Denver Kappa Alpha Psi Scholarship Foundation

THE DENVER KAPPA ALPHA PSI SCHOLARSHIP FOUNDATION WAS FORMED TO PROVIDE AN INSTITUTION WITH PERPETUAL PROVISIONS FOR FUTURE MAINTENANCE AND SUPPORT OF YOUNG AFRICAN-AMERICAN MEN WHO HAVE EXCELLED IN HIGH SCHOOL AND ARE ENROLLED IN COLLEGE.

DUE TO THE COVID-19 PANDEMIC, THE FOUNDATION DID NOT HOST A SCHOLARSHIP LUNCHEON THIS YEAR. HOWEVER, WE STILL AWARDED 14 SCHOLARSHIPS THIS YEAR AND CONTINUED TO PAY OUT 2ND, 3RD AND FINAL PAYMENTS ON OUR 4-YEAR SCHOLARSHIPS.

THE DENVER KAPPA ALPHA PSI SCHOLARSHIP FOUNDATION WAS FORMED TO HONOR AFRICAN AMERICAN YOUNG MEN WHO HAVE DEMONSTRATED EXCELLENCE IN THEIR ACADEMIC PURSUIT AND HAVE DEMONSTRATED THE DESIRE TO PARTICIPATE IN ACTIVITIES THAT GIVE BACK TO THEIR COMMUNITIES. THE FOUNDATION RELIES ON THE KAPPA ALPHA PSI FRATERNITY, INC DENVER ALUMNI CHAPTER TO EXECUTE A FAIR SCHOLARSHIP SELECTION PROCESS WITHOUT THE INFLUENCE OF THE FOUNDATION TO SELECT A NUMBER OF STUDENTS EACH YEAR TO HONOR TO THE EXTENT OF THE BUDGET SET BY THE FOUNDATION. IN ADDITION, THE FOUNDATION FUNDS PROGRAMS SUCH AS KAPPA LEAGUE AND GUIDE RIGHT TO BUILD A PIPELINE OF WELL DESERVING YOUNG MEN FOR THE SCHOLARSHIP PROGRAM. THE FOUNDATION HAS BEEN SUCCESSFUL IN RAISING FUNDS AND MANAGING OUR FUNDS UTILIZING VERY STRICT FINANCIAL POLICIES WE HOLD OUR FINANCIAL ADVISING PARTNERS TOO, ALONG WITH FOLLOWING THE RULES OF THE SECRETARY OF STATE AND ANY LAWS OR GUIDELINES SET FORTH BY REGULATING BODIES OF NON PROFIT ORGANIZATIONS. OUR BOARD MET AS SCHEDULED AND ACTED UPON ANY DECISION NECESSARY AS OUTLINED IN OUR MEETING MINUTES AND ELECTED VERY QUALIFIED MEMBERS TO SERVE AS OFFICERS, BOARD MEMBERS, AND ADVISORS (AN ENTITY TO TRAIN POTENTIAL BOARD MEMBERS). THE FOUNDATION CONTINUES TO SEEK DONORS TO OUR ORGANIZATION THAT ARE SUITABLE PARTNERS, MEANING THE GOALS OF THEIR ORGANIZATION AND ETHICS WITH WHICH THEY GOVERN ARE CONSISTENT WITH THE MISSION AND GOALS OF OUR FOUNDATION. SOME OF THE SOURCES OF OUR DONATIONS INCLUDE, BOARD MEMBERS - WHICH ARE BY THE RULES SET IN OUR BY-LAWS CONTRIBUTED A MINIMUM OF $1100 THIS YEAR, INDIVIDUAL DONORS, CORPORATE DONORS, FOUNDATION DONORS, IN KIND SERVICES, AND ANY PROFITS MADE FROM THE SCHOLARSHIP PROGRAM LUNCHEON. OUR CORPORATE DONORS HAVE BEEN VERY LOYAL TO THE FOUNDATION, MANY HAVE BEEN DONORS SINCE OUR INCEPTION. THERE IS NO COMPENSATION OF ANY KIND PROVIDED TO THE BOARD OF DIRECTORS FOR THEIR TIME AND PARTICIPATION ON THE FOUNDATION BOARD. THE FOUNDATION BOARD SETS OUR ADMINISTRATION FEE BUDGET EACH YEAR TO LESS THAN 5% ANNUALLY, MANY YEARS BEING WELL BELOW THE OVERALL GOAL. IT IS MANAGEMENT'S GOAL TO, TO KEEP EXPENSES WITHIN 5% OF TOTAL DONATION REVENUE. WHEN YOU EXAMINE OUR RETURNS, THE INVESTMENT HAS PAID OFF WELL AND ALSO BRINGS ANOTHER LEVEL OF GOVERNANCE ON THE TRANSFER OR WITHDRAWAL OF FUNDS. PART V STATEMENTS REGARDING OTHER IRS FILINGS AND TAX COMPLIANCE THE FOUNDATION IS IN COMPLETE COMPLIANCE WITH THE IRS FILINGS AND RELATED TAX COMPLIANCES. THE FOUNDATION IS A 501(C)3. THERE ARE NO EMPLOYEES OF THE FOUNDATION. TO THAT END, THERE ARE NO RELATED PAYROLL FILINGS.

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