Lakes Region Scholarship Foundation
- Assets
- $13.2m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 6
- Location
- Gilford, NH
- Founding
- 05/1958
- Data as of
- 12/2021
- EIN
- 02-6012236
Organization Overview
Lakes Region Scholarship Foundation is located in Gilford, NH. The organization was established in 1958. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, Lakes Region Scholarship Foundation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakes Region Scholarship Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Lakes Region Scholarship Foundation generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 28.6% each year . All expenses for the organization totaled $736.2k during the year ending 12/2021. While expenses have increased by 8.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION AWARDS SCHOLARSHIPS TO QUALIFING LAKES REGION STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS OF 598,204 WERE AWARDED AND 577,918 WAS DISBURSED IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Switzer Executive Di | Trustee | 20 | $45,462 |
Amanda K Dudek Support Spec | Trustee | 20 | $15,719 |
Christopher A Guilmett Assistant Di | Trustee | 20 | $3,894 |
Lori Fasshauer President | OfficerTrustee | 0.5 | $0 |
James Waldron Treasurer | OfficerTrustee | 1 | $0 |
Joan Frates Vice Preside | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $11,753 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,279,106 |
| Noncash contributions included in lines 1a–1f | $198,883 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,290,859 |
| Total Program Service Revenue | $0 |
| Investment income | $97,730 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $228,942 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,617,531 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $577,918 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $65,075 |
| Compensation of current officers, directors, key employees. | $65,075 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $27,968 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,746 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $200 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $35,195 |
| Fees for services: Other | $0 |
| Advertising and promotion | $466 |
| Office expenses | $4,513 |
| Information technology | $6,925 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,157 |
| Insurance | $2,337 |
| All other expenses | $0 |
| Total functional expenses | $736,157 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $354,595 |
| Savings and temporary cash investments | $6,464 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,250 |
| Investments—publicly traded securities | $5,527,393 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,312,675 |
| Total assets | $13,202,377 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $13,202,377 |
| Total liabilities and net assets/fund balances | $13,202,377 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Lakes Region Scholarship Foundation has recieved totaling $51,496.
| Awarding Organization | Amount |
|---|---|
New Hampshire Charitable Foundation Concord, NH PURPOSE: For scholarships, desig. dist., student awards | $31,496 |
Adirondack Foundation Lake Placid, NY PURPOSE: FOR UNRESTRICTED SUPPORT AND IN HONOR OF JOHN S. PERLEY | $10,000 |
Adirondack Foundation Lake Placid, NY PURPOSE: FOR UNRESTRICTED SUPPORT AND IN HONOR OF JOHN S. PERLEY | $10,000 |
Endowment Analysis
| Beg. Balance | $9,493,888 |
| Earnings | $1,956,473 |
| Admin Expense | $35,223 |
| Net Contributions | $1,971,500 |
| Other Expense | $87,761 |
| Grants | $452,345 |
| Ending Balance | $12,846,532 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
N H Higher Education Loan Corporation Concord, NH | $928,313,847 | $60,034,018 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |
Laspau Inc Cambridge, MA | $9,172,350 | $9,862,515 |
Vermont Student Development Fund Inc Winooski, VT | $17,468,961 | $10,359,436 |
The Cape Cod Community College Educational Foundation Inc West Barnstable, MA | $15,428,827 | $3,042,413 |
Cape Cod Foundation Inc South Yarmouth, MA | $88,834,376 | $21,531,654 |
Uaspire Inc Boston, MA | $8,161,176 | $8,929,537 |
Alfond Scholarship Foundation Portland, ME | $2,013,971 | $7,474,819 |
Stephen Phillips Memorial Scholarship Fund Inc Boston, MA | $45,790,109 | $8,308,700 |