Arete Scholars Fund Inc
- Assets
- $9.6m
- Revenue
- $5.9m
- Investments
- $0.0
- Employees
- 5
- Location
- Dacula, GA
- Founding
- 08/2010
- Data as of
- 06/2022
- EIN
- 27-2494520
Organization Overview
Arete Scholars Fund Inc 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 06/2022, Arete Scholars Fund Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Arete Scholars Fund 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 06/2022, Arete Scholars Fund Inc generated $5.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $4.7m during the year ending 06/2022. While expenses have increased by 10.7% 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 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 1,352 K4-12 EDUCATION SCHOLARSHIPS DURING THE 2021-2022 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 |
|---|---|---|---|
James Smith President (part Year), Board Member | OfficerTrustee | 40 | $80,000 |
Arthur Dupre President | OfficerTrustee | 40 | $69,198 |
Derek Monjure Board Member | Trustee | 1 | $1,500 |
Gregory Beadles Board Chairman | OfficerTrustee | 1 | $0 |
Chris Prince Vice President | OfficerTrustee | 1 | $0 |
Al Petrangeli Treasurer | OfficerTrustee | 1 | $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 | $5,864,923 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,864,923 |
| Total Program Service Revenue | $0 |
| Investment income | $29,825 |
| 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 | $5,894,748 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $915 |
| Grants and other assistance to domestic individuals. | $4,231,921 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $153,485 |
| Compensation of current officers, directors, key employees. | $7,674 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $120,623 |
| Pension plan accruals and contributions | $1,621 |
| Other employee benefits | $17,822 |
| Payroll taxes | $17,728 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $50,521 |
| Fees for services: Lobbying | $37,183 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,427 |
| Advertising and promotion | $708 |
| Office expenses | $10,187 |
| Information technology | $15,576 |
| Royalties | $0 |
| Occupancy | $5,729 |
| Travel | $26,749 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,323 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,963 |
| All other expenses | $4,994 |
| Total functional expenses | $4,728,675 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,056 |
| Savings and temporary cash investments | $9,473,375 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $128,811 |
| 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 | $1,918 |
| 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 | $9,628,160 |
| Accounts payable and accrued expenses | $20,135 |
| 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 | $20,135 |
| Net assets without donor restrictions | $235,454 |
| Net assets with donor restrictions | $9,372,571 |
| 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 | $9,628,160 |
Grants Awarded
Over the last fiscal year, Arete Scholars Fund Inc has awarded $19,823 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ARETE SCHOLARS LOUISIANA INC PURPOSE: Fund scholarship tax credit in Louisiana | $13,823 |
THE AMBROSE SCHOOL PURPOSE: Heroes Awards | $6,000 |