Civic Intelligence

Scholarchips Inc.

990 • Fiscal year 2022 • EIN 46-3127898

Jul 01, 2021 to Jun 30, 2022 • Filed on May 11, 2023

Organization Profilewww.scholarchipsfund.org
22 Galatin Street NEWashington, DC 20001

(202) 813-5756

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.01x

Higher debt load relative to assets than 42% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

44th percentile

0.01x

Higher debt load relative to revenue than 44% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

49th percentile

5.7%

Higher net margin than 49% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

78th percentile

$73,566

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 25.2% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

55th percentile

4.1%

Faster asset growth than 55% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

10th percentile

-40%

Faster revenue growth than 10% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Up

$513,986

Up $20,038 (+4.1%) from 2021

Net Assets

Up

$510,520

Up $16,572 (+3.4%) from 2021

Liabilities

Up

$3,466

Up $3,466 from 2021

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin49th percentile

Revenue

Down

$291,640

Down $198,492 (-40%) from 2021

Expenses

Up

$275,068

Up $73,694 (+37%) from 2021

Net Income

Down

$16,572

Down $272,186 (-94%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth55th percentile

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

$600K$400K$200K$0Assets 2013: $24,628Liabilities 2013: $02013Assets 2016: $117,735Liabilities 2016: $2,5152016Assets 2017: $164,814Liabilities 2017: $8132017Assets 2018: $150,314Net Assets 2018: $150,3142018Assets 2019: $175,857Net Assets 2019: $175,8572019Assets 2020: $205,190Liabilities 2020: $0Net Assets 2020: $205,1902020Assets 2021: $493,948Liabilities 2021: $0Net Assets 2021: $493,9482021Assets 2022: $513,986Liabilities 2022: $3,466Net Assets 2022: $510,5202022Assets 2023: $405,793Liabilities 2023: $9,326Net Assets 2023: $396,4672023Assets 2024: $259,766Liabilities 2024: $1,761Net Assets 2024: $258,0052024

Highlighted filing

2022

Assets$513,986
Liabilities$3,466
Net Assets$510,520
Open 2022 Filing

Operations Trend

Revenue Growth10th percentile

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

$600K$400K$200K$0-$200KRevenue 2013: $21,789Expenses 2013: $10,210Net Income 2013: $11,5792013Revenue 2016: $119,563Expenses 2016: $37,946Net Income 2016: $81,6172016Revenue 2017: $133,464Expenses 2017: $84,684Net Income 2017: $48,7802017Revenue 2018: $90,317Expenses 2018: $104,005Net Income 2018: -$13,6882018Revenue 2019: $169,346Expenses 2019: $143,803Net Income 2019: $25,5432019Revenue 2020: $247,494Expenses 2020: $218,161Net Income 2020: $29,3332020Revenue 2021: $490,132Expenses 2021: $201,374Net Income 2021: $288,7582021Revenue 2022: $291,640Expenses 2022: $275,068Net Income 2022: $16,5722022Revenue 2023: $261,153Expenses 2023: $375,206Net Income 2023: -$114,0532023Revenue 2024: $406,472Expenses 2024: $544,934Net Income 2024: -$138,4622024

Highlighted filing

2022

Revenue$291,640
Expenses$275,068
Net Income$16,572
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 11, 2023
Return Version
2021v4.2
Gross Receipts
$291,640
Mission and Program Overview

Mission

Scholarchips provides college scholarships, mentoring and a peer support network to children of incarcerated parents, inspiring them to complete their college education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$488,948$503,623▲ $14,675
Prepaid Expenses and Deferred Charges-$6,720-
Pledges and Grants Receivable$5,000--
Total Assets$493,948$513,986▲ $20,038
Other Assets Total-$3,643-
Liabilities
Accounts Payable and Accrued Expenses-$2,466-
Deferred Revenue-$1,000-
Total Liabilities$0$3,466▲ $3,466
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$196,248$510,520▲ $314,272
Net Assets With Donor Restrictions$297,700--
Total Net Assets Fund Balance$493,948$510,520▲ $16,572
Total Liabilities and Net Assets / Fund Balance$493,948$513,986▲ $20,038

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$3,643--
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Yasmine ArringtonFounder and Executive DirectoFT$69,350$4,216$73,566

Board Members and Trustees

NameTitle
Chris MagnusonBoard Chair
Andranae NelsonBoard Member
Karen AddisBoard Member
Natalie EisnerBoard Member
Stephanie Cummings CarrBoard Member
Raynna NkwanyuoSecretary
Scott RechlerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$292,251
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$-611
All Other Contributions
$292,251
Change in Net Assets
$16,572

Audited Revenue Reconciliation

Revenue per Audited Statements
$291,640
Total Revenue per Audited Statements
$291,640
Total Revenue per Form 990
$291,640
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$112,671
Salaries, Compensation, and Employee Benefits$84,886
Grants and Similar Amounts Paid$77,511
Total Fundraising Expense$34,276
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$77,511--$77,511
Current Officers, Directors, Trustees, and Key Employees$51,565$14,733$7,367$73,665
Fees for Services Other$27,885$15,804$3,943$47,632
Office Expenses$12,117$5,193-$17,310
Fees for Services Accounting-$12,080-$12,080
Conferences and Meetings--$11,844$11,844
Advertising$1,182-$10,000$11,182
Other Expenses$3,965$3,964-$7,929
Payroll Taxes$3,946$1,127$563$5,636
Other Employee Benefits$3,909$1,117$559$5,585
Travel$1,266$1,266-$2,532
Insurance$1,081$1,081-$2,162
Total Functional Expenses$184,427$56,365$34,276$275,068

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$275,068
Total Expenses per Audited Statements$275,068
Total Expenses per Form 990$275,068
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
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“The tax return is reviewed by the Treasurer and other members of the Board before filing.”

Conflict of interest policy compliance Part VI line 12C

“The conflict-of-interest policy is reviewed annually. Board members are expected to disclose any conflicts if they arise throughout the year.”

CEO executive director top management comp Part VI line 15A

“The Board decides Executive Director compensation bench marked against similar roles in other local organizations, the Organizations finances and Executive Director performance.”

Governing documents etc available to public Part VI line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
ScholarCHIPS Inc
EIN
46-3127898
Address
22 Galatin Street NE, Washington, DC 20001

Signing Officer

Name
Yasmine Arrington
Title
Founder and Exe
Phone
2028135756
Signed
2023-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Yasmine Arrington
Formed
2014
Legal Domicile
Dc
Voting Board Members
7
Independent Board Members
7
Employees
1
Volunteers
35

Preparer

Firm
Mullins PC
Address
7625 Wisconsin Avenue, Bethesda, MD 20814
Preparer
John Mullins
Phone
2027706371
Supplemental Narrative

Additional Explanations

Audited by an independent accountant Part XII line 2B

“The Organization has not changed either its oversight process or selection process during the tax year.”

List of other fees for services expenses Part IX line 11G

“Consulting Services $38,425Honoraria $2,450Contract Services $179Internship $4,478Counseling $2,100”

Financial Statement Notes

Footnote for uncertain tax position under FIN 48 (Part X)

“The Organization is exempt from federal income tax under section 501 ( C ) ( 3 ) of the internal revenue code. The Organization applies the provisions of FASB ASC Topic 740, income taxes, which prescribes a recognition hreshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC Topic 740 also provides guidance on de recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Security Deposit
IRS990ScheduleD/RevenueSubtotalAmt0291640
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization is exempt from federal income tax under section 501 ( C ) ( 3 ) of the internal revenue code. The Organization applies the provisions of FASB ASC Topic 740, income taxes, which prescribes a recognition hreshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC Topic 740 also provides guidance on de recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Footnote for uncertain tax position under FIN 48 (Part X)
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IRS990ScheduleD/TotalExpensesPerForm990Amt0275068
IRS990ScheduleD/TotalRevenuePerForm990Amt0291640
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0275068
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt14041
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt28135
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt31050
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Scholarships
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt1Book Awards
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt2Support Awards
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt3Graduation Gifts
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt112
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt25
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt36
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0Scholarchips monitors the use of grant funds by tracking which grants are restricted vs. unrestricted in the Organizations Intuit QuickBooks account. We also track which grants are one-time awards and those which are multi-year commitments. All grant funds spent are coded, indicating the purpose of the funds spent. With this system, the Organization is able to track when and how the restricted grant funds were spent, as well as unrestricted grants funds, which are usually discretionary funds or general operations grants. Additionally, Scholarchips provides interim and final reports to all of the foundations that award the Organization grants on how the funds were utilized (and programmatic results and success metrics) throughout the grant period and fiscal year.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Monitoring procedures (Part I, line 2)
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The tax return is reviewed by the Treasurer and other members of the Board before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The conflict-of-interest policy is reviewed annually. Board members are expected to disclose any conflicts if they arise throughout the year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Board decides Executive Director compensation bench marked against similar roles in other local organizations, the Organizations finances and Executive Director performance.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Organization has not changed either its oversight process or selection process during the tax year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Consulting Services $38,425Honoraria $2,450Contract Services $179Internship $4,478Counseling $2,100
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Audited by an independent accountant Part XII line 2b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5List of other fees for services expenses Part IX line 11g
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IRS990/TravelGrp/TotalAmt02532
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IRS990/UponRequestInd0X
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IRS990/WebsiteAddressTxt0www.scholarchipsfund.org
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Yasmine Arrington
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Founder and Exe
ReturnHeader/BusinessOfficerGrp/PhoneNum02028135756
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ScholarCHIPS Inc
ReturnHeader/Filer/BusinessNameControlTxt0SCHO
ReturnHeader/Filer/EIN0463127898
ReturnHeader/Filer/USAddress/AddressLine1Txt022 Galatin Street NE
ReturnHeader/Filer/USAddress/CityNm0Washington
ReturnHeader/Filer/USAddress/StateAbbreviationCd0DC
ReturnHeader/Filer/USAddress/ZIPCd020001
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0474306215

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$513,986
Liabilities
$3,466
Net assets
$510,520
Revenue
$291,640
Expenses
$275,068
Net income
$16,572
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.60$0.02$2.58$4.06$5.45$1.38
2023Detailed filing. Detailed filing data is available for this year.$4.06$0.09$3.96$2.61$3.75$1.14
2022Detailed filing. Detailed filing data is available for this year.$5.14$0.03$5.11$2.92$2.75$0.17
2021Detailed filing. Detailed filing data is available for this year.$4.94$0.00$4.94$4.90$2.01$2.89
2020Detailed filing. Detailed filing data is available for this year.$2.05$0.00$2.05$2.47$2.18$0.29
2019Detailed filing. Detailed filing data is available for this year.$1.76$1.76$1.69$1.44$0.26
2018Detailed filing. Detailed filing data is available for this year.$1.50$1.50$0.90$1.04$0.14
2017Summary only. Only limited summary data is available for this year.$1.65$0.01$1.33$0.85$0.49
2016Summary only. Only limited summary data is available for this year.$1.18$0.03$1.20$0.38$0.82
2013Summary only. Only limited summary data is available for this year.$0.25$0.00$0.22$0.10$0.12