The Scholarship Academy
- Assets
- $519.5k
- Revenue
- $857.9k
- Investments
- $0.0
- Employees
- 33
- Location
- Atlanta, GA
- Founding
- 10/2006
- Data as of
- 08/2023
- EIN
- 20-3721836
Organization Overview
The Scholarship Academy is located in Atlanta, GA. The organization was established in 2006. 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 08/2023, Scholarship Academy employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Scholarship Academy 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 08/2023, Scholarship Academy generated $857.9k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 16.7% each year . All expenses for the organization totaled $992.4k during the year ending 08/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE SCHOLARSHIP ACADEMY (TSA) IS A COMPREHENSIVE SCHOLARSHIP PREPARATORY PROGRAM THAT TEACHES LOW-INCOME FIRST GENERATION COLLEGE STUDENTS TO NAVIGATE THE MAZE OF FINANCIAL AID IN ORDER TO FUND COLLEGE EDUCATION. THE WORK INCLUDES CONSELOR TRAINIGS, FINANCIAL AID OUTREACH PROGRAMS, AND CONNECTINS TO FINANCIAL AID RESOURCES
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNITED WAY - THE SCHOLARSHIP ACADEMY/UNITED WAY COLLEGE BOUND PROGRAM ADDRESSED THE NEED FOR COMMUNITY TO COME TOGETHER TO SUPPORT STUDENTS AND FAMILIES PROACTIVELY LOOKING AT THEIR COLLEGE FINANCIAL AID OPTIONS TO PAY FOR THEIR POSTSECONDARY EDUCATION. TSA HOSTED SCHOOL BASED FAFSA COMPLETION EVENTS, VIRTUAL OFFICE HOURS, AND FAFSA COMPLETION TRAINING; AND BY PROVIDED ACCESS TO SCHOLARSHIP RESOURCES, TO INCREASE POST-SECONDARY ENROLLMENT, AND COMPLETION FOR GRADUATING SENIORS IN METRO AREA HIGH SCHOOLS. THROUGH THIS THE COLLEGE BOUND INITIATIVE, WE HAVE MADE SIGNIFICANT STRIDES IN SUPPORTING TITLE I SCHOOLS AND STUDENTS. WE HAVE HELPED 10 TITLE I SCHOOLS NAVIGATE THE FAFSA PROCESS, PROVIDING THEM WITH THE NECESSARY TOOLS AND RESOURCES TO INCREASE COMPLETION RATES. AS A RESULT, STUDENTS IN THESE SCHOOLS HAVE SECURED NEARLY 55 MILLION IN FINANCIAL AID.
FINANCIAL AID OUTREACH EVENTS-THE SCHOLARSHIP ACADEMY HOSTS A SERIES OF INNOVATIVE FINANCIAL AID OUTREACH EVENTS TO INTRODUCE STUDENTS TO LOCAL, STATE AND NATIONAL SCHOLARSHIP RESOURCES
GEAR UP -THE PURPOSE OF THE GEAR UP GEORGIA(GUGA) PROJECT IS TO INCREASE THE NUMBER OF GEORGIA HIGH NEED STUDENTS WHO OBTAIN A SECONDARY SCHOOL DIPLOMA AND ARE PREPARED FOR AND SUCCEED IN POSTSECONDARY EDUCATION. OUR ONLINE PLATFORM (VIRTUAL SCHOLARSHIP CENTER) AND COUNSELOR TRAINING PROGRAM INCREASED GUIDANCE COUNSELORS' CAPACITY TO PROVIDE STUDENTS WITH TAILORED SCHOLARSHIP PREPARATORY SUPPORT. OUR VIRTUAL SCHOLARSHIP CENTER HAS THE ABILITY TO INCREASE COMMUNITY AWARENESS OF FINANCIAL AID OPPORTUNITIES/SCHOLARSHIPS VIA OUR COMPREHENSIVE FINANCIAL AID BOOT CAMPS, QUIZZES AND GAMES.
PROGRAM PARTNERSHIPS-THE SCHOLARSHIP ACADEMY IS A 16 MODULE COURSE TO HIGH SCHOOLS AND YOUTH-SERVING ORGANIZATIONS TO SUPPORT STUDENTS WITH NAVIGATING THE FINANCIAL AID PROCESS. THE ACADEMY ALSO HOSTS TRAININGS FOR COLLEGE ADVISORS & CORP. VOLUNTEERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marc Hardy Board Chair | Officer | 5 | $0 |
Stacey Hornsby Vice Chair | Officer | 5 | $0 |
Ellyn Cochran Member | Trustee | 5 | $0 |
Kevin Artis Treasurer | Officer | 5 | $0 |
Vincent Baskerville Member | Trustee | 5 | $0 |
Lisa Lockman Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $357,285 |
| All other contributions, gifts, grants, and similar amounts not included above | $421,227 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $778,512 |
| Total Program Service Revenue | $79,675 |
| Investment income | -$330 |
| 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 | $857,857 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $118,000 |
| Compensation of current officers, directors, key employees. | $118,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $470,505 |
| Pension plan accruals and contributions | $6,257 |
| Other employee benefits | $17,994 |
| Payroll taxes | $44,051 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,534 |
| 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 | $90,071 |
| Advertising and promotion | $8,144 |
| Office expenses | $36,600 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $20,991 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,570 |
| Interest | $427 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,853 |
| Insurance | $16,121 |
| All other expenses | $15,907 |
| Total functional expenses | $992,446 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $256,734 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $228,637 |
| 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 | $5,616 |
| Investments—publicly traded securities | $15,597 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,916 |
| Total assets | $519,500 |
| 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 | $32,331 |
| Total liabilities | $32,331 |
| Net assets without donor restrictions | $487,169 |
| 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 | $519,500 |