Scholarship America Inc
- Assets
- $253.1m
- Revenue
- $40.1m
- Investments
- $0.0
- Employees
- 8
- Location
- Minneapolis, MN
- Founding
- 04/1962
- Data as of
- 12/2023
- EIN
- 23-7039405
Organization Overview
Scholarship America Inc is located in Minneapolis, MN. 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 12/2023, Scholarship America Inc employed 8 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Scholarship America 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 12/2023, Scholarship America Inc generated $40.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $27.9m during the year ending 12/2023. While expenses have increased by 3.6% per year over the past 9 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 2014, Scholarship America Inc has awarded 158 individual grants totaling $8,242,912. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF SCHOLARSHIP AMERICA IS TO ELIMINATE BARRIERS TO EDUCATIONAL SUCCESS SO THAT ANY STUDENT CAN PURSUE THEIR DREAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP AMERICA DOLLARS FOR SCHOLARS AFFILIATES ARE A NATIONAL NETWORK OF COMMUNITY-BASED, VOLUNTEER-OPERATED SCHOLARSHIP FOUNDATIONS IN CITIES, TOWNS, AND NEIGHBORHOODS THROUGHOUT THE UNITED STATES OF AMERICA. THE AFFILIATES PROVIDE AN EFFECTIVE WAY FOR COMMUNITIES TO WORK TOGETHER ON A LOCAL LEVEL TO PROVIDE FINANCIAL SUPPORT THROUGH SCHOLARSHIPS, AS WELL AS ACADEMIC SUPPORT, AND THEREBY ASSIST LOCAL STUDENTS IN ACHIEVING THEIR EDUCATIONAL GOALS.IN 2023 THERE WERE 403 AFFILIATES OPERATING IN 30 STATES AND THE DISTRICT OF COLUMBIA. OVER 8,900 VOLUNTEERS STAFF THEIR EFFORTS. THE VOLUNTEERS ARE GIVEN TRAINING TO RAISE SCHOLARSHIP MONEY, AS WELL AS PROVIDE ACADEMIC SUPPORT TO LOCAL STUDENTS. LAST YEAR, DOLLARS FOR SCHOLARS RAISED NEARLY $43.8 MILLION FOR CURRENT AND ENDOWED SCHOLARSHIPS; THEY AWARDED NEARLY $23.3 MILLION WITH THE BALANCE GOING TO ENDOWMENTS AND FUTURE SCHOLARSHIPS. SCHOLARSHIPS WERE GIVEN TO MORE THAN 15,900 STUDENTS.SINCE ITS INCEPTION IN 1961, SCHOLARSHIP AMERICA'S DOLLARS FOR SCHOLARS AFFILIATES HAVE DISTRIBUTED OVER $811.4 MILLION TO 943,051 STUDENTS. DOLLARS FOR SCHOLARS AFFILIATES NOT ONLY PROVIDE FINANCIAL SUPPORT, THEY ALSO PROVIDE ACADEMIC SUPPORT TO STUDENTS IN ORDER TO PREPARE THEM FOR POSTSECONDARY EDUCATION. ACADEMIC SUPPORT PROGRAMS INCLUDE DOLLARS FOR SCHOLARS VOLUNTEERS WHO ASSIST IN SCHOOLS, WHO MENTOR STUDENTS, WHO PROVIDE CAREER PLANNING AND WHO ASSIST STUDENTS EVALUATE THEIR COLLEGE AND VOCATIONAL SCHOOL OPPORTUNITIES. THESE SERVICES COMBINED WITH FUNDS MEAN ACCESS FOR MORE STUDENTS, WHO ARE BETTER ABLE TO BENEFIT FROM THE OPPORTUNITIES AVAILABLE TO THEM, AND WHO ARE AWARE OF WHAT THOSE OPPORTUNITIES CAN BE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $158,112 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $29,299,743 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $29,457,855 |
| Total Program Service Revenue | $0 |
| Investment income | $6,316,420 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,728,052 |
| Net Income from Fundraising Events | $2,479,186 |
| Net Income from Gaming Activities | $93,164 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,074,677 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,031,227 |
| Grants and other assistance to domestic individuals. | $23,276,188 |
| 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 | $21,750 |
| Fees for services: Investment Management | $0 |
| 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 | $27,906,725 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $89,603,494 |
| 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 | $1,649,037 |
| Investments—publicly traded securities | $161,807,094 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $253,059,625 |
| 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 | $90,884,891 |
| Net assets with donor restrictions | $162,174,734 |
| 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 | $253,059,625 |
Grants Awarded
Over the last fiscal year, Scholarship America Inc has awarded $966,683 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY FOUNDATION OF ELKHART COUNTY PURPOSE: INVESTMENT TO FUND FUTURE SCHOLARSHIPS | $20,000 |
PUTNAM COUNTY COMMUNITY FOUNDATION PURPOSE: INVESTMENT TO FUND FUTURE SCHOLARSHIPS | $41,275 |
PUTNAM COUNTY COMMUNITY FOUNDATION PURPOSE: INVESTMENT TO FUND FUTURE SCHOLARSHIPS | $16,783 |
DEARBORN COMMUNITY FOUNDATION PURPOSE: INVESTMENT TO FUND FUTURE SCHOLARSHIPS | $10,000 |
OMAHA COMMUNITY FOUNDATION PURPOSE: INVESTMENT TO FUND FUTURE SCHOLARSHIPS | $32,500 |
COMMUNITY FOUNDATION OF GREAT DUBUQUE PURPOSE: INVESTMENT TO FUND FUTURE SCHOLARSHIPS | $9,000 |