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Nonprofiteer
← STUDENT FREEDOM INITIATIVE INC

Form 990 for tax year 2022

Filed by STUDENT FREEDOM INITIATIVE INC.

Totals

Total revenue
$19,723,286
Total expenses
$7,282,206
Contributions and grants received
$16,652,730
Grants paid
$1,251,232
Program service revenue
$1,755,711
Investment income
$1,314,826
Other revenue
$19
Total assets, end of year
$145,875,504
Total liabilities, end of year
$849,560
Net assets or fund balances, end of year
$145,025,944
Program services expenses (Part IX)
$5,543,067
Management and general expenses
$901,116
Fundraising expenses
$838,023
Program service expenses (Part III)
$5,543,067

Program services were 76.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $16,652,730

  • 2a · Program service revenue: STUDENT FREEDOM AGREEMENT

    total $1,755,711 · related or exempt $1,755,711

  • 3 · Investment income

    total $1,399,416 · excluded $1,399,416

  • 7a · Gross sales of assets other than inventory

    securities $73,581,292

  • 7b · Less cost or other basis and sales expenses

    securities $73,665,882

  • 7c · Gain or loss

    securities -$84,590

  • 7d · Net gain or loss

    total -$84,590 · excluded -$84,590

  • 11a · Other revenue: MISCELLANEOUS

    total $19 · excluded $19

  • 11e · Other revenue, total

    $19

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,251,232 · program services $1,251,232

  • 5 · Compensation of officers, directors and key employees

    total $508,476 · program services $364,981 · management and general $54,789 · fundraising $88,706

  • 7 · Other salaries and wages

    total $1,515,451 · program services $1,087,780 · management and general $163,292 · fundraising $264,379

  • 8 · Pension plan contributions

    total $63,138 · program services $45,320 · management and general $6,803 · fundraising $11,015

  • 9 · Other employee benefits

    total $126,187 · program services $90,577 · management and general $13,596 · fundraising $22,014

  • 10 · Payroll taxes

    total $135,581 · program services $97,319 · management and general $14,609 · fundraising $23,653

  • 11b · Fees: legal

    total $46,524 · program services $20,839 · management and general $25,685

  • 11c · Fees: accounting

    total $97,984 · management and general $97,984

  • 11f · Fees: investment management

    total $50,105 · management and general $50,105

  • 11g · Fees: other

    total $1,124,296 · program services $985,572 · management and general $130,418 · fundraising $8,306

  • 12 · Advertising and promotion

    total $419,250 · fundraising $419,250

  • 13 · Office expenses

    total $24,311 · management and general $24,311

  • 14 · Information technology

    total $55,469 · management and general $55,469

  • 16 · Occupancy

    total $39,266 · management and general $39,266

  • 17 · Travel

    total $57,513 · program services $40 · management and general $56,773 · fundraising $700

  • 19 · Conferences, conventions and meetings

    total $2,869 · management and general $2,869

  • 22 · Depreciation, depletion and amortization

    total $16,707 · management and general $16,707

  • 23 · Insurance

    total $5,458 · management and general $5,458

  • 24a · Other expenses: STUDENT FREEDOM AGREEME

    total $1,582,271 · program services $1,582,271

  • 24b · Other expenses: DONATIONS

    total $68,861 · management and general $68,861

  • 24c · Other expenses: SPONSORSHIPS

    total $53,500 · management and general $53,500

  • 24d · Other expenses: LICENSES AND FEES

    total $17,136 · program services $17,136

  • 24e · All other expenses

    total $20,621 · management and general $20,621

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,925,020 · end of year $18,111,041

  • 3 · Pledges and grants receivable

    beginning of year $81,168,577 · end of year $70,432,244

  • 4 · Accounts receivable

    beginning of year $1,796,280 · end of year $3,551,991

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,695 · end of year $74,929

  • 10a · Land, buildings and equipment: cost or other basis

    $76,736

  • 10b · Land, buildings and equipment: accumulated depreciation

    $32,630

  • 10c · Land, buildings and equipment, net

    beginning of year $40,344 · end of year $44,106

  • 11 · Investments: publicly traded securities

    beginning of year $42,825,326 · end of year $53,622,211

  • 15 · Other assets

    beginning of year $3,296 · end of year $38,982

  • 17 · Accounts payable and accrued expenses

    beginning of year $175,717 · end of year $810,400

  • 25 · Other liabilities

    beginning of year $5,818 · end of year $39,160

  • 27 · Net assets without donor restrictions

    beginning of year $86,857,853 · end of year $94,285,216

  • 28 · Net assets with donor restrictions

    beginning of year $45,731,150 · end of year $50,740,728

Mission and programs · 2022

Mission

STUDENT FREEDOM INITIATIVE IS DEDICATED TO ENSURING FREEDOM IN PROFESSIONAL AND LIFE CHOICES FOR STUDENTS ATTENDING MINORITY SERVING INSTITUTIONS (MSIS).

Activities or mission (Part I)

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).

  • 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.

    Expenses $5,543,067 · Grants $1,251,232 · Revenue $1,755,711

As filed on the 2022 return.

Listed in Part VII

  • Robert F Smith

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    4

  • Henry Louis Gates

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Lomax

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Linda Wilson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lawrence P Bancroft

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keith Shoates

    CHIEF OPERATING OFFICER

    Total calculated
    $0
    Hours/week
    25

  • Mark Brown

    EXECUTIVE DIRECTOR

    Total calculated
    $301,045
    From this org
    $300,875
    From related orgs
    $0
    Other
    $170
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,875
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $170
    Filer's total
    $301,045

  • Michele McCullom

    GENERAL COUNSEL & SECRETARY

    Total calculated
    $205,401
    From this org
    $190,139
    From related orgs
    $0
    Other
    $15,262
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,139
    Bonus
    $0
    Other
    $0
    Deferred
    $5,494
    Nontaxable benefits
    $11,798
    Filer's total
    $207,431

  • Donna Jones

    DIRECTOR OF OPERATIONS

    Total calculated
    $151,448
    From this org
    $143,894
    From related orgs
    $0
    Other
    $7,554
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,894
    Bonus
    $0
    Other
    $0
    Deferred
    $7,476
    Nontaxable benefits
    $329
    Filer's total
    $151,699

  • Yvette Thomas

    DIRECTOR OF CAPACITY BUILDING

    Total calculated
    $168,493
    From this org
    $160,363
    From related orgs
    $0
    Other
    $8,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,363
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $10,024
    Filer's total
    $170,387

  • Barry Cynamon

    DIRECTOR OF PROGRAM DESIGN

    Total calculated
    $223,478
    From this org
    $187,488
    From related orgs
    $0
    Other
    $35,990
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,488
    Bonus
    $0
    Other
    $0
    Deferred
    $9,707
    Nontaxable benefits
    $33,841
    Filer's total
    $231,036

  • Chimere Jones

    ENGAGEMENT PARTNER

    Total calculated
    $121,071
    From this org
    $104,368
    From related orgs
    $0
    Other
    $16,703
    Hours/week
    40

  • Ronald Crozier

    CHIEF SECURITY OFFICER

    Total calculated
    $191,580
    From this org
    $166,347
    From related orgs
    $0
    Other
    $25,233
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,347
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $32,936
    Filer's total
    $199,283

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • STUDENT FREEDOM FUND

    FACILITATE THE ADMINISTRATION OF THE STUDENT FREEDOM AGREEMENTS · DC · income $55,000 · assets $53,916

    Directly controlled by STUDENT FREEDOM INITIATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
8 April 2024
IRS schema version
2022v5.0
Source object
202440999349300149

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