Gloucester Scholarship Foundation Inc
- Assets
- $1.6m
- Revenue
- $150.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Gloucester, MA
- Founding
- 06/2014
- Data as of
- 12/2021
- EIN
- 46-4340095
Organization Overview
Gloucester Scholarship Foundation Inc is located in Gloucester, MA. 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. Gloucester Scholarship Foundation 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 12/2021, Gloucester Scholarship Foundation Inc generated $150.6k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.9% each year . All expenses for the organization totaled $70.8k during the year ending 12/2021. While expenses have increased by 9.4% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO EXPAND ACCESS TO HIGHER EDUCATION FOR STUDENTS OF GLOUCESTER HIGH SCHOOL, GLOUCESTER, MASSACHUSETTS BY RAISING FUNDS FOR STUDENT AID DISTRIBUTION AND DISTRIBUTING AWARDS TO SUCH STUDENTS ON A FAIR AND NON-DISCRIMINATORY BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Annette Campbell Treasurer | Officer | $0 | |
Lawrence Ingersoll President | Officer | $0 | |
Kathryn Williams Clerk | Officer | $0 | |
Joseph Molnar Director | Trustee | $0 | |
Lurye Perkins Director | Trustee | $0 | |
Michael Sikorski Director | Trustee | $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 | $38,185 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,185 |
| Total Program Service Revenue | $0 |
| Investment income | $35,687 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $74,373 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $150,645 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $59,200 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $631 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,617 |
| Fees for services: Other | $352 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $70,800 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $278 |
| Savings and temporary cash investments | $76,681 |
| 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 | $1,545,183 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,622,142 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $1,622,142 |
| Total liabilities and net assets/fund balances | $1,622,142 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Gloucester Scholarship Foundation Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Mantzouranis Scholarship Trust Gloucester, MA PURPOSE: SCHOLARSHIPS | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vermont Student Development Fund Inc Winooski, VT | $17,468,961 | $10,359,436 |
The Teagle Foundation Incorporated New York, NY | $172,379,349 | $12,655,674 |
Jackie Robinson Foundation Inc New York, NY | $30,161,175 | $8,662,334 |
The Cape Cod Community College Educational Foundation Inc West Barnstable, MA | $15,428,827 | $3,042,413 |
Cape Cod Foundation Inc South Yarmouth, MA | $88,834,376 | $21,531,654 |
Gilder Lehrman Institute Of American History New York, NY | $67,600,972 | $8,993,543 |
Uaspire Inc Boston, MA | $8,161,176 | $8,929,537 |
Target Als Foundation Inc New York, NY | $26,527,264 | $6,977,665 |
Pursuit Transformation Company Inc Long Island City, NY | $13,294,970 | $6,856,404 |
Firemens Association Of The State New York Foundation Inc Albany, NY | $161,398,482 | $10,617,589 |
Morgan Stanley Foundation Inc New York, NY | $117,614,938 | $39,846,453 |
Stephen Phillips Memorial Scholarship Fund Inc Boston, MA | $45,790,109 | $8,308,700 |