Civic Intelligence

Horatio Alger Association of Distinguished Americans Inc.

990 • Fiscal year 2020 • EIN 13-1669975

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

99 Canal Center Plaza No 320Alexandria, VA 22314

(703) 684-9444

Siviq Scores

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

Liabilities / Assets

74th percentile

0.58x

Higher debt load relative to assets than 74% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

77th percentile

1.26x

Higher debt load relative to revenue than 77% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Net Margin

78th percentile

21%

Higher net margin than 78% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

91st percentile

$1,270,209

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Asset Growth

49th percentile

5.8%

Faster asset growth than 49% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

25th percentile

-9.2%

Faster revenue growth than 25% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Assets

Up

$58,355,936

Up $3,205,070 (+5.8%) from 2019

Net Assets

Up

$24,277,525

Up $2,610,407 (+12%) from 2019

Liabilities

Up

$34,078,411

Up $594,663 (+1.8%) from 2019

Revenue

Down

$27,092,429

Down $2,750,700 (-9.2%) from 2019

Expenses

Down

$21,519,354

Down $10,057,392 (-32%) from 2019

Net Income

Up

$5,573,075

Up $7,306,692 (+421%) from 2019

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $89,932,729Liabilities 2010: $17,823,147Net Assets 2010: $72,109,5822010Assets 2011: $26,214,545Liabilities 2011: $17,863,314Net Assets 2011: $8,351,2312011Assets 2012: $27,293,913Liabilities 2012: $16,865,048Net Assets 2012: $10,428,8652012Assets 2013: $27,781,061Liabilities 2013: $17,162,229Net Assets 2013: $10,618,8322013Assets 2014: $28,252,793Liabilities 2014: $19,640,724Net Assets 2014: $8,612,0692014Assets 2015: $30,758,631Liabilities 2015: $19,997,920Net Assets 2015: $10,760,7112015Assets 2016: $46,341,487Liabilities 2016: $30,551,549Net Assets 2016: $15,789,9382016Assets 2017: $45,958,052Liabilities 2017: $26,243,661Net Assets 2017: $19,714,3912017Assets 2018: $57,232,159Liabilities 2018: $31,331,497Net Assets 2018: $25,900,6622018Assets 2019: $55,150,866Liabilities 2019: $33,483,748Net Assets 2019: $21,667,1182019Assets 2020: $58,355,936Liabilities 2020: $34,078,411Net Assets 2020: $24,277,5252020Assets 2021: $55,305,024Liabilities 2021: $34,667,099Net Assets 2021: $20,637,9252021Assets 2022: $40,436,478Liabilities 2022: $25,971,412Net Assets 2022: $14,465,0662022Assets 2023: $40,756,109Liabilities 2023: $24,077,977Net Assets 2023: $16,678,1322023Assets 2024: $39,708,136Liabilities 2024: $26,743,489Net Assets 2024: $12,964,6472024

Highlighted filing

2020

Assets$58,355,936
Liabilities$34,078,411
Net Assets$24,277,525

Operations Trend

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

$40M$30M$20M$10M$0-$10MRevenue 2010: $19,682,336Expenses 2010: $14,368,904Net Income 2010: $5,313,4322010Revenue 2011: $16,668,421Expenses 2011: $14,808,234Net Income 2011: $1,860,1872011Revenue 2012: $16,960,682Expenses 2012: $15,132,886Net Income 2012: $1,827,7962012Revenue 2013: $15,869,732Expenses 2013: $15,479,088Net Income 2013: $390,6442013Revenue 2014: $15,720,198Expenses 2014: $17,758,718Net Income 2014: -$2,038,5202014Revenue 2015: $20,755,587Expenses 2015: $18,381,082Net Income 2015: $2,374,5052015Revenue 2016: $29,303,700Expenses 2016: $24,478,858Net Income 2016: $4,824,8422016Revenue 2017: $33,343,658Expenses 2017: $29,499,682Net Income 2017: $3,843,9762017Revenue 2018: $34,599,955Expenses 2018: $27,988,760Net Income 2018: $6,611,1952018Revenue 2019: $29,843,129Expenses 2019: $31,576,746Net Income 2019: -$1,733,6172019Revenue 2020: $27,092,429Expenses 2020: $21,519,354Net Income 2020: $5,573,0752020Revenue 2021: $20,322,852Expenses 2021: $23,262,312Net Income 2021: -$2,939,4602021Revenue 2022: $22,420,571Expenses 2022: $27,233,966Net Income 2022: -$4,813,3952022Revenue 2023: $31,058,997Expenses 2023: $29,715,341Net Income 2023: $1,343,6562023Revenue 2024: $30,407,277Expenses 2024: $34,027,086Net Income 2024: -$3,619,8092024

Highlighted filing

2020

Revenue$27,092,429
Expenses$21,519,354
Net Income$5,573,075
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.1
Gross Receipts
$51,821,457
Mission and Program Overview

Mission

The primary exempt purpose of the association is two fold: (1) to provide scholarship assistance to help promising high school students (who fit the horatio alger profile) attend college, and (2) to spread the message that america's free enterprise system provides the greatest opportunities in the world for personal achievement and success.

The primary exempt purpose of the association is two fold : (1) to provide scholarship assistance to help promising high school students (who fit the horatio alger profile) attend college, and (2) to spread the message that america's free enterprise system provides the greatest opportunities in the world for personal achievement and success. The association was founded more than 70 years ago to combat a growing attitude among young people that economic opportunity was a thing of the past. The association strives to motivate and educate our nation's young people to the economic and personal opportunities afforded them by the promise of the american free-enterprise system. The association brings the "horatio alger heroes" of today together with those of tomorrow by bestowing the horatio alger award annually; hosting career, public service, and community service seminars; sponsoring free-enterprise forums; awarding scholarships each year; and providing an internship program.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$25,625,722$37,359,763▲ $11,734,041
Pledges and Grants Receivable$14,739,157$11,577,304▼ $3,161,853
Cash and Non-Interest-Bearing Accounts-$3,864,856-
Savings and Temporary Cash Investments$11,954,783$3,641,299▼ $8,313,484
Prepaid Expenses and Deferred Charges$2,071,525$1,323,704▼ $747,821
Land, Buildings, and Equipment, Net$497,413$457,465▼ $39,948
Accounts Receivable-$50,083-
Total Assets$55,150,866$58,355,936▲ $3,205,070
Other Assets Total$262,266$81,462▼ $180,804
Liabilities
Other Liabilities$32,820,172$32,858,548▲ $38,376
Accounts Payable and Accrued Expenses$663,576$1,219,863▲ $556,287
Total Liabilities$33,483,748$34,078,411▲ $594,663
Net Assets / Fund Balance
Net Assets With Donor Restrictions$16,271,040$13,132,622▼ $3,138,418
Net Assets Without Donor Restrictions$5,396,078$11,144,903▲ $5,748,825
Total Net Assets Fund Balance$21,667,118$24,277,525▲ $2,610,407
Total Liabilities and Net Assets / Fund Balance$55,150,866$58,355,936▲ $3,205,070

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$457,465$440,247$897,712
Leasehold Improvements$0$338,180$338,180
Other Securities$37,359,763--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$252,262,548$4,440,305▲ $24,288,982-$272,364,035
2019$218,873,679$4,988,155▲ $30,700,798-$252,262,548
2018$225,414,837$12,149,096▼ $16,215,358-$218,873,679
2017$169,146,128$29,306,100▲ $29,524,133-$225,414,837
2016$153,719,165$7,877,890▲ $15,060,872$2,526,158$169,146,128
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Terrence J GirouxExecutive DirectorPT$456,634$813,575$1,270,209
Constantine G KatsarakisAssociate Executive DirectorFT$244,036$33,243$277,279
John B ThornburgChief Financial OfficerPT$209,403$34,482$243,885
Kristen R LawSr Dir, Educational and Alumni PrgrmsFT$178,912$61,578$240,490
Kristen R LawSr Dir, Educational and Alumni Prgrm-$178,912$61,578$240,490
Margaret SlipekManager Editorial ServicesPT$161,464$38,758$200,222

Board Members and Trustees

NameTitle
Matthew RoseChairman
David SokolChairman Emeritus
Dennis WashingtonChairman Emeritus
Joseph NeubauerChairman Emeritus
Paul Anthony NovellyChairman Emeritus
Scott Walter JrHaef Chairman and President
Byron TrottImmediate Past Chairman
Watsa V PremHaac President
James DickePresident
Gregory AbelVice President
Al AnnexstadBoard Member
Alan MillerBoard Member
Alphonso JacksonBoard Member
Arthur CioccaBoard Member
Brian MulroneyBoard Member
Carl RickerBoard Member
Charles AndersonBoard Member
Chris SullivanBoard Member
Clarence OtisBoard Member
Craig HallBoard Member
Craig MccawBoard Member
David StewardBoard Member
Dean CortopassiBoard Member
Don DasekeBoard Member
Earl Stafford SrBoard Member
Edmund HajimBoard Member
Ernest RadyBoard Member
Foster FriessBoard Member
Gilbert LevasseurBoard Member
Glenn StearnsBoard Member
Harry PattenBoard Member
Harry RinkerBoard Member
Harvey MasseyBoard Member
Howard MeyersBoard Member
Jack GillBoard Member
James SeneffBoard Member
Jeffrey RichBoard Member
John WeilandBoard Member
Joseph GrantBoard Member
Kenneth LangoneBoard Member
Lee AndersonBoard Member
Lee MiklesBoard Member
Leon CoopermanBoard Member
Linda RabbittBoard Member
Marcia TaylorBoard Member
Mark DavisBoard Member
Melvyn KleinBoard Member
Mike JacksonBoard Member
Nido QubeinBoard Member
Patrick LeeBoard Member
Peter StottBoard Member
R James NicholsonBoard Member
Robert BrownBoard Member
Robert MillerBoard Member
Robert SchlegelBoard Member
Robert WrightBoard Member
Ronald BergeronBoard Member
Ronald HarringtonBoard Member
Ronald SimonBoard Member
Sam FoxBoard Member
Sidney WolkBoard Member
Stephen SchottBoard Member
T Denny SanfordBoard Member
Terry GilesBoard Member
Thomas ShannonBoard Member
Wanda AustinBoard Member
William DoreBoard Member
William FarleyBoard Member
William GreeheyBoard Member
Greg RenkerAt-large Member
Valerie Montgomery RiceAt-large Member
Dobbs LouHonorary Member
Thomas ClarenceHonorary Member
Anthony WeltersTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Linder & AssociatesEvent Management2150 WISCONSIN AVE NW, Washington, DC 20007$674,018
The Red Bank Film FactoryScripting And Research799 SYCAMORE AVE, Red Bank, NJ 07701$401,723
Todo Productions LLCEvent Production134 WEST 26TH ST STE 400, New York, NY 10001$388,382
Custom Management GroupScholarship Review Support154 HANSEN RD, Charlottesville, VA 22911$376,924
Brian CommunicationsPublic Relations123 SOUTH BROAD ST STE 2700, Philadelphia, PA 19109$317,316
Revenue and Support

Revenue Composition

Contributions and Grants
$16,919,001
Program Service Revenue
$28,995
Investment Income
$708,770
Other Revenue
$9,435,663
All Other Contributions
$9,166,618
Change in Net Assets
$5,573,075
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$11,223,951
Other Expenses$7,983,608
Salaries, Compensation, and Employee Benefits$2,311,795
Total Fundraising Expense$278,697
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$10,262,780--$10,262,780
Fees for Services Other$1,808,215$92,758$15,141$1,916,114
Conferences and Meetings$1,292,021$17,467-$1,309,488
Current Officers, Directors, Trustees, and Key Employees$840,268$285,545$127,020$1,252,833
Other Salaries and Wages$514,559$231,252$53,486$799,297
Foreign Grants$669,618--$669,618
Office Expenses$235,676$167,934$22,656$426,266
Advertising$360,254$60,627-$420,881
Fees for Services Accounting$230,979$78,180-$309,159
Occupancy$210,367$62,875$20,689$293,931
Grants to Domestic Orgs$291,553--$291,553
Travel$207,831$21,284$2,149$231,264
Information Technology$185,011$21,436$7,742$214,189
Other Expenses$56,960$73,367$263$130,327
Fees for Services Legal$85,558$33,814-$119,372
Other Employee Benefits$78,187$27,100$9,934$115,221
Insurance$39,049$47,356-$86,405
Payroll Taxes$51,972$19,485$6,888$78,345
Depreciation Depletion$49,886$18,681$6,608$75,175
Pension Plan Contributions$47,955$12,023$6,121$66,099
Total Functional Expenses$19,640,977$1,599,680$278,697$21,519,354
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Making Waves FoundationRichmond, CA501(c)(3)Educational Grant$161,000
The Mortel Family Charitable FoundationHummelstown, PA501(c)(3)Educational Grant$50,000
University of Minnesota FoundationMinneapolis, MN501(c)(3)Educational Grant$45,000
Randolph-macon AcademyFront Royal, VA501(c)(3)Educational Grant$31,553

International Summary

Offices
0
Employees
0
Spending
$669,618

International Compliance

Foreign grant records maintained
No
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
North America - Canada and Mexico, But Not the United StatesProgram ServicesTo Provide Scholarship Assistance to Help Promising High School Students Attend College and to Spread the Message Regarding the Opportunities a Free Enterprise System Provides.00$669,618
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Scholarships Payable$31,226,296
Deferred Compensation Liability$1,392,160
Due to Related Party$143,661
Deferred Rent$96,431
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Horatio alger association,inc. Is a membership organization. Additional members are elected every year through an extensive selection process.

Form 990, Part VI, Section A, Line 7A

Full membership body votes for board, board members vote for executive committee and officers.

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed by the association's governance and finance consultant, executive management and elected president and chairman.

Form 990, Part VI, Section B, Line 12C

All board members and employees are asked to comply with the written policy by disclosing any business transaction in which board member, staff or their families have a financial interest to the full board. Executive director personally monitors activities of members to assure compliance.

Form 990, Part VI, Section B, Line 15

The executive director's compensation is set by the board of directors after receiving a study of comparable organizations by willis towers watson. The review includes salary and benefits. All other positions are evaluated by mercer every 3 years, and they provide the association with a study of comparable positions and salary ranges for every job title on the staff.

Form 990, Part VI, Section C, Line 19

The organization makes available its governing documents and conflict of interest policy only upon request. Audited financial statements are posted on the organization's website.

Filing and Contact Details

Filer

Filer Name
Horatio Alger Assn of
EIN
13-1669975
Phone
7036849444
Address
99 CANAL CENTER PLAZA NO 320, ALEXANDRIA, VA 22314

Signing Officer

Name
Terrence J Giroux
Title
Executive Director
Phone
7036849444
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terrence J Giroux
Formed
1951
Legal Domicile
Ny
Voting Board Members
77
Independent Board Members
77
Employees
9
Volunteers
20

Preparer

Firm
Sikich Llp
Address
1199 N FAIRFAX STREET 10TH FLOOR, ALEXANDRIA, VA 22314
Preparer
Andy Powell
Phone
7038361350
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Transfer excess funds to endowment -3,162,680.

Part XII, Line 2C

The new president/ceo appoints an audit committee once he or she assumes office. The committee appointment coincides with the president's tenure in the office.

Financial Statement Notes

PART V, LINE 4:

The endowment funds are used to fund undergraduate and graduate scholarships in honor of horatio alger members at the national, state levels, and within canada. They are also used to advance the association's national visibility initiatives through public service advertising, concerts, and communications program which should ultimately assist in raising visibility and increase contributions.

PART X, LINE 2:

Horatio and the fund have been recognized as exempt from federal income taxes by the internal revenue service under section 501(c)(3) of the internal revenue code and each has been classified as an organization that is not a private foundation. Horatio and the fund had no net unrelated business income tax during the year ended december 31, 2020. Management evaluated the tax positions and concluded that horatio and the fund have taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with the provisions of this guidance.

Raw XML AppendixShowing 400 of 1,325 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0THE PRIMARY EXEMPT PURPOSE OF THE ASSOCIATION IS TWO FOLD : (1) TO PROVIDE SCHOLARSHIP ASSISTANCE TO HELP PROMISING HIGH SCHOOL STUDENTS (WHO FIT THE HORATIO ALGER PROFILE) ATTEND COLLEGE, AND (2) TO SPREAD THE MESSAGE THAT AMERICA'S FREE ENTERPRISE SYSTEM PROVIDES THE GREATEST OPPORTUNITIES IN THE WORLD FOR PERSONAL ACHIEVEMENT AND SUCCESS. THE ASSOCIATION WAS FOUNDED MORE THAN 70 YEARS AGO TO COMBAT A GROWING ATTITUDE AMONG YOUNG PEOPLE THAT ECONOMIC OPPORTUNITY WAS A THING OF THE PAST. THE ASSOCIATION STRIVES TO MOTIVATE AND EDUCATE OUR NATION'S YOUNG PEOPLE TO THE ECONOMIC AND PERSONAL OPPORTUNITIES AFFORDED THEM BY THE PROMISE OF THE AMERICAN FREE-ENTERPRISE SYSTEM. THE ASSOCIATION BRINGS THE "HORATIO ALGER HEROES" OF TODAY TOGETHER WITH THOSE OF TOMORROW BY BESTOWING THE HORATIO ALGER AWARD ANNUALLY; HOSTING CAREER, PUBLIC SERVICE, AND COMMUNITY SERVICE SEMINARS; SPONSORING FREE-ENTERPRISE FORUMS; AWARDING SCHOLARSHIPS EACH YEAR; AND PROVIDING AN INTERNSHIP PROGRAM.
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IRS990/Form990PartVIISectionAGrp/PersonNm0JAMES DICKE
IRS990/Form990PartVIISectionAGrp/PersonNm1GREGORY ABEL
IRS990/Form990PartVIISectionAGrp/PersonNm2WATSA V PREM
IRS990/Form990PartVIISectionAGrp/PersonNm3SCOTT WALTER JR
IRS990/Form990PartVIISectionAGrp/PersonNm4ANTHONY WELTERS
IRS990/Form990PartVIISectionAGrp/PersonNm5MATTHEW ROSE
IRS990/Form990PartVIISectionAGrp/PersonNm6BYRON TROTT
IRS990/Form990PartVIISectionAGrp/PersonNm7JOSEPH NEUBAUER
IRS990/Form990PartVIISectionAGrp/PersonNm8PAUL ANTHONY NOVELLY
IRS990/Form990PartVIISectionAGrp/PersonNm9DAVID SOKOL
IRS990/Form990PartVIISectionAGrp/PersonNm10DENNIS WASHINGTON
IRS990/Form990PartVIISectionAGrp/PersonNm11VALERIE MONTGOMERY RICE
IRS990/Form990PartVIISectionAGrp/PersonNm12GREG RENKER
IRS990/Form990PartVIISectionAGrp/PersonNm13DOBBS LOU
IRS990/Form990PartVIISectionAGrp/PersonNm14THOMAS CLARENCE
IRS990/Form990PartVIISectionAGrp/PersonNm15AL ANNEXSTAD
IRS990/Form990PartVIISectionAGrp/PersonNm16ALAN MILLER
IRS990/Form990PartVIISectionAGrp/PersonNm17ALPHONSO JACKSON

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.7$26.7$13.0$30.4$34.0$3.62
2023Detailed filing. Detailed filing data is available for this year.$40.8$24.1$16.7$31.1$29.7$1.34
2022Detailed filing. Detailed filing data is available for this year.$40.4$26.0$14.5$22.4$27.2$4.81
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$55.3$34.7$20.6$20.3$23.3$2.94
2020Detailed filing. Detailed filing data is available for this year.$58.4$34.1$24.3$27.1$21.5$5.57
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.2$33.5$21.7$29.8$31.6$1.73
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$57.2$31.3$25.9$34.6$28.0$6.61
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$46.0$26.2$19.7$33.3$29.5$3.84
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$46.3$30.6$15.8$29.3$24.5$4.82
2015Detailed filing. Detailed filing data is available for this year.$30.8$20.0$10.8$20.8$18.4$2.37
2014Detailed filing. Detailed filing data is available for this year.$28.3$19.6$8.61$15.7$17.8$2.04
2013Summary only. Only limited summary data is available for this year.$27.8$17.2$10.6$15.9$15.5$0.39
2012Summary only. Only limited summary data is available for this year.$27.3$16.9$10.4$17.0$15.1$1.83
2011Summary only. Only limited summary data is available for this year.$26.2$17.9$8.35$16.7$14.8$1.86
2010Summary only. Only limited summary data is available for this year.$89.9$17.8$72.1$19.7$14.4$5.31