Somerset Scholarship Fund
- Assets
- $153.2k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Mendota Heights, MN
- Founding
- 03/2012
- Data as of
- 12/2023
- EIN
- 45-4617048
Organization Overview
Somerset Scholarship Fund is located in Mendota Heights, MN. The organization was established in 2012. 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. Somerset 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 12/2023, Somerset Scholarship Fund generated $97.0k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $91.5k during the year ending 12/2023. While expenses have increased by 5.5% per year over the past 9 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
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3
TO PROVIDE FUNDS TO FINANCE OR AID IN FINANCING , THE POST-SECONDARY UNDERGRADUATE EDUCATION OF ONE OR MORE QUALIFIED APPLICANTS AT ANY ACCREDITED TWO YEAR OR FOUR YEAR COLLEGE, UNIVERSITY OR VOCATIONAL/TECHNICAL SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anne M Field Secretary | 1 | $0 | |
Brian Smith Treasurer | 1 | $0 | |
Lea Theobald President | 1 | $0 | |
Herbert Lewis Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $96,974 |
| Total Program Service Revenue | $0 |
| Membership dues | $0 |
| Investment income | $67 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $97,041 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $5,656 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $1,545 |
| Other expenses | $2,317 |
| Total expenses | $91,518 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $153,201 |
| Other assets | $0 |
| Total assets | $153,201 |
| Total liabilities | $0 |
| Net assets or fund balances | $153,201 |