Civic Intelligence

Manchester Scholarship Foundation Inc.

990 • Fiscal year 2016 • EIN 06-6076924

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 08, 2017

Organization ProfileMANCHESTERSCHOLARSHIP.ORG
20 Hartford RoadManchester, CT 06040

(860) 645-1673

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

6th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

6th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Net Margin

91st percentile

48%

Higher net margin than 91% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Asset Growth

64th percentile

5.6%

Faster asset growth than 64% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

10th percentile

-33%

Faster revenue growth than 10% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets6th percentile

Assets

Up

$8,506,607

Up $450,367 (+5.6%) from 2015

Net Assets

Up

$8,506,607

Up $450,367 (+5.6%) from 2015

Liabilities

Flat

$0

Flat from 2015

Revenue And Expenses
Liabilities / Revenue6th percentileNet Margin91st percentile

Revenue

Down

$944,866

Down $455,948 (-33%) from 2015

Expenses

Up

$494,499

Up $71,304 (+17%) from 2015

Net Income

Down

$450,367

Down $527,252 (-54%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth64th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $5,748,652Liabilities 2010: $0Net Assets 2010: $5,748,6522010Assets 2011: $5,794,777Liabilities 2011: $0Net Assets 2011: $5,794,7772011Assets 2012: $6,154,299Liabilities 2012: $0Net Assets 2012: $6,154,2992012Assets 2013: $6,779,183Liabilities 2013: $0Net Assets 2013: $6,779,1832013Assets 2014: $7,078,621Liabilities 2014: $0Net Assets 2014: $7,078,6212014Assets 2015: $8,056,240Liabilities 2015: $0Net Assets 2015: $8,056,2402015Assets 2016: $8,506,607Liabilities 2016: $0Net Assets 2016: $8,506,6072016Assets 2017: $9,335,208Liabilities 2017: $0Net Assets 2017: $9,335,2082017Assets 2018: $15,977,730Liabilities 2018: $0Net Assets 2018: $15,977,7302018Assets 2019: $17,430,662Liabilities 2019: $0Net Assets 2019: $17,430,6622019Assets 2020: $17,421,076Liabilities 2020: $0Net Assets 2020: $17,421,0762020Assets 2021: $23,662,400Liabilities 2021: $0Net Assets 2021: $23,662,4002021Assets 2022: $23,486,119Liabilities 2022: $0Net Assets 2022: $23,486,1192022Assets 2023: $24,194,785Liabilities 2023: $463,312Net Assets 2023: $23,731,4732023Assets 2024: $25,599,703Liabilities 2024: $499,756Net Assets 2024: $25,099,9472024

Highlighted filing

2016

Assets$8,506,607
Liabilities$0
Net Assets$8,506,607
Open 2016 Filing

Operations Trend

Revenue Growth10th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $379,6662010Revenue 2011: $427,073Expenses 2011: $380,948Net Income 2011: $46,1252011Expenses 2012: $382,2522012Revenue 2013: $1,057,879Expenses 2013: $432,995Net Income 2013: $624,8842013Revenue 2014: $733,331Expenses 2014: $433,893Net Income 2014: $299,4382014Revenue 2015: $1,400,814Expenses 2015: $423,195Net Income 2015: $977,6192015Revenue 2016: $944,866Expenses 2016: $494,499Net Income 2016: $450,3672016Revenue 2017: $1,308,454Expenses 2017: $479,853Net Income 2017: $828,6012017Revenue 2018: $7,318,689Expenses 2018: $676,167Net Income 2018: $6,642,5222018Revenue 2019: $2,201,544Expenses 2019: $748,612Net Income 2019: $1,452,9322019Revenue 2020: $769,097Expenses 2020: $778,683Net Income 2020: -$9,5862020Revenue 2021: $7,063,013Expenses 2021: $821,689Net Income 2021: $6,241,3242021Revenue 2022: $870,610Expenses 2022: $1,046,891Net Income 2022: -$176,2812022Revenue 2023: $2,702,439Expenses 2023: $1,143,559Net Income 2023: $1,558,8802023Revenue 2024: $2,284,093Expenses 2024: $1,113,218Net Income 2024: $1,170,8752024

Highlighted filing

2016

Revenue$944,866
Expenses$494,499
Net Income$450,367
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 8, 2017
Return Version
2016v3.0
Gross Receipts
$944,866
Mission and Program Overview

Mission

To raise money for the purpose of awarding scholarships to assist students in obtaining education beyond the secondary school level; to grant such scholarships on the basis of a combination of the following: community and school involvement, financial need and scholastic attainment; to accomplish the above activities without discrimination as to race, creed, color, national origin, ancestry, gender, sexual orientation, or disability.

The foundation awards scholarships to students attending accredited colleges and universities or other post secondary schools on a full time basis. Applicants must be graduating high school seniors and/or residents of manchester. Awards are based on a combination of scholastic achievement, financial need, and school community activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$7,061,435$7,962,372▲ $900,937
Savings and Temporary Cash Investments$994,805$544,235▼ $450,570
Cash and Non-Interest-Bearing Accounts-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$8,056,240$8,506,607▲ $450,367
Other Assets Total-$0-
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Unrestricted Net Assets$4,709,456$5,138,605▲ $429,149
Temporarily Rstr Net Assets$2,037,745$2,058,963▲ $21,218
Permanently Rstr Net Assets$1,309,039$1,309,039→ $0
Total Net Assets Fund Balance$8,056,240$8,506,607▲ $450,367
Total Liabilities and Net Assets / Fund Balance$8,056,240$8,506,607▲ $450,367

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$7,961,925$728,929▲ $215,937$7,576$8,427,817
2015$6,914,302$1,103,190▲ $297,624$9,832$7,961,925
2014$6,668,386$524,545▲ $208,785$11,007$6,914,302
2013$6,057,153$691,480▲ $366,228$8,978$6,668,386
2012$5,750,663$537,879▲ $203,895$7,112$6,057,153
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Holly ShaeferPresident
Carol PowellVice President
Bruce FordeDirector
Jana TierneyDirector
Keshet SpadacciniDirector
Linda CrockettDirector
Marty FinsDirector
Mary Ann HaywardDirector
Michael DarbyDirector
Michael DyerDirector
Molly DevanneyDirector
Nancy BrayDirector
Nancy ScottDirector
Peggy JacobsonDirector
Tom RobinsonDirector
Craig LappenAsst Treasurer
Helene MarcheseSecretary
John HigginsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$728,929
Program Service Revenue
$0
Investment Income
$215,937
Other Revenue
$0
All Other Contributions
$728,929
Change in Net Assets
$450,367

Audited Revenue Reconciliation

Revenue per Audited Statements
$944,866
Total Revenue per Audited Statements
$944,866
Total Revenue per Form 990
$944,866
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$430,099
Other Expenses$64,400
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$430,099--$430,099
Fees for Service Investment Mgmnt Fees-$18,750-$18,750
Fees for Services Accounting-$7,216-$7,216
Advertising-$5,683-$5,683
Office Expenses-$5,510-$5,510
Other Expenses$3,200$17,040-$3,200
Insurance-$2,625-$2,625
Total Functional Expenses$437,675$56,824$0$494,499

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$494,499
Total Expenses per Audited Statements$494,499
Total Expenses per Form 990$494,499
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“A copy of the irs form 990 is presented to the board for review prior to filing.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The foundation will provide copies of the financial statements or other data to interested parties when such a request is made.”

Filing and Contact Details

Filer

Filer Name
Manchester Scholarship Foundation Inc
EIN
06-6076924
Phone
8606451673
Address
20 HARTFORD ROAD, MANCHESTER, CT 06040

Signing Officer

Name
John Higgins
Title
Treasurer
Signed
2017-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Higgins
Formed
1965
Legal Domicile
Ct
Voting Board Members
18
Independent Board Members
0
Employees
0

Preparer

Firm
Montovani Murray Nemphos & Tierinni LLC
Address
160 Chapel Road Suite 301, Manchester, CT 06042
Preparer
Philip S Nemphos
Phone
8606431001
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2: Change of Oversight or Selection Process

“The board of directors selects an independent certified public accountant to perform an audit of the financial statements on an annual basis. The board of directors assumes responsibility for oversight of the audit.”

Financial Statement Notes

Part X : FIN48 Footnote

“The Foundation is exempt from federal income taxes under the provisions of section 501(c)(3) of the Internal Revenue Code. The Foundation implemented the accounting guidance for uncertainty in income taxes. Tax positions initially need to be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by tax authorities. As of December 31, 2016 and 2015, the Foundation believes it has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements and believes that it has appropriate support for income tax positions taken in its tax returns.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt14Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt15Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt16ASST TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt17President
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IRS990/MembersOrStockholdersInd0false
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IRS990/MissionDesc0TO RAISE MONEY FOR THE PURPOSE OF AWARDING SCHOLARSHIPS TO ASSIST STUDENTS IN OBTAINING EDUCATION BEYOND THE SECONDARY SCHOOL LEVEL; TO GRANT SUCH SCHOLARSHIPS ON THE BASIS OF A COMBINATION OF THE FOLLOWING: COMMUNITY AND SCHOOL INVOLVEMENT, FINANCIAL NEED AND SCHOLASTIC ATTAINMENT; TO ACCOMPLISH THE ABOVE ACTIVITIES WITHOUT DISCRIMINATION AS TO RACE, CREED, COLOR, NATIONAL ORIGIN, ANCESTRY, GENDER, SEXUAL ORIENTATION, OR DISABILITY.
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IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/NondeductibleContributionsInd0false
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IRS990/OfficeExpensesGrp/TotalAmt05510
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
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IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
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IRS990/OtherExpensesGrp/ProgramServicesAmt04376
IRS990/OtherExpensesGrp/ProgramServicesAmt13200
IRS990/OtherExpensesGrp/TotalAmt017040
IRS990/OtherExpensesGrp/TotalAmt14376
IRS990/OtherExpensesGrp/TotalAmt23200
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt01309039
IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt01309039
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0JOHN HIGGINS
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgSrvcAccomActy2Grp/Desc0OTHER PROGRAM SERVICE EXPENSES RELATED TO THE DISTRIBUTION OF COLLEGE TUITION SCHOLARSHIPS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt07576
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01103190
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0353512
IRS990/PYInvestmentIncomeAmt0297624
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt069683
IRS990/PYRevenuesLessExpensesAmt0977619
IRS990/PYTotalExpensesAmt0423195
IRS990/PYTotalRevenueAmt01400814
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
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IRS990/ReconcilationRevenueExpnssAmt0450367
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IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt03586023
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IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt0728929

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,506,607
Liabilities
$0
Net assets
$8,506,607
Revenue
$944,866
Expenses
$494,499
Net income
$450,367
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$25.6$0.50$25.1$2.28$1.11$1.17
2023Detailed filing. Detailed filing data is available for this year.$24.2$0.46$23.7$2.70$1.14$1.56
2022Detailed filing. Detailed filing data is available for this year.$23.5$0.00$23.5$0.87$1.05$0.18
2021Detailed filing. Detailed filing data is available for this year.$23.7$0.00$23.7$7.06$0.82$6.24
2020Detailed filing. Detailed filing data is available for this year.$17.4$0.00$17.4$0.77$0.78$0.01
2019Detailed filing. Detailed filing data is available for this year.$17.4$0.00$17.4$2.20$0.75$1.45
2018Detailed filing. Detailed filing data is available for this year.$16.0$0.00$16.0$7.32$0.68$6.64
2017Detailed filing. Detailed filing data is available for this year.$9.34$0.00$9.34$1.31$0.48$0.83
2016Detailed filing. Detailed filing data is available for this year.$8.51$0.00$8.51$0.94$0.49$0.45
2015Detailed filing. Detailed filing data is available for this year.$8.06$0.00$8.06$1.40$0.42$0.98
2014Detailed filing. Detailed filing data is available for this year.$7.08$0.00$7.08$0.73$0.43$0.30
2013Detailed filing. Detailed filing data is available for this year.$6.78$0.00$6.78$1.06$0.43$0.62
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.15$0.00$6.15$0.38
2011Summary only. Only limited summary data is available for this year.$5.79$0.00$5.79$0.43$0.38$0.05
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.75$0.00$5.75$0.38