Empower Scholarship Fund
- Assets
- $3.3m
- Revenue
- $539.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 10/2000
- Data as of
- 12/2021
- EIN
- 36-4390648
Organization Overview
Empower Scholarship Fund is located in Chicago, IL. The organization was established in 2000. 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. Empower Scholarship 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 12/2021, Empower Scholarship Fund generated $539.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (12.1%) each year. All expenses for the organization totaled $597.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (7.5%) per year over the past 6 years. 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
THE EMPOWER SCHOLARSHIP FUND IS A 501(C)(3) ORGANIZATION THAT PROVIDES FINANCIAL SUPPORT IN THE FORM OF SCHOLARSHIPS TO STUDENTS OF ADTALEM GLOBAL EDUCATION INSTITUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING SUPPORT IN THE FORM OF SCHOLARSHIPS TO CONTINUING STUDENTS ATTENDING TITLE IV ELIGIBLE SCHOOLS WITHIN ADTALEM GLOBAL EDUCATION, INC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Rasmus Executive Dir. | OfficerTrustee | 40 | $143,064 |
Kelly Pearce Board Chairman | OfficerTrustee | 3 | $0 |
Sonya Evanosky Ex-Officio Boar | OfficerTrustee | 10 | $0 |
Afroviti Guta Treasurer | OfficerTrustee | 5 | $0 |
Marianne Hulbert Secretary | OfficerTrustee | 1 | $0 |
Arlene Rodriguez Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $46,854 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $449,260 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $496,114 |
| Total Program Service Revenue | $0 |
| Investment income | $37,166 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $13,547 |
| Net Income from Fundraising Events | -$7,426 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $539,401 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $365,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $143,064 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,487 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $15,625 |
| 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 | $7,972 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $689 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $597,558 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $304,856 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $32,000 |
| 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 | $2,992,575 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,329,431 |
| Accounts payable and accrued expenses | $123,500 |
| 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 | $123,500 |
| Net assets without donor restrictions | $2,557,186 |
| Net assets with donor restrictions | $648,745 |
| 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 | $3,329,431 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Empower Scholarship Fund has recieved totaling $6,075.
| Awarding Organization | Amount |
|---|---|
American Endowment Foundation Hudson, OH PURPOSE: PROGRAMS | $6,075 |
Endowment Analysis
| Beg. Balance | $406,053 |
| Earnings | $16,988 |
| Net Contributions | $106,125 |
| Grants | $35,666 |
| Ending Balance | $493,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Professional Convention Management Association Chicago, IL | $13,503,434 | $11,522,188 |
Sigma Chi Foundation Evanston, IL | $40,441,719 | $12,690,646 |