Cincinnati Scholarship Foundation
- Assets
- $5.3m
- Revenue
- $2.9m
- Investments
- $5.0m
- Employees
- 3
- Location
- Cincinnati, OH
- Founding
- 10/1951
- Data as of
- 06/2022
- EIN
- 31-0603619
Organization Overview
Cincinnati Scholarship Foundation is located in Cincinnati, OH. The organization was established in 1951. 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, Cincinnati Scholarship Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cincinnati 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, Cincinnati Scholarship Foundation generated $2.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $1.7m during the year ending 06/2022. 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
THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO INCREASE COLLEGE ATTAINMENT AND SUCCESS FOR GREATER CINCINNATI AREA STUDENTS BY ADMINISTERING SCHOLARSHIPS ON BEHALF OF INDIVIDUALS, BUSINESSES AND ORGANIZATIONS FOR GRADUATES OF ANY HAMILTON COUNTY HIGH SCHOOL IN ATTENDING AN ACCREDITED, NON-PROPRIETARY COLLEGE OR UNIVERSITY; TO AWARD SCHOLARSHIPS TO SUCH; TO ACCEPT AND ADMINISTER ANY EDUCATIONAL FUNDS IN COMPLIANCE WITH WHATEVER SPECIFIC RESTRICTIONS OR REQUIREMENTS THE DONOR MAY WISH TO PLACE UPON THESE FUNDS; TO COLLECT AND RECEIVE FEES, GIFTS, DONATIONS AND BEQUESTS; AND TO DO ANY AND ALL THINGS WHICH, IN THE JUDGEMENT OF ITS TRUSTEES, WILL BEST PROMOTE THESE ENDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE OBJECT OF THE ORGANIZATION IS TO CREATE, MAINTAIN AND ADMINISTER FUNDS FOR THE CULTURAL AND EDUCATIONAL ADVANCEMENT OF WORTHY AND FINANCIALLY NEEDY COLLEGE STUDENTS. SINCE 1989 OVER 35,949,920 IN SCOLARSHIPS HAVE BEEN AWARDED TO 30,359 AREA STUDENTS. SEE SCHEDULE I FOR DETAILS OF THE CURRENT YEAR SCHOLARSHIPS AWARDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Whitney O'neal Executive Di | OfficerTrustee | 40 | $36,057 |
Edward Hertzenberg Executive Di | OfficerTrustee | 40 | $90,092 |
Matthew Hoffman Chair | OfficerTrustee | 2 | $0 |
Shannan Schmitt Vice Chair | OfficerTrustee | 2 | $0 |
Travis Schraffenberger Assistant VP | OfficerTrustee | 2 | $0 |
Jerome Tepe Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,599,257 |
| Investment income | $112,293 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $215,428 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,926,978 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $1,350,997 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $126,149 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $105,932 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $41,960 |
| Payroll taxes | $17,597 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,105 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $145 |
| Office expenses | $7,874 |
| Information technology | $13,654 |
| Royalties | $0 |
| Occupancy | $16,800 |
| Travel | $758 |
| 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 | $497 |
| Insurance | $2,776 |
| All other expenses | $0 |
| Total functional expenses | $1,743,534 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $155,471 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $122,147 |
| 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 | $864 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,048,372 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,326,854 |
| Accounts payable and accrued expenses | $12,257 |
| 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 | $12,257 |
| Net assets without donor restrictions | $676,706 |
| Net assets with donor restrictions | $4,637,891 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $5,314,597 |