Better Future Forward
- Assets
- $2.5m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 6
- Location
- Alexandria, VA
- Founding
- 11/2017
- Data as of
- 06/2020
- EIN
- 81-4772781
Organization Overview
Better Future Forward is located in Alexandria, VA. The organization was established in 2017. 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 06/2021, Better Future Forward employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Better Future Forward 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 06/2020, Better Future Forward generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $947.0k during the year ending 06/2020. While expenses have increased by 7.1% per year over the past 5 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
BETTER FUTURE FORWARD INC (BFF) WAS ESTABLISHED TO ENSURE ALL INDIVIDUALS HAVE EQUITABLE ACCESS TO HIGH- QUALITY POSTSECONDARY OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IMPLEMENTED COMMUNITY FUNDS DESIGNED TO HELP STUDENTS WITH LIMITED FINANCIAL MEANS ACCESS AND COMPLETE A BACHELOR'S DEGREE AT HIGHER RATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin James Founder & CEO | OfficerTrustee | 40 | $149,500 |
Lee Hart VP Of Development & Community | 40 | $135,000 | |
Barry Cynamon Executive Vice President & CFO | Officer | 40 | $57,959 |
Amy Simon Secretary & Director | Trustee | 1 | $0 |
Erin Crowley Director | Trustee | 1 | $0 |
Steve Goldberg Chair Of The Board & Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,015,833 |
| Investment income | $959 |
| 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 | $1,024,718 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $268,008 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $357,097 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $44,204 |
| Payroll taxes | $48,135 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,035 |
| Fees for services: Accounting | $30,546 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $30,807 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,440 |
| Travel | $25,136 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,323 |
| Interest | $33,713 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,082 |
| Insurance | $1,256 |
| All other expenses | $0 |
| Total functional expenses | $946,987 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,189,044 |
| Savings and temporary cash investments | $0 |
| 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 | $5,067 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,241,502 |
| Total assets | $2,454,180 |
| Accounts payable and accrued expenses | $402,403 |
| 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 | $1,886,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,288,403 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $165,777 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Better Future Forward has recieved totaling $5,569.
| Awarding Organization | Amount |
|---|---|
The Jain Family Institute New York, NY PURPOSE: GENERAL UNRESTRICTED | $5,569 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Education Loan Finance Inc Knoxville, TN | $2,281,627,256 | $227,234,757 |
Thurgood Marshall College Fund Inc Washington, DC | $121,810,471 | $98,266,975 |
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 |
Breakthrough Prize Foundation Washington, DC | $10,581,357 | $48,295,695 |
Virginia Student Aid Foundation Charlottesville, VA | $165,530,915 | $45,876,846 |
Foundation For Advanced Education In The Sciences Inc Bethesda, MD | $54,757,501 | $41,367,941 |
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 |
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
American Association Of University Women Inc Washington, DC | $138,843,361 | $18,528,803 |
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |