Skip to content
Nonprofiteer
← THE CATHERINE B REYNOLDS FOUNDATION INC

Form 990 for tax year 2022

Filed by THE CATHERINE B REYNOLDS FOUNDATION INC.

Totals

Total revenue
$1,515,828
Total expenses
$16,951,195
Contributions and grants received
$0
Grants paid
$1,790,020
Program service revenue
$975,642
Investment income
$516,186
Other revenue
$24,000
Total assets, end of year
$27,657,565
Total liabilities, end of year
$132,644
Net assets or fund balances, end of year
$27,524,921
Program services expenses (Part IX)
$10,693,599
Management and general expenses
$6,257,596
Fundraising expenses
$0
Program service expenses (Part III)
$10,693,599

Program services were 63.1% 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.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $965,486 · related or exempt $965,486

  • 2b · Program service revenue: ADMINISTRATION FEES

    total $10,156 · related or exempt $10,156

  • 3 · Investment income

    total $516,186 · unrelated business -$5,959 · excluded $522,145

  • 11a · Other revenue: REIMBURSED EXPENSES

    total $24,000 · excluded $24,000

  • 11e · Other revenue, total

    $24,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,790,020 · program services $1,790,020

  • 5 · Compensation of officers, directors and key employees

    total $921,588 · program services $737,270 · management and general $184,318

  • 7 · Other salaries and wages

    total $359,778 · program services $206,352 · management and general $153,426

  • 8 · Pension plan contributions

    total $57,507 · program services $32,983 · management and general $24,524

  • 9 · Other employee benefits

    total $152,777 · program services $87,626 · management and general $65,151

  • 10 · Payroll taxes

    total $67,754 · program services $38,861 · management and general $28,893

  • 11b · Fees: legal

    total $463,791 · program services $53,934 · management and general $409,857

  • 11c · Fees: accounting

    total $7,886 · program services $4,523 · management and general $3,363

  • 11f · Fees: investment management

    total $95,657 · management and general $95,657

  • 11g · Fees: other

    total $77,566 · program services $19,969 · management and general $57,597

  • 13 · Office expenses

    total $39,613 · program services $22,720 · management and general $16,893

  • 14 · Information technology

    total $48,649 · program services $27,903 · management and general $20,746

  • 16 · Occupancy

    total $106,858 · program services $61,289 · management and general $45,569

  • 17 · Travel

    total $145,416 · program services $83,404 · management and general $62,012

  • 20 · Interest

    total $295,357 · program services $295,357

  • 22 · Depreciation, depletion and amortization

    total $9,068 · program services $5,201 · management and general $3,867

  • 23 · Insurance

    total $187,625 · program services $107,613 · management and general $80,012

  • 24a · Other expenses: TRANSACTION EXPENSES

    total $11,734,720 · program services $6,730,497 · management and general $5,004,223

  • 24b · Other expenses: COLLECTION FEES

    total $177,077 · program services $177,077 · management and general $0

  • 24c · Other expenses: SERVICING FEES

    total $143,954 · program services $143,954 · management and general $0

  • 24d · Other expenses: PROGRAM SUPPORT

    total $55,188 · program services $55,188 · management and general $0

  • 24e · All other expenses

    total $13,346 · program services $11,858 · management and general $1,488

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $122 · end of year $122

  • 2 · Savings and temporary cash investments

    beginning of year $4,265,168 · end of year $4,013,289

  • 4 · Accounts receivable

    beginning of year $69,677 · end of year $2,000

  • 7 · Other notes and loans receivable

    beginning of year $34,682,683 · end of year $1,600,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $114,370 · end of year $162,211

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

    $658,750

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

    $346,527

  • 10c · Land, buildings and equipment, net

    beginning of year $322,598 · end of year $312,223

  • 11 · Investments: publicly traded securities

    beginning of year $14,887,010 · end of year $15,596,189

  • 12 · Investments: other securities

    beginning of year $6,519,899 · end of year $5,912,386

  • 15 · Other assets

    beginning of year $0 · end of year $59,145

  • 17 · Accounts payable and accrued expenses

    beginning of year $556,780 · end of year $73,499

  • 18 · Grants payable

    beginning of year $749,980 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $19,041,061 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $59,145

  • 27 · Net assets without donor restrictions

    beginning of year $40,513,706 · end of year $27,524,921

Mission and programs · 2022

Mission

TO HELP STUDENTS GAIN ACCESS TO FUNDS TO PAY FOR COLLEGE COSTS AND TO SUPPORT A VARIETY OF PHILANTHROPIC PROGRAMS INCLUDING BUT NOT LIMITED TO IN THE AREAS OF EDUCATION, THE ARTS, AND RESEARCH, THROUGH GRANT MAKING TO OTHER 501(C) ORGANIZATIONS.

Activities or mission (Part I)

SEE PART III, LINES 1, 4A AND 4B.

  • 1. TO CARRY ON A VARIETY OF PROGRAMS RELATING TO, AMONG OTHER THINGS, THE LENDING OF FUNDS TO OR FOR THE BENEFIT OF STUDENTS, FACULTY AND STAFF OF EDUCATIONAL INSTITUTIONS AND OTHERS FOR EDUCATIONAL PURPOSES, INCLUDING SERVICING AND ADMINISTERING STUDENT LOAN PORTFOLIOS.2. TO ADMINISTER PROGRAMS WHEREBY OTHER GOVERNMENTAL OR NONGOVERNMENTAL ENTITIES LEND FUNDS TO OR FOR THE BENEFIT OF, AMONG OTHERS, STUDENTS, FACULTY AND STAFF OF EDUCATIONAL INSTITUTIONS AND NON-PROFIT INSTITUTIONS, IN FURTHERANCE OF RELIGIOUS, SCIENTIFIC, EDUCATIONAL OR CHARITABLE PURPOSES.3. TO DO ANY OTHER ACT OR THING INCIDENTAL TO OR CONNECTED WITH THE FOREGOING PURPOSES OR IN ADVANCEMENT THEREOF.EXEMPT PURPOSE ACHIEVEMENTS:A. THE ORGANIZATION HAS PROVIDED OVER $2,500,000,000 IN EDUCATIONAL LOANS TO OVER 350,000 AMERICANS. THESE FUNDS HAVE ALLOWED THESE INDIVIDUALS THE OPPORTUNITY TO FURTHER THEIR EDUCATION AND MEET THE RISING COST OF OBTAINING A HIGHER EDUCATION.PRIOR TO THE SALE OF ITS PORTFOLIO OF EDUCATIONAL LOANS IN FEBRUARY 2023, THE ORGANIZATION ADMINISTERED MULTIPLE LOAN PROGRAMS AND SERVICES THAT PROVIDED APPROXIMATELY $79,658,428 IN EDUCATIONAL LOANS FOR OVER 8,863 STUDENTS.IN ORDER TO RECEIVE A LOAN, THE STUDENT MUST BE ACCEPTED FOR ENROLLMENT FULL TIME OR PART TIME IN AN ACCREDITED COLLEGE, UNIVERSITY OR PRIVATE SECONDARY SCHOOL APPROVED BY EDUCAP INC. FOR THE LOAN PROGRAM UNDER WHICH THE APPLICATION IS BEING MADE.THE BORROWER OR COSIGNER MUST:BE CREDIT WORTHY AND BE A U.S. CITIZEN OR PERMANENT RESIDENT ALIEN OR HAVE A CREDITWORTHY COSIGNER WHO IS A U.S. CITIZEN OR PERMANENT RESIDENT ALIEN.BE 18 YEARS OF AGE OR OLDER AT THE TIME OF APPLICATION (19 IN ALABAMA AND NEBRASKA, 21 IN MISSISSIPPI AND PUERTO RICO).HAVE NO ADVERSE PUBLIC RECORDS (E.G., COLLECTIONS, TAX LIENS, ETC.) ON THEIR CREDIT REPORTS.HAVE AN ACCEPTABLE BANKRUPTCY SCORE ASSIGNED BY A CREDIT REPORTING AGENCY.HAVE AN ACCEPTABLE CREDIT SCORE (AS DETERMINED BY EDUCAP INC.'S CREDIT SCORING MODEL) FOR THE LOAN PROGRAM UNDER WHICH THE APPLICATION IS BEING MADE.HAVE NEVER DEFAULTED ON A STUDENT LOAN.SUBMIT INCOME VERIFICATION DOCUMENTS.MAXIMUM LOAN AMOUNTS ARE BASED ON:SCHOOL COSTSINCOME AND DEBT TO INCOME RATIO

    Expenses $8,903,579 · Revenue $965,487

  • TO MAKE GRANTS TO OTHER 501(C)(3) ORGANIZATIONS IN FURTHERANCE OF ITS MISSION, FOCUSED UPON FOSTERING AN EDUCATED CITIZENRY THROUGH SUPPORT OF EDUCATION, THE ARTS, RESEARCH AND A VARIETY OF OTHER CHARITABLE AND EDUCATIONAL ACTIVITIES.DURING ITS FISCAL YEAR ENDING SEPTEMBER 30, 2023, THE ORGANIZATION HAS MADE GRANTS TOTALING $1,790,020 AND HAS PAID OUT $2,490,000 IN CASH CONTRIBUTIONS TO 8 DIFFERENT CHARITABLE ORGANIZATIONS EXEMPT FROM FEDERAL INCOME TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.

    Expenses $1,790,020 · Grants $1,790,020

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Catherine Reynolds

    CHAIRMAN OF THE BOARD & CE

    Total calculated
    $855,800
    From this org
    $802,748
    From related orgs
    $0
    Other
    $53,052
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $604,824
    Bonus
    $180,000
    Other
    $17,924
    Deferred
    $27,000
    Nontaxable benefits
    $26,052
    Filer's total
    $855,800

  • Wayne Reynolds

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Joseph Ralston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Stephen Glover

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Margery Kraus

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Matthew Murray Cfo Until 21623

    TREASURER

    Total calculated
    $529,142
    From this org
    $471,476
    From related orgs
    $0
    Other
    $57,666
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $312,510
    Bonus
    $140,000
    Other
    $18,966
    Deferred
    $15,625
    Nontaxable benefits
    $42,041
    Filer's total
    $529,142

  • Steve Cady

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Patricia Jeavons Until 21623

    CONTROLLER

    Total calculated
    $236,055
    From this org
    $200,369
    From related orgs
    $0
    Other
    $35,686
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,600
    Bonus
    $17,500
    Other
    $2,269
    Deferred
    $9,030
    Nontaxable benefits
    $26,656
    Filer's total
    $236,055

  • Marcus Maiorca Until 21623

    VICE PRESIDENT OF PORTFOLI

    Total calculated
    $202,922
    From this org
    $167,318
    From related orgs
    $0
    Other
    $35,604
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,722
    Bonus
    $12,000
    Other
    $596
    Deferred
    $7,736
    Nontaxable benefits
    $27,868
    Filer's total
    $202,922

  • Vanessa Moore

    EXECUTIVE ASSISTANT TO CHA

    Total calculated
    $173,379
    From this org
    $151,659
    From related orgs
    $0
    Other
    $21,720
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,358
    Bonus
    $5,000
    Other
    $301
    Deferred
    $7,318
    Nontaxable benefits
    $14,402
    Filer's total
    $173,379

  • Ethel Terrado-Lowe

    DIRECTOR OF NEW MEDIA & DE

    Total calculated
    $178,613
    From this org
    $170,263
    From related orgs
    $0
    Other
    $8,350
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,437
    Bonus
    $7,500
    Other
    $326
    Deferred
    $8,122
    Nontaxable benefits
    $228
    Filer's total
    $178,613

  • Zabrina Shepherd Until 21623

    DIRECTOR, LEGAL

    Total calculated
    $138,375
    From this org
    $118,560
    From related orgs
    $0
    Other
    $19,815
    Hours/week
    40

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

  • 1a · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
THE ORGANIZATION PROVIDES FIRST CLASS TRAVEL FOR ITS SENIOR EXECUTIVES WHEN APPROPRIATE PURSUANT TO THE ORGANIZATION'S TRAVEL POLICY.

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

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.

  • L2L EDUCATION LOAN TRUST 2006-1

    FINANCING THE PURCHASE OF STUDENT LOANS · VA · income $718,466 · assets $0

    Directly controlled by SOUTHWOOD FINANCIAL LLC

  • L2L EDUCATION LOAN FUNDING LLC

    FINANCING THE PURCHASE OF STUDENT LOANS · VA · assets $0

    Directly controlled by SOUTHWOOD FINANCIAL LLC

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • SOUTHWOOD FINANCIAL LLC

    $4,500,000

    Disposition · PORTFOLIO OF EDUCATIONAL LOANS · Feb 16, 2023 · LLC

Provenance

Return type
form_990
Tax year
2022
Filed
12 August 2024
IRS schema version
2022v5.0
Source object
202412279349303766

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.