2023-12-01T14:42:47-07:00 2023-08-31 990 2022-09-01 134002189 THE CHILDRENS SCHOLARSHIP FUND CHIL 2125157100 8 West 38th St 8th Floor New York NY 10018 Kathleen Doran CFO 2125157100 2023-12-04 1 1 11 0 AAL2 2022 2023-04-26 12:10:37Z Darla Romfo 8 West 38th Street Suite 804 New York NY 10018 25092669 0 X www.scholarshipfund.org X 1998 NY The Children's Scholarship Fund (CSF) provides children of low-income families with tuition assistance in grades K-8, and supports expanding educational opportunities for all children. 14 13 23 105 0 0 23788636 22894320 860103 1138185 63978 984796 -2197 -2038 24710520 25015263 20245323 19227637 0 0 2216269 2686049 42942 43334 1257962 813210 919048 23317744 22876068 1392776 2139195 36136002 40912471 3557358 5870138 32578644 35042333 The Children's Scholarship Fund (CSF) provides children of low-income families with tuition assistance in grades K-8, and supports expanding educational opportunities for all children. 0 0 19227637 19227637 0 In fiscal year 2023 nearly 26,500 children across the US benefited from scholarships awarded by CSF and its partner programs. These children, all of whom are from low-income families, are receiving the education desired by their families due to the generosity of our donors and the efforts of scholarship programs in 23 communities. Since its inception in 1998, nearly 200,750 children from low-income families have benefited from attending the private school of their choice with more than $989 million in tuition assistance from CSF and its partner programs. 1285950 0 1136685 Program management and administration of New Hampshire Education Freedom (EFA) program: The EFA program provides students who are not enrolled full time in a New Hampshire public school and whose family earns 350% of the poverty line or below with a state grant to spend on eligible education related expenses. CSF administers the funding provided from the State of New Hampshire to each student account. Program staff verifies eligibility of students through the application process, reviews and approves payment of eligible education expenses, and approves educational providers. In addition, program staff provide outreach and support to NH families to inform them about the EFA program. During fiscal year 2023, CSF received approximately $14.8 million from the State of NH to fund over 3,300 EFAs. 602381 0 1500 Program management, outreach and support: CSF's program staff works with parents and schools to ensure the integrity and efficient management of the program. The program staff verifies eligibility and student attendance, disburses the tuition assistance payments to schools and annually requalifies returning students. The Children's Scholarship Fund maintains partnerships with local scholarship programs in communities around the country. In addition to providing matching grants to these organizations, the Children's Scholarship Fund also trains local program staff and has developed and maintains specialized software that is used to manage scholarship awards. 0 0 0 21115968 1 1 0 1 0 0 0 0 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 12 0 23 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 X 14 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AL AR CA CO CT DC FL GA IL KS KY LA MA MD ME MI MN NC NE NH NJ NM NV NY OH OK OR PA RI SC TN VA WA WI WV X X Kathleen Doran 2125157100 8 West 38th St 8th Floor New York NY 10018 Darla M Romfo President & CEO 40 X X 328810 0 33199 Kathleen Doran CFO 40 X 224095 0 29354 Michele Mitola VP Strategic Planning & Development 40 X 185442 0 10183 Elizabeth Toomey Corporate Secretary 40 X 149813 0 21877 Katie J Baker Demers Executive Director New Hampshire Programs 40 X 108473 0 19773 Marie M Bathelmy Director of Scholarship Operations 40 X 104797 0 6036 Matthew Bonanno Co Chair 2.00 X 0 0 0 Margot McGinness Co Chair 2 X 0 0 0 Jeffrey Chang Board Member 1.00 X 0 0 0 Stephen Fraidin Board Member 1 X 0 0 0 Michael Gerstner Board Member 1 X 0 0 0 Christopher Halpin Board Member 1 X 0 0 0 Xavier James Board Member 1 X 0 0 0 David E Johnson Board Member 1 X 0 0 0 Mike McCurry Board Member 1 X 0 0 0 Kevin Short Board Member 1 X 0 0 0 Remy Trafelet Board Member 1 X 0 0 0 Heather Vrattos Board Member 1 X 0 0 0 Juan Williams Board Member 1 X 0 0 0 1101430 0 120422 6 0 1 0 0 0 0 2494 0 0 22891826 75041 22894320 New Hampshire EFA administration 900099 1136685 1136685 0 0 Program training 900099 1500 1500 0 0 0 0 0 0 1138185 983120 0 0 983120 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 74974 0 73298 0 1676 0 1676 0 0 1676 2070 2494 4108 -2038 0 -2038 0 25015263 1138185 0 982758 2532415 2532415 16695222 16695222 0 0 0 0 1065174 298603 253875 512696 0 0 0 0 1231011 919709 1298 310004 57905 47556 0 10349 181030 135458 0 45572 150929 83672 13261 53996 0 0 0 0 3573 0 1949 1624 70808 0 70808 0 0 0 0 0 43334 43334 0 0 0 0 115161 4239 108422 2500 0 0 0 0 44889 20446 2326 22117 305608 271279 2103 32226 0 0 0 0 112710 41942 8780 61988 86903 16693 25745 44465 0 0 0 0 15803 2256 2500 11047 0 0 0 0 0 0 0 0 28074 16510 1435 10129 39765 27287 1612 10866 Donor communication costs 84960 0 0 84960 10794 2681 8024 89 22876068 21115968 502138 1257962 729319 2165644 31058105 33723377 1763214 0 34626 64868 179865 145803 52795 34062 2497943 4924520 36136002 40912471 139046 187822 2474597 4671166 943715 1011150 3557358 5870138 X 8572395 9954492 24006249 25087841 32578644 35042333 36136002 40912471 2139195 324494 0 0 0 0 X 0 1 X 1 0 X 25694338 27257605 29351769 23788636 22894320 128986668 25694338 27257605 29351769 23788636 22894320 128986668 46937947 82048721 474097 250725 14454 66291 983120 1788687 8159 68224 2700 990 2070 82143 130857498 0.62701 0.63363 X Schedule A, Part II, Line 10 Includes Employee Retention Credit in 2019 and gross income from fundraising events for all other years presented. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 105 731 836 21617270 21618106 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 4582 675 961 836 7054 250000 250000 250000 250000 1000000 1500000 370 95 575 105 1145 0 1 X 0 0 0 0 0 0 0 0 0 0 0 0 170655 143424 27231 0 9210 2379 6831 34062 New Hampshire Education Freedom Accounts 4671165 Operating Lease Right To Use Assets 230009 Tenant Security Deposit 23346 4924520 Due to the State of New Hampshire 707355 Refundable advances 55243 Operating Lease Liabilities 248552 1011150 X 25341795 324494 0 0 0 324494 25017301 0 -2038 -2038 25015263 22878106 0 0 0 2038 2038 22876068 0 0 0 22876068 Schedule D, Part IV, Line 2b In August 2021, CSF entered into a one-year agreement with the New Hampshire Department of Education to administer the NH Education Freedom Account ("EFA") program. In March 2022 the contract was extended through September 2023. During FYE 2023, CSF received approximately $14.8 million from the State of New Hampshire to fund over 3,300 EFAs. CSF acts as an agent of the State of New Hampshire over the EFA accounts and approves qualified educational costs to be paid from the EFAs. As of August 31, 2023, there is an unspent balance of EFAs of $4,671,166 and a balance of $707,355 due back to the State of New Hampshire. Schedule D, Part IX Other Assets Line 2 Operating Lease Right-To-Use-Assets - The Financial Accounting Standards Board ("FASB") implemented a new lease accounting standard that became effective for The Children's Scholarship Fund in the year ending August 31, 2023. This accounting standard was effectuated to improve transparency surrounding key information pertaining to an exempt organization's leasing arrangements (and to ensure that all organizations were recording the transactions uniformly on their balance sheets). Schedule D, Part X, Line 2 The Fund follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The Fund is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. The Fund has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which there was nexus; and to identify and evaluate other matters that may be considered tax positions. The Fund has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Schedule D, Part XI, Line 4b The net loss from fundraising events which is included on Form 990 Part VIII line 8c is not included in total revenue per the audited financial statements. The audited financial statements include it as event costs. Schedule D, Part XII, Line 2d The net loss from fundraising events which is included on Form 990 Part VIII line 8c is not included in total revenue per the audited financial statements. The audited financial statements include it as event costs. X X X X X X 1 ClearWord Communications Group A Division of HSP Direct LLC 20130 Lakeview Center Plaza Suite 300 Ashburn VA 20147 To assist with the planning, execution, and supervision of the creation and mailing of Client's high-dollar direct mail program. 0 73472 43334 30138 73472 43334 30138 AK AL AR AZ CA CO CT DC DE FL GA IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY 1 Children's Scholarship Fund Philadelphia 1500 Walnut Street Suite 1300 Philadelphia PA 19102 233078729 501(c)(3) 340000 To provide partial scholarship awards to children from low-income families Children's Scholarship Fund Baltimore 1000 Saint Paul Street Baltimore MD 21202 131480933 501(c)(3) 75000 To provide partial scholarship awards to children from low-income families Children's Scholarship Fund of Omaha 7101 Mercy Road Suite 150 Omaha NE 68106 470822724 501(c)(3) 270000 To provide partial scholarship awards to children from low-income families The Basic Fund 1301 Clay Street Suite 70450 Oakland CA 94612 943290699 501(c)(3) 767244 To provide partial scholarship awards to children from low-income families Scholarship Fund for Inner City Children 171 Clifton Avenue Newark NJ 07104 510546401 501(c)(3) 5688 To provide partial scholarship awards to children from low-income families Northwest Ohio Scholarship Fund Inc 5800 Monroe Street Suite F5 Sylvania OH 43560 311639134 501(c)(3) 43499 To provide partial scholarship awards to children from low-income families Memphis Oppprtunity Scholarship Trust Inc 1000 Ridgeway Loop Road Suite 205 Memphis TN 38120 621723618 501(c)(3) 104638 To provide partial scholarship awards to children from low-income families Today and Tomorrow Educational Foundation 20 Archbishop May Drive St Louis MO 63119 431633565 501(c)(3) 184038 To provide partial scholarship awards to children from low-income families Tomorrow's Hope Foundation 50 Charles Lindbergh Blvd Suite 500 Uniondale NY 11553 203514578 501(c)(3) 37501 To provide partial scholarship awards to children from low-income families Brighter Future Fund a program of the Archdiocese of Detroit 12 State Street Detroit MI 48226 381359274 501(c)(3) 19749 To provide partial scholarship awards to children from low-income families Children's Scholarship Fund Portland a program of Cascade Policy Institute 4850 SW Scholls Ferry Road Suite 103 Portland OR 97225 931045925 501(c)(3) 15000 To provide partial scholarship awards to children from low-income families Alliance for Choice in Education 1201 East Colfax Avenue Suite 302 Denver CO 80218 841531066 501(c)(3) 225000 To provide partial scholarship awards to children from low-income families Seeds of Hope of Northern Colorado 1300 South Steele Street Denver CO 80210 821844617 501(c)(3) 50000 To provide partial scholarship awards to children from low-income families Tri-County Scholarship Fund 4 Century Drive Parsippany NJ 07054 222354475 501(c)(3) 30000 To provide partial scholarship awards to children from low-income families The BISON Children's Scholarship Fund Inc 284 Delaware Avenue Buffalo NY 14202 161477288 501(c)(3) 262500 To provide partial scholarship awards to children from low-income families Catholic Partnership Schools 808 Market Street Camden NJ 08102 273236916 501(c)(3) 102558 To provide partial scholarship awards to children from low-income families 16 0 To provide partial scholarship awards to children from low-income families 7805 16695225 0 Schedule I, Part I, Line 2 CSF makes matching grants to other scholarship organizations so they may also provide partial scholarship awards to children from low-income families. In fiscal year 2023, CSF provided more than $2.5 million in matching grants to 16 other scholarship organizations. With CSF's matching grants, these scholarship organizations provided $36.2 million in scholarships to nearly 18,800 children. CSF has grant agreements with each of these organizations which require that 1) the scholarships are awarded solely on the basis of financial need, 2) are intended for low-income families, 3) income eligibility must be verified annually, 4) the maximum award will not exceed 75% of tuition less other financial aid and 5) that continued enrollment will be verified at least twice each academic year. Prior to disbursing grants to these organizations CSF verifies that the required matching contributions have been received. In addition, during fiscal year 2023 CSF disbursed approximately $16.7 million in direct scholarship assistance on behalf of nearly 7,730 children from low-income families. The criteria for eligibility are residency and income, and students must be entering grades K-8 when they begin in the program. Families are asked to provide proof of income eligibility, and indicate enrollment at their chosen private school. Scholarship funds are disbursed to the schools twice a year, in November (50%) and March (50%). Parents and/or principals must verify that the student's good standing at the school, academically, financially, and otherwise, and certifying that the student is maintaining at least a 90% attendance rate. Although the scholarship payments are made to schools, they are awarded to parents. If a family is not satisfied with its chosen school, they may take the scholarship to another school. The program staff at CSF works daily with parents and schools to ensure program integrity, answer questions regarding scholarship amounts, parental contributions, enrollments, transfers, siblings, eligibility, participating schools, and other issues that regularly surface. CSF uses a customized database to track all applicants, participants, schools, scholarships, income eligibility, etc., and is able to generate accurate and up-to-date data on every aspect of the program. X X X X 0 0 0 0 0 0 0 0 0 Darla M Romfo President & CEO 325246 0 0 0 3564 0 15250 0 19190 0 363250 0 0 0 Kathleen Doran CFO 223375 0 0 0 720 0 11406 0 19075 0 254576 0 0 0 Michele Mitola VP Strategic Planning & Development 183776 0 0 0 1666 0 9378 0 2365 0 197185 0 0 0 Elizabeth Toomey Corporate Secretary 149261 0 0 0 552 0 7604 0 14894 0 172311 0 0 0 Schedule J, Part II Other reportable compensation for Ms. Romfo includes $3,564 in taxable group term life insurance premiums. Other reportable compensation for Ms. Doran includes $720 in taxable group term life insurance premiums. Other reportable compensation for Ms. Mitola includes $1,666 in taxable group term life insurance premiums. Other reportable compensation for Ms. Toomey includes $552 in taxable group term life insurance premiums. X 6 73298 market quotations X Fitness & Training classes 49 1003 selling price X Met Tickets 4 300 selling price X Gift cards 4 440 selling price 0 0 0 0 Form 990, Part VI, Section B, Line 11b The Chief Financial Officer (CFO) prepares IRS Form 990 and all state regulatory filings. The CFO consults with outside professionals, as necessary, to properly complete these filings. Upon completion, the 990 is reviewed by the President and the organization's independent accounting firm. Following these reviews, a copy of the 990 is sent to each member of the Audit Committee of the Board of Directors. A meeting of the Audit Committee was held on December 1, 2023, at which time the committee reviewed and discussed Form 990 for the year ended August 31, 2023. The CFO, President & representatives from Grant Thornton were present at the meeting to respond to questions from committee members. A copy of the completed 990 was sent electronically to all board members prior to filing with the Internal Revenue Service. Form 990, Part VI, Section B, Line 12c The Children's Scholarship Fund's conflict of interest policy prohibits any director, officer or key employee from using his or her position, or the knowledge gained there from, in such a manner that a conflict arises between the interest of the Children's Scholarship Fund or any of its affiliates and his or her personal interests. To implement this policy, directors, officers and key employees are required to make true and complete disclosure of the material facts relating to any personal interest he or she may have in any transaction before the Board or any of its Committees, prior to any vote on the transaction. Should a potential conflict of interest arise, the individual is required to recuse him or herself from discussions, deliberations or votes concerning the transaction. Annually each Director, officer and key employee is requested to complete an Independence and Conflict of Interest questionnaire. Form 990, Part VI, Section B, Line 15 The compensation of the President & CEO, is approved by the Board of Directors. All Directors, except for the President, serve without compensation. The President & CEO recommends salary changes for all other positions during the annual budget process; which is approved by the Board of Directors. In the Fall of 2023 the organization engaged an independent professional services firm to compare the compensation of the President & CEO, the Chief Financial Officer, the Vice President of Strategic Planning & Development and the Executive Director of New Hampshire Programs to their counterparts in not-for-profit organizations similar to CSF. This report was provided to the Executive Committee of the Board of Directors of the Children's Scholarship Fund. Form 990, Part VI, Section C, Line 19 CSF's Code of Ethics and Privacy Policy are posted on our website (www.scholarshipfund.org). Our annual report, audited financial statements, and Form 990 may also be downloaded from this site. In addition, there is a link to our Form 990 that is posted on www.guidestar.org. Interested parties may also obtain copies of Forms 990 and 1023 by contacting us directly.