Student Freedom Initiative Inc
- Assets
- $132.8m
- Revenue
- $15.3m
- Investments
- $0.0
- Employees
- 17
- Location
- Washington, DC
- Founding
- Data as of
- 06/2022
- EIN
- 85-0557522
Organization Overview
Student Freedom Initiative Inc is located in Washington, DC. 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, Student Freedom Initiative Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Student Freedom Initiative 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, Student Freedom Initiative Inc generated $15.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (32.7%) each year. All expenses for the organization totaled $5.2m 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
THE STUDENT FREEDOM INITIATIVE IS A 501(C)(3) NONPROFIT ORGANIZATION DEDICATED TO ENSURING FREEDOM IN PROFESSIONAL AND LIFE CHOICES FOR STUDENTS ATTENDING MINORITY SERVING INSTITUTIONS (MSIS).
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ADDRESS THE OVERWHELMING STUDENT DEBT FACED BY ALL TOO MANY OF THE YOUNG MEN AND WOMEN ATTENDING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES BY PROVIDING A STUDENT-CENTRIC FUNDING SOURCE FOR EDUCATION COSTS AS AN ALTERNATIVE TO HIGH-INTEREST LOANS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Brown Executive Director | OfficerTrustee | 40 | $240,350 |
Michele Mccullom General Counsel & Secretary | Officer | 40 | $181,205 |
Barry Cynamon Director Of Program Design | 40 | $175,867 | |
Donna Jones Director Of Operations | 40 | $133,975 | |
Chimere Jones Engagement Partner | 40 | $100,213 | |
Wendell Layne Treasurer | Officer | 40 | $16,914 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mdrc Income Share Agreements Technical Assist | 6/29/22 | $545,127 |
Skadden Arps Slate Meagher & Flom Llp Legal Services | 6/29/22 | $435,486 |
Good Stuff Digital Marketing Services | 6/29/22 | $137,700 |
United Negro College Fund Inc Onboarding Work For Sfi Longitudinal Stu | 6/29/22 | $114,800 |
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 | $13,282,489 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,282,489 |
| Total Program Service Revenue | $1,796,280 |
| Investment income | $194,134 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$78 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,285,825 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,220 |
| 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. | $490,803 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,101,333 |
| Pension plan accruals and contributions | $22,952 |
| Other employee benefits | $96,434 |
| Payroll taxes | $109,982 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $234,397 |
| Fees for services: Accounting | $91,377 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,698 |
| Fees for services: Other | $811,991 |
| Advertising and promotion | $266,800 |
| Office expenses | $3,341 |
| Information technology | $28,280 |
| Royalties | $0 |
| Occupancy | $39,252 |
| Travel | $27,272 |
| 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 | $13,544 |
| Insurance | $0 |
| All other expenses | $19,807 |
| Total functional expenses | $5,195,727 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,925,020 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $81,168,577 |
| Accounts receivable, net | $1,796,280 |
| 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 | $11,695 |
| Net Land, buildings, and equipment | $40,344 |
| Investments—publicly traded securities | $42,825,326 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,296 |
| Total assets | $132,770,538 |
| Accounts payable and accrued expenses | $175,717 |
| 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 | $5,818 |
| Total liabilities | $181,535 |
| Net assets without donor restrictions | $86,857,853 |
| Net assets with donor restrictions | $45,731,150 |
| 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 | $132,770,538 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Student Freedom Initiative Inc has recieved totaling $1,055,000.
| Awarding Organization | Amount |
|---|---|
Wal-Mart Foundation Bentonville, AR PURPOSE: DIVERSITY IN THE TALENT PIPELINE | $1,000,000 |
Love Luck And Faith Foundation New York, NY PURPOSE: GENERAL SUPPORT. | $50,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Indian Paintbrush Foundation Washington, DC | $2,617,521,485 | $1,521,981,843 |
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 |
District Of Columbia College Access Program Washington, DC | $105,959,870 | $18,161,486 |
Asian And Pacific Islander American Scholarship Fund Washington, DC | $37,686,826 | $13,616,717 |
National Association Of Student Financial Aid Administrators Washington, DC | $22,189,727 | $10,008,615 |
Cobell Board Of Trustees Washington, DC | $177,171,131 | $17,842,265 |
National Consortium For Graduate Dgrs Minorities In Engineering Alexandria, VA | $15,486,907 | $10,356,249 |
Maryland Philanthropy Network Inc Baltimore, MD | $5,808,264 | $5,920,100 |