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Nonprofiteer
← INNER-CITY SCHOLARSHIP FUND INC

Form 990 for tax year 2024

Filed by INNER-CITY SCHOLARSHIP FUND INC.

Totals

Total revenue
$48,828,788
Total expenses
$28,805,291
Contributions and grants received
$40,084,746
Grants paid
$24,219,489
Program service revenue
$0
Investment income
$9,238,339
Other revenue
-$494,297
Total assets, end of year
$143,162,491
Total liabilities, end of year
$794,709
Net assets or fund balances, end of year
$142,367,782
Program services expenses (Part IX)
$24,762,032
Management and general expenses
$1,381,167
Fundraising expenses
$2,662,092
Program service expenses (Part III)
$24,762,032

Program services were 86.0% 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

    $3,420,239

  • 1f · All other contributions, gifts and grants

    $36,664,507

  • 3 · Investment income

    total $4,013,488 · excluded $4,013,488

  • 7a · Gross sales of assets other than inventory

    securities $43,421,871

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

    securities $38,197,020

  • 7c · Gain or loss

    securities $5,224,851

  • 7d · Net gain or loss

    total $5,224,851 · excluded $5,224,851

  • 8a · Fundraising events: gross income

    $352,289

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

    $3,420,239

  • 8b · Fundraising events: direct expenses

    $846,586

  • 8c · Net income from fundraising events

    total -$494,297 · excluded -$494,297

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $24,219,489 · program services $24,219,489

  • 7 · Other salaries and wages

    total $2,028,107 · program services $364,656 · management and general $519,181 · fundraising $1,144,270

  • 8 · Pension plan contributions

    total $221,207 · program services $52,434 · management and general $50,019 · fundraising $118,754

  • 9 · Other employee benefits

    total $280,143 · program services $38,409 · management and general $79,177 · fundraising $162,557

  • 10 · Payroll taxes

    total $139,997 · program services $23,606 · management and general $37,208 · fundraising $79,183

  • 11c · Fees: accounting

    total $94,735 · management and general $58,800 · fundraising $35,935

  • 11e · Fees: professional fundraising services

    total $827,550 · fundraising $827,550

  • 11f · Fees: investment management

    total $5,791 · management and general $5,791

  • 11g · Fees: other

    total $64,627 · program services $17,057 · management and general $47,570

  • 14 · Information technology

    total $199,404 · management and general $199,404

  • 16 · Occupancy

    total $146,313 · management and general $146,313

  • 22 · Depreciation, depletion and amortization

    total $10,135 · management and general $10,135

  • 24a · Other expenses: FOOD/GRATUITY/EVENTS/OT

    total $260,376 · fundraising $260,376

  • 24b · Other expenses: ANNUAL REPORT

    total $42,965 · management and general $42,965

  • 24c · Other expenses: ENRICHMENT PROGRAM

    total $38,522 · program services $38,522

  • 24d · Other expenses: EVENTS ALLOCATION

    total $33,467 · fundraising $33,467

  • 24e · All other expenses

    total $192,463 · program services $7,859 · management and general $184,604

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $14,774,546 · end of year $22,327,209

  • 3 · Pledges and grants receivable

    beginning of year $19,916,706 · end of year $26,059,495

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $30,406

  • 11 · Investments: publicly traded securities

    beginning of year $83,487,462 · end of year $93,056,156

  • 12 · Investments: other securities

    beginning of year $3,121,515 · end of year $1,719,631

  • 17 · Accounts payable and accrued expenses

    beginning of year $84,450 · end of year $88,064

  • 19 · Deferred revenue

    beginning of year $502,800 · end of year $681,750

  • 25 · Other liabilities

    beginning of year $640,847 · end of year $24,895

  • 27 · Net assets without donor restrictions

    beginning of year $12,319,757 · end of year $26,080,095

  • 28 · Net assets with donor restrictions

    beginning of year $107,782,781 · end of year $116,287,687

Mission and programs · 2024

Mission

INNER-CITY SCHOLARSHIP FUND (ICSF) ENSURES THAT THE GIFT OF AN EXCELLENT K-12 CATHOLIC SCHOOL EDUCATION IN THE ARCHDIOCESE OF NEW YORK CONTINUES TO BE A VIABE OPTION FOR BOTH CURRENT AND FUTURE STUDENTS OF ALL FAITHS. SEE SCHEDULE O.

Activities or mission (Part I)

PROVIDE CHILDREN WITH A QUALITY, VALUES-BASED K-12 CATHOLIC EDUCATION WITHIN THE ARCHDIOCESE OF NY.

  • INTERNALLY MANAGED SCHOLARSHIPS: NEEDS-BASED AWARDS MADE FOR STUDENTS IN ARCHDIOCESE OF NEW YORK CATHOLIC SCHOOLS.

    Expenses $17,389,003 · Grants $16,935,345

  • EXTERNALLY MANAGED SCHOLARSHIPS: GRANT PAYMENTS FOR SCHOLARSHIPS IN PARTNERSHIP WITH THE CHILDREN'S SCHOLARSHIP FUND, AND STUDENT SPONSOR PARTNERS.

    Expenses $7,162,144 · Grants $7,162,144

  • FINANCIAL AID GRANTS: FINANCIAL AID GRANTS FOR UNDER-SERVICED CATHOLIC SCHOOLS, AND DEPARTMENT OF EDUCATION OF THE ARCHDIOCESE OF NEW YORK. THESE GRANTS COULD BE FOR STUDENT SCHOLARSHIPS, ENRICHMENT, OPPORTUNITIES, AND CAPITAL REPAIRS OR GENERAL OPERATIONS.

    Expenses $210,885 · Grants $122,000

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Cardinal Timothy Dolan

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1
  • Peter T Grauer

    TRUSTEE/PRESIDENT

    Total calculated
    $0
    Hours/week
    1
  • John P Cahill

    TREASURER

    Total calculated
    $0
    Hours/week
    1
  • Sr Mary Grace Walsh

    SECRETARY

    Total calculated
    $0
    Hours/week
    1
  • Anthony J De Nicola

    TRUSTEE/VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1
  • Michael P Esposito III

    TRUSTEE/VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1
  • Catherine M Keating

    TRUSTEE/VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1
  • Rev Joseph P Lamorte

    VICAR GENERAL

    Total calculated
    $0
    Hours/week
    1
  • Thomas S Murphy Jr

    TRUSTEE/VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1
  • Douglas J Band

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Lawrence B Benenson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Margaret Crotty

    TRUSTEE (THRU 5/2025)

    Total calculated
    $0
    Hours/week
    1
  • Leon F Dejulius Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Samuel A Di Piazza Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Ana L Diez De Rivera-Laffont

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • John Q Doyle

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Robert Gittings

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Thomas H Golden

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Edward D Herlihy

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Donna Kalajian Lagani

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Arthur J Mahon

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Lynn C Martin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Michael E Martin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Timothy C Muccia

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • James M Naughton

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Ponchitta Pierce

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • L Christopher Quick

    TRUSTEE (START 7/23/25)

    Total calculated
    $0
    Hours/week
    1
  • Patricia A Quick

    TRUSTEE (THRU 5/2025)

    Total calculated
    $0
    Hours/week
    1
  • Thomas C Quick

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Thomas J Reid

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Mo Rocca

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Armando Rodriguez Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Stephen G Rooney Esq

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Frederic V Salerno

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Christine H Schwarzman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Melanie Shugart

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Martin J Sullivan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Walter S Tomenson III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Bishop Edmund J Whalen

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Jill Lloyd

    EXECUTIVE DIRECTOR

    Total calculated
    $301,316
    From this org
    $288,318
    From related orgs
    $0
    Other
    $12,998
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $287,157
    Bonus
    $0
    Other
    $1,161
    Deferred
    $0
    Nontaxable benefits
    $12,998
    Filer's total
    $301,316
  • Mary C Brown

    CHIEF OF FINANCE AND OPERATIONS

    Total calculated
    $193,455
    From this org
    $151,598
    From related orgs
    $0
    Other
    $41,857
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $150,753
    Bonus
    $0
    Other
    $845
    Deferred
    $0
    Nontaxable benefits
    $41,857
    Filer's total
    $193,455
  • James M Varay

    DATA AND OPS. ANALYST

    Total calculated
    $171,079
    From this org
    $158,082
    From related orgs
    $0
    Other
    $12,997
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $157,540
    Bonus
    $0
    Other
    $542
    Deferred
    $0
    Nontaxable benefits
    $12,997
    Filer's total
    $171,079
  • Alberto Robaina

    CHIEF OF STAFF, SPECIAL CO

    Total calculated
    $147,675
    From this org
    $147,361
    From related orgs
    $0
    Other
    $314
    Hours/week
    35
  • Kimberly Branach

    DIRECTOR OF DEVELOPMENT

    Total calculated
    $185,694
    From this org
    $143,838
    From related orgs
    $0
    Other
    $41,856
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $143,720
    Bonus
    $0
    Other
    $118
    Deferred
    $0
    Nontaxable benefits
    $41,856
    Filer's total
    $185,694

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

None.

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

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

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

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.

  • ARCHDIOCESE OF NEW YORK

    501(C)(3) · RELIGIOUS · NY

Provenance

Return type
form_990
Tax year
2024
Filed
15 July 2026
IRS schema version
2024v5.5
Source object
202611969349300021

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

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