Mcmahon-Parater Scholarship Foundation
- Assets
- $5.5m
- Revenue
- $7.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 07/2008
- Data as of
- 06/2022
- 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 06/2022, Mcmahon-Parater Scholarship Foundation generated $7.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $5.7m during the year ending 06/2022. While expenses have increased by 12.4% 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
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 |
Bruce Holbrook Chairman | OfficerTrustee | 5 | $0 |
Kathleen B Barrett Treasurer | OfficerTrustee | 2 | $0 |
Michael J Mcgee Chief Financial Officer | Officer | 5 | $0 |
Barry C Knestout Sole Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $543,998 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,755,165 |
| Noncash contributions included in lines 1a–1f | $1,892,853 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,299,163 |
| Total Program Service Revenue | $0 |
| Investment income | $44,631 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$12,441 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,331,353 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,475 |
| Grants and other assistance to domestic individuals. | $5,116,708 |
| 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 | $16,828 |
| Fees for services: Other | $30,000 |
| 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 | $476,728 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $15,652 |
| Total functional expenses | $5,673,391 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $141,359 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $884,277 |
| 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 | $4,445,492 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,471,128 |
| 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 | $118,353 |
| Total liabilities | $118,353 |
| Net assets without donor restrictions | $42,076 |
| Net assets with donor restrictions | $5,310,699 |
| 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 | $5,471,128 |
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 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Mcmahon-Parater Scholarship Foundation has recieved totaling $8,000.
| Awarding Organization | Amount |
|---|---|
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $8,000 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mcmahon-Parater Scholarship Foundation Richmond, VA | $5,471,128 | $7,331,353 |
Generous Giving Inc Chattanooga, TN | $3,327,639 | $5,314,758 |
Scarritt-Bennett Center Nashville, TN | $14,856,749 | $3,569,416 |
Hope Force International Brentwood, TN | $877,266 | $1,952,003 |
Bland Ministry Center And Dental Clinic Bland, VA | $767,570 | $1,192,002 |
Diocesan Properties Inc Nashville, TN | $4,806,854 | $1,460,278 |
Mid America Student Housing Inc Cordova, TN | $11,551,197 | $1,103,864 |
Missionary Support Services Inc Monroe, NC | $382,802 | $863,129 |
Appointment Congo Raleigh, NC | $156,180 | $552,430 |
Men And Women Of Action Cleveland, TN | $951,179 | $765,917 |
Pps & Focus Group Ministries Inc Knoxville, TN | $755,812 | $1,190,234 |
Onward Church Planting Inc Nashville, TN | $690,461 | $932,905 |