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Nonprofiteer
← THE CENTRAL SCHOLARSHIP BUREAU INC

Form 990 for tax year 2023

Filed by THE CENTRAL SCHOLARSHIP BUREAU INC.

Totals

Total revenue
$1,613,952
Total expenses
$1,944,726
Contributions and grants received
$1,231,779
Grants paid
$743,758
Program service revenue
$10,000
Investment income
$363,936
Other revenue
$8,237
Total assets, end of year
$13,118,784
Total liabilities, end of year
$301,331
Net assets or fund balances, end of year
$12,817,453
Program services expenses (Part IX)
$1,480,538
Management and general expenses
$195,433
Fundraising expenses
$268,755
Program service expenses (Part III)
$1,480,538

Program services were 76.1% 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.

  • 1f · All other contributions, gifts and grants

    $1,231,779

  • 2a · Program service revenue: SCHOLARSHIP ADMIN FEE

    total $10,000 · related or exempt $10,000

  • 3 · Investment income

    total $291,757 · excluded $291,757

  • 7a · Gross sales of assets other than inventory

    securities $130,889

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

    securities $58,710

  • 7c · Gain or loss

    securities $72,179

  • 7d · Net gain or loss

    total $72,179 · excluded $72,179

  • 11a · Other revenue: INCOME TAX REFUND

    total $8,237 · related or exempt $8,237

  • 11e · Other revenue, total

    $8,237

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $743,758 · program services $743,758

  • 5 · Compensation of officers, directors and key employees

    total $170,350 · program services $129,466 · management and general $17,035 · fundraising $23,849

  • 7 · Other salaries and wages

    total $331,310 · program services $87,276 · management and general $73,283 · fundraising $170,751

  • 8 · Pension plan contributions

    total $10,251 · program services $1,048 · management and general $2,670 · fundraising $6,533

  • 9 · Other employee benefits

    total $42,458 · program services $17,737 · management and general $7,792 · fundraising $16,929

  • 10 · Payroll taxes

    total $37,128 · program services $15,774 · management and general $6,750 · fundraising $14,604

  • 11c · Fees: accounting

    total $158,706 · program services $115,855 · management and general $39,677 · fundraising $3,174

  • 11f · Fees: investment management

    total $16,519 · program services $16,519

  • 11g · Fees: other

    total $40,256 · program services $16,734 · management and general $3,024 · fundraising $20,498

  • 12 · Advertising and promotion

    total $75,759 · program services $75,759

  • 13 · Office expenses

    total $66,236 · program services $48,178 · management and general $12,116 · fundraising $5,942

  • 14 · Information technology

    total $28,298 · program services $21,038 · management and general $4,244 · fundraising $3,016

  • 16 · Occupancy

    total $79,321 · program services $62,265 · management and general $15,102 · fundraising $1,954

  • 17 · Travel

    total $2,824 · program services $1,694 · management and general $424 · fundraising $706

  • 19 · Conferences, conventions and meetings

    total $73,615 · program services $70,789 · management and general $2,257 · fundraising $569

  • 22 · Depreciation, depletion and amortization

    total $1,358 · program services $1,127 · management and general $204 · fundraising $27

  • 23 · Insurance

    total $10,141 · program services $6,896 · management and general $3,042 · fundraising $203

  • 24a · Other expenses: BAD DEBTS

    total $48,625 · program services $48,625

  • 24b · Other expenses: MEMBERSHIP AND PUBLICAT

    total $7,813 · management and general $7,813

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,002,618 · end of year $839,574

  • 2 · Savings and temporary cash investments

    beginning of year $672,329 · end of year $672,329

  • 3 · Pledges and grants receivable

    beginning of year $442,279 · end of year $206,000

  • 4 · Accounts receivable

    beginning of year $1,608,506 · end of year $1,439,889

  • 9 · Prepaid expenses and deferred charges

    beginning of year $61,337 · end of year $19,837

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

    $53,839

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

    $51,722

  • 10c · Land, buildings and equipment, net

    beginning of year $3,475 · end of year $2,117

  • 12 · Investments: other securities

    beginning of year $8,750,989 · end of year $9,649,988

  • 15 · Other assets

    beginning of year $329,357 · end of year $289,050

  • 17 · Accounts payable and accrued expenses

    beginning of year $54,028 · end of year $37,806

  • 18 · Grants payable

    beginning of year $2,500 · end of year $0

  • 25 · Other liabilities

    beginning of year $319,939 · end of year $263,525

  • 27 · Net assets without donor restrictions

    beginning of year $4,243,091 · end of year $4,727,611

  • 28 · Net assets with donor restrictions

    beginning of year $8,251,332 · end of year $8,089,842

Mission and programs · 2023

Mission

THE CENTRAL SCHOLARSHIP BUREAU, INC. (ORGANIZATION) IS A MARYLAND NON-STOCK NOT-FOR-PROFIT ORGANIZATION THAT HELPS MARYLANDERS FULFILL THEIR DREAMS OF PURSUING HIGHER EDUCATION BY MAKING HIGHER EDUCATION MORE AFFORDABLE. (CONTINUED IN SCHEDULE O)THE ORGANIZATION AWARDS NEED-BASED SCHOLARSHIPS AND INTEREST-FREE LOANS TO HIGH-PERFORMING STUDENTS THROUGHOUT MARYLAND, OFFERS COLLEGE CASH FINANCIAL EDUCATION SEMINARS TO STUDENTS AND PARENTS TO HELP THEM BECOME MORE INFORMED HIGHER EDUCATION CONSUMERS AND ADVOCATES FOR LEGISLATION THAT MAKES HIGHER EDUCATION MORE AFFORDABLE FOR ALL MARYLANDERS.

Activities or mission (Part I)

TO HELP MARYLANDERS FULFILL THEIR DREAMS OF PURSUING HIGHER EDUCATIONBY MAKING HIGHER EDUCATION MORE AFFORDABLE.

  • CENTRAL SCHOLARSHIP (CS) PROVIDES NEED-BASED SCHOLARSHIPS FOR HIGH-PERFORMING STUDENTS PURSUING UNDERGRADUATE, GRADUATE AND PROFESSIONAL DEGREES. FOR MOST PROGRAMS, STUDENTS ARE ELIGIBLE FOR UP TO $11,000 PER YEAR IN ASSISTANCE FOR POST-SECONDARY EDUCATION. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, CS PROCESSED NEARLY 3,835 APPLICATIONS AND AWARDED 185 SCHOLARSHIPS TO STUDENTS.CS PROVIDES GRANTS FOR DEGREE AND CAREER TRAINING CERTIFICATE PROGRAMS, AND CS PROVIDES THE OPPORTUNITY FOR STUDENTS RECEIVING FUNDING FOR DEGREE PROGRAMS WITH EMERGENCY GRANTS FOR NON-EDUCATION EXPENSES. EXAMPLES OF SUCH EXPENSES INCLUDE MEDICAL BILLS, TRANSPORTATION EMERGENCIES, OR REPLACEMENT OF ESSENTIAL BELONGINGS AFTER THEFT OR FIRE. DURING THE FISCAL YEAR ENDING ON JUNE 30, 2024, CS MADE EMERGENCY GRANTS TO 8 STUDENTS TOTALING $9,196. CAREER-TRAINING SCHOLARSHIPS ARE AVAILABLE FOR FIELDS WHERE THERE IS A VERIFIED WORKFORCE DEMAND, AN OPPORTUNITY TO EARN A LIVING WAGE, RECOGNIZED CREDENTIALS UPON PROGRAM COMPLETION AND A PATH FOR CAREER ADVANCEMENT. STUDENTS ARE QUALIFIED BASED ON FINANCIAL NEED, WITH PREFERENCE GIVEN TO BALTIMORE CITY RESIDENTS. DURING THE FISCAL YEAR ENDING ON JUNE 30, 2024, CS AWARDED CAREER-TRAINING SCHOLARSHIPS TO 26 STUDENTS.

    Expenses $1,205,711 · Grants $743,758

  • Withheld by Nonprofiteer: this text may name a private individual.

    Expenses $169,608

  • CS'S STUDENT AWARDS CEREMONY RECOGNIZES SCHOLARSHIP RECIPIENTS FOR THE CURRENT YEAR. PAST RECIPIENTS WHO HAVE GRADUATED ARE INVITED TO APPLY FOR THE LOAN PAYDOWN AWARD, WHICH PROVIDES ONE RANDOMLY DRAWN STUDENT UP TO $30,000 FOR UNDERGRADUATE STUDENT DEBT RELIEF (NOT INCLUDING LOANS FROM CS).

    Expenses $105,219

  • COLLEGE CASH IS A FINANCIAL EDUCATION SERIES OFFERED AS A FREE PUBLIC SERVICE THAT HELPS STUDENTS AND PARENTS NAVIGATE THE COMPLEX FINANCIAL OPTIONS AVAILABLE TO COLLEGE-BOUND STUDENTS. THE GOAL IS TO ENSURE STUDENTS AND PARENTS MAKE INFORMED ECONOMIC CHOICES WHEN SELECTING A COLLEGE. THE ADVOCACY PROGRAM CONTINUES TO FOCUS ON SCHOLARSHIP AWARD DISPLACEMENT, WHICH HAPPENS WHEN COLLEGES REDUCE THEIR INSTITUTIONAL SCHOLARSHIP AFTER A STUDENT RECEIVES A PRIVATE SCHOLARSHIP. MARYLAND WAS THE FIRST STATE TO BAN SCHOLARSHIP DISPLACEMENT FOR ALL MARYLAND SYSTEM COLLEGES IN 2017. CS ALSO HAS SIGNED AGREEMENTS WITH 13 PRIVATE COLLEGES IN MARYLAND THAT AGREED NOT TO DISPLACE PRIVATE SCHOLARSHIPS ISSUED BY CENTRAL SCHOLARSHIP.

  • SCHOLARSHIP ADMINISTRATION-IN ORDER TO COVER OPERATING SERVICES, CENTRAL SCHOLARSHIP CHARGES A SMALL PERCENTAGE TO COVER THE MANAGEMENT OF 80 SCHOLARSHIPS IN OUR PORTFOLIO.

    Revenue $10,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • Jerry Focas

    PAST BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Russ Causey

    PAST BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • David Rothschild

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Tim Redmond

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Molly Shock

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Michael Ward

    PAST BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jean Wyman

    SECRETARY UNTIL SEP 2023

    Total calculated
    $0
    Hours/week
    2

  • Liz Block

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Susan Silberman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Davenport

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bruce Rosenberg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Fishman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Arnold Fruman

    DIRECTOR UNTIL SEP 2023

    Total calculated
    $0
    Hours/week
    1

  • Tierra A Dorsey

    PRESIDENT

    Total calculated
    $165,100
    From this org
    $154,333
    From related orgs
    $0
    Other
    $10,767
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,333
    Bonus
    $0
    Other
    $0
    Deferred
    $9,867
    Nontaxable benefits
    $900
    Filer's total
    $165,100

  • David Daneman

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Leah Davidge

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Levy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kashay Webb

    SECRETARY AS OF OCT 2023

    Total calculated
    $0
    Hours/week
    1

  • James Cole Abrams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Barbara Sugarman Grochal

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Myra Norton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or 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

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LAYDON PARK INC

    C · RENTAL REAL ESTATE · MD · 70% owned · share of income $89,704 · share of assets $336,132 · controlled entity

    Directly controlled by THE CENTRAL SCHOLARSHIP BUREAU INC

Provenance

Return type
form_990
Tax year
2023
Filed
26 March 2025
IRS schema version
2023v6.0
Source object
202520869349300012

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