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Nonprofiteer
← CHILDREN SCHOLARSHIP FUND PHILADELPHIA

Form 990 for tax year 2023

Filed by CHILDREN SCHOLARSHIP FUND PHILADELPHIA.

Totals

Total revenue
$16,112,860
Total expenses
$15,631,393
Contributions and grants received
$15,329,618
Grants paid
$12,792,423
Program service revenue
$189,415
Investment income
$593,827
Other revenue
$0
Total assets, end of year
$27,641,671
Total liabilities, end of year
$1,247,762
Net assets or fund balances, end of year
$26,393,909
Program services expenses (Part IX)
$14,410,391
Management and general expenses
$654,975
Fundraising expenses
$566,027
Program service expenses (Part III)
$14,410,391

Program services were 92.2% 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

    $15,329,618

  • 1g · Noncash contributions included above

    $125,633

  • 2a · Program service revenue: SCHOLARSHIP ADMIN SERVICES

    total $189,415 · related or exempt $189,415

  • 3 · Investment income

    total $489,523 · excluded $489,523

  • 7a · Gross sales of assets other than inventory

    securities $6,964,155

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

    securities $6,859,851

  • 7c · Gain or loss

    securities $104,304

  • 7d · Net gain or loss

    total $104,304 · excluded $104,304

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $13,500 · program services $13,500

  • 2 · Grants to domestic individuals

    total $12,778,923 · program services $12,778,923

  • 5 · Compensation of officers, directors and key employees

    total $212,016 · program services $63,604 · management and general $74,206 · fundraising $74,206

  • 7 · Other salaries and wages

    total $1,184,979 · program services $844,180 · management and general $186,390 · fundraising $154,409

  • 9 · Other employee benefits

    total $130,385 · program services $87,224 · management and general $23,154 · fundraising $20,007

  • 10 · Payroll taxes

    total $119,079 · program services $77,574 · management and general $22,122 · fundraising $19,383

  • 11b · Fees: legal

    total $12,329 · management and general $12,329

  • 11c · Fees: accounting

    total $52,946 · management and general $52,946

  • 11e · Fees: professional fundraising services

    total $116,175 · fundraising $116,175

  • 11f · Fees: investment management

    total $36,161 · management and general $36,161

  • 11g · Fees: other

    total $458,878 · program services $275,326 · management and general $91,776 · fundraising $91,776

  • 12 · Advertising and promotion

    total $100,285 · program services $68,548 · fundraising $31,737

  • 13 · Office expenses

    total $120,348 · program services $57,737 · management and general $45,555 · fundraising $17,056

  • 16 · Occupancy

    total $44,239 · program services $26,544 · management and general $17,695

  • 17 · Travel

    total $14,406 · program services $4,754 · management and general $2,449 · fundraising $7,203

  • 22 · Depreciation, depletion and amortization

    total $3,292 · management and general $3,292

  • 23 · Insurance

    total $6,424 · management and general $6,424

  • 24a · Other expenses: EVENTS AND PARTNERSHIPS

    total $71,162 · program services $43,241 · management and general $9,174 · fundraising $18,747

  • 24b · Other expenses: RECRUITING

    total $63,369 · program services $38,021 · management and general $12,674 · fundraising $12,674

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $37,736 · management and general $37,736

  • 24d · Other expenses: LEASE EXPENSE

    total $25,072 · program services $15,043 · management and general $10,029

  • 24e · All other expenses

    total $29,689 · program services $16,172 · management and general $10,863 · fundraising $2,654

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,138,573 · end of year $92,074

  • 2 · Savings and temporary cash investments

    beginning of year $9,701,543 · end of year $12,987,642

  • 3 · Pledges and grants receivable

    beginning of year $3,062,201 · end of year $1,932,181

  • 4 · Accounts receivable

    beginning of year $75,000 · end of year $80,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,114 · end of year $48,356

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

    $89,574

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

    $27,482

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $62,092

  • 11 · Investments: publicly traded securities

    beginning of year $11,019,763 · end of year $12,312,324

  • 15 · Other assets

    beginning of year $2,775 · end of year $127,002

  • 17 · Accounts payable and accrued expenses

    beginning of year $535,412 · end of year $596,379

  • 25 · Other liabilities

    beginning of year $554,776 · end of year $651,383

  • 27 · Net assets without donor restrictions

    beginning of year $1,201,884 · end of year $1,497,604

  • 28 · Net assets with donor restrictions

    beginning of year $23,721,897 · end of year $24,896,305

Mission and programs · 2023

Mission

WITH OVER 20 YEARS OF EXPERIENCE AND OVER 30,000 SCHOLARSHIPS AWARDED, CSFP PROVIDES PHILADELPHIA CHILDREN WITH EIGHT-YEAR, NEEDS-BASED SCHOLARSHIPS TO ATTEND SAFE, QUALITY, K-8TH GRADE SCHOOLS. CONTINUED ON SCHEDULE O.SUPPORTING UNDER-RESOURCED CHILDREN AND FAMILIES, UP TO 3 CHILDREN IN A FAMILY MAY RECEIVE A SCHOLARSHIP. STUDENTS ARE SELECTED FROM A RANDOM, NEEDS BASED LOTTERY.

Activities or mission (Part I)

TO PROVIDE UNDER-RESOURCED PHILADELPHIA FAMILIES WITH SCHOLARSHIPS TO QUALITY, SAFE SCHOOLS.

  • CHILDREN'S SCHOLARSHIP FUND PHILADELPHIA (CSFP) IS A PRIVATELY-FUNDED PROGRAM WHOSE MISSION IS TO PROVIDE CHILDREN FROM UNDER-RESOURCED PHILADELPHIA FAMILIES WITH FINANCIAL ACCESS TO QUALITY, SAFE, K-8TH GRADE, TUITION-BASED SCHOOLS, THEREBY INCREASING THEIR LONG-TERM ECONOMIC AND SOCIAL SUCCESS. CSFP GRANTS NEED-BASED, PARTIAL SCHOLARSHIPS THROUGH A RANDOM LOTTERY. CSFP CURRENTLY SERVES MORE THAN 6,200 CHILDREN ENROLLED AT OVER 150 PAROCHIAL AND PRIVATE SCHOOLS.CONTINUED ON SCHEDULE O.CSFP PROVIDES ADDITIONAL PROGRAMMING IN SERVICE TO SCHOLARSHIP RECIPIENTS CALLED CAMP CONNECTIONS, WHICH IS A SUMMER PROGRAM IN WHICH SCHOLARSHIP RECIPIENTS ARE INVITED TO ATTEND A WEEKLONG CAMP THROUGH PARTNERSHIPS WITH LOCAL UNIVERSITIES. THE PURPOSE OF CAMP CONNECTIONS IS TO COMBAT "SUMMER SLIDE", THE LOSS OF ACADEMIC PROGRESS OVER THE SUMMER BREAK FROM SCHOOL, BY PROVIDING AN ENRICHING AND FUN OPPORTUNITY FOR SCHOLARSHIP RECIPIENTS TO LEARN, GROW, AND BE CHALLENGED OUTSIDE OF THE TRADITIONAL SCHOOL ENVIRONMENT.CSFP HAS ALSO CREATED THE PROGRAM AMBASSADOR (PA) PROGRAM IN WHICH PARENTS/GUARDIANS OF SCHOLARSHIP RECIPIENTS SERVE AS A REPRESENTATIVE WITHIN THEIR CHILD'S SCHOOL, ACTING AS A KEY CONTACT FOR FAMILIES TO STRENGTHEN RELATIONSHIPS BETWEEN SCHOOLS, THE COMMUNITY, AND CSFP STAFF. PAS PARTICIPATE IN SCHOOL EVENTS ON BEHALF OF CSFP, COMMUNICATE WITH EXISTING FAMILIES ABOUT STUDENT VERIFICATION RECORDS, REGISTRATIONS, AND EVENTS, AND ENGAGE WITH PROSPECTIVE FAMILIES INTERESTED IN APPLYING FOR SCHOLARSHIPS. THEY ALSO COLLABORATE WITH SCHOOL ADMINISTRATORS TO SUPPORT SCHOLAR FAMILIES, REGULARLY CHECK AND RESPOND TO EMAILS FROM CSFP AND FAMILIES, AND ATTEND MANDATORY MEETINGS, INCLUDING ORIENTATION, MONTHLY CHECK-INS, AND A WINTER UPDATE MEETING.

    Expenses $14,410,391 · Grants $12,792,423 · Revenue $189,415

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Margaret Dinneny

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jeremy Ben-Zev

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Joseph Ferguson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Steve Kapp

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Patrick J Burke CPA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marc Bryant

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tamala Edwards

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bradley Fouss

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Judith Durkin Freyer CFA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lateefah Lucky

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Evie McNiff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rev Dr Lorina Marshall-Blake

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Leanne Clancy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marc S Richman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Robinson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cory O Hippler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jose Santiago

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Josh Barrickman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Talib Nadir Ellison

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Preston Hawkins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keisha Jordan

    PRESIDENT & CEO

    Total calculated
    $235,261
    From this org
    $205,515
    From related orgs
    $0
    Other
    $29,746
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,015
    Bonus
    $500
    Other
    $0
    Deferred
    $8,221
    Nontaxable benefits
    $21,525
    Filer's total
    $235,261

  • Julia Raiken

    CHIEF PROGRAM OFFICER

    Total calculated
    $178,612
    From this org
    $171,000
    From related orgs
    $0
    Other
    $7,612
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,000
    Bonus
    $1,000
    Other
    $0
    Deferred
    $6,840
    Nontaxable benefits
    $772
    Filer's total
    $178,612

  • Megan Sarah Staples

    VP OF DEVELOPMENT

    Total calculated
    $148,591
    From this org
    $136,120
    From related orgs
    $0
    Other
    $12,471
    Hours/week
    40

  • Derik Comalli

    SR. DIRECTOR OF OPERATIONS

    Total calculated
    $133,917
    From this org
    $122,900
    From related orgs
    $0
    Other
    $11,017
    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

  • 3 · Form 990 of other organizations
  • 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)

PART I, LINE 7
BONUSES ARE PROVIDED TO EXECUTIVES BASED UPON CRITERIA THAT ARE ASSOCIATED WITH PERSONAL PERFORMANCE-BASED RECOGNITION USING CUSTOMIZED PERFORMANCE GOALS. THE OVERALL PERFORMANCE OF THE ORGANIZATION AND ITS STRATEGIC GOALS ARE ALSO CONSIDERED WHEN DETERMINING BONUS ELIGIBILITY. THE EXECUTIVE COMMITTEE AND THE CEO DETERMINE BONUSES FOR EMPLOYEES WHILE THE EXECUTIVE COMMITTEE DETERMINES BONUS ELIGIBILITY FOR THE CEO AND APPROVES ANY BONUS TO BE AWARDED.

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

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202403179349300925

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