Anchor Scholarship Foundation
- Assets
- $2.0m
- Revenue
- $476.2k
- Investments
- $0.0
- Employees
- 3
- Location
- Virginia Beach, VA
- Founding
- 04/2004
- Data as of
- 06/2024
- EIN
- 32-0109100
Organization Overview
Anchor Scholarship Foundation is located in Virginia Beach, VA. The organization was established in 2004. 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 06/2024, Anchor Scholarship Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Anchor Scholarship Foundation 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 06/2024, Anchor Scholarship Foundation generated $476.2k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $378.6k during the year ending 06/2024. While expenses have increased by 10.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO AWARD COLLEGE SCHOLARSHIPS TO DEPENDENT CHILDREN AND SPOUSES OF ACTIVE DUTY, RETIRED AND HONORABLY DISCHARGED SURFACE NAVY PERSONNEL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO AWARD COLLEGE SCHOLARSHIPS TO DEPENDENT CHILDREN AND SPOUSES OF ACTIVE DUTY, RETIRED AND HONORABLY DISCHARGED SURFACE NAVY PERSONNEL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rdml David Steindl Chairman | OfficerTrustee | 1 | $0 |
Gina Buzby Vice Chair | OfficerTrustee | 1 | $0 |
Jacob Chang Secretary | OfficerTrustee | 1 | $0 |
Capt Perry Bingham Treasurer | OfficerTrustee | 1 | $0 |
Maryellen Baldwin Director | Trustee | 1 | $0 |
Capt Peter Bulkeley Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $776 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $351,067 |
| Noncash contributions included in lines 1a–1f | $776 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $351,843 |
| Total Program Service Revenue | $0 |
| Investment income | $74,094 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,797 |
| Net Income from Fundraising Events | $30,886 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $476,197 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $148,522 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $82,500 |
| Compensation of current officers, directors, key employees. | $12,375 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $49,228 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,798 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,837 |
| Fees for services: Other | $19,565 |
| Advertising and promotion | $2,902 |
| Office expenses | $7,346 |
| Information technology | $8,439 |
| Royalties | $0 |
| Occupancy | $17,738 |
| Travel | $4,319 |
| 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 | $1,064 |
| Insurance | $619 |
| All other expenses | $717 |
| Total functional expenses | $378,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,770 |
| Savings and temporary cash investments | $62,800 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,000 |
| 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 | $2,365 |
| Net Land, buildings, and equipment | $1,019 |
| Investments—publicly traded securities | $1,819,163 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $67,336 |
| Total assets | $1,985,453 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $9,000 |
| 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 | $153,865 |
| Total liabilities | $162,865 |
| Net assets without donor restrictions | $821,445 |
| Net assets with donor restrictions | $1,001,143 |
| 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 | $1,985,453 |