Civic Intelligence

Scholarship Foundation of East Providence Inc.

990 • Fiscal year 2020 • EIN 23-7007104

Jan 01, 2020 to Dec 31, 2020 • Filed on Jun 14, 2021

Organization Profile
PO Box 154438East Providence, RI 02915

(401) 556-6706

Siviq Scores

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

Liabilities / Assets

15th percentile

0.00x

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

15th percentile

0.00x

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

90th percentile

50%

Higher net margin than 90% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

37th percentile

$0

Higher top officer pay than 37% of similar nonprofits.

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

60th percentile

11%

Faster asset growth than 60% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

90th percentile

69%

Faster revenue growth than 90% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets15th percentile

Assets

Up

$1,953,576

Up $188,940 (+11%) from 2019

Net Assets

Up

$1,953,576

Up $188,940 (+11%) from 2019

Liabilities

Flat

$0

Flat from 2019

Revenue And Expenses
Liabilities / Revenue15th percentileNet Margin90th percentile

Revenue

Up

$405,007

Up $165,881 (+69%) from 2019

Expenses

Up

$201,109

Up $10,051 (+5.3%) from 2019

Net Income

Up

$203,898

Up $155,830 (+324%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth60th percentile

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

$3.0M$2.0M$1.0M$0Assets 2016: $1,444,050Liabilities 2016: $0Net Assets 2016: $1,444,0502016Assets 2017: $1,618,436Liabilities 2017: $0Net Assets 2017: $1,618,4362017Assets 2018: $1,510,192Liabilities 2018: $0Net Assets 2018: $1,510,1922018Assets 2019: $1,764,636Liabilities 2019: $0Net Assets 2019: $1,764,6362019Assets 2020: $1,953,576Liabilities 2020: $0Net Assets 2020: $1,953,5762020Assets 2021: $2,095,002Liabilities 2021: $0Net Assets 2021: $2,095,0022021Assets 2022: $1,896,689Liabilities 2022: $0Net Assets 2022: $1,896,6892022Assets 2023: $2,111,402Liabilities 2023: $0Net Assets 2023: $2,111,4022023Assets 2024: $2,069,964Liabilities 2024: $0Net Assets 2024: $2,069,9642024

Highlighted filing

2020

Assets$1,953,576
Liabilities$0
Net Assets$1,953,576
Open 2020 Filing

Operations Trend

Revenue Growth90th percentile

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

$600K$400K$200K$0-$200KRevenue 2016: $186,377Expenses 2016: $173,379Net Income 2016: $12,9982016Revenue 2017: $232,381Expenses 2017: $175,874Net Income 2017: $56,5072017Revenue 2018: $272,233Expenses 2018: $198,586Net Income 2018: $73,6472018Revenue 2019: $239,126Expenses 2019: $191,058Net Income 2019: $48,0682019Revenue 2020: $405,007Expenses 2020: $201,109Net Income 2020: $203,8982020Revenue 2021: $191,718Expenses 2021: $189,698Net Income 2021: $2,0202021Revenue 2022: $224,811Expenses 2022: $202,157Net Income 2022: $22,6542022Revenue 2023: $237,555Expenses 2023: $222,247Net Income 2023: $15,3082023Revenue 2024: $370,755Expenses 2024: $435,510Net Income 2024: -$64,7552024

Highlighted filing

2020

Revenue$405,007
Expenses$201,109
Net Income$203,898
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jun 14, 2021
Return Version
2020v4.0
Gross Receipts
$1,409,181
Mission and Program Overview

Mission

The mission of scholarship foundation of east providence is to raise, distribute and administer funds for the purpose of awarding scholarships to assist students residing in the city of east providence to obtain education beyond the secondary or high school level.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,553,969$1,681,015▲ $127,046
Savings and Temporary Cash Investments$79,010$230,077▲ $151,067
Cash and Non-Interest-Bearing Accounts$130,384$42,053▼ $88,331
Total Assets$1,764,636$1,953,576▲ $188,940
Other Assets Total$1,273$431▼ $842
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,107,919$1,261,962▲ $154,043
Net Assets With Donor Restrictions$656,717$691,614▲ $34,897
Total Net Assets Fund Balance$1,764,636$1,953,576▲ $188,940
Total Liabilities and Net Assets / Fund Balance$1,764,636$1,953,576▲ $188,940

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$2,825$2,825
Compensation and Service Providers
Top Officer Pay37th percentile

Board Members and Trustees

NameTitle
Joseph DurandPresident
Louise PaivaDirector
Patsy HawksleyDirector
Stephen BentzDirector
Susan JordanSecretary
Toni-maria SpencerTreasurer
Joan KentVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$279,221
Program Service Revenue
$0
Investment Income
$125,786
Other Revenue
$0
All Other Contributions
$279,221
Change in Net Assets
$203,898
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$180,469
Other Expenses$20,640
Total Fundraising Expense$222
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$180,469--$180,469
Fees for Service Investment Mgmnt Fees$12,884--$12,884
Office Expenses$595--$595
Other Expenses-$444$222$222
Insurance-$215-$215
All Other Expenses-$20-$20
Total Functional Expenses$193,948$6,939$222$201,109
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
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
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, Page 6, Part VI, Line 11B

“Board president and vice president review the return prior to filing.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available through the rhode island secretary of state web site. The organization does not have a conflict of interest policy. The organization makes its financial information available to all through its annual report and its financial statements and form 990 available upon request.”

Filing and Contact Details

Filer

Filer Name
Scholarship Foundation of
EIN
23-7007104
Address
PO BOX 154438, EAST PROVIDENCE, RI 02915

Signing Officer

Name
Joseph Durand
Title
President
Phone
4015734233
Signed
2021-06-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Durand
Formed
1984
Legal Domicile
Ri
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
Massa & Leroux LLC
Address
400 MASSASOIT AVENUE SUITE 106, EAST PROVIDENCE, RI 02914
Preparer
Helena I Massa CPA
Phone
4014374000
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The mission of scholarship foundation of east providence is to raise, distribute and administer funds for the purpose of awarding scholarships to assist students residing in the city of east providence to obtain education beyond the secondary or high school level.”

Form 990, Part XI, Line 9

“Non dividend distributions 1,182”

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MISSION OF SCHOLARSHIP FOUNDATION OF EAST PROVIDENCE IS TO RAISE, DISTRIBUTE AND ADMINISTER FUNDS FOR THE PURPOSE OF AWARDING SCHOLARSHIPS TO ASSIST STUDENTS RESIDING IN THE CITY OF EAST PROVIDENCE TO OBTAIN EDUCATION BEYOND THE SECONDARY OR HIGH SCHOOL LEVEL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD PRESIDENT AND VICE PRESIDENT REVIEW THE RETURN PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS ARE AVAILABLE THROUGH THE RHODE ISLAND SECRETARY OF STATE WEB SITE. THE ORGANIZATION DOES NOT HAVE A CONFLICT OF INTEREST POLICY. THE ORGANIZATION MAKES ITS FINANCIAL INFORMATION AVAILABLE TO ALL THROUGH ITS ANNUAL REPORT AND ITS FINANCIAL STATEMENTS AND FORM 990 AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NON DIVIDEND DISTRIBUTIONS 1,182
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
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ReturnHeader/ReturnTs02021-07-27T07:20:31-05:00
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ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,953,576
Liabilities
$0
Net assets
$1,953,576
Revenue
$405,007
Expenses
$201,109
Net income
$203,898
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.07$0.00$2.07$0.37$0.44$0.06
2023Detailed filing. Detailed filing data is available for this year.$2.11$0.00$2.11$0.24$0.22$0.02
2022Detailed filing. Detailed filing data is available for this year.$1.90$0.00$1.90$0.22$0.20$0.02
2021Detailed filing. Detailed filing data is available for this year.$2.10$0.00$2.10$0.19$0.19$0.00
2020Detailed filing. Detailed filing data is available for this year.$1.95$0.00$1.95$0.41$0.20$0.20
2019Detailed filing. Detailed filing data is available for this year.$1.76$0.00$1.76$0.24$0.19$0.05
2018Detailed filing. Detailed filing data is available for this year.$1.51$0.00$1.51$0.27$0.20$0.07
2017Detailed filing. Detailed filing data is available for this year.$1.62$0.00$1.62$0.23$0.18$0.06
2016Detailed filing. Detailed filing data is available for this year.$1.44$0.00$1.44$0.19$0.17$0.01