Say Yes Cleveland Scholarship Inc
- Assets
- $99.3m
- Revenue
- $2.1m
- Investments
- $92.0m
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 09/2019
- Data as of
- 06/2023
- EIN
- 83-3463932
Organization Overview
Say Yes Cleveland Scholarship Inc is located in Cleveland, OH. The organization was established in 2019. 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. Say Yes Cleveland Scholarship 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 06/2023, Say Yes Cleveland Scholarship Inc generated $2.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (59.4%) each year. All expenses for the organization totaled $4.4m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE POST-SECONDARY TUITION SCHOLARSHIPS TO ELIGIBLE STUDENTS GRADUATING FROM THE CLEVELAND METROPOLITAN SCHOOL DISTRICT AND ITS PARTNERING CHARTER HIGH SCHOOLS. THE ORGANIZATION IS CHARGED WITH OVERSIGHT AND APPROVAL OF POLICIES AND PROCEDURES FOR THIS PROGRAM TO ENSURE THE PROVISION OF SCHOLARSHIPS IS UNIVERSAL, EQUITABLE, AND SUSTAINABLE. THE ORGANIZATION WORKS COLLABORATIVELY WITH THE SAY YES CLEVELAND OPERATING COMMITTEE. THE OPERATING COMMITTEE IS RESPONSIBLE FOR EFFECTIVE IMPLEMENTATION AND SUPPORT FOR THE STUDENT SERVICES COMPONENT OF THE OVERALL SAY YES MISSION.OBJECTIVES OF THE MISSION INCLUDE INCREASING THE EDUCATIONAL LEVEL OF CLEVELAND RESIDENTS, IMPROVING COLLEGE ACCESS FOR MIDDLE AND LOW INCOME FAMILIES IN CLEVELAND, INCREASING THE POPULATION IN THE CITY OF CLEVELAND, AND SPURRING ECONOMIC GROWTH AND EXPANSION IN CLEVELAND THROUGH DEVELOPMENT AND RETENTION OF A HIGH-SKILLED FUTURE WORKFORCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP PROGRAM: PROVISION OF POST-SECONDARY TUITION SCHOLARSHIPS TO ELIGIBLE STUDENTS GRADUATING FROM THE CLEVELAND METROPOLITAN SCHOOL DISTRICT AND ITS PARTNERING CHARTER HIGH SCHOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lonnie Coleman Board Member | Trustee | 2 | $0 |
Inajo Davis Chappell Board Chair | OfficerTrustee | 2 | $0 |
Diane Downing Board Member | Trustee | 2 | $0 |
Veena Khanna Board Member | Trustee | 2 | $0 |
Robert Martens Board Member | Trustee | 2 | $0 |
Drew Martin Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
College Now Of Greater Cleveland Programming | 6/29/23 | $839,116 |
The Cleveland Foundation Investment Management | 6/29/23 | $163,331 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $8,550 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,075,014 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,083,564 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $2,083,564 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,297,836 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $312,917 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,267 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $163,331 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $81,000 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $17,672 |
| All other expenses | $0 |
| Total functional expenses | $4,420,272 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,691 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $7,180,716 |
| 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 | $66,167 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $92,017,770 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $99,267,344 |
| Accounts payable and accrued expenses | $22,536 |
| 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 | $22,536 |
| Net assets without donor restrictions | $92,064,092 |
| Net assets with donor restrictions | $7,180,716 |
| 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 | $99,267,344 |