Form 990 for tax year 2024
Filed by GREAT ASPIRATIONS SCHOLARSHIP PROGRAM INC.
Totals
- Total revenue
- $2,490,185
- Total expenses
- $2,481,101
- Contributions and grants received
- $1,698,173
- Grants paid
- $810,559
- Program service revenue
- $507,897
- Investment income
- $294,093
- Other revenue
- -$9,978
- Total assets, end of year
- $8,410,475
- Total liabilities, end of year
- $2,823,385
- Net assets or fund balances, end of year
- $5,587,090
- Program services expenses (Part IX)
- $2,018,173
- Management and general expenses
- $394,415
- Fundraising expenses
- $68,513
- Program service expenses (Part III)
- $2,018,173
Program services were 81.3% 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
$3,299
-
1e · Government grants (contributions)
$500,000
-
1f · All other contributions, gifts and grants
$1,194,874
-
2a · Program service revenue: VA 529 SCHOOL FEES
total $256,000 · related or exempt $256,000
-
2b · Program service revenue: SOAR VIRGINIA
total $108,500 · related or exempt $108,500
-
2c · Program service revenue: PUBLIC SCHOOL ADVISOR FEES
total $77,500 · related or exempt $77,500
-
2d · Program service revenue: OTHER REVENUE
total $61,517 · related or exempt $61,517
-
2e · Program service revenue: FEES EARNED SCHOLARSHIPS
total $4,380 · related or exempt $4,380
-
3 · Investment income
total $294,093 · excluded $294,093
-
8a · Fundraising events: contributions included on line 1c
$3,299
-
8b · Fundraising events: direct expenses
$9,978
-
8c · Net income from fundraising events
total -$9,978 · excluded -$9,978
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $810,559 · program services $810,559
-
5 · Compensation of officers, directors and key employees
total $312,377 · program services $115,233 · management and general $141,362 · fundraising $55,782
-
7 · Other salaries and wages
total $849,732 · program services $739,242 · management and general $108,977 · fundraising $1,513
-
9 · Other employee benefits
total $94,271 · program services $68,817 · management and general $20,740 · fundraising $4,714
-
10 · Payroll taxes
total $89,286 · program services $65,179 · management and general $19,643 · fundraising $4,464
-
11c · Fees: accounting
total $27,500 · management and general $27,500
-
11g · Fees: other
total $10,990 · management and general $10,990
-
13 · Office expenses
total $49,603 · program services $31,042 · management and general $18,561
-
14 · Information technology
total $41,554 · program services $39,117 · management and general $2,437
-
16 · Occupancy
total $30,371 · program services $20,970 · management and general $9,401
-
17 · Travel
total $42,135 · program services $33,712 · management and general $8,423
-
22 · Depreciation, depletion and amortization
total $6,586 · management and general $6,586
-
23 · Insurance
total $5,912 · management and general $5,912
-
24a · Other expenses: TRAINING EXPENSES
total $54,621 · program services $53,009 · management and general $1,612
-
24b · Other expenses: PROGRAM EXPENSES
total $43,800 · program services $34,692 · management and general $7,103 · fundraising $2,005
-
24c · Other expenses: BANK CHARGES
total $3,879 · program services $6 · management and general $3,873
-
24d · Other expenses: DUES AND SUBSCRIPTIONS
total $3,751 · program services $3,396 · management and general $320 · fundraising $35
-
24e · All other expenses
total $4,174 · program services $3,199 · management and general $975
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $418,300 · end of year $709,011
-
2 · Savings and temporary cash investments
beginning of year $1,834,442 · end of year $1,545,114
-
3 · Pledges and grants receivable
beginning of year $12,400 · end of year $8,750
-
9 · Prepaid expenses and deferred charges
end of year $6,200
-
10a · Land, buildings and equipment: cost or other basis
$55,505
-
10b · Land, buildings and equipment: accumulated depreciation
$46,087
-
10c · Land, buildings and equipment, net
beginning of year $16,004 · end of year $9,418
-
13 · Investments: program-related
beginning of year $5,658,087 · end of year $6,038,005
-
15 · Other assets
beginning of year $120,676 · end of year $93,977
-
17 · Accounts payable and accrued expenses
beginning of year $5,449 · end of year $155,053
-
19 · Deferred revenue
end of year $2,574,705
-
25 · Other liabilities
beginning of year $2,886,960 · end of year $93,627
-
27 · Net assets without donor restrictions
beginning of year $4,728,718 · end of year $5,431,606
-
28 · Net assets with donor restrictions
beginning of year $438,782 · end of year $155,484
Mission and programs · 2024
Mission
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 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 $1,186,644 · Revenue $393,459
-
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 $392,770 · Grants $371,800 · Revenue $114,438
-
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 BY GIVEN TO SCHOLARSHIPS FOR STUDENTS WITH DISABILITIES ATTENDING PRIVATE SCHOOLS WITH SPECIALIZED DISABILITY SERVICES UNDER THE EISP PROGRAM.
Expenses $261,154 · Grants $261,154 · Revenue $240,000
-
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 $177,605 · Grants $177,605
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Todd D MartinTODD D MARTIN
PRESIDENT AN
- Total calculated
- $159,957
- From this org
- $147,027
- From related orgs
- $0
- Other
- $12,930
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $147,027
- Bonus
- not reported
- Other
- not reported
- Deferred
- $12,930
- Nontaxable benefits
- not reported
- Filer's total
- $159,957
-
Anne MichieANNE MICHIE
CHIEF COMPLI
- Total calculated
- $107,775
- From this org
- $92,292
- From related orgs
- $0
- Other
- $15,483
- Hours/week
- 40
-
Patricia Y GordonPATRICIA Y GORDON
CHIEF FINANC
- Total calculated
- $73,766
- From this org
- $57,856
- From related orgs
- $0
- Other
- $15,910
- Hours/week
- 30
-
Richard AdamsRICHARD ADAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kenneth BarkerKENNETH BARKER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Randolph BealesRANDOLPH BEALES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Cheryl BurkeCHERYL BURKE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kristin CarletonKRISTIN CARLETON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
David DidawickDAVID DIDAWICK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Chuck DuvallCHUCK DUVALL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kenneth DyeKENNETH DYE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Juan EspinozaJUAN ESPINOZA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Melody HackneyMELODY HACKNEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Julian HilleryJULIAN HILLERY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Lorraine JusticeLORRAINE JUSTICE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ebony LambertEBONY LAMBERT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Christopher LloydCHRISTOPHER LLOYD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sue Ann MessmerSUE ANN MESSMER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Lyle MoffettLYLE MOFFETT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
William MorefieldWILLIAM MOREFIELD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sabena MoretzSABENA MORETZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kelli ParkerKELLI PARKER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ed ReedED REED
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Paula RobinsonPAULA ROBINSON
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Sarah ScarbroughSARAH SCARBROUGH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Levar StoneyLEVAR STONEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Walter StoschWALTER STOSCH
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Gary ThomsonGARY THOMSON
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Van WilsonVAN WILSON
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 · 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.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 14 November 2025
- IRS schema version
- 2024v5.0
- Source object
- 202543189349305274
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