← GREAT ASPIRATIONS SCHOLARSHIP PROGRAM INC

Form 990 for tax year 2023

Filed by GREAT ASPIRATIONS SCHOLARSHIP PROGRAM INC.

Totals

Total revenue: $2,650,977
Total expenses: $2,234,174
Contributions and grants received: $1,835,494
Grants paid: $700,171
Program service revenue: $441,250
Investment income: $25,997
Other revenue: $348,236
Total assets, end of year: $8,059,909
Total liabilities, end of year: $2,892,409
Net assets or fund balances, end of year: $5,167,500
Program services expenses (Part IX): $1,827,947
Management and general expenses: $329,500
Fundraising expenses: $76,727
Program service expenses (Part III): $1,827,947

Program services were 81.8% 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

$1,857
1e · Government grants (contributions)

$756,000
1f · All other contributions, gifts and grants

$1,077,637
1g · Noncash contributions included above

$1,863
2a · Program service revenue: Education Improvement

total $263,500 · related or exempt $263,500
2b · Program service revenue: SOAR Virginia 529

total $102,000 · related or exempt $102,000
2c · Program service revenue: Public School Advisor

total $71,550 · related or exempt $71,550
2d · Program service revenue: Fees Earned Scholarshi

total $4,200 · related or exempt $4,200
3 · Investment income

total $25,997 · related or exempt $25,997
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$1,857
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0
11a · Other revenue: Increase in fair value

total $348,236 · related or exempt $348,236
11e · Other revenue, total

$348,236

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $700,171 · program services $700,171
5 · Compensation of officers, directors and key employees

total $1,064,053 · program services $714,701 · management and general $285,509 · fundraising $63,843
9 · Other employee benefits

total $69,583 · program services $69,583
10 · Payroll taxes

total $77,634 · program services $51,768 · management and general $20,831 · fundraising $5,035
11c · Fees: accounting

total $31,325 · program services $23,494 · management and general $7,831
11e · Fees: professional fundraising services

total $7,849 · fundraising $7,849
13 · Office expenses

total $13,854 · program services $13,854
16 · Occupancy

total $41,829 · program services $31,372 · management and general $10,457
20 · Interest

total $1,375 · program services $1,031 · management and general $344
22 · Depreciation, depletion and amortization

total $7,914 · program services $7,914
23 · Insurance

total $6,300 · program services $4,725 · management and general $1,575
24a · Other expenses: Training expenses

total $49,109 · program services $49,109
24b · Other expenses: Mileage reimbursement

total $43,271 · program services $43,271
24c · Other expenses: Program expense

total $41,191 · program services $41,191
24d · Other expenses: Computer database servi

total $39,850 · program services $39,850
24e · All other expenses

total $38,866 · program services $35,913 · management and general $2,953

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $342,168 · end of year $418,300
2 · Savings and temporary cash investments

beginning of year $237,436 · end of year $1,834,442
3 · Pledges and grants receivable

beginning of year $9,900 · end of year $12,400
10a · Land, buildings and equipment: cost or other basis

$55,505
10b · Land, buildings and equipment: accumulated depreciation

$39,501
10c · Land, buildings and equipment, net

beginning of year $18,464 · end of year $16,004
13 · Investments: program-related

beginning of year $4,216,850 · end of year $5,658,087
15 · Other assets

beginning of year $163,200 · end of year $120,676
17 · Accounts payable and accrued expenses

beginning of year $5,566 · end of year $5,449
25 · Other liabilities

beginning of year $231,755 · end of year $2,886,960
27 · Net assets without donor restrictions

beginning of year $4,540,994 · end of year $4,728,718
28 · Net assets with donor restrictions

beginning of year $209,703 · end of year $438,782

Mission and programs · 2023

Mission

GRASP's mission is to help all students and their families, with a focus on financially disadvantaged households, by: giving inspiration and hope that their goals are attainable; assisting them with the financial aid process and awarding scholarships; and supporting them in the attainment of their post-secondary goals at the lowest possible cost. GRASP is the only organization in the regions we serve that is primarily focused on assisting students with the postsecondary financial aid process and scholarship searching for all students. Financial aid is critical to increasing college access and success and is most effective when students and families learn about it early enough to make informed choices and plans. GRASP fills a substantial gap in the college access and success pipeline and fulfills our mission to ensure that every student has an equal opportunity for continuing education after high school through a balanced continuum of services.

Activities or mission (Part I)

To provide resources to students and families in need to access financial aid, scholarships, private financial support and counseling to encourage and maximize each student's educational opportunities. GRASP's focus is on increasing college, technical school, and workforce credential access and graduation rates, particularly among families without sufficient financial resources to accomplish this without GRASP's guidance and financial assistance.GRASP anticipates continuing to take advantage of the Virginia Neighborhood Assistance Tax Credit Program ("NAP") and Education Improvement Scholarship Program ("EISP"). The NAP and EISP programs provide significant tax incentives to Virginia private and business donors who support scholarships and other tuition assistance programs as defined further in Item III, 4(c).

GRASP is a non-profit organization specializing with helping students and their families, regardless of financial resources, to develop an educational plan for post secondary education. GRASP's professional financial aid advisors work in high schools and private settings, without charge to students and families, to assist with overcoming financial and motivational challenges to the goal of higher education.

Expenses $1,090,437 · Revenue $449,983
Unique among many college access and success programs, GRASP operates several scholarship programs, including at least one scholarship for every school it serves. Students have the option to use these scholarships for 2-year, 4-year, and trade schools.

Expenses $390,770 · Grants $390,770 · Revenue $102,000
GRASP anticipates continuing to take advantage of the Virginia Neighborhood Assistance Tax Credit Program ("NAP") and Education Improvement Scholarship Program ("EISP"). The NAP and EISP programs provide significant tax incentives to Virginia private and business donors who support scholarships and other tuition assistance programs of (1) students and families of low to modest financial means and (2) provide scholastic assistance in developing post - secondary academic and vocational plans for children with one or more disabilities as defined under the federal IDEA legislation. The NAP program requires that more than 50% of GRASP tax credit derived revenues are used for education services in support of students and families with income at or below 300% of the recognized poverty level of income or 400% of the recognized poverty level for students with disabilities. The EISP Program, a scholarship program for students in K-12 who wish to attend a private school, requires that at least 90% of tax credit generated revenues under this program be paid out in scholarships for students at or below 300% of poverty, or in the case of students with disabilities, 400% of poverty by the end of the following fiscal year end. The GRASP Board has directed that preference be given to scholarships for students with disabilities attending private schools with specialized disability services under the EISP Program.

Expenses $247,401 · Grants $247,401 · Revenue $376,338
In 2024, GRASP launched the Pathways Scholarship Program, a new 4-year pilot initiative designed to help Richmond, Virginia's youth overcome the barriers that too often prevent them from reaching their full potential. Many young people in Richmond face significant but surmountable challenges as they transition from high school to postsecondary education. To address these barriers, the Pathways program will offer opportunities to explore postsecondary options, educate youth regarding setting and achieving long-term goals, and support youth to apply for financial aid and community college. In addition, participants will receive a scholarship and a monthly stipend to cover basic living needs for up to three years while attending community college. This program is a critical resource for keeping Richmond Public School students at risk of dropping out engaged and supported. Initial funding from the City of Richmond ensures that the program will be sustainable throughout its four-year pilot phase.

Expenses $99,339 · Grants $62,000 · Revenue $99,339

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

Listed in Part VII

Senator Walter A Stosch

Director, Former Chairman/

Total calculated

$0

Hours/week

5
Sarah H Scarbrough PhD

Director

Total calculated

$0

Hours/week

1
David W Didawick CPA

Director

Total calculated

$0

Hours/week

1
Kenneth M Dye

Chairman

Total calculated

$0

Hours/week

10
Judge Randolph A Beales

Director

Total calculated

$0

Hours/week

1
Levar M Stoney

Director

Total calculated

$0

Hours/week

1
Paula F Robinson MPA

Vice Chairman

Total calculated

$0

Hours/week

1
Gary R Thomson

Treasurer

Total calculated

$0

Hours/week

1
Richard D Adams

Director

Total calculated

$0

Hours/week

1
Charmica Epps Harris

Director

Total calculated

$0

Hours/week

1
Lorraine Justice PhD

Director

Total calculated

$0

Hours/week

1
Ebony A Lambert PhD

Director

Total calculated

$0

Hours/week

1
Van C Wilson EdD

Director

Total calculated

$0

Hours/week

1
Kristin Carleton AAMS

Director

Total calculated

$0

Hours/week

1
Juan Espinoza

Director

Total calculated

$0

Hours/week

1
Delegate J William Morefield

Director

Total calculated

$0

Hours/week

1
Kelli Parker

Director

Total calculated

$0

Hours/week

1
Sue Ann SAM Messmer

Director

Total calculated

$0

Hours/week

1
Charles R Duvall Jr

Director

Total calculated

$0

Hours/week

1
Todd D Martin

President and CEO

Total calculated

$147,725

From this org

$147,725

From related orgs

$0

Other

$0

Hours/week

40
Patricia Y Gordon

Chief Financial Officer

Total calculated

$55,061

From this org

$55,061

From related orgs

$0

Other

$0

Hours/week

30
Anne Michie

Chief Compliance Officer

Total calculated

$88,440

From this org

$88,440

From related orgs

$0

Other

$0

Hours/week

40

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.

Schedule J

Answered yes

2 · Substantiation required before reimbursing expenses
3 · Compensation committee

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: Compensation of the Chief Executive Officer is subject to review and approval by the Executive Committee of the Board of Directors on an annual basis.

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.

Provenance

Return type: form_990
Tax year: 2023
Filed: 21 January 2025
IRS schema version: 2023v6.0
Source object: 202510339349300101

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

The source document this was parsed from is served over the API, which is where bulk and document access live.