Arete Scholars Louisiana Inc
- Assets
- $10.3m
- Revenue
- $9.8m
- Investments
- $0.0
- Employees
- 3
- Location
- Dacula, GA
- Founding
- 09/2014
- Data as of
- 06/2022
- EIN
- 61-1709239
Organization Overview
Arete Scholars Louisiana Inc is located in Dacula, GA. The organization was established in 2014. 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 06/2022, Arete Scholars Louisiana Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Arete Scholars Louisiana 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 06/2022, Arete Scholars Louisiana Inc generated $9.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 28.1% each year . All expenses for the organization totaled $2.4m during the year ending 06/2022. While expenses have increased by 12.3% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST LOW-INCOME STUDENTS IN REACHING THEIR HIGHEST POTENTIAL THROUGH EDUCATIONAL OPPORTUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ARETE SCHOLARS LOUISIANA, INC. AWARDED 420 K4-12 EDUCATION SCHOLARSHIPS, FOR A TOTAL OF $1,879,884 DURING THE 2021-2022 FISCAL YEAR. SCHOLARSHIPS WERE AWARDED SOLELY TO QUALIFYING LOW-INCOME STUDENTS. THE SCHOLARSHIPS GIVE PARENTS, WHOSE CHOICES ARE OTHERWISE LIMITED, THE OPPORTUNITY TO SELECT THE K4-12 PRIVATE SCHOOL THAT BEST MEETS THEIR CHILDRENS NEEDS. THE SCHOLARSHIPS PAY UP TO $4,436 FOR K-8 AND $4,990 FOR 9-12 FOR PRIVATE SCHOOL TUITION AND FEES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Smith President (part Year), Board Member | OfficerTrustee | 10 | $0 |
Arthur Dupre President | OfficerTrustee | 10 | $0 |
Derek Monjure Board Member | OfficerTrustee | 1 | $0 |
Gregory Beadles Board Chairman | OfficerTrustee | 1 | $0 |
Chris Prince Vice Chairman | OfficerTrustee | 1 | $0 |
Al Petrangeli Treasurer | OfficerTrustee | 1 | $0 |
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 | $9,746,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,746,250 |
| Total Program Service Revenue | $0 |
| Investment income | $22,681 |
| 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 | $9,768,931 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,879,884 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $367,144 |
| Pension plan accruals and contributions | $3,336 |
| Other employee benefits | $17,317 |
| Payroll taxes | $26,132 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,549 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,247 |
| Advertising and promotion | $1,849 |
| Office expenses | $10,494 |
| Information technology | $2,441 |
| Royalties | $0 |
| Occupancy | $7,779 |
| Travel | $15,470 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $610 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $372 |
| Total functional expenses | $2,379,849 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56,871 |
| Savings and temporary cash investments | $10,211,855 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,268,726 |
| Accounts payable and accrued expenses | $51,389 |
| 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 | $128,811 |
| Total liabilities | $180,200 |
| Net assets without donor restrictions | $209,258 |
| Net assets with donor restrictions | $9,879,268 |
| 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 | $10,268,726 |