Somerset Memorial Scholarship Fund Inc
- Assets
- $904.7k
- Revenue
- $128.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Somerset, WI
- Founding
- 03/1986
- Data as of
- 12/2021
- EIN
- 39-1537911
Organization Overview
Somerset Memorial Scholarship Fund Inc is located in Somerset, WI. The organization was established in 1986. 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. Somerset Memorial Scholarship 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 12/2021, Somerset Memorial Scholarship Fund Inc generated $128.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $39.5k during the year ending 12/2021. While expenses have increased by 9.2% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
INDEPENDENT ORGANIZATION THAT PROVIDES SCHOLARSHIPS TO SOMERSET WI. GRADUATING HIGH SCHOOL SENIORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS ARE AWARDED TO SOMERSET GRADUATING SENIORS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pam Powers President | Trustee | 0.5 | $0 |
Joan Detloff Treasurer | Trustee | 0.6 | $0 |
Kathy Brakke Secretary | Trustee | 0.4 | $0 |
Jonathan Timm Vice President | 0.4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $8,323 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $32,850 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $41,173 |
| Total Program Service Revenue | $0 |
| Investment income | $87,398 |
| 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 | $128,571 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $38,880 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $100 |
| All other expenses | $45 |
| Total functional expenses | $39,454 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,772 |
| Savings and temporary cash investments | $185,714 |
| 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 | $0 |
| Investments—publicly traded securities | $608,177 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $904,663 |
| Accounts payable and accrued expenses | $574 |
| Grants payable | $38,880 |
| 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 | $39,454 |
| Net assets without donor restrictions | $865,209 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $904,663 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Somerset Memorial Scholarship Fund Inc has recieved totaling $20.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $20 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jewell Educational Fund Owosso, MI | $398,993,901 | $18,985,075 |
AbbVie Employee Assistance Fund Inc North Chicago, IL | $0 | $8,759,468 |
Bentson Foundation Wayzata, MN | $107,689,978 | $6,021,397 |
Alfred I Dupont Awards Foundation Chicago, IL | $0 | $4,985,997 |
Accenture Foundation Inc Chicago, IL | $134,926,823 | $15,596,009 |
Rooted Alliance Inc Chicago, IL | $2,335,555 | $4,487,602 |
Rsm Us Foundation Davenport, IA | $13,920,904 | $7,669,329 |
Cleveland Avenue Foundation For Education Group Chicago, IL | $12,236,345 | $15,309,295 |
Western Illinois Regional Council Community Action Agency Macomb, IL | $2,081,443 | $6,378,655 |
Pleasant T Rowland Foundation Brookfield, WI | $94,312,384 | $11,804,849 |
Guaranteed Rate Foundation Nfp Chicago, IL | $1,798,790 | $5,812,096 |
Perkins Malo Hunter Foundation Holland, MI | $51,295,166 | -$331,905 |