Scholarchips Inc
- Assets
- $514.0k
- Revenue
- $291.6k
- Investments
- $0.0
- Employees
- 1
- Location
- Washington, DC
- Founding
- 10/2014
- Data as of
- 06/2022
- EIN
- 46-3127898
Organization Overview
Scholarchips Inc is located in Washington, DC. The organization was established in 2014. 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. Scholarchips Inc 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 06/2022, Scholarchips Inc generated $291.6k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 26.4% each year . All expenses for the organization totaled $275.1k during the year ending 06/2022. While expenses have increased by 21.5% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SCHOLARCHIPS PROVIDES COLLEGE SCHOLARSHIPS, MENTORING AND A PEER SUPPORT NETWORK TO CHILDREN OF INCARCERATED PARENTS, INSPIRING THEM TO COMPLETE THEIR COLLEGE EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARCHIPS AWARDEES RECEIVE COLLEGE FUNDING (I.E. RENEWABLE SCHOLARSHIPS AND BOOK AWARDS), AND ALL OF THE SCHOLARS HAVE THE OPPORTUNITY TO BENEFIT FROM OUR ADDITIONAL PROGRAMS, INCLUDING MENTORING, CULTURAL ENRICHMENT, COLLEGE LIFE SKILLS WORKSHOPS AND A PEER SUPPORT NETWORK. SINCE THE PROGRAMS INCEPTION IN 2012, THE ORGANIZATION HAS SUPPORTED SEVENTY-SEVEN SCHOLARS, AND THIRTY-TWO SCHOLARS HAVE GRADUATED FROM THEIR RESPECTIVE UNDERGRADUATE STUDIES PROGRAMS.IN MAY 2020, SCHOLARCHIPS LAUNCHED ITS IN-HOUSE ONE-ON-ONE MENTORSHIP PROGRAM, WHERE SCHOLARS ARE MATCHED WITH VETTED VOLUNTEER MENTORS FROM WITHIN THE COMMUNITY. SCHOLARS AND MENTORS HAVE REPORTED THAT THEY ARE ENJOYING THEIR RELATIONSHIP AND THAT IT IS MUTUALLY BENEFICIAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Yasmine Arrington Founder And Executive Directo | Officer | 40 | $69,350 |
Stephanie Cummings Carr Board Member | Trustee | 2 | $0 |
Karen Addis Board Member | Trustee | 2 | $0 |
Natalie Eisner Board Member | Trustee | 2 | $0 |
Andranae Nelson Board Member | Trustee | 2 | $0 |
Chris Magnuson Board Chair | OfficerTrustee | 7 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $292,251 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $292,251 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $291,640 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $77,511 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $73,665 |
| Compensation of current officers, directors, key employees. | $14,733 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,585 |
| Payroll taxes | $5,636 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,080 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $47,632 |
| Advertising and promotion | $11,182 |
| Office expenses | $17,310 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,532 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,844 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,162 |
| All other expenses | $7,929 |
| Total functional expenses | $275,068 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $503,623 |
| 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 | $6,720 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,643 |
| Total assets | $513,986 |
| Accounts payable and accrued expenses | $2,466 |
| Grants payable | $0 |
| Deferred revenue | $1,000 |
| 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 | $0 |
| Total liabilities | $3,466 |
| Net assets without donor restrictions | $510,520 |
| 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 | $513,986 |