Access College Foundation is located in Norfolk, VA. The organization was established in 1988. 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 06/2024, Access College Foundation employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Access College 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 06/2023, Access College Foundation generated $8.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $5.1m during the year ending 06/2023. While expenses have increased by 3.8% per year over the past 8 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ACCESS COLLEGE FOUNDATION HELPS STUDENTS IN THE PUBLIC HIGH SCHOOLS OF S.HAMPTON ROADS, AND N. HAMPTON CO. GO TO COLLEGE OR OTHER POSTSECONDARY TRAINING.
Describe the Organization's Program Activity:
HIGH SCHOOL PROGRAM AND COLLEGE SUCCESS PROGRAM: THE FOUNDATION PROVIDED POSTSECONDARY EDUCATION PLANNING TO MORE THAN 4,793 HIGH SCHOOL JUNIORS, SENIORS AND COLLEGE STUDENTS DURING 2022 AND 3,944 IN 2021. OF THOSE STUDENTS SERVED IN 2022, 3,392 FAMILIES (71%), WERE VERIFIED TO BE LOW-INCOME AND IN 2021, 2,879 (73%) WERE VERIFIED TO BE LOW-INCOME. POST-SECONDARY EDUCATION PLANNING INCLUDES SCHOOL-BASED AND VIRTUAL ADVISORY SERVICES FOR: COLLEGE AND POSTSECONDARY TRAINING PREPARATION AND SUCCESS; COLLEGE APPLICATION/ TESTING FEE PAYMENTS; GUIDANCE THROUGH THE ADMISSIONS PROCESS; COLLEGE TOURS TO PROSPECTIVE CAMPUSES; AND THE LEVERAGING OF FINANCIAL AID, SCHOLARSHIPS, AND GRANTS NEEDED TO ATTEND COLLEGE OR OTHER POSTSECONDARY TRAINING. EACH HIGH SCHOOL JUNIOR AND SENIOR COMPLETES A "FEE WAIVER APPLICATION" AT THE BEGINNING OF THE SCHOOL YEAR FOR OUR USE IN DETERMINING THEIR LEVEL OF POVERTY, BASED ON FEDERAL GUIDELINES, TO RECEIVE FEE WAIVERS AND FEE PAYMENTS MADE BY ACCESS ON THEIR BEHALF. WHEN FINANCIAL AID FORMS (FAFSAS) ARE FILED FOR THE SENIORS AND OUR COLLEGE STUDENTS, THE FAMILY SIZE AND INCOME INFORMATION ARE CAPTURED AND UPDATED THROUGH ACTUAL TAX RETURNS. THIS INFORMATION WAS USED TO VERIFY THAT 71% OF THE STUDENTS IN 2022 AND 73% OF THE STUDENTS IN 2021 BELONGED TO A FAMILY WHOSE ANNUAL HOUSEHOLD INCOME WAS NOT IN EXCESS OF 300% OF THE FEDERAL POVERTY GUIDELINES. EARLY COLLEGE AWARENESS: WITH OUR FOUNDATION'S PRIMARY TARGET BEING STUDENTS FROM LOW-INCOME FAMILIES WHO MAY NOT OTHERWISE HAVE ACCESS, WE BEGIN LAYING THE GROUNDWORK OF EARLY COLLEGE AWARENESS/READINESS ACTIVITIES TO MIDDLE SCHOOL STUDENTS IN THE 7TH AND 8TH GRADES AND THEN FOLLOW THEM INTO HIGH SCHOOL IN THE 9TH AND 10TH GRADES. MUCH OF THIS WORK IS DONE IN GROUP SETTINGS AND STUDENTS IN THESE GRADE LEVELS DO NOT DISCLOSE THEIR FAMILY'S FINANCIAL INFORMATION IN ORDER TO RECEIVE SERVICES. WE DO KNOW THAT THE SCHOOLS THESE STUDENTS ATTEND HAVE A MAJORITY POPULATION RECEIVING FREE- OR REDUCED- LUNCH. ADDITIONALLY, WHILE OUR MISSION IS TO SERVE LOW-INCOME STUDENTS, WE KNOW THAT IN THE PROCESS OF PROVIDING POSTSECONDARY EDUCATION PLANNING TO THESE LOW-INCOME STUDENTS, OTHER STUDENTS MAY RECEIVE INFORMATION OR BENEFIT FROM ACTIVITIES PROVIDED IN GROUP SETTINGS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Bonnie B Sutton President And CEO | OfficerTrustee | 37.5 | $249,293 |
Amanda Gift Chair | OfficerTrustee | 1 | $0 |
Rbruce Bradley Vice-Chair | OfficerTrustee | 1 | $0 |
John Stein Secretary | OfficerTrustee | 1 | $0 |
Audrey Settle Asst. Secretary | OfficerTrustee | 0.2 | $0 |
Owen Griffin Treasurer | OfficerTrustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $24,751 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $71,720 |
All other contributions, gifts, grants, and similar amounts not included above | $6,769,696 |
Noncash contributions included in lines 1a–1f | $332,615 |
Total Revenue from Contributions, Gifts, Grants & Similar | $6,866,167 |
Total Program Service Revenue | $0 |
Investment income | $961,531 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $255,710 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $8,084,908 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $797,084 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $258,098 |
Compensation of current officers, directors, key employees. | $23,576 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $2,484,304 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $738,292 |
Payroll taxes | $0 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $40,085 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $149,715 |
Fees for services: Other | $88,069 |
Advertising and promotion | $74,923 |
Office expenses | $17,982 |
Information technology | $137,517 |
Royalties | $0 |
Occupancy | $0 |
Travel | $23,649 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $112,044 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $20,307 |
Insurance | $20,688 |
All other expenses | $50,426 |
Total functional expenses | $5,129,033 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $2,575,066 |
Savings and temporary cash investments | $7,105,859 |
Pledges and grants receivable | $226,829 |
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 | $27,250 |
Net Land, buildings, and equipment | $73,991 |
Investments—publicly traded securities | $10,851,043 |
Investments—other securities | $47,888,378 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $68,748,416 |
Accounts payable and accrued expenses | $308,766 |
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 | $308,766 |
Net assets without donor restrictions | $5,359,788 |
Net assets with donor restrictions | $63,079,862 |
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 | $68,748,416 |