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Nonprofiteer
← MOYNIHAN SCHOLARSHIP FUND INC

Form 990 for tax year 2024

Filed by MOYNIHAN SCHOLARSHIP FUND INC.

Totals

Total revenue
$901,353
Total expenses
$165,944
Contributions and grants received
$119,414
Grants paid
$100,065
Program service revenue
$0
Investment income
$169,555
Other revenue
$612,384
Total assets, end of year
$3,222,342
Total liabilities, end of year
$2,915
Net assets or fund balances, end of year
$3,219,427
Program services expenses (Part IX)
$134,899
Management and general expenses
$28,424
Fundraising expenses
$2,621
Program service expenses (Part III)
$134,899

Program services were 81.3% 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

    $39,024

  • 1f · All other contributions, gifts and grants

    $80,390

  • 3 · Investment income

    total $75,742 · excluded $75,742

  • 7a · Gross sales of assets other than inventory

    securities $1,290,504

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

    securities $1,196,691

  • 7c · Gain or loss

    securities $93,813

  • 7d · Net gain or loss

    total $93,813 · excluded $93,813

  • 8a · Fundraising events: gross income

    $17,866

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

    $39,024

  • 8b · Fundraising events: direct expenses

    $27,807

  • 8c · Net income from fundraising events

    total -$9,941 · excluded -$9,941

  • 9a · Gaming: gross income

    $150

  • 9b · Gaming: direct expenses

    $75

  • 9c · Net income from gaming

    total $75 · excluded $75

  • 11a · Other revenue: FORGIVENESS OF DEBT

    total $622,250 · excluded $622,250

  • 11e · Other revenue, total

    $622,250

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $100,065 · program services $100,065

  • 11f · Fees: investment management

    total $28,142 · management and general $28,142

  • 11g · Fees: other

    total $5,533 · program services $5,533

  • 13 · Office expenses

    total $1,426 · program services $1,144 · management and general $282

  • 19 · Conferences, conventions and meetings

    total $25,008 · program services $25,008

  • 24a · Other expenses: CREDIT CARD FEES

    total $3,149 · program services $3,149

  • 24b · Other expenses: FUNDRAISING EXPENSES

    total $2,621 · fundraising $2,621

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $60,062 · end of year $83,242

  • 4 · Accounts receivable

    beginning of year $486 · end of year $757

  • 11 · Investments: publicly traded securities

    beginning of year $2,767,855 · end of year $2,908,060

  • 15 · Other assets

    beginning of year $0 · end of year $230,283

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,709 · end of year $2,665

  • 19 · Deferred revenue

    beginning of year $2,800 · end of year $250

  • 25 · Other liabilities

    beginning of year $433,467 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $2,230,477 · end of year $3,151,177

  • 28 · Net assets with donor restrictions

    beginning of year $156,950 · end of year $68,250

Mission and programs · 2024

Mission

THE MOYNIHAN SCHOLARSHIP FUND, INC. ("MSF") SUPPORTS THE EDUCATION AND DEVELOPMENT OF STUDENTS IN NEW YORK STATE AND FACILITATES THEIR EXPOSURE TO ACCOUNTING AND BUSINESS CAREERS.

Activities or mission (Part I)

THE MOYNIHAN SCHOLARSHIP FUND, INC. ("MSF") SUPPORTS THE EDUCATION AND DEVELOPMENT OF STUDENTS IN NEW YORK STATE AND FACILITATES THEIR EXPOSURE TO ACCOUNTING AND BUSINESS CAREERS. MSF OFFERS SCHOLARSHIPS FOR ACCOUNTING STUDENTS BASED ON FINANCIAL NEED AND ACADEMIC PERFORMANCE.

  • MSF'S EXCELLENCE IN ACCOUNTING SCHOLARSHIP OFFERS AN ANNUAL SCHOLARSHIP TO PROVIDE FINANCIAL ASSISTANCE TO QUALIFIED CANDIDATES WHO INTEND TO ENTER THE ACCOUNTING PROFESSION. MSF AWARDED 40 EXCELLENCE IN ACCOUNTING SCHOLARSHIPS TO COLLEGE STUDENTS IN THE 2024/2025 FISCAL YEAR. THE SCHOLARSHIPS AWARD AMOUNTS VARY, WITH A MAXIMUM AMOUNT OF $2,500 PER AWARD. TO BE ELIGIBLE, COLLEGE STUDENTS MUST BE ACCOUNTING MAJORS, HAVE COMPLETED A MINIMUM OF 60 CREDITS AND MAINTAIN A MINIMUM OF A 3.0 GRADE POINT AVERAGE. STUDENTS MUST ALSO HAVE FILED A FREE APPLICATION FOR FEDERAL STUDENT AID AND BE APPROVED FOR FINANCIAL AID. THE SCHOLARSHIPS ARE NON-RENEWABLE; RECIPIENTS AND CANDIDATES MUST APPLY ANNUALLY. A SCHOLARSHIP COMMITTEE REVIEWS APPLICATIONS AND DETERMINES AWARD RECIPIENTS.

    Expenses $101,072 · Grants $94,065

  • THE CAREER OPPORTUNITIES IN THE ACCOUNTING PROFESSION (COAP) PROGRAM IS A SUMMER PROGRAM HOSTED AT COLLEGE CAMPUSES ACROSS NEW YORK STATE AND FUNDED BY MSF. MSF PROVIDES SCHOLARSHIPS TO PARTICIPANTS OF THE COAP PROGRAM FOR THE PURSUIT OF HIGHER-EDUCATION DEGREES IN ACCOUNTING.THE COAP PROGRAM IS OPEN TO ALL, REGARDLESS OF RACE, COLOR, NATIONAL ORIGIN, OR SEX. RECRUITMENT FOCUSES ON GROUPS HISTORICALLY UNDERREPRESENTED IN THE ACCOUNTING PROFESSION. IT AIMS TO EXCITE AND INFORM STUDENT PARTICIPANTS ABOUT CAREERS IN ACCOUNTING AND PROVIDE OPPORTUNITIES TO INTERACT WITH SUCCESSFUL ROLE MODELS WHILE GAINING EXPOSURE TO THE CORPORATE ENVIRONMENT. THE FIRST COAP PROGRAM WAS OFFERED AT PACE UNIVERSITY IN 1987, AND PROGRAMS HAVE EXPANDED SIGNIFICANTLY WITH MORE THAN 97 STUDENTS PARTICIPATING AT VARIOUS COLLEGES ACCROSS THE STATE IN FISCAL YEAR 2024/25. SINCE THE PROGRAM'S INCEPTION OVER 4,469 STUDENTS HAVE GRADUATED FROM THE COAP PROGRAM. MANY OF THESE STUDENTS HAVE GONE ON TO PURSUE CAREERS IN ACCOUNTING OR BUSINESS. DURING THE PROGRAM, WHICH LASTS ONE TO FOUR DAYS, HIGH SCHOOL STUDENTS EXPERIENCE COLLEGE LIFE AND LEARN ABOUT THE ACCOUNTING PROFESSION THROUGH TRIPS TO LOCAL CPA FIRMS AND CORPORATE FINANCE DEPARTMENTS. THEY ALSO PARTICIPATE IN SPECIFICALLY DESIGNED WORKSHOPS AND CLASSES THAT TEACH THEM PERSONAL DEVELOPMENT, COMMUNICATION SKILLS, BUSINESS ETHICS, AND INTERVIEWING SKILLS. STUDENTS ARE ACCEPTED TO THE PROGRAM THROUGH AN APPLICATION PROCESS OVERSEEN BY THE NEW YORK STATE SOCIETY OF CPAS. MSF AWARDED 3 COAP SCHOLARSHIPS IN THE 2024/2025 FISCAL YEAR.

    Expenses $33,827 · Grants $6,000

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

Listed in Part VII

  • EDWARD N LEE CPA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KEVIN MATZ CPA ESQ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • LIREN WEI CPA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MICHAEL DURANT CPA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MICHAEL SANGREGORIO CPA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • NADIA MATTHIE CPA

    PRESIDENT-ELECT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • RUMBI PETROZELLO CPA

    PRESIDENT-ELECT

    Total calculated
    $0
    Hours/week
    1

  • TAYLOR BICKLEY CPA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM DRESNACK CPA

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1 + 7 related

  • AMY WILLIAMS

    CHIEF OPERATING OFFICER

    Total calculated
    $269,003
    From this org
    $0
    From related orgs
    $232,753
    Other
    $36,250
    Hours/week
    2.25 + 35.25 related

    Schedule J breakdown matched by us

    Base
    $0 + $231,801 related
    Bonus
    $0
    Other
    $0 + $952 related
    Deferred
    $0 + $19,149 related
    Nontaxable benefits
    $0 + $17,101 related
    Filer's total
    $0 + $269,003 related

  • CALVIN HARRIS JR CPA

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $479,042
    From this org
    $0
    From related orgs
    $412,473
    Other
    $66,569
    Hours/week
    3.4 + 34.1 related

    Schedule J breakdown matched by us

    Base
    $0 + $375,725 related
    Bonus
    $0 + $35,000 related
    Other
    $0 + $1,748 related
    Deferred
    $0 + $21,773 related
    Nontaxable benefits
    $0 + $44,796 related
    Filer's total
    $0 + $479,042 related

  • PATRICK PAYANO CPA

    CHIEF FINANCIAL OFFICER

    Total calculated
    $352,768
    From this org
    $0
    From related orgs
    $278,529
    Other
    $74,239
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $277,719 related
    Bonus
    $0
    Other
    $0 + $810 related
    Deferred
    $0 + $20,227 related
    Nontaxable benefits
    $0 + $54,012 related
    Filer's total
    $0 + $352,768 related

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

The filer's explanations (Part III)

PART I, LINE 3:
THE CEO'S COMPENSATION IS ESTABLISHED BY A RELATED ORGANIZATION, THE NEW YORK STATE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS (NYCPA). THE METHODS USED BY NYCPA TO DETERMINE COMPENSATION ARE: WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY, AND APPROVAL BY BOARD.

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

No itemized grants to organizations on this return.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
6 April 2026
IRS schema version
2024v5.5
Source object
202610989349300301

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