Dr Martin Luther King Jr Scholarship Trust Fund
- Assets
- $1.5m
- Revenue
- $318.1k
- Investments
- $0.0
- Employees
- 0
- Location
- New London, CT
- Founding
- 08/1968
- Data as of
- 04/2021
- EIN
- 06-6107846
Organization Overview
Dr Martin Luther King Jr Scholarship Trust Fund is located in New London, CT. The organization was established in 1968. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dr Martin Luther King Jr Scholarship Trust Fund 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 04/2021, Dr Martin Luther King Jr Scholarship Trust Fund generated $318.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $189.9k during the year ending 04/2021. While expenses have increased by 5.6% 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
DR MARTIN LUTHER KING SCHOLARSHIP FUND IS A NONPROFIT NONSTOCK CORPORATION DEDICATED TO DEVELOPING AND MAINTAINING A COORDINATED NETWORK OF COMMUNITY RESOURCES FOR YOUNG PEOPLE AND THEIR FAMILIES AND BROADENING AND DEEPENING PUBLIC AWARENESS OF AND COMMITMENT TO SOCIETY'S RESPONSIBILITY FOR RESPONDING TO THE NEEDS OF YOUTH AND THEIR FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SCHOLARSHIP ASSISTANCE FOR HIGHER EDUCATION EXPENSES TO QUALIFYING INDIVIDUALS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marie Carmenati Treasurer | OfficerTrustee | 3 | $0 |
Rachelle Aekins Vice Preside | OfficerTrustee | 3 | $0 |
Carmita Hodge Secretary | OfficerTrustee | 2 | $0 |
Birse Timmons President | OfficerTrustee | 4 | $0 |
Joe Garcia Director | Trustee | 1 | $0 |
Donetta Hodge Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $314,834 |
| Investment income | $3,252 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $318,086 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $178,687 |
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $125 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $0 |
| Insurance | $1,138 |
| All other expenses | $0 |
| Total functional expenses | $189,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $345,528 |
| Savings and temporary cash investments | $0 |
| 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 |
| Investments—publicly traded securities | $1,100,794 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $57,255 |
| Total assets | $1,503,577 |
| 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 |
| Total liabilities and net assets/fund balances | $1,503,577 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Dr Martin Luther King Jr Scholarship Trust Fund has recieved totaling $83,030.
| Awarding Organization | Amount |
|---|---|
Chester Kitchings Family Foundation Orlando, FL PURPOSE: GENERAL OPERATING | $60,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $12,530 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: 40TH ANNUAL SCHOLARSHIP AWARDS CEREMONY | $10,000 |
Hagani Foundation Woodbridge, CT PURPOSE: EDUCATION | $500 |
Endowment Analysis
| Beg. Balance | $103,715 |
| Ending Balance | $103,715 |
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 |
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 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |