05/1962
- Data as of
- 09/2022
- EIN
- 23-6414300
Organization Overview
Lancaster Dollars For Higher Learning is located in Lancaster, PA. The organization was established in 1962. 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 09/2022, Lancaster Dollars For Higher Learning employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lancaster Dollars For Higher Learning 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 09/2022, Lancaster Dollars For Higher Learning generated $398.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $281.8k during the year ending 09/2022. 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
THE MISSION OF THE ORGANIZATION IS TO HELP FULL-TIME COLLEGE STUDENTS ACHIEVE THEIR GOALS BY PROVIDING INTEREST-FREE TUITION LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS FOR COLLEGE STUDENTS - FUNDS ARE LOANED INTEREST-FREE TO STUDENTS WHO ARE EXPECTED TO REPAY LOANS AFTER GRADUATION. THERE WERE 261 NEW LOANS EXTENDED DURING THE YEAR ENDED SEPTEMBER 30, 2022.
LANCASTER DOLLARS FOR HIGHER LEARNING WAS GIVEN A GRANT FOR THE PURPOSE OF PROVIDING A LIMITED NUMBER OF GRANTS, RATHER THAN INTEREST-FREE LOANS, TO DESERVING APPLICANTS SELECTED FROM THE GROUP OF STUDENTS APPLYING FOR TRADITIONAL LOANS. THE GRANT AGREEMENT STATES THAT LANCASTER DOLLARS FOR HIGHER LEARNING WILL RECEIVE AN ANNUAL GIFT OF 8,000 FOR FIVE YEARS. THIS YEAR, THE ORGANIZATION DISTRIBUTED 5 GRANTS TOTALING 8,100.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jean Bednarski President | OfficerTrustee | 8 | $0 |
Linda Schroeder Assistant Tr | OfficerTrustee | 3 | $0 |
Cathy Ketterman Secretary | OfficerTrustee | 2 | $0 |
Mikaela Bender-Rice Board Member | Trustee | 1 | $0 |
Mark Newkirk Board Member | Trustee | 1 | $0 |
Bob Freund Board Member | Trustee | 2 | $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 | $175,285 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $175,285 |
| Total Program Service Revenue | $125,549 |
| Investment income | $44,884 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $52,444 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $398,162 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,100 |
| 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 | $57,269 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,728 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $24,459 |
| Fees for services: Other | $0 |
| Advertising and promotion | $266 |
| Office expenses | $23,047 |
| Information technology | $19,781 |
| Royalties | $0 |
| Occupancy | $5,080 |
| 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 | $167 |
| Insurance | $2,700 |
| All other expenses | $423 |
| Total functional expenses | $281,840 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $348,818 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $32,000 |
| 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 | $12,840 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,623,201 |
| Investments—other securities | $0 |
| Investments—program-related | $2,675,593 |
| Intangible assets | $0 |
| Other assets | $375 |
| Total assets | $5,692,827 |
| Accounts payable and accrued expenses | $2,028 |
| 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 | $2,028 |
| Net assets without donor restrictions | $4,911,575 |
| Net assets with donor restrictions | $779,224 |
| 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 | $5,692,827 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Lancaster Dollars For Higher Learning has recieved totaling $24,766.
| Awarding Organization | Amount |
|---|---|
Lancaster County Community Foundation Lancaster, PA PURPOSE: DESIGNATED FOR GENERAL OPERATING SUPPORT | $23,639 |
Clark Assoc Charitable Fdn Lancaster, PA PURPOSE: HELP STUDENTS PAY FOR COLLEGE WITH INTEREST FREE LIFT AND LEGACY LOANS | $1,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $127 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
Business Leadership Organized For Catholic Schools King Of Prussia, PA | $82,544,630 | $55,644,917 |
Central Pennsylvania Scholarship Fund Tyrone, PA | $42,508,819 | $45,167,381 |
Foundation For Advanced Education In The Sciences Inc Bethesda, MD | $54,757,501 | $41,367,941 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
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 |
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 |
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
College Now Greater Cleveland Inc Cleveland, OH | $24,271,314 | $18,465,003 |