Fosterus
- Assets
- $1.6m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 2
- Location
- Wilmington, NC
- Founding
- Data as of
- 12/2023
- EIN
- 84-3390925
Organization Overview
Fosterus is located in Wilmington, NC. 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 12/2023, Fosterus employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fosterus 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 12/2023, Fosterus generated $2.5m in total revenue. All expenses for the organization totaled $1.9m during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
FOSTERUS AIMS TO INCREASE ACCESS TO QUALITY HEALTHCARE, EDUCATION, LEGAL AND SOCIAL SERVICES FOR DISADVANTAGED COMMUNITIES BY PROVIDING LOAN REPAYMENT ASSISTANCE PROGRAMMING FOR PUBLIC SERVICE POSITIONS WITHIN NONPROFIT ORGANIZATIONS OR LOCAL GOVERNMENT ENTITIES, WHICH EXIST TO MEET THE HEALTHCARE, EDUCATION, LEGAL AND/OR SOCIAL SERVICE NEEDS OF UNDERSERVED AND VULNERABLE POPULATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOSTERUS HAD SEVERAL ACCOMPLISHMENTS DURING THE 2023 FISCAL YEAR. THE ORGANIZATION SECURED SERVICE COMMITMENTS FOR 176 INDIVIDUALS TO WORK IN LEGAL AID ORGANIZATIONS IN THE DISTRICT OF COLUMBIA, TEXAS, AND ILLINOIS. THE ORGANIZATION WAS ABLE TO SERCURE THE SERVICE COMMITMNETS OF 97 EMPLOYEES WITH A NON-PROFIT CHARTER SCHOOL IN HARLEM, NEW YORK, AS WELL AS, 50 EMPLOYEES WORKING FOR A NON-PROFIT ANIMAL HOSPITAL IN PORTLAND, OREGON. THROUGH THE LOAN REPAYMENT ASSISTANCE PROGRAM (LRAP), THE ORGANIZATION WAS ABLE ASSIST GOVERNMENT AND NON-PROFTI EMPLOYMENT OF 323 INDIVIDUALS BY REDUCING THE BURDEN OF STUDENT LOAN REPAYMENT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lauren Collingwood Secretary | Trustee | 5 | $0 |
Jantz Hoffman COO | Officer | 40 | $0 |
Heather Jarvis Executive Dir. | Officer | 40 | $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 | $2,161,021 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,161,021 |
| Total Program Service Revenue | $317,917 |
| Investment income | $18 |
| 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 | $2,478,956 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $71,436 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,326 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,830 |
| Fees for services: Accounting | $2,976 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $30,000 |
| Advertising and promotion | $0 |
| Office expenses | $5 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $780 |
| 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 | $389 |
| All other expenses | $1,184 |
| Total functional expenses | $1,869,253 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $487,533 |
| 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 | $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 | $1,128,429 |
| Total assets | $1,615,962 |
| 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 | $265,712 |
| Net assets with donor restrictions | $1,350,250 |
| 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 | $1,615,962 |