Monumental Scholars Fund Inc
- Assets
- $969.1k
- Revenue
- $585.8k
- Investments
- $0.0
- Employees
- 2
- Location
- Washington, DC
- Founding
- 07/2015
- Data as of
- 12/2019
- EIN
- 47-3018272
Organization Overview
Monumental Scholars Fund Inc is located in Washington, DC. The organization was established in 2015. According to its NTEE Classification (X12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Religion-Related and related organizations. As of 12/2019, Monumental Scholars Fund Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Monumental Scholars 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 12/2019, Monumental Scholars Fund Inc generated $585.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (15.3%) each year. All expenses for the organization totaled $870.6k during the year ending 12/2019. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SUPPORT TO CERTAIN ELEMENTARY & SECONDARY SCHOOLS OPERATED BY OR UNDER THE UMBRELLA OF THE ARCHDIOCESE OF WASHINGTON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCIAL SUPPORT TO CERTAIN ELEMENTARY AND SECONDARY SCHOOLS OPERATED BY OR UNDER THE UMBRELLA OF THE ARCHDIOCESE OF WASHINGTON, SPECIFICALLY TO SUPPORT DISADVANTAGED CHILDREN BY FUNDING FOR TUITION ASSISTANCE, PROFESSIONAL DEVELOPMENT AND CAPITAL IMPROVEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hilary Bednarz Executive Director | Officer | 0 | $90,000 |
FR William Byrne Secretary | Trustee | 0 | $0 |
Vincent C Burke III Chairman | Trustee | 2 | $0 |
Hon John A Boehner Honorary Board Member | Trustee | 0 | $0 |
Thomas F Cullen Board Member | Trustee | 0 | $0 |
R Scott Pastrick Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $15,039 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $566,970 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $582,009 |
| Total Program Service Revenue | $0 |
| Investment income | $3,744 |
| 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 | $585,753 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $721,838 |
| 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. | $90,000 |
| Compensation of current officers, directors, key employees. | $90,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,445 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,704 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,098 |
| 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 | $1,104 |
| 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 | $406 |
| Insurance | $0 |
| All other expenses | $2,860 |
| Total functional expenses | $870,559 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $959,954 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,355 |
| 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 | $812 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $969,121 |
| Accounts payable and accrued expenses | $5,363 |
| 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 | $5,363 |
| Net assets without donor restrictions | $963,758 |
| 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 | $969,121 |
Grants Awarded
Over the last fiscal year, Monumental Scholars Fund Inc has awarded $721,838 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CONSORTIUM OF CATHOLIC ACADEMIES PURPOSE: FINANCIAL SUPPORT & TUITION ASSISTANCE | $714,788 |
Washington, DC PURPOSE: FINANCIAL SUPPORT & TUITION SUPPORT | $7,050 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Monumental Scholars Fund Inc has recieved totaling $200,027.
| Awarding Organization | Amount |
|---|---|
Francis And Kathleen Rooney Foundation Tulsa, OK PURPOSE: GENERAL FUND | $200,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $27 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Emerging Light Foundation Inc Rockville, MD | $6,271,792 | $71,704 |
Monumental Scholars Fund Inc Washington, DC | $969,121 | $585,753 |
Lutheran Center Corporation Baltimore, MD | $6,887,945 | $824,907 |
The Jerusalem Connection Richmond, VA | $1,897,803 | $589,284 |
Generosity Foundation Reston, VA | $647,620 | $473,778 |
Ministering To Ministers Foundation Inc Richmond, VA | $423,680 | $121,088 |
Islamic-American Zakat Foundation Bethesda, MD | $458,447 | $460,718 |
Friends Of The Toronto Oratory Alexandria, VA | $35,139 | $0 |
Cliff & Norma Wells Foundation Buchanan, VA | $3,564,386 | $297,812 |
Gospel Network Support Inc Manassas, VA | $60,111 | $0 |
Seventh Street Christian Church Foundation Incorporated Richmond, VA | $3,942,339 | $759,706 |
Antioch Group Washington, DC | $55,435 | $0 |