Scholarship America Inc
- Assets
- $150.4m
- Revenue
- $196.6m
- Investments
- $2.2m
- Employees
- 253
- Location
- Minneapolis, MN
- Founding
- 04/1962
- Data as of
- 12/2020
- EIN
- 04-2296967
Organization Overview
Scholarship America Inc is located in Minneapolis, MN. The organization was established in 1962. 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 12/2020, Scholarship America Inc employed 253 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Scholarship America Inc 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 12/2020, Scholarship America Inc generated $196.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $201.1m during the year ending 12/2020. While expenses have increased by 0.3% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
BE THE LEADING AND MOST TRUSTED SCHOLARSHIP AND STUDENT SUPPORT ORGANIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP AMERICA (PROGRAM MANAGEMENT) IS THE LEADING EDUCATION ASSISTANCE SERVICE PROVIDER IN THE COUNTRY, HELPING CORPORATIONS, FOUNDATIONS AND INDIVIDUALS DESIGN AND ADMINISTER SCHOLARSHIP AND RELATED EDUCATIONAL ASSISTANCE PROGRAMS.
DOLLARS FOR SCHOLARS (DFS) AND OTHER STUDENT PROGRAMS IS COMPRISED OF A NATIONAL NETWORK OF NEARLY 460 COMMUNITY-BASED, VOLUNTEER-DRIVEN DFS CHAPTER ORGANIZATIONS THAT PROVIDE EDUCATIONAL ASSISTANCE TO LOCAL COMMUNITIES, ALONG WITH OTHER PROGRAMMING SUCH AS EMERGENCY FINANCIAL ASSISTANCE GRANTS TO DRIVE PERSISTENCE IN POST-SECONDARY EDUCATION.
OTHER PROGRAM SERVICES INCLUDE THE FAMILIES OF FREEDOM SCHOLARSHIP PROGRAM AND OTHER RELATED EDUCATION PROGRAM RESEARCH, POLICY AND COMMUNITY ENGAGEMENT ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Ballard President And CEO | Officer | 40 | $343,223 |
Rhianna Quinn Roddy Executive Director, Fof | 40 | $234,339 | |
Richard Greene Chief Financial Officer | Officer | 40 | $230,997 |
Amy Robinson Vp, Marketing & Brand Strategy | 40 | $188,406 | |
Andrea Smith Vp, Development | 40 | $185,837 | |
Michael Nylund Vp, Product Strategy & Prtnr Solutions | 40 | $182,167 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Internet Connections Inc Software Development | 12/30/20 | $222,808 |
Olio Llc Marketing Professional Services | 12/30/20 | $180,184 |
Cdw Direct Technology Hardware | 12/30/20 | $234,386 |
Taylor Digital Software Development | 12/30/20 | $244,800 |
Inquisic Inc Operations Professional Services | 12/30/20 | $190,098 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $477,134 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $178,859,604 |
| Noncash contributions included in lines 1a–1f | $30,664 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $179,336,738 |
| Total Program Service Revenue | $14,504,239 |
| Investment income | $1,688,351 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $987,240 |
| Net Income from Fundraising Events | -$85,463 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $196,558,508 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $175,436,876 |
| Grants and other assistance to Foreign Orgs/Individuals | $6,588,898 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $852,914 |
| Compensation of current officers, directors, key employees. | $852,914 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,601,648 |
| Pension plan accruals and contributions | $296,184 |
| Other employee benefits | $1,378,930 |
| Payroll taxes | $784,442 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $185,427 |
| Fees for services: Accounting | $69,094 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $97,914 |
| Fees for services: Other | $1,768,113 |
| Advertising and promotion | $240,890 |
| Office expenses | $478,878 |
| Information technology | $270,621 |
| Royalties | $0 |
| Occupancy | $448,776 |
| Travel | $111,794 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $76,237 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,079,004 |
| Insurance | $190,733 |
| All other expenses | $141,000 |
| Total functional expenses | $201,098,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $34,940,971 |
| Pledges and grants receivable | $2,394,351 |
| Accounts receivable, net | $2,353,642 |
| 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 | $486,090 |
| Net Land, buildings, and equipment | $5,346,510 |
| Investments—publicly traded securities | $101,848,090 |
| Investments—other securities | $2,190,800 |
| Investments—program-related | $0 |
| Intangible assets | $551,421 |
| Other assets | $242,348 |
| Total assets | $150,354,223 |
| Accounts payable and accrued expenses | $4,334,545 |
| 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 | $2,708,993 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $45,635,230 |
| Total liabilities | $52,678,768 |
| Net assets without donor restrictions | $10,369,082 |
| Net assets with donor restrictions | $87,306,373 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $150,354,223 |
Grants Recieved
Over the last fiscal year, we have identified 101 grants that Scholarship America Inc has recieved totaling $20,911,754.
| Awarding Organization | Amount |
|---|---|
Burger King Mclamore Foundation Inc Miami, FL PURPOSE: SCHOLARSHIPS | $4,057,655 |
Saint Paul & Minnesota Foundation Saint Paul, MN PURPOSE: MULTIPLE GRANTS FOR MULTIPLE PURPOSES | $3,646,667 |
National Cyber Scholarship Foundation Dallas, TX PURPOSE: SCHOLARSHIPS | $1,491,800 |
Abbvie Foundation North Chicago, IL PURPOSE: SCHOLARSHIP GRANTS | $1,342,059 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $1,250,067 |
Polo Ralph Lauren Corporate Foundation New York, NY PURPOSE: CHARITY | $1,158,333 |
Endowment Analysis
| Beg. Balance | $20,940,667 |
| Earnings | $2,189,647 |
| Net Contributions | $53,801 |
| Other Expense | $99,275 |
| Grants | $442,218 |
| Ending Balance | $22,642,622 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ascendium Education Solutions Inc Madison, WI | $288,144,309 | $427,280,088 |
Scholarship America Inc Minneapolis, MN | $150,354,223 | $196,558,508 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
Northstar Education Finance Inc Eagan, MN | $1,293,468,719 | $40,177,777 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Scholarship America Inc Minneapolis, MN | $219,130,905 | $29,933,482 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Waitt Foundation North Sioux City, SD | $157,175,219 | $6,009,824 |
Team Makers Club Inc Fargo, ND | $24,927,572 | $16,460,437 |
Bentson Foundation Wayzata, MN | $107,689,978 | $6,021,397 |
Rsm Us Foundation Davenport, IA | $13,920,904 | $7,669,329 |
Pleasant T Rowland Foundation Brookfield, WI | $94,312,384 | $11,804,849 |