Answer Scholarship Inc
- Assets
- $190.3k
- Revenue
- $195.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Charlotte, NC
- Founding
- 05/2016
- Data as of
- 06/2022
- EIN
- 81-0834789
Organization Overview
Answer Scholarship Inc is located in Charlotte, NC. The organization was established in 2016. According to its NTEE Classification (P80) the organization is classified as: Centers to Support the Independence of Specific Populations, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Answer Scholarship 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, Answer Scholarship Inc generated $195.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $184.0k during the year ending 06/2022. 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
TO MENTOR AND PREPARE MOTHERS OF SCHOOL-AGE CHILDREN TO ACHIEVE A COLLEGE EDUCATION AND INSPIRE THEM TO BE ROLE MODELS OF ACADEMIC, PERSONAL, AND PROFESSIONAL SUCCESS FOR THEIR CHILDREN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MENTORS FOR MOM PROGRAM - ONE OF THE MOST IMPACTFUL THINGS WE DO FOR OUR SCHOLARS IS CONNECT THEM WITH A VOLUNTEER MENTOR THROUGH OUR MENTORS FOR MOM PROGRAM. MENTORS OFFER OUR SCHOLARS SUPPORT AND GUIDANCE ON BALANCING FAMILY, WORK AND SCHOOL. SCHOLARS MEET REGULARLY WITH THEIR MENTORS FOR ADVICE, MOTIVATION, OR SIMPLY AS A SOUNDING BOARD. SCHOLARS AND MENTORS ALSO CONVENE MONTHLY AS A GROUP, WHERE THEY SHARE EXPERIENCES AND LEARN FROM EXPERTS ON ESSENTIAL TOPICS, SUCH AS FINANCIAL PLANNING, PROFESSIONAL DEVELOPMENT AND WOMEN'S HEALTH. SCHOLARS MUST PARTICIPATE IN THE MENTORS FOR MOM PROGRAM AS PART OF THE SCHOLARSHIP TERMS. THIS PROGRAM IS UTILIZED TO GAUGE HOW WELL THE SCHOLARS ARE DOING IN SCHOOL, ALLOWING US TO IDENTIFY AND RESOLVE ISSUES BEFORE THEY BECOME SETBACKS.
IN FISCAL YEAR 2021, ANSWER SCHOLARSHIP, INC. PAID $44,801 TO AN ENDOWMENT FUND HELD AT FOUNDATION FOR THE CAROLINAS. THE ENDOWMENT FUND IS CALLED THE ANSWER SCHOLARSHIP ENDOWMENT. ANSWER INC. UTILIZES THIS FUND AS A MEANS TO PROVIDE SCHOLARSHIPS FOR STUDENTS. IN 2021, FOUNDATION FOR THE CAROLINAS AWARDED $69,175 IN SCHOLARSHIPS TO ANSWER INC. SCHOLARS, $44,801 OF WHICH WAS PROVIDED BY ANSWER INC. THE REMAINING $24,374 WAS PROVIDED BY THE ENDOWMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Andersen CEO | OfficerTrustee | 35 | $22,000 |
Russell Blaise Director | Trustee | 2 | $0 |
Kevin Macmurphy Director | Trustee | 5 | $0 |
Patricia Maruna Secretary | OfficerTrustee | 2 | $0 |
Danielle Peoples Director | Trustee | 3 | $0 |
Shantell Strickland-Davis Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $204,042 |
| Investment income | $115 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$9,007 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $195,150 |
| Statement of Expenses | |
|---|---|
| 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. | $27,946 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,305 |
| 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 | $90,233 |
| Advertising and promotion | $2,033 |
| Office expenses | $1,321 |
| Information technology | $650 |
| Royalties | $0 |
| Occupancy | $288 |
| Travel | $0 |
| 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 | $1,624 |
| All other expenses | $0 |
| Total functional expenses | $184,045 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $87,291 |
| Savings and temporary cash investments | $102,962 |
| Pledges and grants receivable | $0 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $190,253 |
| Accounts payable and accrued expenses | $0 |
| 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 | $1,072 |
| Total liabilities | $1,072 |
| Net assets without donor restrictions | $185,431 |
| Net assets with donor restrictions | $3,750 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $189,181 |