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Nonprofiteer
← THE CHILDRENS SCHOLARSHIP FUND

Form 990 for tax year 2022

Filed by THE CHILDRENS SCHOLARSHIP FUND.

Totals

Total revenue
$25,015,263
Total expenses
$22,876,068
Contributions and grants received
$22,894,320
Grants paid
$19,227,637
Program service revenue
$1,138,185
Investment income
$984,796
Other revenue
-$2,038
Total assets, end of year
$40,912,471
Total liabilities, end of year
$5,870,138
Net assets or fund balances, end of year
$35,042,333
Program services expenses (Part IX)
$21,115,968
Management and general expenses
$502,138
Fundraising expenses
$1,257,962
Program service expenses (Part III)
$21,115,968

Program services were 92.3% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $2,494

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $22,891,826

  • 1g · Noncash contributions included above

    $75,041

  • 2a · Program service revenue: New Hampshire EFA administration

    total $1,136,685 · related or exempt $1,136,685 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Program training

    total $1,500 · related or exempt $1,500 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $983,120 · related or exempt $0 · unrelated business $0 · excluded $983,120

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $74,974 · other assets $0

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

    securities $73,298 · other assets $0

  • 7c · Gain or loss

    securities $1,676 · other assets $0

  • 7d · Net gain or loss

    total $1,676 · related or exempt $0 · unrelated business $0 · excluded $1,676

  • 8a · Fundraising events: gross income

    $2,070

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

    $2,494

  • 8b · Fundraising events: direct expenses

    $4,108

  • 8c · Net income from fundraising events

    total -$2,038 · unrelated business $0 · excluded -$2,038

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,532,415 · program services $2,532,415

  • 2 · Grants to domestic individuals

    total $16,695,222 · program services $16,695,222

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $1,065,174 · program services $298,603 · management and general $253,875 · fundraising $512,696

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $1,231,011 · program services $919,709 · management and general $1,298 · fundraising $310,004

  • 8 · Pension plan contributions

    total $57,905 · program services $47,556 · management and general $0 · fundraising $10,349

  • 9 · Other employee benefits

    total $181,030 · program services $135,458 · management and general $0 · fundraising $45,572

  • 10 · Payroll taxes

    total $150,929 · program services $83,672 · management and general $13,261 · fundraising $53,996

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $3,573 · program services $0 · management and general $1,949 · fundraising $1,624

  • 11c · Fees: accounting

    total $70,808 · program services $0 · management and general $70,808 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $43,334 · fundraising $43,334

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $115,161 · program services $4,239 · management and general $108,422 · fundraising $2,500

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $44,889 · program services $20,446 · management and general $2,326 · fundraising $22,117

  • 14 · Information technology

    total $305,608 · program services $271,279 · management and general $2,103 · fundraising $32,226

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $112,710 · program services $41,942 · management and general $8,780 · fundraising $61,988

  • 17 · Travel

    total $86,903 · program services $16,693 · management and general $25,745 · fundraising $44,465

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $15,803 · program services $2,256 · management and general $2,500 · fundraising $11,047

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $28,074 · program services $16,510 · management and general $1,435 · fundraising $10,129

  • 23 · Insurance

    total $39,765 · program services $27,287 · management and general $1,612 · fundraising $10,866

  • 24a · Other expenses: Donor communication costs

    total $84,960 · program services $0 · management and general $0 · fundraising $84,960

  • 24e · All other expenses

    total $10,794 · program services $2,681 · management and general $8,024 · fundraising $89

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $729,319 · end of year $2,165,644

  • 2 · Savings and temporary cash investments

    beginning of year $31,058,105 · end of year $33,723,377

  • 3 · Pledges and grants receivable

    beginning of year $1,763,214 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $34,626 · end of year $64,868

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

    $179,865

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

    $145,803

  • 10c · Land, buildings and equipment, net

    beginning of year $52,795 · end of year $34,062

  • 15 · Other assets

    beginning of year $2,497,943 · end of year $4,924,520

  • 17 · Accounts payable and accrued expenses

    beginning of year $139,046 · end of year $187,822

  • 21 · Escrow or custodial account liability

    beginning of year $2,474,597 · end of year $4,671,166

  • 25 · Other liabilities

    beginning of year $943,715 · end of year $1,011,150

  • 27 · Net assets without donor restrictions

    beginning of year $8,572,395 · end of year $9,954,492

  • 28 · Net assets with donor restrictions

    beginning of year $24,006,249 · end of year $25,087,841

Mission and programs · 2022

Mission

The Children's Scholarship Fund (CSF) provides children of low-income families with tuition assistance in grades K-8, and supports expanding educational opportunities for all children.

  • In fiscal year 2023 nearly 26,500 children across the US benefited from scholarships awarded by CSF and its partner programs. These children, all of whom are from low-income families, are receiving the education desired by their families due to the generosity of our donors and the efforts of scholarship programs in 23 communities. Since its inception in 1998, nearly 200,750 children from low-income families have benefited from attending the private school of their choice with more than $989 million in tuition assistance from CSF and its partner programs.

    Expenses $19,227,637 · Grants $19,227,637

  • Program management and administration of New Hampshire Education Freedom (EFA) program: The EFA program provides students who are not enrolled full time in a New Hampshire public school and whose family earns 350% of the poverty line or below with a state grant to spend on eligible education related expenses. CSF administers the funding provided from the State of New Hampshire to each student account. Program staff verifies eligibility of students through the application process, reviews and approves payment of eligible education expenses, and approves educational providers. In addition, program staff provide outreach and support to NH families to inform them about the EFA program. During fiscal year 2023, CSF received approximately $14.8 million from the State of NH to fund over 3,300 EFAs.

    Expenses $1,285,950 · Revenue $1,136,685

  • Program management, outreach and support: CSF's program staff works with parents and schools to ensure the integrity and efficient management of the program. The program staff verifies eligibility and student attendance, disburses the tuition assistance payments to schools and annually requalifies returning students. The Children's Scholarship Fund maintains partnerships with local scholarship programs in communities around the country. In addition to providing matching grants to these organizations, the Children's Scholarship Fund also trains local program staff and has developed and maintains specialized software that is used to manage scholarship awards.

    Expenses $602,381 · Revenue $1,500

As filed on the 2022 return.

Listed in Part VII

  • Darla M Romfo

    President & CEO

    Total calculated
    $362,009
    From this org
    $328,810
    From related orgs
    $0
    Other
    $33,199
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $325,246
    Bonus
    $0
    Other
    $3,564
    Deferred
    $15,250
    Nontaxable benefits
    $19,190
    Filer's total
    $363,250

  • Kathleen Doran

    CFO

    Total calculated
    $253,449
    From this org
    $224,095
    From related orgs
    $0
    Other
    $29,354
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,375
    Bonus
    $0
    Other
    $720
    Deferred
    $11,406
    Nontaxable benefits
    $19,075
    Filer's total
    $254,576

  • Michele Mitola

    VP Strategic Planning & Development

    Total calculated
    $195,625
    From this org
    $185,442
    From related orgs
    $0
    Other
    $10,183
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,776
    Bonus
    $0
    Other
    $1,666
    Deferred
    $9,378
    Nontaxable benefits
    $2,365
    Filer's total
    $197,185

  • Elizabeth Toomey

    Corporate Secretary

    Total calculated
    $171,690
    From this org
    $149,813
    From related orgs
    $0
    Other
    $21,877
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,261
    Bonus
    $0
    Other
    $552
    Deferred
    $7,604
    Nontaxable benefits
    $14,894
    Filer's total
    $172,311

  • Katie J Baker Demers

    Executive Director New Hampshire Programs

    Total calculated
    $128,246
    From this org
    $108,473
    From related orgs
    $0
    Other
    $19,773
    Hours/week
    40

  • Marie M Bathelmy

    Director of Scholarship Operations

    Total calculated
    $110,833
    From this org
    $104,797
    From related orgs
    $0
    Other
    $6,036
    Hours/week
    40

  • Matthew Bonanno

    Co Chair

    Total calculated
    $0
    Hours/week
    2

  • Margot McGinness

    Co Chair

    Total calculated
    $0
    Hours/week
    2

  • Jeffrey Chang

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Stephen Fraidin

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Michael Gerstner

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Christopher Halpin

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Xavier James

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • David E Johnson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mike McCurry

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Kevin Short

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Remy Trafelet

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Heather Vrattos

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Juan Williams

    Board Member

    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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 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

The filer's explanations (Part III)

Schedule J, Part II
Other reportable compensation for Ms. Romfo includes $3,564 in taxable group term life insurance premiums. Other reportable compensation for Ms. Doran includes $720 in taxable group term life insurance premiums. Other reportable compensation for Ms. Mitola includes $1,666 in taxable group term life insurance premiums. Other reportable compensation for Ms. Toomey includes $552 in taxable group term life insurance premiums.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
4 December 2023
IRS schema version
2022v5.0
Source object
202343359349300724

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