Phi Beta Kappa Society
- Assets
- $4.6m
- Revenue
- $6.5m
- Investments
- $0.0
- Employees
- 26
- Location
- Washington, DC
- Founding
- 06/1951
- Data as of
- 07/2022
- EIN
- 53-0226282
Organization Overview
Phi Beta Kappa Society is located in Washington, DC. The organization was established in 1951. According to its NTEE Classification (B83) the organization is classified as: Student Sororities & Fraternities, under the broad grouping of Education and related organizations. As of 07/2023, Phi Beta Kappa Society employed 26 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Phi Beta Kappa Society 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 07/2022, Phi Beta Kappa Society generated $6.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $6.2m during the year ending 07/2022. As we would expect to see with falling revenues, expenses have declined by (1.9%) per year over the past 7 years. 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
ADVOCATING FOR THE LIBERAL ARTS, ENCOURAGING SCHOLARSHIP, FRIENDSHIP, CULTURAL INTERESTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE AMERICAN SCHOLAR: THE AMERICAN SCHOLAR IS PHI BETA KAPPA'S QUARTERLY PUBLICATION, WITH A CIRCULATION TO THE GENERAL PUBLIC. THE CURRENT CIRCULATION IS 20,943 (19,473 ACTIVE SUBSCRIPTIONS, 618 NEWSSTAND SALES AND 795 FREE/NOMINAL RATE DISTRIBUTION). THE PUBLICATION PRESENTS ARTICLES ON SUBJECTS OF BROAD INTEREST, CURRENT AFFAIRS, CULTURAL AFFAIRS, PHILOSOPHY, SCIENCE AND ARTS.
NATIONAL ARTS AND SCIENCES INITIATIVE: PHI BETA KAPPA'S NATIONAL ARTS AND SCIENCES INITIATIVE ENGAGES MEMBERS ACROSS THE COUNTRY TO COMMUNICATE THE VALUE OF LIBERAL ARTS AND SCIENCES, ADVOCATES FOR POLICIES THAT STRENGTHEN HIGHER EDUCATION, AND AWARDS THE KEY INTO PUBLIC SERVICE SCHOLARSHIP, ALONG WITH TRAINING AND MENTORING, TO PROMISING LIBERAL ARTS AND SCIENCES MAJORS PURSUING GOVERNMENT SERVICE.
VISITING SCHOLAR PROGRAM: THE VISITING SCHOLAR PROGRAM INVITES EMINENT SCHOLARS TO UNDERTAKE A SERIES OF VISITS TO COLLEGES AND UNIVERSITIES WITH PHI BETA KAPPA CHAPTERS, CONTRIBUTING TO THE INTELLECTUAL LIFE OF THE CAMPUS BY MAKING POSSIBLE THE EXCHANGE OF IDEAS BETWEEN DISTINGUISHED VISITING SCHOLARS, THE RESIDENT FACULTY AND STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Quimby President | OfficerTrustee | 1 | $0 |
Esther Jones Vice President | OfficerTrustee | 1 | $0 |
Jonathan Lewis Treasurer | OfficerTrustee | 1 | $0 |
Bernadine Barnes Senator | Trustee | 1 | $0 |
Susan W Carlisle Senator | Trustee | 1 | $0 |
S Raj Chaudhury Senator | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Qg Printing Printing | 7/30/23 | $240,160 |
Pitney Bowes Inc Easy Permit Postage | 7/30/23 | $291,539 |
Cordia Partners Accounting Services | 7/30/23 | $211,289 |
Financial Statements
| 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 | $3,941,608 |
| Noncash contributions included in lines 1a–1f | $11,769 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,941,608 |
| Total Program Service Revenue | $2,489,887 |
| Investment income | $1,905 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $103,174 |
| 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 | $6,537,109 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $290,333 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $675,237 |
| Compensation of current officers, directors, key employees. | $194,522 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,754,500 |
| Pension plan accruals and contributions | $196,084 |
| Other employee benefits | $342,689 |
| Payroll taxes | $154,440 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,416 |
| Fees for services: Accounting | $243,707 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $201,559 |
| Fees for services: Investment Management | $50 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,438,258 |
| Information technology | $297,180 |
| Royalties | $0 |
| Occupancy | $24,577 |
| Travel | $160,589 |
| 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 | $54,011 |
| All other expenses | $0 |
| Total functional expenses | $6,234,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $131 |
| Savings and temporary cash investments | $3,426,045 |
| Pledges and grants receivable | $11,002 |
| Accounts receivable, net | $405,850 |
| 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 | $14,202 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $750,811 |
| Total assets | $4,608,041 |
| Accounts payable and accrued expenses | $726,580 |
| Grants payable | $0 |
| Deferred revenue | $520,129 |
| 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 | $1,246,709 |
| Net assets without donor restrictions | $3,361,332 |
| 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 | $4,608,041 |
Grants Awarded
Over the last fiscal year, Phi Beta Kappa Society has awarded $545,907 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE PHI BETA KAPPA FOUNDATION PURPOSE: DEBT OWED BY FOUNDATION CONVERTED TO OPERATIONAL GRANT. | $535,907 |
IMAGINING AMERICA (SYRACUSE UNIV) PURPOSE: GENERAL SUPPORT | $10,000 |