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Nonprofiteer
← MV VISION FELLOWSHIP FUND

Form 990 for tax year 2023

Filed by MV VISION FELLOWSHIP FUND.

Totals

Total revenue
$819,452
Total expenses
$1,037,773
Contributions and grants received
$800,000
Grants paid
$834,775
Program service revenue
$0
Investment income
$19,452
Other revenue
$0
Total assets, end of year
$6,884,352
Total liabilities, end of year
$14,816
Net assets or fund balances, end of year
$6,869,536
Program services expenses (Part IX)
$1,009,620
Management and general expenses
$28,153
Fundraising expenses
$0
Program service expenses (Part III)
$1,009,620

Program services were 97.3% 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.

  • 1f · All other contributions, gifts and grants

    $800,000

  • 3 · Investment income

    total $19,452 · excluded $19,452

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $447,435 · program services $447,435

  • 2 · Grants to domestic individuals

    total $387,340 · program services $387,340

  • 5 · Compensation of officers, directors and key employees

    total $126,391 · program services $126,391

  • 7 · Other salaries and wages

    total $5,825 · management and general $5,825

  • 10 · Payroll taxes

    total $9,545 · program services $8,808 · management and general $737

  • 11c · Fees: accounting

    total $8,250 · management and general $8,250

  • 11g · Fees: other

    total $12,984 · program services $12,984

  • 12 · Advertising and promotion

    total $41 · program services $41

  • 13 · Office expenses

    total $7,705 · program services $7,705

  • 22 · Depreciation, depletion and amortization

    total $931 · management and general $931

  • 23 · Insurance

    total $11,765 · program services $372 · management and general $11,393

  • 24a · Other expenses: GROUP EVENTS

    total $16,696 · program services $16,696

  • 24b · Other expenses: TELEPHONE

    total $1,450 · program services $1,450

  • 24c · Other expenses: STATE TAXES AND LICENSES

    total $1,017 · management and general $1,017

  • 24d · Other expenses: CANDIDATE SELECTION

    total $398 · program services $398

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $125,542 · end of year $58,241

  • 2 · Savings and temporary cash investments

    beginning of year $1,096,136 · end of year $931,780

  • 9 · Prepaid expenses and deferred charges

    end of year $4,723

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

    $11,200

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

    $9,592

  • 10c · Land, buildings and equipment, net

    beginning of year $2,539 · end of year $1,608

  • 12 · Investments: other securities

    beginning of year $5,329,000 · end of year $5,888,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,457 · end of year $14,816

  • 27 · Net assets without donor restrictions

    beginning of year $6,528,760 · end of year $6,869,536

Mission and programs · 2023

Mission

TO EMPOWER STUDENTS TO DEVELOP THEMSELVES AS CRITICAL THINKERS, COMPASSIONATE CITIZENS, AND ENGAGED PARTICIPANTS IN LOCAL AND WORLD AFFAIRS.

Activities or mission (Part I)

THE CORPORATION'S MISSION IS TO PROVIDE AN EXTRAORDINARY HIGHER EDUCATION EXPERIENCE FOR PROMISING COLLEGE STUDENTS WHOSE ACHIEVEMENTS DEMONSTRATE INTEGRITY, INTELLIGENCE, RIGOR AND A COMMITMENT TO GIVE BACK TO THOSE PEOPLE AND INSTITUTIONS WHO HAVE SUPPORTED THEM. WORKING WITH THE ADMINSSIONS, STUDENT SERVICES, ALUMNI AND CAREER OFFICES OF SELECTED COLLEGES, THE CORPORATION WILL IDENTIFY, INITIATE, DEVELOP, ADMINISTER, SUPERVISE, PROVIDE AND/OR FUND OR PROVIDE STIPENDS FOR AN ARRAY OF EDUCATIONAL ENRICHMENT PROGRAMS AND SUPPORT SERVICES FOR SELECTED SCHOLARS, WHICH MAY INCLUDE INTERNSHIPS, OPPORTUNITIES FOR COMMUNITY SERVICE, SUMMER OR EXTRA-CURRICULAR ENRICHMENT PROGRAMS, WORK-STUDY PROGRAMS, OFF-CAMPUS STUDY, TECHNOLOGY ENHANCEMENTS, INDIVIDUAL ACADEMIC AND CAREER COUNSELING, MENTORING PROGRAMS, AND AN ALUMNI NETWORK OF PARTICIPATING STUDENTS AND GRADUATES.

  • IN 2024, THE MV VISION FELLOWSHIP FUND SUPPORTED 32 INDIVIDUALS FROM MARTHA'S VINEYARD WORKING IN FIELDS RELATED TO SUSTAINABILITY ON THE ISLAND THROUGH THE MARTHA'S VINEYARD VISION FELLOWSHIP. THE FELLOWSHIP PROVIDED TUITION, ROOM AND BOARD, AND OPPORTUNITY GRANTS FOR INDIVIDUALS IN UNDERGRADUATE AND GRADUATE DEGREE PROGRAMS AND PROVIDED FUNDS FOR CAREER ENHANCEMENT ACTIVITIES FOR PROFESSIONALS IN NON-DEGREE PROGRAMS. NEW VISION FELLOWS WERE INTERVIEWED AND SELECTED IN MARCH. SINCE JANUARY 1, 2014, AN ON-ISLAND PROGRAM OFFICER HAS MANAGED THIS PROGRAM.

    Expenses $1,009,620 · Grants $834,775

As filed on the 2023 return.

Listed in Part VII

  • Melissa Hackney

    ED/SECRETARY

    Total calculated
    $122,639
    From this org
    $110,012
    From related orgs
    $0
    Other
    $12,627
    Hours/week
    40

  • Karen Kohlberg Davis

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Pamela Kohlberg

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Nancy McCabe

    VICE-PRESIDE

    Total calculated
    $0
    Hours/week
    5

  • Thomas Chase

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Richard Karney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Jake Davis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Jennifer Magnone

    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.

Grants 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
2023
Filed
31 March 2025
IRS schema version
2023v6.0
Source object
202500919349300345

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