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Nonprofiteer
← SCHOLARSHIP FOUNDATION OF INDIAN RIVER COUNTY INC

Form 990 for tax year 2023

Filed by SCHOLARSHIP FOUNDATION OF INDIAN RIVER COUNTY INC.

Totals

Total revenue
$1,744,803
Total expenses
$782,452
Contributions and grants received
$696,240
Grants paid
$559,072
Program service revenue
$0
Investment income
$1,058,662
Other revenue
-$10,099
Total assets, end of year
$13,100,551
Total liabilities, end of year
$151,694
Net assets or fund balances, end of year
$12,948,857
Program services expenses (Part IX)
$652,094
Management and general expenses
$69,116
Fundraising expenses
$61,242
Program service expenses (Part III)
$652,094

Program services were 83.3% 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

    $52,177

  • 1f · All other contributions, gifts and grants

    $644,063

  • 3 · Investment income

    total $359,409 · excluded $359,409

  • 7a · Gross sales of assets other than inventory

    securities $4,084,206

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

    securities $3,384,953

  • 7c · Gain or loss

    securities $699,253

  • 7d · Net gain or loss

    total $699,253 · related or exempt $699,253

  • 8a · Fundraising events: gross income

    $1,600

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

    $52,177

  • 8b · Fundraising events: direct expenses

    $11,699

  • 8c · Net income from fundraising events

    total -$10,099 · excluded -$10,099

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $559,072 · program services $559,072

  • 7 · Other salaries and wages

    total $92,750 · program services $51,013 · management and general $9,275 · fundraising $32,462

  • 9 · Other employee benefits

    total $9,685 · program services $5,327 · management and general $968 · fundraising $3,390

  • 10 · Payroll taxes

    total $7,595 · program services $4,177 · management and general $760 · fundraising $2,658

  • 11c · Fees: accounting

    total $7,400 · program services $4,070 · management and general $740 · fundraising $2,590

  • 11f · Fees: investment management

    total $49,302 · management and general $49,302

  • 12 · Advertising and promotion

    total $2,520 · program services $1,260 · fundraising $1,260

  • 13 · Office expenses

    total $9,638 · program services $3,215 · management and general $1,866 · fundraising $4,557

  • 14 · Information technology

    total $9,037 · program services $4,970 · management and general $904 · fundraising $3,163

  • 16 · Occupancy

    total $23,881 · program services $13,135 · management and general $2,388 · fundraising $8,358

  • 19 · Conferences, conventions and meetings

    total $1,446 · program services $1,446

  • 22 · Depreciation, depletion and amortization

    total $1,249 · program services $687 · management and general $125 · fundraising $437

  • 23 · Insurance

    total $2,111 · management and general $2,111

  • 24a · Other expenses: TELEPHONE

    total $5,947 · program services $3,271 · management and general $595 · fundraising $2,081

  • 24b · Other expenses: MISCELLANEOUS

    total $819 · program services $451 · management and general $82 · fundraising $286

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $828,442 · end of year $986,056

  • 2 · Savings and temporary cash investments

    beginning of year $676,022 · end of year $726,413

  • 3 · Pledges and grants receivable

    beginning of year $741,078 · end of year $456,882

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

    $28,855

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

    $22,896

  • 10c · Land, buildings and equipment, net

    beginning of year $3,123 · end of year $5,959

  • 11 · Investments: publicly traded securities

    beginning of year $9,353,926 · end of year $10,788,620

  • 15 · Other assets

    beginning of year $153,581 · end of year $136,621

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,197 · end of year $16,566

  • 25 · Other liabilities

    beginning of year $152,088 · end of year $135,128

  • 27 · Net assets without donor restrictions

    beginning of year $7,612,002 · end of year $8,951,093

  • 28 · Net assets with donor restrictions

    beginning of year $3,974,885 · end of year $3,997,764

Mission and programs · 2023

Mission

SCHOLARSHIP FOUNDATION OF IRC PROVIDES HOPE, ENCOURAGEMENT AND NEED-BASED SCHOLARSHIPS TO INDIAN RIVER COUNTY STUDENTS WITH THE DESIRE AND ABILITY TO SUCCEED IN POST-SECONDARY EDUCATION.

  • SCHOLARSHIP FOUNDATION AWARDS MULTI-YEAR SCHOLARSHIPS THAT ARE RENEWABLE IF RECIPIENTS MEET ACADEMIC AND PAPERWORK REQUIREMENTS. IN 2023, WE PAID 559,072 IN AWARDS, RANGING FROM 1,000 TO 7,500 TO 115 NEW AND RETURNING STUDENTS.WE MADE NEW AWARDS TOTALING 725,400 TO THE 37 RECIPIENTS IN THE CLASS OF 2023.

    Expenses $652,094 · Grants $559,072

As filed on the 2023 return.

Listed in Part VII

  • Jonathan Sternberg

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Scott Schwartz

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    5

  • Elizabeth Sorensen

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Ann Bixel Wald

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Susan Chenault

    PAST PRESIDE

    Total calculated
    $0
    Hours/week
    2

  • Joan Cook

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mary Johnston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Gaye Ludwig

    DIRECTOR

    Total calculated
    $0
    Hours/week
    20

  • Tyler Puttick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jonathan Schwiering

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Bobby Sexton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Meredith Maffett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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
2023
Filed
2 August 2024
IRS schema version
2023v5.0
Source object
202432159349300343

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