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Nonprofiteer
← SCHOLARSHIP AMERICA INC

Form 990 for tax year 2023

Filed by SCHOLARSHIP AMERICA INC.

Totals

Total revenue
$40,074,677
Total expenses
$27,906,725
Contributions and grants received
$29,457,855
Grants paid
$24,307,415
Program service revenue
$0
Investment income
$8,044,472
Other revenue
$2,572,350
Total assets, end of year
$253,059,625
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$253,059,625
Program services expenses (Part IX)
$24,964,449
Management and general expenses
$2,506,249
Fundraising expenses
$436,027
Program service expenses (Part III)
$24,964,449

Program services were 89.5% 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.

  • 1c · Fundraising events

    $158,112

  • 1f · All other contributions, gifts and grants

    $29,299,743

  • 3 · Investment income

    total $6,316,420 · excluded $6,316,420

  • 7a · Gross sales of assets other than inventory

    securities $1,728,052

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

    securities $0

  • 7c · Gain or loss

    securities $1,728,052

  • 7d · Net gain or loss

    total $1,728,052 · excluded $1,728,052

  • 8a · Fundraising events: gross income

    $3,087,338

  • 8a · Fundraising events: contributions included on line 1c

    $158,112

  • 8b · Fundraising events: direct expenses

    $608,152

  • 8c · Net income from fundraising events

    total $2,479,186 · excluded $2,479,186

  • 9a · Gaming: gross income

    $3,189,083

  • 9b · Gaming: direct expenses

    $3,095,919

  • 9c · Net income from gaming

    total $93,164 · excluded $93,164

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,031,227 · program services $1,031,227

  • 2 · Grants to domestic individuals

    total $23,276,188 · program services $23,276,188

  • 11e · Fees: professional fundraising services

    total $21,750 · fundraising $21,750

  • 24a · Other expenses: ADMINISTRATION EXPENSE

    total $2,506,249 · management and general $2,506,249

  • 24b · Other expenses: ACADEMIC EXPENSE

    total $657,034 · program services $657,034

  • 24c · Other expenses: FUNDRAISING EXPENSE

    total $414,277 · fundraising $414,277

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $62,357,028 · end of year $89,603,494

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

    $1,649,037

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $1,714,346 · end of year $1,649,037

  • 11 · Investments: publicly traded securities

    beginning of year $165,632,121 · end of year $161,807,094

  • 27 · Net assets without donor restrictions

    beginning of year $79,201,908 · end of year $90,884,891

  • 28 · Net assets with donor restrictions

    beginning of year $150,501,587 · end of year $162,174,734

Mission and programs · 2023

Mission

(SEE SCHEDULE O)THE MISSION OF SCHOLARSHIP AMERICA IS TO ELIMINATE BARRIERS TO EDUCATIONAL SUCCESS SO THAT ANY STUDENT CAN PURSUE THEIR DREAM. SINCE ITS INCEPTION IN 1961, SCHOLARSHIP AMERICA HAS DISTRIBUTED OVER $5.1 BILLION IN SCHOLARSHIPS, MAKING SCHOLARSHIP AMERICA THE LARGEST AND MOST EXPERIENCED PROVIDER OF PRIVATE SCHOLARSHIPS IN THE COUNTRY. SCHOLARSHIP AMERICA DOLLARS FOR SCHOLARS AFFILIATES ARE A NATIONAL NETWORK OF COMMUNITY-BASED, VOLUNTEER-OPERATED SCHOLARSHIP FOUNDATIONS IN CITIES, TOWNS, AND NEIGHBORHOODS THROUGHOUT THE UNITED STATES OF AMERICA. THE AFFILIATES PROVIDE AN EFFECTIVE WAY FOR COMMUNITIES TO WORK TOGETHER ON A LOCAL LEVEL TO PROVIDE FINANCIAL SUPPORT THROUGH SCHOLARSHIPS, AS WELL AS ACADEMIC SUPPORT, AND THEREBY ASSIST LOCAL STUDENTS IN ACHIEVING THEIR EDUCATIONAL GOALS.SCHOLARSHIP AMERICA AFFILIATED DOLLARS FOR SCHOLARS AFFILIATES SERVE AS LEADERS, RESOURCES, AND ADVOCATES FOR IMPROVING ACCESS TO POSTSECONDARY EDUCATION.

Activities or mission (Part I)

THE MISSION OF SCHOLARSHIP AMERICA IS TO ELIMINATE BARRIERS TO EDUCATIONAL SUCCESS SO THAT ANY STUDENT CAN PURSUE THEIR DREAM.

  • SCHOLARSHIP AMERICA DOLLARS FOR SCHOLARS AFFILIATES ARE A NATIONAL NETWORK OF COMMUNITY-BASED, VOLUNTEER-OPERATED SCHOLARSHIP FOUNDATIONS IN CITIES, TOWNS, AND NEIGHBORHOODS THROUGHOUT THE UNITED STATES OF AMERICA. THE AFFILIATES PROVIDE AN EFFECTIVE WAY FOR COMMUNITIES TO WORK TOGETHER ON A LOCAL LEVEL TO PROVIDE FINANCIAL SUPPORT THROUGH SCHOLARSHIPS, AS WELL AS ACADEMIC SUPPORT, AND THEREBY ASSIST LOCAL STUDENTS IN ACHIEVING THEIR EDUCATIONAL GOALS.IN 2023 THERE WERE 403 AFFILIATES OPERATING IN 30 STATES AND THE DISTRICT OF COLUMBIA. OVER 8,900 VOLUNTEERS STAFF THEIR EFFORTS. THE VOLUNTEERS ARE GIVEN TRAINING TO RAISE SCHOLARSHIP MONEY, AS WELL AS PROVIDE ACADEMIC SUPPORT TO LOCAL STUDENTS. LAST YEAR, DOLLARS FOR SCHOLARS RAISED NEARLY $43.8 MILLION FOR CURRENT AND ENDOWED SCHOLARSHIPS; THEY AWARDED NEARLY $23.3 MILLION WITH THE BALANCE GOING TO ENDOWMENTS AND FUTURE SCHOLARSHIPS. SCHOLARSHIPS WERE GIVEN TO MORE THAN 15,900 STUDENTS.SINCE ITS INCEPTION IN 1961, SCHOLARSHIP AMERICA'S DOLLARS FOR SCHOLARS AFFILIATES HAVE DISTRIBUTED OVER $811.4 MILLION TO 943,051 STUDENTS. DOLLARS FOR SCHOLARS AFFILIATES NOT ONLY PROVIDE FINANCIAL SUPPORT, THEY ALSO PROVIDE ACADEMIC SUPPORT TO STUDENTS IN ORDER TO PREPARE THEM FOR POSTSECONDARY EDUCATION. ACADEMIC SUPPORT PROGRAMS INCLUDE DOLLARS FOR SCHOLARS VOLUNTEERS WHO ASSIST IN SCHOOLS, WHO MENTOR STUDENTS, WHO PROVIDE CAREER PLANNING AND WHO ASSIST STUDENTS EVALUATE THEIR COLLEGE AND VOCATIONAL SCHOOL OPPORTUNITIES. THESE SERVICES COMBINED WITH FUNDS MEAN ACCESS FOR MORE STUDENTS, WHO ARE BETTER ABLE TO BENEFIT FROM THE OPPORTUNITIES AVAILABLE TO THEM, AND WHO ARE AWARE OF WHAT THOSE OPPORTUNITIES CAN BE.

    Expenses $24,964,449 · Grants $24,307,415

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

Listed in Part VII

  • See

    SCHEDULE O

    Total calculated
    $0
    Hours/week
    0

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

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

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.

  • BLACKDUCK INDEPENDENT SCHOOL DISTRICT 32

    $27,552

    Liquidation · CASH: BLACKDUCK DOLLARS FOR SCHOLARS · Dec 30, 2023 · GOVERNMENT AGENCY

  • RHODE ISLAND COMMUNITY FDN

    $249,632

    Liquidation · CASH: HOPE HIGH DOLLARS FOR SCHOLARS · Dec 31, 2023 · 501(C)(3)

  • SUNNYSIDE FOUNDATION DOLLARS FOR SCHOLARS

    $66,360

    Liquidation · CASH: SUNNYSIDE DISTRICT ALUMNI ASSOCIATION DOLLARS FOR SCHOLARS · Nov 16, 2023 · 501(C)(3)

  • NORTH DAKOTA COMMUNITY FOUNDATION

    $280,000

    Liquidation · CASH: UNITY-DAKOTA PRAIRIE DOLLARS FOR SCHOLARS · Dec 18, 2023 · 501(C)(3)

Provenance

Return type
form_990
Tax year
2023
Filed
4 September 2024
IRS schema version
2023v5.1
Source object
202422489349301492

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

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