First Generation College Bound Inc
- Assets
- $2.3m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 16
- Location
- Laurel, MD
- Founding
- 08/1991
- Data as of
- 06/2023
- EIN
- 52-1720876
Organization Overview
First Generation College Bound Inc is located in Laurel, MD. The organization was established in 1991. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2023, First Generation College Bound Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Generation College Bound 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 06/2023, First Generation College Bound Inc generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 23.8% each year . All expenses for the organization totaled $1.3m during the year ending 06/2023. While expenses have increased by 14.4% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FGCB EXISTS TO INSPIRE LOW INCOME AND FIRST-GENERATION YOUTH TO ACHIEVE THEIR SOCIAL AND ECONOMIC SUCCESS BY PROVIDING ADVICE, ENCOURAGEMENT, AND SUPPORT TO OBTAIN A COLLEGE DEGREE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COLLEGE ACCESS PROGRAM SUPPORTED 183 SENIORS, 109 JUNIORS, AND 45 SOPHOMORES. ACCOMPLISHMENTS 100% OF STUDENTS GRADUATED HIGH SCHOOL AND 100% OF STUDENTS WERE ACCEPTED TO AT LEAST ONE COLLEGE OR UNIVERSITY. 188 HIGH SCHOOL SENIORS SUCCESSFULLY MATRICULATED TO COLLEGE. 52% OF STUDENTS COMMITTED TO A FOUR-YEAR COLLEGE WITH 48% COMMITTED TO A TWO YEAR COLLEGE. A TOTAL OF $3 MILLION WAS AWARDED TO FGCB STUDENTS FROM VARIOUS SOURCES (AS REPORTED ON THEIR FINANCIAL AID PACKAGES) ENTERING COLLEGE IN 2023. FGCB IS NOT A SOURCE OF PROVIDING FINANCIAL AID TO ANY STUDENT. FGCB ALSO RECOGNIZED 10 COLLEGE GRADUATES WHO EARNED AN ASSOCIATE'S DEGREE, 61 STUDENTS WHO EARNED A BACHELOR'S DEGREE, 6 STUDENTS WHO EARNED A GRADUATE DEGREE, AND 1 STUDENT WHO EARNED A DOCTORATE DEGREE. FGCB MAINTAINED A 77% FIRST- YEAR FRESHMAN-TO- SOPHOMORE RETENTION RATE. DURING THIS ACADEMIC YEAR, THE PROCESS BEGAN TO ADD AN ADDITIONAL COLLEGE ACCESS SITE FOR THE 2023-2024 ACADEMIC YEAR (THE INTERNATIONAL SCHOOL AT LANGLEY PARK).
HOMEWORK CLUB- 33 STUDENTS (AN INCREASE OF 23 STUDENTS)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Fisher CEO | OfficerTrustee | 40 | $80,288 |
Gavin Brown Board Chair | OfficerTrustee | 2 | $0 |
Michael Wood Secretary | OfficerTrustee | 1 | $0 |
Florence Akadje Director | Trustee | 1 | $0 |
Janice Breslin-Doyle Director | Trustee | 1 | $0 |
Robb Cecil Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $821,652 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,072,823 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,894,475 |
| Total Program Service Revenue | $13,875 |
| Investment income | $24,948 |
| 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 | $1,933,298 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $80,288 |
| Compensation of current officers, directors, key employees. | $16,861 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $578,272 |
| Pension plan accruals and contributions | $13,871 |
| Other employee benefits | $22,692 |
| Payroll taxes | $51,147 |
| Fees for services: Management | $136,586 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $75,717 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $67,332 |
| Advertising and promotion | $0 |
| Office expenses | $85,045 |
| Information technology | $47,977 |
| Royalties | $0 |
| Occupancy | $78,872 |
| Travel | $19,495 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $260 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,543 |
| Insurance | $6,567 |
| All other expenses | $0 |
| Total functional expenses | $1,280,391 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $206,302 |
| Savings and temporary cash investments | $1,237,761 |
| Pledges and grants receivable | $518,206 |
| Accounts receivable, net | $17,000 |
| 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 | $1,616 |
| Net Land, buildings, and equipment | $6,316 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $303,385 |
| Total assets | $2,290,586 |
| Accounts payable and accrued expenses | $58,457 |
| Grants payable | $0 |
| Deferred revenue | $50,000 |
| 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 | $315,697 |
| Total liabilities | $424,154 |
| Net assets without donor restrictions | $1,785,713 |
| Net assets with donor restrictions | $80,719 |
| 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 | $2,290,586 |