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Nonprofiteer
← OHIO SCHOLARSHIP FUND

Form 990 for tax year 2023

Filed by OHIO SCHOLARSHIP FUND.

Totals

Total revenue
$1,193,793
Total expenses
$1,170,164
Contributions and grants received
$1,154,717
Grants paid
$1,118,925
Program service revenue
$0
Investment income
$39,076
Other revenue
$0
Total assets, end of year
$1,345,120
Total liabilities, end of year
$1,324,151
Net assets or fund balances, end of year
$20,969
Program services expenses (Part IX)
$1,146,115
Management and general expenses
$23,462
Fundraising expenses
$587
Program service expenses (Part III)
$1,146,115

Program services were 97.9% 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

    $1,154,717

  • 3 · Investment income

    total $14,401 · excluded $14,401

  • 7a · Gross sales of assets other than inventory

    securities $1,124,000

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

    securities $1,099,325

  • 7c · Gain or loss

    securities $24,675

  • 7d · Net gain or loss

    total $24,675 · excluded $24,675

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,118,925 · program services $1,118,925

  • 11a · Fees: management

    total $2,131 · management and general $2,131

  • 11b · Fees: legal

    total $3,782 · management and general $3,782

  • 11c · Fees: accounting

    total $12,500 · management and general $12,500

  • 12 · Advertising and promotion

    total $587 · fundraising $587

  • 13 · Office expenses

    total $299 · management and general $299

  • 17 · Travel

    total $199 · management and general $199

  • 23 · Insurance

    total $1,296 · management and general $1,296

  • 24a · Other expenses: CREDIT CARD FEES

    total $27,190 · program services $27,190

  • 24b · Other expenses: PRINTING EXPENSE

    total $1,986 · management and general $1,986

  • 24c · Other expenses: POSTAGE

    total $1,148 · management and general $1,148

  • 24d · Other expenses: BANK FEES

    total $68 · management and general $68

  • 24e · All other expenses

    total $53 · management and general $53

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,193,746 · end of year $927,258

  • 2 · Savings and temporary cash investments

    end of year $416,907

  • 4 · Accounts receivable

    beginning of year $0 · end of year $955

  • 18 · Grants payable

    beginning of year $1,185,687 · end of year $1,297,998

  • 25 · Other liabilities

    beginning of year $10,719 · end of year $26,153

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year -$2,660 · end of year $20,969

Mission and programs · 2023

Mission

CREATES PARTNERSHIPS TO PROVIDE THE RESOURCES NECESSARY TO HELP OHIO FAMILIES ACCESS THE EDUCATIONAL OPTIONS WHICH WORK BEST FOR THEIR CHILDREN.

  • THE ORGANIZATION WAS ESTABLISHED IN 2022 AS A SCHOLARSHIP GRANTING ORGANIZATION. OHIO SCHOLARSHIP FUND ACCEPTS DONATIONS ON BEHALF OF ENROLLED OHIO NON-TAX, NON-PUBLIC SCHOOLS TO RAISE SCHOLARSHIP FUNDS. THE ENTITY MANAGES THE FUNDS RAISED AND PROVIDES SOFTWARE TO HELP SCHOOLS TRACK THEIR SCHOLARSHIP FUNDS. AN ADDITIONAL 20 PRIVATE SCHOOLS ENROLLED FOR A TOTAL OF 63 ENROLLED SCHOOLS IN 2023. THE ORGANIZATION DISBURSED $1,024,454 IN SCHOLARSHIP FUNDS TO 215 STUDENTS IN 19 ENROLLED SCHOOLS IN 2023.

    Expenses $1,146,115 · Grants $1,118,925

As filed on the 2023 return.

Listed in Part VII

  • Adam Hewit

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1.25

  • Dan Peters

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1.25

  • Eric Frank

    TREASURER AND SECRETARY

    Total calculated
    $290,000
    From this org
    $0
    From related orgs
    $290,000
    Other
    $0
    Hours/week
    1.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $290,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $290,000 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

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

The 10 largest by cash amount. The API serves every itemized grant.

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
13 September 2024
IRS schema version
2023v5.1
Source object
202412649349300816

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