Arete Scholars Fund
- Assets
- $8.4m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 4
- Location
- Dacula, GA
- Founding
- 08/2010
- Data as of
- 06/2021
- EIN
- 27-2494520
Organization Overview
Arete Scholars Fund is located in Dacula, GA. The organization was established in 2010. 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 06/2021, Arete Scholars Fund employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Arete Scholars Fund 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 06/2021, Arete Scholars Fund generated $4.4m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $4.5m during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST LOW-INCOME STUDENTS IN REACHING THEIR HIGHEST POTENTIAL THROUGH EDUCATIONAL OPPORTUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ARETE SCHOLARS FUND, INC. AWARDED 1,014 K4-12 EDUCATION SCHOLARSHIPS DURING THE 2020-2021 FISCAL YEAR. SCHOLARSHIPS WERE AWARDED SOLELY TO QUALIFYING LOW-INCOME STUDENTS. THE SCHOLARSHIPS GIVE PARENTS, WHOSE CHOICES ARE OTHERWISE LIMITED, THE OPPORTUNITY TO SELECT THE K4-12 PRIVATE SCHOOL THAT BEST MEETS THEIR CHILDRENS NEEDS. THE SCHOLARSHIPS PAY UP TO $4,000 FOR PRIVATE SCHOOL TUITION AND FEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Derek Monjure VP Through 1/31/21 / Board Member | Trustee | 40 | $129,466 |
James Smith President | OfficerTrustee | 40 | $60,000 |
Gregory Beadles Board Chairman | OfficerTrustee | 1 | $0 |
Chris Prince Vice President | OfficerTrustee | 1 | $0 |
Al Petrangeli Treasurer | OfficerTrustee | 1 | $0 |
Terry Tucker Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $62,200 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,256,506 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,318,706 |
| Total Program Service Revenue | $0 |
| Investment income | $36,439 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,355,145 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000 |
| Grants and other assistance to domestic individuals. | $4,039,162 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $120,000 |
| Compensation of current officers, directors, key employees. | $6,000 |
| Compensation to disqualified persons | $64,600 |
| Other salaries and wages | $165,317 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $21,134 |
| Payroll taxes | $26,384 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $49,921 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,357 |
| Advertising and promotion | $1,785 |
| Office expenses | $8,662 |
| Information technology | $5,236 |
| Royalties | $0 |
| Occupancy | $2,860 |
| Travel | $10,410 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $378 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,117 |
| All other expenses | $239 |
| Total functional expenses | $4,538,562 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,126 |
| Savings and temporary cash investments | $8,203,572 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,073 |
| 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 | $10,000 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,445,771 |
| Accounts payable and accrued expenses | $3,819 |
| 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 | $3,819 |
| Net assets without donor restrictions | $238,380 |
| Net assets with donor restrictions | $8,203,572 |
| 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 | $8,445,771 |
Grants Awarded
Over the last fiscal year, Arete Scholars Fund has awarded $19,823 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Dacula, GA PURPOSE: Fund scholarship tax credit in Louisiana | $13,823 |
Meridian, ID PURPOSE: Heroes Awards | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Arete Scholars Fund has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
The Gaby Family Foundation Atlanta, GA PURPOSE: CHILDRENS EDUCATION | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
Vinik Family Foundation Tampa, FL | $192,173,639 | $29,773,809 |
The Hartwell Foundation Corporation Memphis, TN | $88,595,532 | $17,280,759 |
Morehead Cain Foundation Chapel Hill, NC | $0 | $13,275,596 |
Education Foundation Scholarship Endowment Trust Chapel Hill, NC | $389,903,195 | $25,351,334 |
Hire Heroes Usa Alpharetta, GA | $7,840,449 | $13,205,192 |
Scholarships For Kids Inc Birmingham, AL | $21,791,162 | $14,541,038 |
Apogee Georgia School Choice Scholarship Fund Atlanta, GA | $21,549,156 | $14,581,744 |
Special Operations Warrior Foundation Tampa, FL | $175,400,415 | $16,396,122 |
Amity Medical Group Inc Charlotte, NC | $3,300,228 | $10,911,191 |
Inspire Brands Foundation Inc Atlanta, GA | $11,528,068 | $11,993,911 |
Floridamakes Inc Orlando, FL | $1,478,174 | $9,967,367 |