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← CORE SCHOLARS

Form 990 for tax year 2023

Filed by CORE SCHOLARS.

Totals

Total revenue
$247,336
Total expenses
$215,187
Contributions and grants received
$241,431
Grants paid
$30,000
Program service revenue
$0
Investment income
$1,359
Other revenue
$4,546
Total assets, end of year
$5,387,519
Total liabilities, end of year
$260,167
Net assets or fund balances, end of year
$5,127,352
Program services expenses (Part IX)
$165,964
Management and general expenses
$49,223
Fundraising expenses
$0
Program service expenses (Part III)
$165,964

Program services were 77.1% 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.

  • 1e · Government grants (contributions)

    $241,431

  • 3 · Investment income

    total $1,359 · excluded $1,359

  • 11a · Other revenue: INSURANCE INCOME

    total $4,546 · excluded $4,546

  • 11e · Other revenue, total

    $4,546

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $30,000 · program services $30,000

  • 5 · Compensation of officers, directors and key employees

    total $55,000 · program services $38,500 · management and general $16,500

  • 7 · Other salaries and wages

    total $69,643 · program services $59,196 · management and general $10,447

  • 9 · Other employee benefits

    total $543 · program services $462 · management and general $81

  • 10 · Payroll taxes

    total $6,376 · program services $5,420 · management and general $956

  • 11c · Fees: accounting

    total $11,300 · management and general $11,300

  • 11g · Fees: other

    total $13,505 · program services $11,479 · management and general $2,026

  • 12 · Advertising and promotion

    total $384 · program services $326 · management and general $58

  • 13 · Office expenses

    total $1,957 · program services $1,664 · management and general $293

  • 14 · Information technology

    total $7,811 · program services $6,639 · management and general $1,172

  • 16 · Occupancy

    total $14,168 · program services $12,043 · management and general $2,125

  • 17 · Travel

    total $247 · program services $210 · management and general $37

  • 20 · Interest

    total $30 · program services $25 · management and general $5

  • 23 · Insurance

    total $4,223 · management and general $4,223

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,288 · end of year $40,567

  • 4 · Accounts receivable

    beginning of year $741 · end of year $2,718

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

    $18,168

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

    $18,168

  • 13 · Investments: program-related

    beginning of year $4,926,235 · end of year $5,330,234

  • 15 · Other assets

    beginning of year $14,000 · end of year $14,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,458 · end of year $18,736

  • 24 · Unsecured notes and loans payable

    beginning of year $241,431 · end of year $241,431

  • 27 · Net assets without donor restrictions

    beginning of year -$234,860 · end of year $1,698,436

  • 28 · Net assets with donor restrictions

    beginning of year $4,926,235 · end of year $3,428,916

Mission and programs · 2023

Mission

PHILADELPHIA COLLEGE OPPORTUNITY RESOURCES FOR EDUCATION ("CORE") IS A NONPROFIT CORPORATION FOUNDED IN PHILADELPHIA, PA IN 2003. CORE WAS ORGANIZED TO PROVIDE PROMISE SCHOLARSHIPS AND COLLEGE PREP ASSISTANCE TO HIGH SCHOOL STUDENTS. CORE SCHOLARSHIPS ARE ONLY APPLICABLE TO STUDENTS WHO RESIDE IN PHILADELPHIA. CORE IS A NONPROFIT INITIATIVE DESIGNED TO UNITE COMMUNITIES AROUND THE GOAL OF ENSURING THAT ALL CHILDREN HAVE ACCESS TO COLLEGE. CORE'S PREMIER PROGRAM, THE CORE PROMISE SCHOLARSHIP, IS THE FIRST OF ITS KIND IN THE NATION TO OFFER ALL HIGH SCHOOL SENIORS - WHETHER FROM PUBLIC, PRIVATE CHARTER OR PAROCHIAL SYSTEMS - IN PHILADELPHIA A UNIQUE OPPORTUNITY TO ATTEND SELECT PENNSYLVANIA COLLEGES AND UNIVERSITIES. CORE ISSUES AWARDS BASED ON THE AMOUNT OF DOLLARS AVAILABLE FOR SCHOLARSHIPS. CORE IS PRIMARILY SUPPORTED BY A CHARITABLE TRUST AND GRANTS FROM FEDERAL ENTITIES.

Activities or mission (Part I)

COLLEGE OPPORTUNITY RESOURCES FOR EDUCATION (CORE) IS DEDICATED TO UNITING COMMUNITIES AROUND THE GOAL OF ENSURING THAT POSTSECONDARY EDUCATION IS AFFORDABLE AND ACCESSIBLE FOR ALL. CORE SCHOLARS IS THE FIRST SCHOLARSHIP OF ITS KIND TO FOCUS SPECIFICALLY ON HIGH SCHOOL SENIORS -WHETHER FROM THE PUBLIC, PRIVATE, CHARTER, OR PAROCHIAL SYSTEMS LIVING BELOW THE POVERTY LINE FOR AN INDIVIDUAL DEVELOPMENT ACCOUNT (IDA) SAVINGS PROGRAM. OVER THE PAST NINE YEARS, CORE HAS AWARDED OVER 25,669 PHILADELPHIA STUDENTS A TOTAL OF MORE THAN 30 MILLION DOLLARS. OF OUR ORIGINAL GROUP OF CORE SCHOLARS, 58% ULTIMATELY GRADUATED FROM COLLEGE OVER SIX YEARS.

  • SUCCESSFULLY PROVIDED COLLEGE SCHOLARSHIPS TO PHILADELPHIA RESIDENTS AT 2 AND 4 YEAR INSTITUTIONS AROUND THE USA, THROUGH 2 DIFFERENT SCHOLARSHIP PROGRAMS; THE PROMISE SCHOLARSHIP AND THE RISE SCHOLARSHIP. THE SCHOLARSHIP RECIPIENTS ARE AWARDED THE SCHOLARSHIP AMOUNT, WHICH IS PAID DIRECTLY TO THE INSTITUTION, ON THE STUDENTS' BEHALF. THE INSTITUTION THEN APPLIES THE SCHOLARSHIP TO THE STUDENTS' ACCOUNT BALANCE FOR THE SEMESTER THE SCHOLARSHIP IS FOR. NO SCHOLARSHIPS ARE GIVEN TO THE STUDENTS DIRECTLY; ALL MONIES ARE SENT TO THE INSTITUTIONS WHERE THE STUDENTS ARE ENROLLED.

    Expenses $68,500 · Grants $30,000

  • PROVIDED SCHOLARSHIPS FOR UNDER-SERVED YOUTH IN PHILADELPHIA AREA.

    Expenses $97,464

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

Listed in Part VII

  • Michael Tucker

    PRESIDENT

    Total calculated
    $0
    Hours/week
    4

  • John Lay

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Joseph T Foster Jr

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • William Jordan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2024
IRS schema version
2023v5.0
Source object
202411359349305286

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