Inner-City Scholarship Fund Inc
- Assets
- $115.8m
- Revenue
- $24.8m
- Investments
- $3.4m
- Employees
- 31
- Location
- New York, NY
- Founding
- 03/1946
- Data as of
- 08/2021
- EIN
- 51-0453629
Organization Overview
Inner-City Scholarship Fund Inc is located in New York, NY. The organization was established in 1946. 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 08/2021, Inner-City Scholarship Fund Inc employed 31 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Inner-City 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 08/2021, Inner-City Scholarship Fund Inc generated $24.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $20.1m during the year ending 08/2021. While expenses have increased by 2.5% 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.
Since 2015, Inner-City Scholarship Fund Inc has awarded 693 individual grants totaling $114,605,474. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE CHILDREN WITH A QUALITY, VALUES-BASED K-12 CATHOLIC EDUCATION WITHIN THE ARCHDIOCESE OF NY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BE A STUDENT'S FRIEND - THIS PROGRAM MATCHES A SPONSOR WITH ANINDIVIDUAL STUDENT WHO IS CURRENTLY ATTENDING AN ICSF SCHOOL ANDWHOSE FAMILIES ARE MOST IN NEED OF FINANCIAL ASSISTANCE. EACHSPONSOR CONTRIBUTES A FIXED AMOUNT PER YEAR AND HAS THE OPTION TOSPONSOR THE SAME STUDENT UNTIL HE/SHE GRADUATES FROM HIGH SCHOOL.
CARDINAL SCHOLARSHIP FUND - THIS INITIATIVE PROVIDES FINANCIALASSISTANCE TO THOSE IN PUBLIC SCHOOL LOOKING TO ENROLL AT ANINNER-CITY SCHOOL. DEPENDING ON THE FINANCIAL NEED OF THE FAMILY,THESE SCHOLARSHIPS COVER UP TO 75% OF THE SUBSIDIZED TUITION.
FINANCIAL AID GRANTS - GRANT PROGRAM PROVIDES UNRESTRICTED FUNDSTO INNER CITY SCHOOLS TO USE WHERE THE STUDENTS AND/OR THE SCHOOLNEED IT MOST. THIS COULD BE FOR STUDENT SCHOLARSHIPS, ENRICHMENTOPPORTUNITIES, CAPITAL REPAIRS OR GENERAL OPERATIONS.
ENRICHMENT PROGRAM - THIS PROGRAM GIVES HIGH SCHOOL JUNIORS AN OPPORTUNITY TO GAIN EXPERIENCE IN A BUSINESS SETTING THROUGH JOB-RELATED WORKSHOPS AND PAID SUMMER INTERNSHIPS AT MANY NEW YORK PRESTIGIOUS COMPANIES AND ORGANIZATIONS. JUNIOR COMMITTEE PROVIDES HANDS-ON SUPPORT TO STUDENTS IN OUR PARTICIPATING SCHOOLS. THEY WORK AND LIVE THROUGHOUT THE TRI-STATE AREA AND THEIR COMMON DESIRE IS TO HELP THE BOYS AND GIRLS OF THE INNER-CITY BY PROVIDING THEM WITH AN ENRICHING EXPERIENCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan George Executive Director | OfficerTrustee | 35 | $258,962 |
Jill Lloyd Director Of Development | 35 | $155,036 | |
Michael P Esposito III Trustee/ Vice President | OfficerTrustee | 1 | $0 |
Rev Joseph P Lamorte Vicar General | OfficerTrustee | 1 | $0 |
Peter T Grauer Trustee/president | OfficerTrustee | 1 | $0 |
Cardinal Timothy Dolan Chairman | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cipriani's Event Services | 8/30/20 | $217,797 |
Faircom New York Inc Direct Mail | 8/30/20 | $659,068 |
Plaza Hotel Award Dinner | 8/30/20 | $186,755 |
Faircom New York Inc Direct Mail | 8/30/20 | $659,068 |
Cipriani's Event Services | 8/30/20 | $217,797 |
Plaza Hotel Award Dinner | 8/30/20 | $186,755 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $2,447,848 |
| Related organizations | $0 |
| Government grants | $403,418 |
| All other contributions, gifts, grants, and similar amounts not included above | $18,627,763 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,479,029 |
| Total Program Service Revenue | $0 |
| Investment income | $67,231 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,279,572 |
| Net Income from Fundraising Events | -$74,798 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,751,034 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,232,485 |
| 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. | $622,072 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $933,108 |
| Pension plan accruals and contributions | $82,574 |
| Other employee benefits | $126,899 |
| Payroll taxes | $103,074 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $93,129 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $834,131 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $76,683 |
| Advertising and promotion | $334,198 |
| Office expenses | $0 |
| Information technology | $201,176 |
| Royalties | $0 |
| Occupancy | $144,200 |
| 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 | $53,588 |
| Insurance | $0 |
| All other expenses | $117,269 |
| Total functional expenses | $20,081,245 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,270,548 |
| Pledges and grants receivable | $20,652,866 |
| 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 | $91,217 |
| Investments—publicly traded securities | $84,447,422 |
| Investments—other securities | $3,367,904 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $115,829,957 |
| Accounts payable and accrued expenses | $40,591 |
| Grants payable | $5,000 |
| Deferred revenue | $1,569,700 |
| 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 | $558,400 |
| Total liabilities | $2,173,691 |
| Net assets without donor restrictions | $7,371,306 |
| Net assets with donor restrictions | $106,284,960 |
| 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 | $115,829,957 |
Grants Awarded
Over the last fiscal year, Inner-City Scholarship Fund Inc has awarded $16,205,026 in support to 82 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: FINANCIAL AID GRANT | $4,600,000 |
New York, NY PURPOSE: FINANCIAL AID GRANT | $3,513,638 |
CARDINAL SPELLMAN PURPOSE: FINANCIAL AID GRANT | $683,143 |
CATHOLIC SCHOOL REGION NORTH WEST SOUTH BRONX PURPOSE: FINANCIAL AID GRANT | $646,138 |
New York, NY PURPOSE: FINANCIAL AID GRANT | $418,350 |
ALL HALLOWS PURPOSE: FINANCIAL AID GRANT | $384,204 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Inner-City Scholarship Fund Inc has recieved totaling $111,600.
| Awarding Organization | Amount |
|---|---|
Oaklawn Foundation Wilton, CT PURPOSE: MULTI YEAR GRANT: $30,000 FOR 2021-2024 | $60,000 |
Oaklawn Foundation Wilton, CT PURPOSE: HIGH SCHOOL AWARD PROGRAM AND SCHOLARSHIP; MULTI YEAR GRANTS 3 OF 5 YEARS | $30,000 |
Ponagansett Foundation Inc Harrison, NY PURPOSE: GENERAL SUPPORT | $10,000 |
Atkinson Family Foundation Inc Sparta, NJ PURPOSE: EDUCATION | $6,600 |
Joyce Charitable Fund Bedford, NY PURPOSE: GENERAL OPERATIONS | $4,000 |
Mccooey Charitable Foundation Harrison, NY PURPOSE: GENERAL OPERATING SUPPORT | $1,000 |
Endowment Analysis
| Beg. Balance | $88,269,390 |
| Earnings | $14,900,045 |
| Net Contributions | $1,732,277 |
| Other Expense | $3,252,171 |
| Ending Balance | $101,649,541 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Central Pennsylvania Scholarship Fund Tyrone, PA | $42,508,819 | $45,167,381 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |