Student Freedom Initiative Inc
- Assets
- $145.9m
- Revenue
- $19.7m
- Investments
- $0.0
- Employees
- 18
- Location
- Washington, DC
- Founding
- Data as of
- 06/2023
- EIN
- 85-0557522
Organization Overview
Student Freedom Initiative Inc is located in Washington, DC. 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 06/2023, Student Freedom Initiative Inc employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Student Freedom Initiative 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 06/2023, Student Freedom Initiative Inc generated $19.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (20.8%) each year. All expenses for the organization totaled $7.3m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE STUDENT FREEDOM INITIATIVE IS A 501(C)(3) NONPROFIT ORGANIZATION DEDICATED TO ENSURING FREEDOM IN PROFESSIONAL AND LIFE CHOICES FOR STUDENTS ATTENDING MINORITY SERVING INSTITUTIONS (MSIS).
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ADDRESS THE OVERWHELMING STUDENT DEBT FACED BY ALL TOO MANY OF THE YOUNG MEN AND WOMEN ATTENDING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES BY PROVIDING A STUDENT-CENTRIC FUNDING SOURCE FOR EDUCATION COSTS AS AN ALTERNATIVE TO HIGH-INTEREST LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert F Smith Chairman | Trustee | 4 | $0 |
Henry Louis Gates Director | Trustee | 1 | $0 |
Michael Lomax Director | Trustee | 1 | $0 |
Linda Wilson Director | Trustee | 1 | $0 |
Lawrence P Bancroft Director | Trustee | 1 | $0 |
Keith Shoates Chief Operating Officer | OfficerTrustee | 25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Good Stuff Digital Marketing Services | 6/29/23 | $288,000 |
United Negro College Fund Inc Onboarding Work For Sfi Longitudinal Stu | 6/29/23 | $256,257 |
Cassidy & Associates Inc Professional Services | 6/29/23 | $116,750 |
Skadden Arps Slate Meagher & Flom Llp Legal Services | 6/29/23 | $105,176 |
Financial Statements
| 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 | $16,652,730 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,652,730 |
| Total Program Service Revenue | $1,755,711 |
| Investment income | $1,399,416 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$84,590 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,723,286 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,251,232 |
| 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. | $508,476 |
| Compensation of current officers, directors, key employees. | $54,789 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,515,451 |
| Pension plan accruals and contributions | $63,138 |
| Other employee benefits | $126,187 |
| Payroll taxes | $135,581 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,524 |
| Fees for services: Accounting | $97,984 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $50,105 |
| Fees for services: Other | $1,124,296 |
| Advertising and promotion | $419,250 |
| Office expenses | $24,311 |
| Information technology | $55,469 |
| Royalties | $0 |
| Occupancy | $39,266 |
| Travel | $57,513 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,869 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,707 |
| Insurance | $5,458 |
| All other expenses | $20,621 |
| Total functional expenses | $7,282,206 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,111,041 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $70,432,244 |
| Accounts receivable, net | $3,551,991 |
| 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 | $74,929 |
| Net Land, buildings, and equipment | $44,106 |
| Investments—publicly traded securities | $53,622,211 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $38,982 |
| Total assets | $145,875,504 |
| Accounts payable and accrued expenses | $810,400 |
| 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 | $39,160 |
| Total liabilities | $849,560 |
| Net assets without donor restrictions | $94,285,216 |
| Net assets with donor restrictions | $50,740,728 |
| 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 | $145,875,504 |
Grants Awarded
Over the last fiscal year, Student Freedom Initiative Inc has awarded $1,249,674 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
BLUEFIELD STATE UNIVERSITY PURPOSE: BROADBAND PROGRAM | $50,000 |
BOWIE STATE UNIVERSITY FOUNDATION PURPOSE: HELPS PROGRAM | $9,500 |
LINCOLN UNIVERSITY PURPOSE: HELPS PROGRAM | $9,375 |
MILES COLLEGE PURPOSE: BROADBAND PROGRAM | $50,000 |
MOREHOUSE COLLEGE PURPOSE: HELPS PROGRAM | $45,269 |
PRAIRIE VIEW A&M UNIVERSITY PURPOSE: HELPS PROGRAM | $18,530 |