Civic Intelligence

Answer Scholarship Inc.

990 • Fiscal year 2023 • EIN 81-0834789

Jul 01, 2022 to Jun 30, 2023 • Filed on May 13, 2024

9805 Sandy Rock Pl C 208Charlotte, NC 28277

(704) 544-1988

Siviq Scores

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

Liabilities / Assets

57th percentile

0.01x

Higher debt load relative to assets than 57% of similar nonprofits.

2023 filings • NTEE P80 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

56th percentile

0.01x

Higher debt load relative to revenue than 56% of similar nonprofits.

2023 filings • NTEE P80 • <$500k nonprofits • Source year 2023

Net Margin

15th percentile

-22%

Higher net margin than 15% of similar nonprofits.

2023 filings • NTEE P80 • <$500k nonprofits • Source year 2023

Top Officer Pay

87th percentile

$26,651

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 11.6% of source-year revenue.

2023 filings • NTEE P80 • <$500k nonprofits • Source year 2023

Asset Growth

64th percentile

20%

Faster asset growth than 64% of similar nonprofits.

2023 filings • NTEE P80 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

62nd percentile

18%

Faster revenue growth than 62% of similar nonprofits.

2023 filings • NTEE P80 • <$500k nonprofits • Annualized from 2022 to 2023

Assets

Up

$227,507

Up $37,254 (+20%) from 2022

Net Assets

Up

$226,025

Up $36,844 (+19%) from 2022

Liabilities

Up

$1,482

Up $410 (+38%) from 2022

Revenue

Up

$230,287

Up $35,137 (+18%) from 2022

Expenses

Up

$280,957

Up $96,912 (+53%) from 2022

Net Income

Down

-$50,670

Down $61,775 (-556%) from 2022

Historical Trend

Balance Sheet Trend

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

$300K$200K$100K$0Assets 2015: $1Liabilities 2015: $02015Assets 2016: $69,258Liabilities 2016: $0Net Assets 2016: $69,2582016Assets 2017: $124,685Liabilities 2017: $174Net Assets 2017: $124,5112017Assets 2018: $149,045Liabilities 2018: $270Net Assets 2018: $148,7752018Assets 2019: $132,990Liabilities 2019: $2,0642019Assets 2020: $165,023Liabilities 2020: $2,589Net Assets 2020: $162,4342020Assets 2022: $190,253Liabilities 2022: $1,072Net Assets 2022: $189,1812022Assets 2023: $227,507Liabilities 2023: $1,482Net Assets 2023: $226,0252023Assets 2024: $182,105Liabilities 2024: $2,432Net Assets 2024: $179,6732024

Highlighted filing

2023

Assets$227,507
Liabilities$1,482
Net Assets$226,025

Operations Trend

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

$300K$200K$100K$0-$100KRevenue 2015: $0Expenses 2015: $0Net Income 2015: $02015Revenue 2016: $103,409Expenses 2016: $34,151Net Income 2016: $69,2582016Revenue 2017: $171,773Expenses 2017: $117,073Net Income 2017: $54,7002017Revenue 2018: $157,125Expenses 2018: $129,755Net Income 2018: $27,3702018Revenue 2019: $91,538Expenses 2019: $114,935Net Income 2019: -$23,3972019Revenue 2020: $193,867Expenses 2020: $162,739Net Income 2020: $31,1282020Revenue 2022: $195,150Expenses 2022: $184,045Net Income 2022: $11,1052022Revenue 2023: $230,287Expenses 2023: $280,957Net Income 2023: -$50,6702023Revenue 2024: $245,334Expenses 2024: $299,472Net Income 2024: -$54,1382024

Highlighted filing

2023

Revenue$230,287
Expenses$280,957
Net Income-$50,670
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 13, 2024
Return Version
2022v5.0
Gross Receipts
$242,535
Mission and Program Overview

Mission

To help women raising school-age children in fulfilling their dream of earning a college degree, while creating the desire, expectation, and priority of a college education for their children to follow in their footsteps.

To mentor and prepare mothers of school-age children to achieve a college education and inspire them to be role models of academic, personal, and professional success for their children.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$186,723$156,330▼ $30,393
Cash and Non-Interest-Bearing Accounts$86,020$71,177▼ $14,843
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-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$272,743$227,507▼ $45,236
Other Assets Total-$0-
Liabilities
Other Liabilities$1,963$1,482▼ $481
Total Liabilities$1,963$1,482▼ $481
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$270,780$216,025▼ $54,755
Net Assets With Donor Restrictions-$10,000-
Total Net Assets Fund Balance$270,780$226,025▼ $44,755
Total Liabilities and Net Assets / Fund Balance$272,743$227,507▼ $45,236

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$57,187-▲ $5,914-$62,591
2021$66,793-▼ $9,081-$57,187
2020$51,654-▲ $15,643-$66,793
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Susan AndersenCEOFT$20,104$6,547$26,651

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$234,777
Program Service Revenue
$0
Investment Income
$170
Other Revenue
$-4,660
All Other Contributions
$191,187
Change in Net Assets
$-50,670
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$122,974
Salaries, Compensation, and Employee Benefits$84,695
Grants and Similar Amounts Paid$73,288
Total Fundraising Expense$62,056
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$73,288--$73,288
Fees for Services Other$25,125$21,843$26,040$73,008
Other Salaries and Wages$26,833-$18,923$45,756
Current Officers, Directors, Trustees, and Key Employees$11,349$11,349$11,349$34,047
Advertising-$5,669$925$6,594
Payroll Taxes$1,354$1,395$1,354$4,103
Other Expenses$731$1,906$961$3,598
Office Expenses$3,487$62-$3,549
Fees for Services Accounting-$3,400-$3,400
Travel$1,034$876$432$2,342
Information Technology$798$798-$1,596
Insurance-$1,435-$1,435
All Other Expenses-$860-$860
Other Employee Benefits-$789-$789
Fees for Service Investment Mgmnt Fees-$550-$550
Fees for Services Legal-$48-$48
Total Functional Expenses$165,849$53,052$62,056$280,957
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Foundation for the CarolinasCharlotte, NC-Scholarships$73,288
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$9,759
Fundraising Gross Income$5,099
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Tailgate$27,276$3,826$1,392$2,434
Pancake Breakfast$15,213$1,273$1,900$-627
Total Events$48,689$5,099$9,759$-4,660
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Taxes$1,055
Credit Card$427
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
No
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
No
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, Part VI, Section B, Line 11B

An independent cpa firm prepares the form 990. The ceo, treasurer, and finance committee members review and approve the form 990. The reviewed form 990 is then provided to all board members prior to filing. The board members are given a period of time to review and raise any questions before the 990 is filed.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. A public copy of the form 990 is provided on the organization's website.

Filing and Contact Details

Filer

Filer Name
ANSWER Scholarship Inc
EIN
81-0834789
Phone
7045441988
Address
9805 Sandy Rock Pl C 208, Charlotte, NC 28277

Signing Officer

Name
Susan Andersen
Title
Executive Director
Signed
2024-05-13
Discuss with paid preparer
Yes

Organization Details

Formed
2015
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
11
Employees
3
Volunteers
60

Preparer

Firm
Jennifer Weiss-Heery CPA
Address
15720 Brixham Hill Ave 300, Charlotte, NC 28277
Preparer
Jennifer Weiss
Phone
7043694872
Supplemental Narrative

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

The Quasi Endowment was established for us to invest for a rainy day. The Quasi allows us to withdraw a percentage every year if needed. We can also draw down the account to $0, if needed.

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IRS990/Desc0MENTORS FOR MOM PROGRAM - ONE OF THE MOST IMPACTFUL THINGS WE DO FOR OUR SCHOLARS IS CONNECT THEM WITH A VOLUNTEER MENTOR THROUGH OUR MENTORS FOR MOM PROGRAM. MENTORS OFFER OUR SCHOLARS SUPPORT AND GUIDANCE ON BALANCING FAMILY, WORK AND SCHOOL. SCHOLARS MEET REGULARLY WITH THEIR MENTORS FOR ADVICE, MOTIVATION, OR SIMPLY AS A SOUNDING BOARD. SCHOLARS AND MENTORS ALSO CONVENE MONTHLY AS A GROUP, WHERE THEY SHARE EXPERIENCES AND LEARN FROM EXPERTS ON ESSENTIAL TOPICS, SUCH AS FINANCIAL PLANNING, PROFESSIONAL DEVELOPMENT AND WOMEN'S HEALTH. SCHOLARS MUST PARTICIPATE IN THE MENTORS FOR MOM PROGRAM AS PART OF THE SCHOLARSHIP TERMS. THIS PROGRAM IS UTILIZED TO GAUGE HOW WELL THE SCHOLARS ARE DOING IN SCHOOL, ALLOWING US TO IDENTIFY AND RESOLVE ISSUES BEFORE THEY BECOME SETBACKS.
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IRS990/MissionDesc0To mentor and prepare mothers of school-age children to achieve a college education and inspire them to be role models of academic, personal, and professional success for their children.
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IRS990/ProgSrvcAccomActy2Grp/Desc0IN FISCAL YEAR 2023, ANSWER SCHOLARSHIP, INC. PAID $73,288 TO AN ENDOWMENT FUND HELD AT FOUNDATION FOR THE CAROLINAS. THE ENDOWMENT FUND IS CALLED THE ANSWER SCHOLARSHIP ENDOWMENT. ANSWER INC. UTILIZES THIS FUND AS A MEANS TO PROVIDE SCHOLARSHIPS FOR STUDENTS. IN 2023, FOUNDATION FOR THE CAROLINAS AWARDED $94,925 IN SCHOLARSHIPS TO ANSWER INC. SCHOLARS, $73,288 OF WHICH WAS PROVIDED BY ANSWER INC. THE REMAINING $21,637 WAS PROVIDED BY THE ENDOWMENT.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0ANSWER Scholarship, Inc. was on a short year from 1/1/2019-6/30/2019. Part II, Sec. A, Column (b) includes support details for the 18 month period 1/1/2019 to 7/30/2020.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Support Schedule: Additional Supplemental Information
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