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← RINGS VS RENT SCHOLARSHIP FOUNDATION

Form 990 for tax year 2024

Filed by RINGS VS RENT SCHOLARSHIP FOUNDATION.

Totals

Total revenue
$536,821
Total expenses
$415,603
Contributions and grants received
$536,821
Grants paid
$1,105
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$106,363
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$106,363
Program services expenses (Part IX)
$377,134
Management and general expenses
$38,469
Fundraising expenses
$0
Program service expenses (Part III)
$377,134

Program services were 90.7% 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)

    $518,023

  • 1f · All other contributions, gifts and grants

    $18,798

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $105 · program services $105

  • 2 · Grants to domestic individuals

    total $1,000 · program services $1,000

  • 7 · Other salaries and wages

    total $142,106 · program services $127,895 · management and general $14,211

  • 10 · Payroll taxes

    total $2,516 · program services $2,264 · management and general $252

  • 11g · Fees: other

    total $23,673 · program services $23,118 · management and general $555

  • 12 · Advertising and promotion

    total $4,990 · program services $4,990

  • 13 · Office expenses

    total $95,194 · program services $85,675 · management and general $9,519

  • 16 · Occupancy

    total $6,300 · program services $6,300

  • 17 · Travel

    total $398 · program services $398

  • 24a · Other expenses: SUPPLIES

    total $139,013 · program services $125,112 · management and general $13,901

  • 24b · Other expenses: REPAIRS & MAINTENANCE

    total $308 · program services $277 · management and general $31

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $88,043

  • 4 · Accounts receivable

    end of year $18,320

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,855

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year -$14,855 · end of year $106,363

Mission and programs · 2024

Mission

RINGS VS RENT SCHOLARSHIP FOUNDATION SEEKS TO PROVIDE PROACTIVE AND INCREASED ATTENTION TO THE TIMELINESS AND ACCESS TO COLLEGE AND CAREER READINESS OPPORTUNITIES FOR STUDENTS THAT WILL COUNTER THE ASPECTS OF VIOLENCE IN LOW-INCOME COMMUNITIES. RINGS VS RENT SCHOLARSHIP FOUNDATION AIMS TO ACCOMPLISH THIS THROUGH A VARIETY OF PROGRAMS IN EDUCATION, RECREATION, AND COMMUNITY OUTREACH.

Activities or mission (Part I)

RINGS VS RENT SCHOLARSHIP FOUNDATION SEEKS TO PROVIDE PROACTIVE AND INCREASED ATTENTION TO THE TIMELINESS AND ACCESS TO COLLEGE AND CAREER READINESS OPPORTUNITIES FOR STUDENTS THAT WILL COUNTER THE ASPECTS OF VIOLENCE IN LOW-INCOME COMMUNITIES.

  • RINGS VS RENT SCHOLARSHIP FOUNDATION OPERATES AFTER-SCHOOL PROGRAMS AT MARTIN LUTHER KING JR. MIDDLE SCHOOL IN RICHMOND, VA FOR THE BENEFIT OF THE YOUTH. IN THESE PROGRAMS, STUDENTS ARE TAUGHT BASIC LIFE SKILLS THAT INCLUDE TIME MANAGEMENT, ANGER MANAGEMENT, COLLEGE, AND CAREER READINESS, AND SELF-CARE, WHICH HAVE HAD AN AMAZING IMPACT ON THE STUDENT POPULATION, TEACHERS, STAFF, AND PARENTS OF STUDENTS. THESE PROGRAMS EXIST TO COMBAT VIOLENCE IN THE LOW-INCOME COMMUNITIES IN WHICH THE STUDENTS OF MARTIN LUTHER KING JR. MIDDLE SCHOOL RESIDE.

    Expenses $377,134 · Grants $1,105 · Revenue $536,821

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

Listed in Part VII

  • Michael L Bailey

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

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
2024
Filed
21 July 2025
IRS schema version
2024v5.2
Source object
202542059349301584

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