The Central Scholarship Bureau Inc
- Assets
- $13.4m
- Revenue
- $1.9m
- Investments
- $10.0m
- Employees
- 9
- Location
- Owings Mills, MD
- Founding
- 06/1952
- Data as of
- 06/2021
- EIN
- 52-6012589
Organization Overview
The Central Scholarship Bureau Inc, operating under the name Central Scholarship, is located in Owings Mills, MD. The organization was established in 1952. 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 06/2021, Central Scholarship employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Scholarship 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 06/2021, Central Scholarship generated $1.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $1.7m during the year ending 06/2021. While expenses have increased by 0.0% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP MARYLANDERS FULFILL THEIR DREAMS OF PURSUING HIGHER EDUCATIONBY MAKING HIGHER EDUCATION MORE AFFORDABLE.
Describe the Organization's Program Activity:
CENTRAL SCHOLARSHIP (CS) PROVIDES NEED-BASED SCHOLARSHIPS FOR HIGH-PERFORMING STUDENTS PURSUING UNDERGRADUATE, GRADUATE AND PROFESSIONAL DEGREES. FOR MOST PROGRAMS, STUDENTS ARE ELIGIBLE FOR UP TO $11,000 PER YEAR IN ASSISTANCE FOR POST-SECONDARY EDUCATION. DURING THE FISCAL YEAR ENDED JUNE 30, 2021, CS PROCESSED NEARLY 1,105 APPLICATIONS AND AWARDED 233 SCHOLARSHIPS TO STUDENTS.(EMERGENCY GRANTS) CS PROVIDES STUDENTS ALREADY RECEIVING EDUCATION FUNDING FOR DEGREE PROGRAMS WITH EMERGENCY GRANTS FOR NON-EDUCATION EXPENSES. EXAMPLES OF SUCH EXPENSES INCLUDE MEDICAL BILLS, TRANSPORTATION EMERGENCIES, OR REPLACEMENT OF ESSENTIAL BELONGINGS AFTER THEFT OR FIRE. DURING THE FISCAL YEAR ENDING ON JUNE 30, 2021, CS MADE EMERGENCY GRANTS TO 39 STUDENTS TOTALING $40,257.
INTEREST-FREE LOANS ARE AWARDED TO STUDENTS PURSUING UNDERGRADUATE, GRADUATE AND PROFESSIONAL SCHOOL DEGREES WHO QUALIFY BASED ON FINANCIAL NEED AND ACADEMIC PERFORMANCE. STUDENTS ARE ELIGIBLE FOR UP TO $10,000 PER YEAR IN ASSISTANCE FOR POST-SECONDARY EDUCATION. NEW LOANS OF $195,000 WERE AWARDED TO 38 STUDENTS IN THE FISCAL YEAR ENDING JUNE 30, 2021. CENTRAL SCHOLARSHIP (CS) ALSO MANAGED EXISTING LOANS OF APPROXIMATELY $1,800,000 FOR MORE THAN 400 STUDENTS.
CAREER-TRAINING SCHOLARSHIPS ARE AVAILABLE FOR FIELDS WHERE THERE IS A VERIFIED WORKFORCE DEMAND, AN OPPORTUNITY TO EARN A LIVING WAGE, RECOGNIZED CREDENTIALS UPON PROGRAM COMPLETION AND A PATH FOR CAREER ADVANCEMENT. STUDENTS ARE QUALIFIED BASED ON FINANCIAL NEED, WITH PREFERENCE GIVEN TO BALTIMORE CITY RESIDENTS. DURING THE FISCAL YEAR ENDING ON JUNE 30, 2021, CS AWARDED CAREER-TRAINING SCHOLARSHIPS TO 46 STUDENTS.
COLLEGE CASH IS A FINANCIAL EDUCATION SERIES OFFERED AS A FREE PUBLIC SERVICE THAT HELPS STUDENTS AND PARENTS NAVIGATE THE COMPLEX FINANCIAL OPTIONS AVAILABLE TO COLLEGE-BOUND STUDENTS. THE GOAL IS TO ENSURE THAT STUDENTS AND PARENTS ARE MAKING INFORMED FINANCIAL CHOICES WHEN SELECTING A COLLEGE. THE ADVOCACY PROGRAM CONTINUES TO FOCUS ON SCHOLARSHIP AWARD DISPLACEMENT, WHICH HAPPENS WHEN COLLEGES REDUCE THEIR INSTITUTIONAL SCHOLARSHIP AFTER A STUDENT RECEIVES A PRIVATE SCHOLARSHIP. CS HAS SIGNED AGREEMENTS WITH 13 PRIVATE COLLEGES IN MARYLAND WHO AGREED NOT TO DISPLACE PRIVATE SCHOLARSHIPS ISSUED BY CENTRAL SCHOLARSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jan Wagner President Through March, 2021 | Officer | 40 | $126,639 |
Russ Causey Board Chair | OfficerTrustee | 2 | $0 |
Tim Redmond Treasurer | OfficerTrustee | 2 | $0 |
Peggy Heller Secretary | OfficerTrustee | 2 | $0 |
Tierra A Dorsey President Since March, 2021 | Officer | 40 | $0 |
Ernestine Whiting Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $152,200 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,174,712 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,326,912 |
| Total Program Service Revenue | $0 |
| Investment income | $114,001 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $400,742 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,887,569 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $761,420 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $111,952 |
| Compensation of current officers, directors, key employees. | $16,793 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $428,883 |
| Pension plan accruals and contributions | $24,011 |
| Other employee benefits | $46,475 |
| Payroll taxes | $44,544 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $84,242 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,292 |
| Fees for services: Other | $54,535 |
| Advertising and promotion | $0 |
| Office expenses | $10,098 |
| Information technology | $30,303 |
| Royalties | $0 |
| Occupancy | $60,442 |
| Travel | $341 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $628 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,072 |
| Insurance | $7,088 |
| All other expenses | $18,922 |
| Total functional expenses | $1,745,761 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,287,411 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $131,863 |
| Accounts receivable, net | $1,969,415 |
| 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 | $8,412 |
| Net Land, buildings, and equipment | $6,961 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,043,344 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,893 |
| Total assets | $13,449,299 |
| Accounts payable and accrued expenses | $31,332 |
| Grants payable | $5,000 |
| 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 | $130,000 |
| Total liabilities | $166,332 |
| Net assets without donor restrictions | $5,207,806 |
| Net assets with donor restrictions | $8,075,161 |
| 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 | $13,449,299 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that The Central Scholarship Bureau Inc has recieved totaling $423,638.
| Awarding Organization | Amount |
|---|---|
Associated Jewish Charities Of Baltimore Baltimore, MD PURPOSE: GENERAL SUPPORT | $154,542 |
The Kenneth S Battye Charitable Trust Lutherville Timonium, MD PURPOSE: TO FURTHER THE EXEMPT PURPOSE | $100,000 |
Crane Family Foundation Inc Baltimore, MD PURPOSE: TO FURTHER THE EXEMPT PURPOSE OF THE ORGANIZATION | $90,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $46,409 |
Henry And Ruth Blaustein Rosenberg Foundation Baltimore, MD PURPOSE: SUPPORT FOR CAREER TRAINING SCHOLARSHIPS | $10,000 |
Whiteford Taylor & Preston Charitable Tr Baltimore, MD PURPOSE: CONTINUING OPERATIONS | $8,167 |
Endowment Analysis
| Beg. Balance | $6,159,635 |
| Net Contributions | $1,784,123 |
| Ending Balance | $7,943,758 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
American Association Of University Women Inc Washington, DC | $138,843,361 | $18,528,803 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Indian Paintbrush Foundation Washington, DC | $2,617,521,485 | $1,521,981,843 |
Marine Corps Scholarship Foundation Inc Alexandria, VA | $149,128,193 | $34,285,716 |
Children Of Fallen Patriots Foundation Reston, VA | $18,264,760 | $13,060,746 |
District Of Columbia College Access Program Washington, DC | $105,959,870 | $18,161,486 |
Asian And Pacific Islander American Scholarship Fund Washington, DC | $37,686,826 | $13,616,717 |
Children Scholarship Fund Philadelphia Philadelphia, PA | $24,817,690 | $13,351,193 |
Foundation For Jewish Day Schools Of Greater Philadelphia Philadelphia, PA | $5,671,351 | $11,978,701 |
James Annenberg La Vea Charitable Foundation Philadelphia, PA | $176,224,277 | $5,500,392 |