Mcmahon-Parater Scholarship Foundation
- Assets
- $10.6m
- Revenue
- $15.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 07/2008
- Data as of
- 06/2023
- EIN
- 26-1830477
Organization Overview
Mcmahon-Parater Scholarship Foundation is located in Richmond, VA. The organization was established in 2008. According to its NTEE Classification (X19) the organization is classified as: Support N.E.C., under the broad grouping of Religion-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mcmahon-Parater Scholarship Foundation 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 06/2023, Mcmahon-Parater Scholarship Foundation generated $15.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.3% each year . All expenses for the organization totaled $11.0m during the year ending 06/2023. While expenses have increased by 23.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL ASSISTANCE TO CATHOLIC SCHOOLS WITHIN THE GEOGRAPHICAL CONFINES OF THE ROMAN CATHOLIC DIOCESE OF RICHMOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TUITION ASSISTANCE: FUNDS RECEIVED ARE SPECIFICALLY MARKED FOR CATHOLIC SCHOOL TUITION ASSISTANCE FOR BOTH CATHOLIC AND NON-CATHOLIC FAMILIES, IN AN EFFORT TO ASSIST THE FAMILIES IN REDUCING THEIR TUITION COSTS AND ALLOWING THE TUITION TO BE AFFORDABLE FOR BOTH NON-CATHOLICS AND CATHOLICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Keightley Executive Director | OfficerTrustee | 5 | $0 |
Kelly Lazzara President | OfficerTrustee | 2 | $0 |
Barry C Knestout Sole Member | Trustee | 2 | $0 |
Bruce Holbrook Chairman | OfficerTrustee | 5 | $0 |
Kathleen B Barrett Treasurer | OfficerTrustee | 2 | $0 |
Edward T Blair Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $628,031 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,090,737 |
| Noncash contributions included in lines 1a–1f | $1,243,965 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,718,768 |
| Total Program Service Revenue | $0 |
| Investment income | $213,829 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$37,677 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,894,920 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,505 |
| Grants and other assistance to domestic individuals. | $10,012,076 |
| 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 | $20,747 |
| Fees for services: Other | $40,000 |
| Advertising and promotion | $0 |
| Office expenses | $16,578 |
| 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 | $896,909 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $11,000,815 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,258 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $917,259 |
| 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 | $9,669,554 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,612,071 |
| Accounts payable and accrued expenses | $1,010 |
| 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 | $329,221 |
| Total liabilities | $330,231 |
| Net assets without donor restrictions | $201,736 |
| Net assets with donor restrictions | $10,080,104 |
| 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 | $10,612,071 |
Grants Awarded
Over the last fiscal year, Mcmahon-Parater Scholarship Foundation has awarded $30,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ALL SAINTS CATHOLIC SCHOOL PURPOSE: TUITION ASSISTANCE AT THE SCHOOL'S DISCRETION | $20,000 |
STAR OF THE SEA CATHOLIC SCHOOL PURPOSE: TUITION ASSISTANCE AT THE SCHOOL'S DISCRETION | $10,000 |