Solon E & Espie Watts Little Scholarship Loan Fund Inc
- Assets
- $1.4m
- Revenue
- $92.7k
- Investments
- $433.0k
- Employees
- 0
- Location
- Concord, NC
- Founding
- 06/1983
- Data as of
- 12/2022
- EIN
- 58-1491453
Organization Overview
Solon E & Espie Watts Little Scholarship Loan Fund Inc is located in Concord, NC. The organization was established in 1983. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Solon E & Espie Watts Little Scholarship Loan 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 12/2022, Solon E & Espie Watts Little Scholarship Loan Fund Inc generated $92.7k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $166.3k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION ENGAGES SOLELY IN MAKING INTEREST-FREE LOANS TO GRADUATES OF ALEXANDER CENTRAL HIGH SCHOOL. (DETAILS SET FORTH IN ATTACHED BOOKLET.) LOANS WERE MADE TO 28 STUDENTS IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve L Medlin Pres/sec/treas | 20 | $24,969 | |
Peggy H Chambers Asst Sec/treas | 40 | $59,346 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $271 |
| Dividends & Interest | $15,040 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $77,242 |
| Capital Gain Net Income | $77,242 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $140 |
| Total Revenue | $92,693 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $84,315 |
| Other employee salaries and wages | $9,957 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $6,490 |
| Depreciation | $0 |
| Occupancy | $14,028 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $31,332 |
| Total operating and administrative expenses | $166,267 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $166,267 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,906 |
| Savings and temporary cash investments | $107,434 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $816,650 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,400,022 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $1,188 |
| Total liabilities | $1,188 |