Inner-City Scholarship Fund Inc
- Assets
- $107.2m
- Revenue
- $19.3m
- Investments
- $2.5m
- Employees
- 35
- Location
- New York, NY
- Founding
- 03/1946
- Data as of
- 08/2023
- EIN
- 51-0453629
Organization Overview
Inner-City Scholarship Fund Inc is located in New York, NY. The organization was established in 1946. 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 08/2023, Inner-City Scholarship Fund Inc employed 35 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Inner-City Scholarship Fund 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 08/2023, Inner-City Scholarship Fund Inc generated $19.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $20.1m during the year ending 08/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Inner-City Scholarship Fund Inc has awarded 768 individual grants totaling $130,883,443. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE CHILDREN WITH A QUALITY, VALUES-BASED K-12 CATHOLIC EDUCATION WITHIN THE ARCHDIOCESE OF NY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TUITION ASSISTANCE PROGRAMS: GRANT PAYMENTS FOR SCHOLARSHIPS IN PARTNERSHIP WITH THE CHILDREN'S SCHOLARSHIP FUND, THE ARCHDIOCESE OF NEW YORK, AND STUDENT SPONSOR PARTNERS.
ENRICHMENT PROGRAM - THIS PROGRAM GIVES HIGH SCHOOL JUNIORS AN OPPORTUNITY TO GAIN EXPERIENCE IN A BUSINESS SETTING THROUGH JOB-RELATED WORKSHOPS AND PAID SUMMER INTERNSHIPS AT MANY NEW YORK PRESTIGIOUS COMPANIES AND ORGANIZATIONS. JUNIOR COMMITTEE PROVIDES HANDS-ON SUPPORT TO STUDENTS IN OUR PARTICIPATING SCHOOLS. THEY WORK AND LIVE THROUGHOUT THE TRI-STATE AREA AND THEIR COMMON DESIRE IS TO HELP THE BOYS AND GIRLS OF THE INNER-CITY BY PROVIDING THEM WITH AN ENRICHING EXPERIENCE.
SCHOLARSHIP PROGRAMS: GRANT SCHOLARSHIPS TO STUDENTS WITH QUALIFYING NEED. STUDENTS ARE REQUESTED TO CORRESPOND WITH DONORS.
FINANCIAL AID GRANTS: FINANCIAL AID GRANTS FOR UNDER-SERVICED CATHOLIC SCHOOLS, AND DEPARTMENT OF EDUCATION OF THE ARCHDIOCESE OF NEW YORK. THESE GRANTS COULD BE FOR STUDENT SCHOLARSHIPS, ENRICHMENT, OPPORTUNITIES, AND CAPITAL REPAIRS OR GENERAL OPERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cardinal Timothy Dolan Chairman | OfficerTrustee | 1 | $0 |
Peter T Grauer Trustee/president | OfficerTrustee | 1 | $0 |
John P Cahill Treasurer | OfficerTrustee | 1 | $0 |
Michael Deegan Secretary (end 7/2023) | OfficerTrustee | 1 | $0 |
Anthony J DE Nicola Trustee/vice President | OfficerTrustee | 1 | $0 |
Michael P Esposito III Trustee/vice President | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Faircom New York Inc Direct Mail | 8/30/22 | $816,856 |
Captain Production Llc Professional Services | 8/30/22 | $110,809 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $2,904,627 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $16,821,064 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,725,691 |
| 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 | $74,650 |
| Net Income from Fundraising Events | -$479,989 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,320,352 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,396,787 |
| 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. | $300,436 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,164,190 |
| Pension plan accruals and contributions | $118,398 |
| Other employee benefits | $114,695 |
| Payroll taxes | $180,006 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $87,766 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $822,689 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $131,932 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $154,429 |
| Royalties | $0 |
| Occupancy | $129,940 |
| 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 | $20,270 |
| Insurance | $0 |
| All other expenses | $123,140 |
| Total functional expenses | $20,059,238 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $13,221,526 |
| Pledges and grants receivable | $18,155,741 |
| 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 | $50,676 |
| Investments—publicly traded securities | $73,227,979 |
| Investments—other securities | $2,539,130 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $107,195,052 |
| Accounts payable and accrued expenses | $124,447 |
| Grants payable | $1,900 |
| Deferred revenue | $243,200 |
| 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 | $357,275 |
| Total liabilities | $726,822 |
| Net assets without donor restrictions | $8,908,201 |
| Net assets with donor restrictions | $97,560,029 |
| 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 | $107,195,052 |
Grants Awarded
Over the last fiscal year, Inner-City Scholarship Fund Inc has awarded $16,380,351 in support to 84 organizations.
| Grant Recipient | Amount |
|---|---|
GLOBAL REGIONAL SCHOOL SYSTEM PURPOSE: FINANCIAL AID GRANT | $4,275,000 |
THE CHILDREN'S SCHOLARSHIP FUND PURPOSE: FINANCIAL AID GRANT | $3,194,124 |
CATHOLIC SCHOOL REGION NORTH WEST SOUTH BRONX PURPOSE: FINANCIAL AID GRANT | $659,017 |
CARDINAL SPELLMAN PURPOSE: FINANCIAL AID GRANT | $738,360 |
CATHOLIC SCHOOL REGION NORTH EASTEAST BRONX PURPOSE: FINANCIAL AID GRANT | $571,068 |
CATHOLIC SCHOOL REGION MANHATTAN PURPOSE: FINANCIAL AID GRANT | $404,773 |