Educap Inc, operating under the name Catherine B Reynolds Foundation, is located in Sterling, VA. The organization was established in 1987. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 09/2021, Catherine B Reynolds Foundation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Catherine B Reynolds Foundation 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 09/2021, Catherine B Reynolds Foundation generated $4.0m 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 (19.5%) each year. All expenses for the organization totaled $6.5m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Catherine B Reynolds Foundation has awarded 86 individual grants totaling $25,925,900. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE PART III, LINES 1, 4A AND 4B.
Describe the Organization's Program Activity:
1. TO RECEIVE AND ADMINISTER FUNDS FOR RELIGIOUS, SCIENTIFIC, EDUCATIONAL, AND CHARITABLE PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS THE SAME MAY BE AMENDED FROM TIME TO TIME ("THE CODE").2. TO CARRY ON A VARIETY OF PROGRAMS RELATING TO, AMONG OTHER THINGS, THE LENDING OF FUNDS TO OR FOR THE BENEFIT OF STUDENTS, FACULTY AND STAFF OF EDUCATIONAL INSTITUTIONS AND OTHERS FOR EDUCATIONAL PURPOSES, INCLUDING SERVICING AND ADMINISTERING STUDENT LOAN PORTFOLIOS.3. TO ADMINISTER PROGRAMS WHEREBY OTHER GOVERNMENTAL OR NONGOVERNMENTAL ENTITIES LEND FUNDS TO OR FOR THE BENEFIT OF, AMONG OTHERS, STUDENTS, FACULTY AND STAFF OF EDUCATIONAL INSTITUTIONS AND NON-PROFIT INSTITUTIONS, IN FURTHERANCE OF RELIGIOUS, SCIENTIFIC, EDUCATIONAL OR CHARITABLE PURPOSES.4. TO DO ANY OTHER ACT OR THING INCIDENTAL TO OR CONNECTED WITH THE FOREGOING PURPOSES OR IN ADVANCEMENT THEREOF.EXEMPT PURPOSE ACHIEVEMENTS:A. EDUCAP INC. HAS PROVIDED OVER $2,500,000,000 IN EDUCATIONAL LOANS TO OVER 350,000 AMERICANS. THESE FUNDS HAVE ALLOWED THESE INDIVIDUALS THE OPPORTUNITY TO FURTHER THEIR EDUCATION AND MEET THE RISING COST OF OBTAINING A HIGHER EDUCATION.TODAY, EDUCAP INC. ADMINISTERS MULTIPLE LOAN PROGRAMS AND SERVICES APPROXIMATELY $89,306,527 IN EDUCATIONAL LOANS FOR OVER 9,727 STUDENTS.IN ORDER TO RECEIVE A LOAN, THE STUDENT MUST BE ACCEPTED FOR ENROLLMENT FULL TIME OR PART TIME IN AN ACCREDITED COLLEGE, UNIVERSITY OR PRIVATE SECONDARY SCHOOL APPROVED BY EDUCAP INC. FOR THE LOAN PROGRAM UNDER WHICH THE APPLICATION IS BEING MADE.THE BORROWER OR COSIGNER MUST:BE CREDITWORTHY AND BE A U.S. CITIZEN OR PERMANENT RESIDENT ALIEN OR HAVE A CREDITWORTHY COSIGNER WHO IS A U.S. CITIZEN OR PERMANENT RESIDENT ALIEN.BE 18 YEARS OF AGE OR OLDER AT THE TIME OF APPLICATION (19 IN ALABAMA AND NEBRASKA, 21 IN MISSISSIPPI AND PUERTO RICO).HAVE NO ADVERSE PUBLIC RECORDS (E.G., COLLECTIONS, TAX LIENS, ETC.) ON THEIR CREDIT REPORTS.HAVE AN ACCEPTABLE BANKRUPTCY SCORE ASSIGNED BY A CREDIT REPORTING AGENCY.HAVE AN ACCEPTABLE CREDIT SCORE (AS DETERMINED BY EDUCAP INC.'S CREDIT SCORING MODEL) FOR THE LOAN PROGRAM UNDER WHICH THE APPLICATION IS BEING MADE.HAVE NEVER DEFAULTED ON A STUDENT LOAN.SUBMIT INCOME VERIFICATION DOCUMENTS.MAXIMUM LOAN AMOUNTS ARE BASED ON:SCHOOL COSTSINCOME AND DEBT TO INCOME RATIO
TO MAKE GRANTS TO OTHER 501(C)(3) ORGANIZATIONS IN FURTHERANCE OF ITS MISSION, FOCUSED UPON FOSTERING AN EDUCATED CITIZENRY THROUGH SUPPORT OF EDUCATION, THE ARTS, RESEARCH AND A VARIETY OF OTHER CHARITABLE AND EDUCATIONAL ACTIVITIES.DURING ITS FISCAL YEAR ENDING SEPTEMBER 30, 2021, EDUCAP INC. HAS MADE GRANTS TOTALING $1,821,694 AND HAS PAID OUT $1,660,000 IN CASH CONTRIBUTIONS TO 12 DIFFERENT CHARITABLE ORGANIZATIONS EXEMPT FROM FEDERAL INCOME TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Catherine Reynolds Chairman Of The Board & Ce | OfficerTrustee | 40 | $767,264 |
Matthew Murray Chief Financial Officer | Officer | 40 | $437,966 |
Patricia Jeavons Controller | 40 | $187,028 | |
Marcus Maiorca Vice President Of Portfoli | 40 | $158,596 | |
Ethel Terrado-Lowe Director Of New Media & De | 40 | $157,726 | |
Vanessa Moore Executive Assistant To Cha | 40 | $143,301 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Fiserv Processing Services | 9/29/17 | $733,704 |
Nelnet Processing Services | 9/29/17 | $392,709 |
Williams & Connolly Llp Legal Services | 9/29/17 | $292,049 |
Mindshift Technologies Inc It Consulting | 9/29/17 | $134,247 |
Squar Milner Llp Audit And Tax Services | 9/29/17 | $118,697 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
Total Program Service Revenue | $2,998,350 |
Investment income | $995,051 |
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 | $4,047,763 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $1,821,694 |
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. | $1,398,260 |
Compensation of current officers, directors, key employees. | $279,652 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $641,473 |
Pension plan accruals and contributions | $79,037 |
Other employee benefits | $217,122 |
Payroll taxes | $97,362 |
Fees for services: Management | $0 |
Fees for services: Legal | $137,008 |
Fees for services: Accounting | $78,569 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $140,084 |
Fees for services: Other | $37,867 |
Advertising and promotion | $0 |
Office expenses | $56,018 |
Information technology | $93,213 |
Royalties | $0 |
Occupancy | $132,463 |
Travel | $61,285 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $153,096 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $4,942 |
Insurance | $212,852 |
All other expenses | $0 |
Total functional expenses | $6,482,925 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $970 |
Savings and temporary cash investments | $4,669,129 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $2,535 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $44,062,822 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $116,389 |
Net Land, buildings, and equipment | $327,070 |
Investments—publicly traded securities | $22,965,761 |
Investments—other securities | $8,280,200 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $80,424,876 |
Accounts payable and accrued expenses | $523,351 |
Grants payable | $399,880 |
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 | $27,873,515 |
Unsecured mortgages and notes payable | $247,263 |
Other liabilities | $0 |
Total liabilities | $29,044,009 |
Net assets without donor restrictions | $51,380,867 |
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 | $80,424,876 |
Over the last fiscal year, Educap Inc has awarded $1,660,000 in support to 12 organizations.
Grant Recipient | Amount |
---|---|
Washington, DC PURPOSE: GENERAL SUPPORT | $1,350,000 |
Washington, DC PURPOSE: GENERAL SUPPORT | $120,000 |
Redwood City, CA PURPOSE: GENERAL SUPPORT | $100,000 |
LIBRARY OF CONGRESS PURPOSE: GENERAL SUPPORT | $25,000 |
Washington, DC PURPOSE: GENERAL SUPPORT | $15,000 |
Anchorage, AK PURPOSE: GENERAL SUPPORT | $10,000 |
Organization Name | Assets | Revenue |
---|---|---|
Educap Inc Sterling, VA | $80,424,876 | $4,047,763 |
C S B S Education Foundation Washington, DC | $4,204,118 | $2,363,709 |
West Liberty University Foundation Inc West Liberty, WV | $23,210,678 | $4,184,811 |
Credit Research Foundation Inc Westminster, MD | $1,367,248 | $1,087,744 |
Greater Kingsport Alliance For Development Inc Kingsport, TN | $2,425,970 | $1,438,393 |
National Bankers Association Inc Washington, DC | $841,485 | $627,511 |
Tennessee Medical Education Fund Inc Nashville, TN | $3,892,726 | $343,365 |
Maryland Mortgage Bankers Edgewater, MD | $437,404 | $208,857 |
Virginia Mortgage Bankers Assoc Glen Allen, VA | $251,713 | $178,483 |
Second Look Capital Inc Richmond, VA | $83,074 | $0 |
Kentucky Financial Services Association Inc Frankfort, KY | $45,097 | $0 |
Turnaround Community Lending Rutledge, TN | $126,245 | $0 |