West Point Class Of 1998 Memorial Scholarship Fund Inc
- Assets
- $1.4m
- Revenue
- $629.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Hingham, MA
- Founding
- 01/2010
- Data as of
- 12/2022
- EIN
- 32-0289471
Organization Overview
West Point Class Of 1998 Memorial Scholarship Fund Inc, operating under the name The 98 Fund, is located in Hingham, MA. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 98 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 12/2022, 98 Fund generated $629.8k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 55.3% each year . All expenses for the organization totaled $402.7k during the year ending 12/2022. While expenses have increased by 60.8% per year over the past 4 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
THE 98 FUND EXISTS TO SERVE AND SUPPORT THE GRADUATE COMMUNITY OF THE UNITED STATES MILITARY ACADEMY PRINCIPALLY THROUGH EDUCATIONAL SCHOLARSHIPS, FINANCIAL SUPPORT, AND BY OPERATING SUMMER CAMP THAT PROVIDES MENTORSHIP AND BENEFICIAL EXPERIENCES FOR THE FAMILIES OF OUR FALLEN GRADUATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UPGRADED LAND FOR THE 98 FUND SUMMER COMPOUND IN ALASKA AND INVESTED MATERIAL VOLUNTEER TIME IN BUILDING NEW BUILDINGS AND OTHER CRITICAL INFRASTRUCTURE TO SUPPORT LONG-TERM USE AS A SUMMER CAMP TO SUPPORT THE FAMILIES OF OUR FALLEN GRADUATES. OPERATED A WEEK-LONG ALASKA SUMMER CAMP EXPERIENCE FOR THE CHILDREN AND WIDOWS OF WEST POINT GRADUATES WHO WERE KILLED IN COMBAT OR DIED OTHERWISE.
DISTRIBUTED CAPITAL TO SUPPORT EDUCATIONAL (COLLEGE) SCHOLARSHIPS FOR THE CHILDREN OF OUR WEST POINT CLASSMATES WHO WERE EITHER KILLED IN COMBAT OR DIED OTHERWISE. TO DATE, THE FUND HAS MADE TWELVE 10,000 SCHOLARSHIPS TO BE DISTRIBUTED TO BENEFICIARIES OVER THE NEXT 10 YEARS AS THEY REACH COLLEGE AGE.
DISTRIBUTED CAPITAL TO SUPPORT THE MEDICAL, LIVING AND TRAVEL EXPENSES OF LIVING WEST POINT GRADUATES IN NEED AS WELL AS FOR THE CHILDREN AND WIDOWS OF WEST POINT GRADUATES WHO WERE EITHER KILLED IN COMBAT OR DIED OTHERWISE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Derocchi President&bo | OfficerTrustee | 5 | $0 |
John Serafini Chairman & T | OfficerTrustee | 5 | $0 |
Mark Weaver VP & Board M | OfficerTrustee | 5 | $0 |
William Song Board Member | Trustee | 3 | $0 |
Michelle Lavicka Board Member | Trustee | 3 | $0 |
Scott Galloway Board Member | Trustee | 3 | $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 | $629,623 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $629,623 |
| Total Program Service Revenue | $0 |
| Investment income | $185 |
| 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 | $629,808 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $381,182 |
| 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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $13,850 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $5,647 |
| 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 | $0 |
| Insurance | $1,990 |
| All other expenses | $0 |
| Total functional expenses | $402,669 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,059 |
| Savings and temporary cash investments | $120,837 |
| Pledges and grants receivable | $0 |
| 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 | $775,292 |
| Investments—publicly traded securities | $318,647 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,395,835 |
| 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 | $50,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $50,000 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $1,345,835 |
| Total liabilities and net assets/fund balances | $1,395,835 |