Equal Chance For Education
- Assets
- $309.2k
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 3
- Location
- Nashville, TN
- Founding
- 02/2015
- Data as of
- 06/2022
- EIN
- 46-4528066
Organization Overview
Equal Chance For Education is located in Nashville, TN. The organization was established in 2015. 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, Equal Chance For Education employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Equal Chance For Education 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, Equal Chance For Education generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 48.6% each year . All expenses for the organization totaled $1.8m during the year ending 06/2022. While expenses have increased by 50.2% 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
OUR GOAL IS TO PROVIDE AN EQUAL OPPORTUNITY TO ACHIEVE THE AMERICAN DREAM THROUGH THE COMPLETION OF A COLLEGE EDUCATION BY PROVIDING DIRECT PAYMENT SCHOLARSHIPS TO EDUCATION INSTITUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECE PROVIDES PROGRAMMING, MENTORSHIP, CAREER GUIDANCE AND SCHOLARSHIPS IN PARTNERSHIP WITH COLLEGES AND UNIVERSITIES ACROSS THE STATE OF TN. PARTNER COLLEGES PROVIDE A NEGOTIATED INSTITUTIONAL RATE FOR ECE SCHOLARS TO CREATE PATHWAYS FOR COLLEGE PERSISTENCE. EACH ECE SCHOLARSHIP IS 6,250, THE ECE SCHOLAR AND FAMILY ARE ASKED TO CONTRIBUTE 4,000 TOWARD TUITION, AND THE PARTNER COLLEGE PROVIDES INSTITUTIONAL FUNDING TOWARD THE REMAINING BALANCE, ON AVERAGE THIS IS AN IN-KIND GIFT OF 21,000 PER STUDENT PER YEAR. ECE COMMITS TO SUPPORTING SCHOLARS BEYOND THE SCHOLARSHIP DOLLARS BY CREATING PROGRAMMING AND PROVIDING RESOURCES TO RETAIN AND FOSTER CAREER READY GRADUATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Molly Haynes Executive Di | Officer | 45 | $83,125 |
Charles Robert Bone President | OfficerTrustee | 1 | $0 |
Robert Bone Secretary | OfficerTrustee | 1 | $0 |
William Crenshaw Treasurer | OfficerTrustee | 2 | $0 |
Michael Spalding Director | Trustee | 20 | $0 |
Kristin Mcgraner Chairman | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $90,000 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,669,331 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,759,331 |
| Total Program Service Revenue | $0 |
| Investment income | $73 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $38,473 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,797,877 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,559,637 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $83,125 |
| Compensation of current officers, directors, key employees. | $27,880 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $105,579 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $14,568 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,150 |
| Advertising and promotion | $12,828 |
| Office expenses | $12,112 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,779 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,302 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $332 |
| All other expenses | $1,065 |
| Total functional expenses | $1,830,352 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $307,497 |
| Savings and temporary cash investments | $0 |
| 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 | $1,658 |
| 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 | $309,155 |
| Accounts payable and accrued expenses | $162,035 |
| 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 | $162,035 |
| Net assets without donor restrictions | $63,581 |
| Net assets with donor restrictions | $83,539 |
| 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 | $309,155 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Equal Chance For Education has recieved totaling $35,000.
| Awarding Organization | Amount |
|---|---|
Vf Foundation Hermitage, TN PURPOSE: TO PROMOTE SCIENTIFIC, EDUCATIONAL, AND OTHER CHARITABLE ACTIVITIES. | $35,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Marine Corps Scholarship Foundation Inc Alexandria, VA | $149,128,193 | $34,285,716 |
Children Of Fallen Patriots Foundation Reston, VA | $18,264,760 | $13,060,746 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
The Hartwell Foundation Corporation Memphis, TN | $88,595,532 | $17,280,759 |
Morehead Cain Foundation Chapel Hill, NC | $0 | $13,275,596 |
Education Foundation Scholarship Endowment Trust Chapel Hill, NC | $389,903,195 | $25,351,334 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Hire Heroes Usa Alpharetta, GA | $7,840,449 | $13,205,192 |
Scholarships For Kids Inc Birmingham, AL | $21,791,162 | $14,541,038 |
Apogee Georgia School Choice Scholarship Fund Atlanta, GA | $21,549,156 | $14,581,744 |