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Nonprofiteer
← COCA-COLA SCHOLARS FOUNDATION INC

Form 990 for tax year 2023

Filed by COCA-COLA SCHOLARS FOUNDATION INC.

Totals

Total revenue
$6,166,791
Total expenses
$7,245,211
Contributions and grants received
$3,072,129
Grants paid
$3,065,324
Program service revenue
$0
Investment income
$3,094,662
Other revenue
$0
Total assets, end of year
$69,869,565
Total liabilities, end of year
$358,467
Net assets or fund balances, end of year
$69,511,098
Program services expenses (Part IX)
$6,253,610
Management and general expenses
$774,111
Fundraising expenses
$217,490
Program service expenses (Part III)
$6,253,610

Program services were 86.3% 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

    $3,072,129

  • 3 · Investment income

    total $2,536,243 · excluded $2,536,243

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $10,692,163

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

    securities $10,133,744

  • 7c · Gain or loss

    securities $558,419

  • 7d · Net gain or loss

    total $558,419 · excluded $558,419

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $441,750 · program services $441,750

  • 2 · Grants to domestic individuals

    total $2,623,574 · program services $2,623,574

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $509,670 · program services $284,670 · management and general $142,811 · fundraising $82,189

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $595,255 · program services $332,473 · management and general $166,792 · fundraising $95,990

  • 8 · Pension plan contributions

    total $66,424 · program services $43,572 · management and general $21,225 · fundraising $1,627

  • 9 · Other employee benefits

    total $110,840 · program services $48,009 · management and general $51,081 · fundraising $11,750

  • 10 · Payroll taxes

    total $70,222 · program services $39,083 · management and general $19,547 · fundraising $11,592

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $34,250 · management and general $34,250

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $14,342 · fundraising $14,342

  • 11f · Fees: investment management

    total $210,077 · management and general $210,077

  • 11g · Fees: other

    total $650,319 · program services $607,927 · management and general $42,392

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $6,538 · program services $2,715 · management and general $3,823

  • 14 · Information technology

    total $156,823 · program services $142,086 · management and general $14,737

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $216,040 · program services $209,623 · management and general $6,417

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $31,812 · program services $31,812

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $6,645 · program services $4,652 · management and general $1,993

  • 23 · Insurance

    total $44,897 · management and general $44,897

  • 24a · Other expenses: LEADERSHIP SUMMIT

    total $605,248 · program services $605,248

  • 24b · Other expenses: SCHOLARS WEEKEND PRODUCTION

    total $516,904 · program services $516,904

  • 24c · Other expenses: MEALS & ENTERTAINMENT

    total $287,970 · program services $283,328 · management and general $4,642

  • 24d · Other expenses: GIFTS FOR SCHOLARS & SPEAKERS

    total $24,358 · program services $24,358

  • 24e · All other expenses

    total $21,253 · program services $11,826 · management and general $9,427

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $681,715 · end of year $877,289

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $197,739 · end of year $192,542

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $45,638 · end of year $37,228

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

    $562,544

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

    $558,900

  • 10c · Land, buildings and equipment, net

    beginning of year $10,289 · end of year $3,644

  • 11 · Investments: publicly traded securities

    beginning of year $65,769,037 · end of year $68,758,862

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $300,541 · end of year $199,987

  • 18 · Grants payable

    beginning of year $158,480 · end of year $158,480

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $64,604,603 · end of year $67,950,338

  • 28 · Net assets with donor restrictions

    beginning of year $1,640,794 · end of year $1,560,760

Mission and programs · 2023

Mission

BY AWARDING POST-SECONDARY SCHOLARSHIPS, THE COCA-COLA SCHOLARS FOUNDATION EXISTS TO DEVELOP AN INFLUENTIAL COMMUNITY OF SERVICE-MINDED LEADERS, CONNECTED BY COCA-COLA, WHO POSITIVELY SHAPE THE WORLD.

Activities or mission (Part I)

To develop an influential community of service-minded leaders, connected by Coca-Cola, who positively shape the world.

  • DURING 2023, THE COCA-COLA SCHOLARS FOUNDATION MADE PAYMENTS TOTALING $2,623,574 FOR THE COCA-COLA SCHOLARS FOUNDATION SCHOLARSHIPS, CRAWFORD T. JOHNSON, III SCHOLARSHIPS, AND CORINTH SCHOLARSHIP. IN 2023, THE COCA-COLA SCHOLARS FOUNDATION ALSO CONTRIBUTED $441,750 TO PHI THETA KAPPA. THESE CONTRIBUTIONS WILL BE USED BY PHI THETA KAPPA AND AACC TO PROVIDE 350 SCHOLARSHIPS TO TWO-YEAR COLLEGE STUDENTS CURRENTLY ENROLLED IN A TWO-YEAR INSTITUTION OR MAKING THE TRANSITION FROM A TWO-YEAR COLLEGE TO A FOUR-YEAR UNIVERSITY.

    Expenses $6,253,610 · Grants $3,065,324

As filed on the 2023 return.

Listed in Part VII

  • JANE HOPKINS

    PRESIDENT & SECRETARY

    Total calculated
    $325,315
    From this org
    $272,500
    From related orgs
    $0
    Other
    $52,815
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,500
    Bonus
    $10,000
    Other
    $0
    Deferred
    $45,306
    Nontaxable benefits
    $9,845
    Filer's total
    $327,651

  • JAMES WILLIAMS

    HIGHEST COMPENSATED

    Total calculated
    $208,081
    From this org
    $162,000
    From related orgs
    $0
    Other
    $46,081
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,000
    Bonus
    $12,000
    Other
    $0
    Deferred
    $23,231
    Nontaxable benefits
    $27,581
    Filer's total
    $212,812

  • LAQUANDA PRINCE

    TREASURER

    Total calculated
    $178,862
    From this org
    $142,000
    From related orgs
    $0
    Other
    $36,862
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,000
    Bonus
    $12,000
    Other
    $0
    Deferred
    $20,273
    Nontaxable benefits
    $19,745
    Filer's total
    $182,018

  • ERICIA WARD

    HIGHEST COMPENSATED

    Total calculated
    $128,901
    From this org
    $106,500
    From related orgs
    $0
    Other
    $22,401
    Hours/week
    40

  • CAROLYN NORTON

    HIGHEST COMPENSATED

    Total calculated
    $125,214
    From this org
    $103,000
    From related orgs
    $0
    Other
    $22,214
    Hours/week
    40

  • LAUREN O' BRIEN

    HIGHEST COMPENSATED

    Total calculated
    $123,103
    From this org
    $103,000
    From related orgs
    $0
    Other
    $20,103
    Hours/week
    40

  • KIRK TYLER

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • JUNIOR BRIDGEMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LISA CHANG

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOSH DORMINY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MARK FRANCOEUR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOHN GOULD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ANGELA HARRELL

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • CRAWFORD JONES

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BEATRIZ PEREZ

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • PAMELA STEWART

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DAN WHITE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • T MARTIN WILLIAMS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Question 7
Bonuses paid to officers and employees were board designated and part of normal compensation.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202403189349307300

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