Memphis Opportunity Scholarship Tr Inc
- Assets
- $7.1m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 4
- Location
- Memphis, TN
- Founding
- 04/1998
- Data as of
- 06/2022
- EIN
- 62-1723618
Organization Overview
Memphis Opportunity Scholarship Tr Inc is located in Memphis, TN. The organization was established in 1998. 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, Memphis Opportunity Scholarship Tr Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis Opportunity Scholarship Tr 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, Memphis Opportunity Scholarship Tr Inc generated $3.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.9% each year . All expenses for the organization totaled $1.4m during the year ending 06/2022. 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
PROVIDE EDUCATIONAL OPPORTUNITIES AND ASSISTANCE TO CHILDREN WHO ARE UNABLE TO ACHIEVE THE SAME OR HAVE DIFFICULTY DOING SO FOR FINANCIAL REASONS. THE MAIN FORM OF ASSISTANCE PROVIDED BY MOST IS SCHOLARSHIPS TO HELP STUDENTS FROM LOW-INCOME FAMILIES HAVE THE OPPORTUNITY TO ATTEND PRIVATE SCHOOLS IN THE MEMPHIS AREA THAT CHARGE TUITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE EDUCATIONAL OPPORTUNITIES AND ASSITANCE TO CHILDREN WHO ARE UNABLE TO ACHIEVE THE SAME OR HAVE DIFFICULTY DOING SO FOR FINANCIAL REASONS. THE MAIN FORM OF ASSITANCE PROVIDED BY MOST IS SCHOLARSHIPS TO HELP STUDENTS FROM LOW-INCOME FAMILIES HAVE THE OPPORTUNITY TO ATTEND PRIVATE SCHOOLS IN THE MEMPHIS AREA THAT CHARGE TUITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Abbey S Cowens Executive Director | Officer | 40 | $117,500 |
Alexis S Faber Board Chair | Trustee | 1 | $0 |
E Carl Krausnick Jr Director | Trustee | 1 | $0 |
Elkan Scheidt Director | Trustee | 1 | $0 |
Trent D Williamson Director | Trustee | 1 | $0 |
Ellis L Haguewood Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $156,500 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,676,002 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,832,502 |
| Total Program Service Revenue | $0 |
| Investment income | $65,917 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,146 |
| Net Income from Fundraising Events | -$21,484 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,879,081 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,022,070 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $117,500 |
| Compensation of current officers, directors, key employees. | $47,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $83,550 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $13,379 |
| Payroll taxes | $15,130 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,360 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,633 |
| Fees for services: Other | $3,153 |
| Advertising and promotion | $24,923 |
| Office expenses | $9,400 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,640 |
| Travel | $0 |
| 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 | $2,428 |
| All other expenses | $1,705 |
| Total functional expenses | $1,372,146 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,945,048 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,069,666 |
| 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 | $624 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,048,100 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,982 |
| Total assets | $7,081,420 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $7,022,500 |
| Net assets with donor restrictions | $58,920 |
| 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 | $7,081,420 |
Grants Recieved
Over the last fiscal year, we have identified 15 grants that Memphis Opportunity Scholarship Tr Inc has recieved totaling $533,420.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $136,800 |
The Childrens Scholarship Fund New York, NY PURPOSE: To provide partial scholarship awards to children from low-income families | $105,580 |
Day Foundation Memphis, TN PURPOSE: OPERATING SUPPORT | $100,000 |
Mcdonnell Family Foundation Memphis, TN PURPOSE: PROGRAM SERVICES | $60,844 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $58,500 |
Christian Community Foundation Of Memphis And The Mid-South Inc Memphis, TN PURPOSE: PROGRAM SUPPORT | $22,900 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Children Of Fallen Patriots Foundation Reston, VA | $18,264,760 | $13,060,746 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
The Hartwell Foundation Corporation Memphis, TN | $88,595,532 | $17,280,759 |
Morehead Cain Foundation Chapel Hill, NC | $0 | $13,275,596 |
Education Foundation Scholarship Endowment Trust Chapel Hill, NC | $389,903,195 | $25,351,334 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Hire Heroes Usa Alpharetta, GA | $7,840,449 | $13,205,192 |
Scholarships For Kids Inc Birmingham, AL | $21,791,162 | $14,541,038 |
Apogee Georgia School Choice Scholarship Fund Atlanta, GA | $21,549,156 | $14,581,744 |