Reading Scholarship Foundation Inc
- Assets
- $3.4m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Reading, MA
- Founding
- 03/1975
- Data as of
- 09/2022
- EIN
- 23-7365813
Organization Overview
Reading Scholarship Foundation Inc is located in Reading, MA. The organization was established in 1975. 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. Reading 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 09/2022, Reading Scholarship Foundation Inc generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 37.3% each year . All expenses for the organization totaled $204.4k during the year ending 09/2022. While expenses have increased by 1.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
AWARDING EDUCATIONAL SCHOLARSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDS FOR EDUCATIONAL SCHOLAARSHIPS FOR READING, MA RESIDENTS ATTENDING COLLEGE.
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 |
|---|---|---|---|
Mary Hagstrom President | OfficerTrustee | 2 | $0 |
Christine Downey Treasurer | OfficerTrustee | 2 | $0 |
Susan Schwartz Assist Treasure | OfficerTrustee | 2 | $0 |
Patty White Vice President | OfficerTrustee | 2 | $0 |
Jane Darveau Clerk | OfficerTrustee | 2 | $0 |
Janice Berner 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 | $154,468 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $154,468 |
| Total Program Service Revenue | $0 |
| Investment income | $84,362 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,325,476 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,564,306 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $185,180 |
| 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 | $5,110 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,691 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $914 |
| 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 | $215 |
| All other expenses | $0 |
| Total functional expenses | $204,424 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,116 |
| Savings and temporary cash investments | $0 |
| 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 | $3,395,196 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,431,312 |
| 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 | $3,431,312 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $3,431,312 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Reading Scholarship Foundation Inc has recieved totaling $14,260.
| Awarding Organization | Amount |
|---|---|
Helen A Nigro Foundation Newburyport, MA PURPOSE: UNRESTRICTED CONTRIBUTION | $6,000 |
Gravestar Foundation Cambridge, MA PURPOSE: CHARITABLE | $6,000 |
Rcb Charitable Foundation Inc Reading, MA PURPOSE: STUDENT SCHOLARSHIPS | $1,500 |
Eastern Bank Charitable Foundation Lynn, MA PURPOSE: EXEMPT PURPOSE | $500 |
Chubb Charitable Foundation Philadelphia, PA PURPOSE: MATCHING GIFTS | $250 |
Norman M Shack Charitable Foundation North Andover, MA PURPOSE: AWARDING EDUCATIONAL SCHOLARSHIPS | $10 |
Endowment Analysis
| Beg. Balance | $2,538,067 |
| Net Contributions | $244,785 |
| Ending Balance | $2,782,852 |
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 |
N H Higher Education Loan Corporation Concord, NH | $928,313,847 | $60,034,018 |
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 |