First Generation College Bound Inc
- Assets
- $1.3m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 16
- Location
- Laurel, MD
- Founding
- 08/1991
- Data as of
- 06/2022
- 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 06/2022, 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 06/2022, First Generation College Bound Inc generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.7% each year . All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 13.8% 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
2022
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 INCLUDE: 155 HIGH SCHOOL SENIORS SUCCESSFULLY MATRICULATING TO COLLEGE. 66% OF STUDENTS COMMITTED TO A FOUR YEAR COLLEGE WITH 37% COMMITTED TO A TWO YEAR COLLEGE. A TOTAL OF $2,258,137 WAS AWARDED TO FGCB STUDENTS ENTERING COLLEGE IN 2022, INCLUDING $687,300 IN GA FUNDING, $367,098 IN FEDERAL GRANTS, AND $801,109 IN INSTITUTIONAL FINANCIAL AID. FGCB ALSO RECOGNIZED 25 COLLEGE GRADUATES WHO EARNED AN ASSOCIATES DEGREE, 63 STUDENTS WHO EARNED A BACHELORS DEGREE, AND 7 STUDENTS WHO EARNED A GRADUATE DEGREE AND PROVIDED COLLEGE RETENTION SERVICES FROM OUR VOLUNTEER COLLEGE RETENTION COMMITTEE TO OVER 1,400 COLLEGE STUDENTS. DURING THIS ACADEMIC YEAR, AN ADDITIONAL COLLEGE ACCESS SITE WAS ADDED TO OUR PROGRAM TO BEGIN RECEIVING SERVICES (HIGH POINT HIGH SCHOOL) AND AN ADDITIONAL COACH WAS HIRED. THROUGH SURVEYS, 100% OF SENIORS INDICATED THAT SERVICES AND ACTIVITIES RELATED TO HELPING THEIR FAMILIES UNDERSTAND COLLEGE AFFORDABILITY AND OPPORTUNITIES FOR FINANCIAL ASSISTANCE WERE VALUABLE AND 100% INDICATED THEY HAVE RECEIVED THE TYPE OF PREPARATION NEEDED TO ENTER COLLEGE. FGCB CONTINUES TO PROVIDE COLLEGE AFFORDABILITY PRESENTATIONS AND TRAININGS TO OTHER COLLEGE ACCESS ORGANIZATIONS AND CONTINUES TO BE PROVIDE WORKSHOPS TO OTHER SCHOOLS WITHIN PGCPS WHO NEED ASSISTANCE WITH FINANCIAL AID AND FAFSA/MSFAA COMPLETION.
IN OUR HOMEWORK CLUB, LOCATED IN THE KIMBERLY GARDENS (29 STUDENTS) AND OLNEY (16 STUDENTS) COMMUNITIES, CERTIFIED TEACHERS PROVIDED HOMEWORK HELP TO STUDENTS IN GRADES 1-12.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Fisher CEO | OfficerTrustee | 40 | $72,115 |
Michael Wood Secretary | OfficerTrustee | 1 | $0 |
Gavin Brown Board Chair | OfficerTrustee | 2 | $0 |
Florence Akadje Director | Trustee | 1 | $0 |
Raymond Farmer Director | Trustee | 1 | $0 |
H Walt Townshend III Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $429 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,066,546 |
| All other contributions, gifts, grants, and similar amounts not included above | $227,317 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,294,292 |
| Total Program Service Revenue | $12,965 |
| Investment income | $594 |
| 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 | $1,307,851 |
| 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. | $74,615 |
| Compensation of current officers, directors, key employees. | $11,192 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $481,891 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $41,313 |
| Payroll taxes | $43,651 |
| Fees for services: Management | $119,544 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $58,947 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $67,362 |
| Advertising and promotion | $0 |
| Office expenses | $100,632 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $54,405 |
| Travel | $59 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $257 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,476 |
| Insurance | $6,945 |
| All other expenses | $1,950 |
| Total functional expenses | $1,077,796 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $225,491 |
| Savings and temporary cash investments | $959,095 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $77,212 |
| 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 | $4,097 |
| Net Land, buildings, and equipment | $7,858 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,154 |
| Total assets | $1,292,907 |
| Accounts payable and accrued expenses | $59,147 |
| 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 | $20,238 |
| Total liabilities | $79,385 |
| Net assets without donor restrictions | $1,213,522 |
| 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 | $1,292,907 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that First Generation College Bound Inc has recieved totaling $162,064.
| Awarding Organization | Amount |
|---|---|
Eugene & Agnes E Meyer Foundation Washington, DC PURPOSE: TO SUPPORT GENERAL OPERATIONS OVER TWO YEARS | $75,000 |
Eugene & Agnes E Meyer Foundation Washington, DC PURPOSE: TO SUPPORT GENERAL OPERATIONS OVER TWO YEARS | $75,000 |
Gary & Carol Berman Family Foundation Inc Rockville, MD PURPOSE: CHARITABLE | $12,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $64 |
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The Management Center Washington, DC | $13,203,217 | $17,392,064 |
Association Of American Universities Washington, DC | $12,330,287 | $10,421,026 |