The Scholarship Foundation Of Wakefield Inc
- Assets
- $23.6m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 3
- Location
- Wakefield, MA
- Founding
- 06/2014
- Data as of
- 12/2021
- EIN
- 04-2444195
Organization Overview
The Scholarship Foundation Of Wakefield Inc is located in Wakefield, MA. The organization was established in 2014. 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, Scholarship Foundation Of Wakefield Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Scholarship Foundation Of Wakefield 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 12/2021, Scholarship Foundation Of Wakefield Inc generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $967.4k during the year ending 12/2021. 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
IT IS THE MISSION OF THE SCHOLARSHIP FOUNDATION OF WAKEFIELD (TSFW) TO RAISE AND ADMINISTER FUNDS FOR SCHOLARSHIPS TO INSTITUTIONS OF HIGHER LEARNING FOR RESIDENTS OF THE TOWN OF WAKEFIELD ATTENDING POST SECONDARY INSTITUTES FULL TIME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND ASSISTED 293 DESERVING YOUNG MEN AND WOMEN FROM THE TOWN OF WAKEFIELD IN ACHIEVING A POST SECONDARY EDUCATION BY PROVIDING SCHOLARSHIPS TOTALING 723,614.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stacey Constas Clerk | OfficerTrustee | 2 | $0 |
James H Guarino Financial VP | OfficerTrustee | 5 | $0 |
Catherine R Fallon Financial Se | OfficerTrustee | 5 | $0 |
John J Landers Jr Treasurer | OfficerTrustee | 5 | $0 |
Michael Kilkelly President | OfficerTrustee | 2 | $0 |
Frank A Mclean Auditor | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $24,846 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $552,076 |
| Noncash contributions included in lines 1a–1f | $10,390 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $576,922 |
| Total Program Service Revenue | $0 |
| Investment income | $489,256 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $777,080 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,843,258 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $723,614 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $101,828 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,505 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,572 |
| Advertising and promotion | $0 |
| Office expenses | $18,916 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,623 |
| 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 | $0 |
| Insurance | $905 |
| All other expenses | $478 |
| Total functional expenses | $967,426 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $367,545 |
| Savings and temporary cash investments | $228,525 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $63,458 |
| 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 | $0 |
| Investments—publicly traded securities | $22,935,160 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,594,688 |
| Accounts payable and accrued expenses | $15,600 |
| 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 | $15,600 |
| Net assets without donor restrictions | $10,661,527 |
| Net assets with donor restrictions | $12,917,561 |
| 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 | $23,594,688 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that The Scholarship Foundation Of Wakefield Inc has recieved totaling $52,927.
| Awarding Organization | Amount |
|---|---|
Organization Name not Listed PURPOSE: CONTINUING EDUCATION SCHOLARSHIPS | | $40,000 |
New Hampshire Charitable Foundation Concord, NH PURPOSE: To be added to Joseph G. Sawtelle Scholarship Fund | $10,000 |
Meghan Burnett Foundation Wakefield, MA PURPOSE: CHARITABLE CONTRIBUTIONSCHOLARSHIP AWARD | $2,200 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $500 |
Salem Five Charitable Foundation Inc Salem, MA PURPOSE: EXEMPT PURPOSES | $150 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $77 |
Endowment Analysis
| Beg. Balance | $12,508,758 |
| Net Contributions | $408,803 |
| Ending Balance | $12,917,561 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
N H Higher Education Loan Corporation Concord, NH | $928,313,847 | $60,034,018 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |