Frederick B Abramson Inc, operating under the name Abramson Scholarship Foundation, is located in Washington, DC. The organization was established in 1992. 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 06/2022, Abramson Scholarship Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Abramson 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 06/2022, Abramson Scholarship Foundation generated $371.7k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $242.3k during the year ending 06/2022. While expenses have increased by 1.1% per year over the past 5 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
THE ABRAMSON SCHOLARSHIP FOUNDATION'S MISSION IS TO ENSURE THAT MOTIVATED DISTRICT OF COLUMBIA PUBLIC HIGH SCHOOL AND CHARTER GRADUATES HAVE THE OPPORTUNITY TO ATTEND COLLEGE AND THE TOOLS TO SUCCEED ONCE THEY GET THERE. OUR PROGRAM EMPLOYS A TWO-FOLD APPROACH TO ACCOMPLISH THE MISSION. FIRST, WE PROVIDE CRITICAL FINANCIAL ASSISTANCE TO STUDENTS WHO MIGHT NOT BE ABLE TO ATTEND COLLEGE WITHOUT OUR HELP. SECOND, AND EQUALLY IMPORTANT, WE PROVIDE THESE STUDENTS WITH PERSONAL AND PROFESSIONAL GUIDANCE THROUGH INDIVIDUAL MENTORS AND PROGRAMS IN ORDER TO FOSTER THEIR ACADEMIC SUCCESS, EMOTIONAL GROWTH AND PROFESSIONAL DEVELOPMENT. THIS APPROACH ENABLES THE FOUNDATION TO SUPPORT OUR SCHOLARS THROUGH ALL FOUR YEARS OF COLLEGE AND BEYOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SCHOLARSHIP PROGRAM: SINCE 1991, THE ABRAMSON SCHOLARSHIP FOUNDATION HAS AWARDED OVER $1.5 MILLION IN SCHOLARSHIPS TO OVER 300 UNDERPRIVILEGED COLLEGE-BOUND D.C. HIGH SCHOOL STUDENTS. IN ORDER TO QUALIFY, EACH APPLICANT MUST MEET THREE CRITERIA: FINANCIAL NEED, ACADEMIC ACHIEVEMENT AND A DEMONSTRATED COMMITMENT TO COMMUNITY SERVICE. EACH YEAR, ABRAMSON SCHOLARS CAN APPLY FOR SUBSEQUENT SCHOLARSHIP FUNDING PROVIDED THEY MAINTAIN A GOOD ACADEMIC RECORD AND ARE ACTIVELY INVOLVED IN THE MENTORING PROGRAM. AWARD AMOUNTS INCREASE EACH YEAR BECAUSE THE FOUNDATION HAS LEARNED THROUGH EXPERIENCE THAT OTHER SOURCES OF FINANCIAL AID TEND TO DIMINISH AND DISAPPEAR. ASF CURRENTLY SUPPORTS 35 SCHOLARS AT DIFFERENT STAGES IN THEIR COLLEGE JOURNEY. SEVENTY PERCENT OF OUR SCHOLARS COME FROM A SINGLE PARENT HOUSEHOLD AND ARE FIRST GENERATION COLLEGE STUDENTS. THE AVERAGE HOUSEHOLD INCOME FOR OUR STUDENTS IS $43,000 A YEAR.
THE MENTORING PROGRAM: IN ADDITION TO RECEIVING FINANCIAL SUPPORT, EVERY ABRAMSON SCHOLAR IS PAIRED WITH A MENTOR. MOST ABRAMSON SCHOLARS COME FROM DISADVANTAGED BACKGROUNDS AND ARE THE FIRST IN THEIR FAMILIES TO ATTEND COLLEGE. ADVICE FROM CARING, ENGAGED PROFESSIONALS IN THE COMMUNITY WILL MAKE A SIGNIFICANT DIFFERENCE IN THEIR LIVES. ASFS MANY:1 MENTORING MODEL SURROUNDS ABRAMSON SCHOLARS WITH AS MUCH SUPPORT AS POSSIBLE TO HELP THEM OVERCOME OBSTACLES AND ACHIEVE THEIR GOALS. MENTORS PROVIDE ACADEMIC, PROFESSIONAL DEVELOPMENT AND EMOTIONAL GUIDANCE AND SUPPORT. SINCE STUDENTS NEEDS ARE BROAD AND UNIQUE, SCHOLARS AND MENTORS CAN ALSO DRAW ON THE ABRAMSON NETWORK OF ADVISORS WHO LEND THEIR SPECIFIC SKILLS, EXPERTISE AND/OR EXPERIENCE. FOR EXAMPLE, ADVISORS HELP PROOFREAD ACADEMIC PAPERS, PROVIDE PROFESSIONAL CONTACTS WHO CAN HELP SCHOLARS FIND SUMMER INTERNSHIPS OR JOBS IN THEIR FIELDS OF STUDY, AND DISCUSS SHARED EXPERIENCES (E.G. WHAT COLLEGE IS LIKE FOR A FIRST GENERATION COLLEGE STUDENT). AS PART OF OUR MENTORING PROGRAM, STUDENTS ALSO PARTICIPATE IN PROFESSIONAL DEVELOPMENT WORKSHOPS WHICH HELP THEM PREPARE FOR INTERNSHIPS AND THE WORKFORCE ONCE THEY GRADUATE.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Tykia Warden Executive Dir. | Officer | 40 | $30,616 |
Danielle Verbiest Executive Dir. | Officer | 40 | $8,410 |
Kristy Carroll Board Member | Trustee | 4 | $0 |
Bruce Charendoff Board Member | Trustee | 4 | $0 |
Diona Howard-Nichols Board Member | Trustee | 4 | $0 |
Carmen Banerjee Board Member | Trustee | 4 | $0 |
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 | $323,986 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $323,986 |
Total Program Service Revenue | $35,750 |
Investment income | $11,999 |
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 | $371,735 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $114,000 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $34,318 |
Compensation of current officers, directors, key employees. | $7,902 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $44,639 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $1,489 |
Payroll taxes | $7,112 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $11,631 |
Advertising and promotion | $0 |
Office expenses | $358 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $30 |
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 | $2,170 |
All other expenses | $4,321 |
Total functional expenses | $242,318 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $471,924 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $36,450 |
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 | $331,287 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $839,661 |
Accounts payable and accrued expenses | $1,275 |
Grants payable | $284,000 |
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 | $285,275 |
Net assets without donor restrictions | $525,386 |
Net assets with donor restrictions | $29,000 |
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 | $839,661 |