Shawn Carter Scholarship Fund
- Assets
- $4.9m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 2
- Location
- New York, NY
- Founding
- 07/2003
- Data as of
- 12/2022
- EIN
- 11-3662240
Organization Overview
Shawn Carter Scholarship Fund is located in New York, NY. The organization was established in 2003. 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 12/2022, Shawn Carter Scholarship Fund employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shawn Carter Scholarship 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 12/2022, Shawn Carter Scholarship Fund generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 45.9% each year . All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 1.8% per year over the past 8 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.
Since 2014, Shawn Carter Scholarship Fund has awarded 91 individual grants totaling $4,353,773. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP INDIVIDUALS FACING SOCIO-ECONOMIC HARDSHIPS FURTHER THEIR COLLEGE EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS ALLOCATED TO QUALIFIED APPLICANT STUDENTS IN NEED. THE STUDENTS ARE SELECTED BY AN ADMISSIONS COMMITTEE COMPRISED BY THE FOUNDATION'S MANAGEMENT TEAM, STAFF, AND VOLUNTEERS. DURING 2022 EDUCATIONAL SCHOLARSHIPS WERE AWARDED TO AROUND 118 STUDENTS.AN ADDITIONAL GRANT WAS MADE TO BOYS AND GIRLS CLUB OF AMERICA IN THE AMOUNT OF $137,500 TOWARD SCHOLARSHIPS FOR YOUTH.ALSO ADDITIONAL SCHOLARSHIPS AND STIPENDS FOR SELECTED STUDENTS WAS AWARDED IN THE AMOUNT OF $33,680 AS PART OF THE NEWLY ESTABLISHED JOSH DUBIN FELLOWSHIP PROGRAM.
TOY GIVEAWAY AND COMMUNITY GOODWILL.
FOUNDATION'S ANNUAL HISTORICALLY BLACK COLLEGE AND UNIVERSITY BUS TOUR EXPOSING HIGH SCHOOL YOUTH TO DIFFERENT COLLEGES IN ORDER TO PROMOTE INCREASED COLLEGE ATTENDANCE. IN 2022, 38 STUDENTS ATTENDED THE HBCU BUS TOUR.
TWO FINANCIAL EMPOWERMENT AND WEALTH BUILDING PROGRAMS: 1) BRIDGES TO WEALTH . BRIDGES TO WEALTH (B2W) IS AN INNOVATIVE FINANCIAL EMPOWERMENT PROGRAM LOCATED AT THE WHARTON SCHOOL OF BUSINESS, FOCUSED ON STUDENTS, PARENTS, AND LOCAL COMMUNITY PARTNERS. B2W'S GOAL IS TO INCREASE THE WEALTH-GENERATING CAPABILITIES OF FAMILIES LIVING IN UNDERSERVED NEIGHBORHOODS. B2W OFFERS A SERIES OF WORKSHOPS TO FAMILIES AND STUDENTS. 2) A SECOND INITIATIVE LAUNCHEDIN 2022, BITCOIN ACADEMY, FOCUSES ON FINANCIAL LITERACY AND BITCOIN EDUCATION FOR RESIDENTS OF MARCY HOUSES IN BROOKLYN, NEW YORK. THE PROGRAM RAN DURING THE SUMMER OF 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gloria Carter President | OfficerTrustee | 10 | $0 |
Chaka Pilgrim Secretary | OfficerTrustee | 1 | $0 |
Kashyap Bakhai Treasurer | OfficerTrustee | 1 | $0 |
Dania Diaz Executive Director | OfficerTrustee | 40 | $90,000 |
Carolyn Archer Board Member | Trustee | 3 | $20,000 |
Neil Sirni Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $4,859 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,312,887 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,317,746 |
| Total Program Service Revenue | $0 |
| Investment income | $423 |
| 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 | $2,357,871 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $137,500 |
| Grants and other assistance to domestic individuals. | $551,813 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $110,000 |
| Compensation of current officers, directors, key employees. | $41,307 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,085 |
| Payroll taxes | $12,257 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,467 |
| Fees for services: Accounting | $38,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,636 |
| Advertising and promotion | $10,000 |
| Office expenses | $11,708 |
| Information technology | $623 |
| 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 | $4,913 |
| All other expenses | $0 |
| Total functional expenses | $1,053,149 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,942,214 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $6,000 |
| Other assets | $0 |
| Total assets | $4,948,214 |
| Accounts payable and accrued expenses | $127,465 |
| 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 | $127,465 |
| Net assets without donor restrictions | $4,820,749 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $4,948,214 |
Grants Awarded
Over the last fiscal year, Shawn Carter Scholarship Fund has awarded $293,738 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS AND GIRLS CLUB OF AMERICA PURPOSE: SCHOLARSHIP GRANT | $275,000 |
INVESTING IN OURSELVES PURPOSE: program support | $18,738 |