Solon E & Espie Watts Little Scholarship Loan Fund Inc
- Assets
- $1.5m
- Revenue
- $59.7k
- Investments
- $321.1k
- Employees
- 0
- Location
- Concord, NC
- Founding
- 06/1983
- Data as of
- 12/2021
- EIN
- 58-1491453
Organization Overview
Solon E & Espie Watts Little Scholarship Loan Fund Inc is located in Concord, NC. The organization was established in 1983. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Solon E & Espie Watts Little Scholarship Loan 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 12/2021, Solon E & Espie Watts Little Scholarship Loan Fund Inc generated $59.7k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $177.1k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION ENGAGES SOLELY IN MAKING INTEREST-FREE LOANS TO GRADUATES OF ALEXANDER CENTRAL HIGH SCHOOL. (DETAILS SET FORTH IN ATTACHED BOOKLET.) LOANS WERE MADE TO 42 STUDENTS IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peggy H Chambers Asst Sec/treas | 40 | $59,161 | |
Steve L Medlin Pres/sec/treas | 20 | $27,026 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $12 |
| Dividends & Interest | $11,390 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $47,735 |
| Capital Gain Net Income | $47,735 |
| Net ST Capital Gain | $640 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $570 |
| Total Revenue | $59,707 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $84,187 |
| Other employee salaries and wages | $9,526 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,769 |
| Depreciation | $0 |
| Occupancy | $14,123 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $41,525 |
| Total operating and administrative expenses | $177,068 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $177,068 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,783 |
| Savings and temporary cash investments | $188,924 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $927,204 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,470,993 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $666 |
| Total liabilities | $666 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Education Loan Finance Inc Knoxville, TN | $2,281,627,256 | $227,234,757 |
Educational Foundation Inc Chapel Hill, NC | $193,854,804 | $63,834,996 |
Nc Student Aid Association Inc Raleigh, NC | $102,296,557 | $23,877,668 |
Virginia Student Aid Foundation Charlottesville, VA | $165,530,915 | $45,876,846 |
Georgia Goal Scholarship Program Inc Peachtree Corners, GA | $58,000,031 | $45,569,079 |
Meeting Street Schools Charleston, SC | $31,326,851 | $31,027,510 |
Georgia State University Athletic Association Inc Atlanta, GA | $12,025,331 | $28,251,593 |
The North Carolina A&t Real Estate Foundation Inc Greensboro, NC | $169,150,909 | $33,021,773 |
Horatio Alger Association Of Distinguished Americans Inc Alexandria, VA | $58,355,936 | $27,092,429 |
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Marine Corps Scholarship Foundation Inc Alexandria, VA | $149,128,193 | $34,285,716 |