Worthington Scholarship Foundation
- Assets
- $12.1m
- Revenue
- $5.4m
- Investments
- $7.9m
- Employees
- 0
- Location
- Naples, FL
- Founding
- 07/2018
- Data as of
- 12/2022
- EIN
- 82-1503998
Organization Overview
Worthington Scholarship Foundation is located in Naples, FL. The organization was established in 2018. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worthington Scholarship 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 12/2022, Worthington Scholarship Foundation generated $5.4m in total revenue. All expenses for the organization totaled $2.8m during the year ending 12/2022. While expenses have increased by 56.6% 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.
Since 2018, Worthington Scholarship Foundation has awarded 45 individual grants totaling $4,323,494. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORTHINGTON SCHOLARSHIP FOUNDATION (WSF) PROVIDES RENEWABLE SCHOLARSHIPS AND SUPPORT SERVICES TO MAINE STUDENTS WITH LIMITED FINANCIAL RESOURCES AND A STRONG MOTIVATION TO SUCCEED IN COLLEGE WHO ATTEND "PARTNER COLLEGES AND COMMUNITY COLLEGES" IN MAINE. IN 2022, WSF AWARDED SCHOLARSHIPS TO STUDENTS FROM 69 HIGH SCHOOLS IN FRANKLIN, HANCOCK, KNOX, LINCOLN, OXFORD, PENOBSCOT, PISCATAQUIS, SAGADAHOC, SOMERSET, WALDO, AND WASHINGTON COUNTIES. IN 2022, WSF SUPPORTED 850 SCHOLARSHIP RECIPIENTS.WSF STUDENT SUCCESS STAFF WORKS WITH THE PARTICIPATING HIGH SCHOOLS TO PROVIDE INFORMATION TO STAFF, STUDENTS, AND PARENTS, WORKS WITH THE PARTICIPATING COLLEGES TO ENABLE STUDENT SUCCESS, AND COMMUNICATES WITH EACH WORTHINGTON SCHOLAR THROUGHOUT THEIR COLLEGE ATTENDANCE. WSF ACCUMULATES DATA AND RESEARCH TO DETERMINE COLLEGE PROGRESS AND EVALUATES RESULTS TO ENHANCE ITS SCHOLARS' COLLEGE SUCCESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David W Worthington Chair/treas/dir | 1 | $0 | |
Beverly S Worthington Secr/director | 1 | $0 | |
Meg Baxter Director | 1 | $43,380 | |
Rick Bedigian Director | 1 | $2,746 | |
Jennifer Edwards Director | 1 | $0 | |
Laurie Lachance Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $5,000,000 |
| Interest on Savings | $4,156 |
| Dividends & Interest | $206,690 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $158,135 |
| Capital Gain Net Income | $158,135 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $5,368,981 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $164,972 |
| Other employee salaries and wages | $196,357 |
| Pension plans, employee benefits | $37,631 |
| Interest | $0 |
| Taxes | $30,356 |
| Depreciation | $5,336 |
| Occupancy | $43,444 |
| Travel, conferences, and meetings | $16,497 |
| Printing and publications | $0 |
| Other expenses | $140,778 |
| Total operating and administrative expenses | $677,937 |
| Contributions, gifts, grants paid | $2,085,444 |
| Total expenses and disbursements | $2,763,381 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,883 |
| Savings and temporary cash investments | $4,103,181 |
| 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 | $0 |
| 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 | $31,164 |
| Other assets | $6,000 |
| Total assets | $12,065,797 |
| 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 | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Worthington Scholarship Foundation has awarded $2,085,444 in support to 23 organizations.
| Grant Recipient | Amount |
|---|---|
BATES COLLEGE PURPOSE: SCHOLARSHIPS - J FAIRCHILD, H NORTON, C POPE, S RUMSEY, T SEAVEY | $14,450 |
BOWDOIN COLLEGE PURPOSE: SCHOLARSHIPS - C BANNON, B FISHER, H PENFOLD, E SALZIG, K SOULE, G TURK, G WEBBER | $22,705 |
HUSSON COLLEGE PURPOSE: SCHOLARSHIPS - K ALLEY, M ALLEY, T ARCHER, A ASTBURY, A BEAL, J BOUTIN, L BOUTIN, J BRASSBRIDGE, A BROWN, A BROWN, A BRYDEN, R BUBAR, T CARTER, B CATHERON, J CLAPP, H CLIFFORD, A COLEMAN, J DAVIS, B DEHLINGER, M DESANTIS, T DESROCHERS, E DOTEN, M DOUGHERTY, E DOW, W DOWLING, M DUNTON, E EDGERLY, E ERSKINE, A ERWIN, T FINE, Z FITZSIMMONS, J FOWLER, E FREEMAN, A FROST, M GLINSKI, K GRAY, E GRIFFITHS, E GRINNELL, C HALL, J HARDEN, G HARDY, L HARMON, M HARRIMAN, A HARRINGTON, C HARVEY, T HENRY, K HILAND, J HODGDON, J HOLBROOK, C HOWARTH, A HOWELL, S HUSTUS, S JACK, A JOHNSON, J KEACH, M KEIZER, L KIMBALL, R KITCHIN, A LOBLEY, E LOUDER, J MALENFANT, C MARKUS, M MCFARLANE, C MESSER, M MITCHELL, G MONTAGNA, A MORRISON, T PANIAGUA ORTIZ, D PARKER, M PARKS, K PAYSON, A PEIRCE, S PERKINS, M PICKOSKI, A POISSON, G PRESTON, M PRESTON, J PUSEY, A RADZIMIRSKI, J ROBINSON, K ROMAN, S RONCO, S SANFILIPPO, E SAWYER, L SHERIDAN, K SHOREY, C SIMPSON, O SMITH, A SNOW, Q STABLER | $250,455 |
COLBY COLLEGE PURPOSE: SCHOLARSHIPS - C BITAR, Z CODY, J GRASSI, E PORTER | $14,448 |
HUSSON COLLEGE PURPOSE: SCHOLARSHIPS CONTINUED - J STILES, E STRONG, N SUMNER, H WATMOUGH, M WEBSTER, M WELTS, D WHITAMORE, S WICKETT, T WORCESTER, H WYLLIE, S YOUNGR ZAMORA PANIAGUA | $33,394 |
MAINE MARITIME ACADEMY PURPOSE: SCHOLARSHIPS - E BEAUREGARD, A BENNETT, I BIXHAKU, S BOS, E BRAGA, R CARLSON, L COOK, J CRAIG, C CROCKETT, M CURTIS, S DENTREMONT, G DEPASTY, T DINSMORE, D DOW, M ECKERT, D EVANS, S GAMAGE, N GRAHAM, L HALFERTY, J HARRINGTON, R HICKEL, E HOOPER, S INMAN, K KIBLER, C KING, S KING, C KINGSBURY, R KRISTEN, C LAWRENCE, E LORD, P MCGRATH, H MELLOR, M MERCHANT, T MILLER, A MINERY, L MISSBRENNER, J MOORE, A NEWCOMB, O PENDLETON, R ROLFE, S SMITH, F SPANGLER, E SPEAR, C STEVENS, U THONGSOPHAPHONE, M WALLACE, H ZENG | $137,304 |