5 Strong Scholarship Foundation
- Assets
- $367.6k
- Revenue
- $474.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Atlanta, GA
- Founding
- 02/2015
- Data as of
- 12/2023
- EIN
- 47-1332851
Organization Overview
5 Strong Scholarship Foundation is located in Atlanta, GA. The organization was established in 2015. 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. 5 Strong 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 12/2023, 5 Strong Scholarship Foundation generated $474.3k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 18.0% each year . All expenses for the organization totaled $317.4k during the year ending 12/2023. 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
HELPS TO PROVIDE PROMISING STUDENT LEADERS WITH FULL-TUITION SCHOLARSHIPS AND ONGOING MENTORING AND SUPPORT FROM MATRICULATION TO GRADUATION. 5 STRONGS GOAL IS FOR OUR SCHOLARS TO GO, STAY, AND GRADUATE IN 4 YEARS OR LESS WITH $0 TO MINIMAL STUDENT LOAN DEBT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION CONTINUES TO MAKE SIGNIFICANT PROGRESS IN INCREASING THE OVERALL AWARENESS AND PRESENCE IN THE SCHOLARSHIP FOUNDATION FIELD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Ragland CEO | OfficerTrustee | 40 | $95,000 |
Carolyn Hill Foundation Mgr. | Trustee | 40 | $65,000 |
Sherida Ragland Foundation Mgr. | Trustee | 10 | $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 | $474,274 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $474,274 |
| Total Program Service Revenue | $0 |
| Investment income | $3 |
| 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 | $474,277 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $50,201 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $160,000 |
| Compensation of current officers, directors, key employees. | $16,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,742 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,374 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $34,806 |
| Office expenses | $11,666 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,769 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $650 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $5,377 |
| Total functional expenses | $317,369 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $366,436 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,157 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $367,593 |
| Accounts payable and accrued expenses | $7,575 |
| 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 | $3 |
| Total liabilities | $7,578 |
| Net assets without donor restrictions | $360,015 |
| 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 | $367,593 |