Civic Intelligence

Step Forward Scholarship Fund Inc

990 • Fiscal year 2025 • EIN 83-3175469

Jan 01, 2025 to Dec 31, 2025 • Filed on Apr 19, 2026

Organization Profilewww.stepforwardgc.org
PO Box 4631Chapel Hill, NC 27515

(919) 923-1541

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$426,531

Up $107,568 (+34%) from 2024

Net Assets

Up

$423,001

Up $104,038 (+33%) from 2024

Liabilities

Up

$3,530

Up $3,530 from 2024

Revenue And Expenses

Revenue

Up

$238,209

Up $4,592 (+2.0%) from 2024

Expenses

Down

$153,660

Down $14,426 (-8.6%) from 2024

Net Income

Up

$84,549

Up $19,018 (+29%) from 2024

Historical Trend

Balance Sheet Trend

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

$600K$400K$200K$0Assets 2020: $105,514Liabilities 2020: $02020Assets 2021: $155,518Net Assets 2021: $155,5182021Assets 2022: $176,021Net Assets 2022: $176,0212022Assets 2023: $253,432Liabilities 2023: $0Net Assets 2023: $253,4322023Assets 2024: $318,963Liabilities 2024: $0Net Assets 2024: $318,9632024Assets 2025: $426,531Liabilities 2025: $3,530Net Assets 2025: $423,0012025

Highlighted filing

2025

Assets$426,531
Liabilities$3,530
Net Assets$423,001
Open 2025 Filing

Operations Trend

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

$300K$200K$100K$0Revenue 2020: $73,697Expenses 2020: $47,068Net Income 2020: $26,6292020Revenue 2021: $131,008Expenses 2021: $81,104Net Income 2021: $49,9042021Revenue 2022: $134,471Expenses 2022: $113,968Net Income 2022: $20,5032022Revenue 2023: $210,918Expenses 2023: $133,506Net Income 2023: $77,4122023Revenue 2024: $233,617Expenses 2024: $168,086Net Income 2024: $65,5312024Revenue 2025: $238,209Expenses 2025: $153,660Net Income 2025: $84,5492025

Highlighted filing

2025

Revenue$238,209
Expenses$153,660
Net Income$84,549
Open 2025 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2025 to Dec 31, 2025
Signed
Apr 19, 2026
Return Version
2025v4.0
Gross Receipts
$238,209
Mission and Program Overview

Mission

Provide Scholarships to employees of Governors Club and their legal dependents by following a rigorous and clearly defined selection process.

Provide scholarships to employees of Governors Club and their legal dependents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$141,192$209,665▲ $68,473
Savings and Temporary Cash Investments$108,159$134,519▲ $26,360
Cash and Non-Interest-Bearing Accounts$81,113$67,597▼ $13,516
Accounts Receivable-$14,750-
Investments Program Related$0$0→ $0
Total Assets$330,464$426,531▲ $96,067
Liabilities
Accounts Payable and Accrued Expenses-$3,530-
Total Liabilities$0$3,530▲ $3,530
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$246,293$304,590▲ $58,297
Net Assets With Donor Restrictions$84,171$118,411▲ $34,240
Total Net Assets Fund Balance$330,464$423,001▲ $92,537
Total Liabilities and Net Assets / Fund Balance$330,464$426,531▲ $96,067

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2025$141,192$52,000▲ $18,473-$209,665
2024$68,437$70,500▲ $8,255-$141,192
2023$0$70,000▲ $3,437-$68,437
2022----$0
2021----$0
Compensation and Service Providers

Board Members and Trustees

NameTitle
Nancy BroaddusPresident
Janet ShawVice President
David HopkinnsBoard Member
Jane MayberryBoard Member
Janie ButlerBoard Member
Karen DegnerBoard Member
Larry ManaughBoard Member
Eduardo SanchezSecretary
Peter KoelschTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$219,379
Program Service Revenue
$0
Investment Income
$18,830
Other Revenue
$0
All Other Contributions
$210,084
Change in Net Assets
$84,549
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$130,419
Other Expenses$23,241
Total Fundraising Expense$10,010
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$130,419--$130,419
Information Technology-$5,119-$5,119
Fees for Service Investment Mgmnt Fees$0$3,984-$3,984
Other Expenses$581$862$10,010$862
All Other Expenses-$824-$824
Insurance-$475-$475
Office Expenses-$288-$288
Total Functional Expenses$132,098$11,552$10,010$153,660
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
No
Annual disclosure for covered persons
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
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 11B

“Part VI, Line 11 (b): A copy of Form 990 and all Schedules is first reviewed with the President, then provided to all Board members in advance of review and discussion at a full Board Meeting. Based on those reviews, the Filing is then completed.”

Part VI, Line 12C

“Part VI, Line 12 (c) The Conflict of Interest Policy is reviewed with the Board annually, and all Board members are required to sign the Policy each year”

Part VI, Line 19

“Part VI, Line 19: The Form 990 and all Schedules except Schedule B for 2025 is being posted on the website, with affirmative support via a Board vote. All organization Policies are available and provided upon Request.”

Filing and Contact Details

Filer

Filer Name
Step Forward Scholarship Fund Inc
EIN
83-3175469
Phone
9199231541
Address
PO Box 4631, Chapel Hill, NC 27515
Doing Business As
Step Forward Scholarship Fund

Signing Officer

Name
Peter M Koelsch
Title
Treasurer
Phone
9199231541
Signed
2026-04-19

Organization Details

Principal Officer
Peter M Koelsch Treasurer
Formed
2018
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
18
Supplemental Narrative

Additional Explanations

Part XII, Line 1

“Part XII, Line 1: The method of accounting for 2025 Year End Financial Statements and therefore for this Form 990 submission is being done on Accrual basis for the first time. In prior years, a strict Cash basis was used. The change was made since the organization and its finances has grownduring the past several years and become more-complex with multiple Funds and bank/investment accounts. The Accrual method is now preferable both for capturing Year End financial status and for accurately preparing the Form 990 Tax submissions.”

Financial Statement Notes

Part V, Line 4

“The Legacy (Restricted) Funds provide supplemental annual funds, to help fund additional special scholarships. The Endowment (Unrestricted) funds help to insure that the Charity will be able to provide ongoing Scholarship payments to its beneficiaries even in the event of a serious downturn in ongoing donations/contributions.”

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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/SupportedOrganizationsCnt00
IRS990ScheduleA/SupportedOrganizationsTotalCnt00
IRS990ScheduleA/SupportSumAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0219379
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0226784
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0207065
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0134465
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0131000
IRS990ScheduleA/Total509Grp/TotalAmt0918693
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0238209
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0239938
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0212255
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0134465
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0131000
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0955867
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BoardDesignatedBalanceEOYPct00.43500
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt0141192
IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt052000
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0209665
IRS990ScheduleD/CYEndwmtFundGrp/GrantsOrScholarshipsAmt02000
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt018473
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt068437
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt070500
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt0141192
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/GrantsOrScholarshipsAmt06000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt08255
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt00
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt070000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt068437
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/GrantsOrScholarshipsAmt05000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt03437
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt00
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt00
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd0false
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd0false
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.56500
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Legacy (Restricted) Funds provide supplemental annual funds, to help fund additional special scholarships. The Endowment (Unrestricted) funds help to insure that the Charity will be able to provide ongoing Scholarship payments to its beneficiaries even in the event of a serious downturn in ongoing donations/contributions.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part V, Line 4
IRS990ScheduleD/TermEndowmentBalanceEOYPct00.00000
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0130419
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Scholarships (As noted in Form 990, Part III, 4a)
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceAmt00
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceDesc0na
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt024
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0na
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0Each year, the Mentoring Committee of the Step Forward Scholarship Fund (SFSF) surveys and holds discussions among the eligible population to guage the need for scholarships for employees and their legal dependents. Written applications are received during February-March for scholarships beginning for the Summer and subsequent Fall academic periods. During April-June the SFSF Scholarship Committee conducts in-depth interviews to assess each Scholarship applicant versus detailed criteria. After concluding the interview process, the SFSF Board receives a list of recommended Scholarship candidates. Following Board review and determinations, the successful candidates are notified and can then receive Scholarship payments.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 2
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Part VI, Line 11 (b): A copy of Form 990 and all Schedules is first reviewed with the President, then provided to all Board members in advance of review and discussion at a full Board Meeting. Based on those reviews, the Filing is then completed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Part VI, Line 12 (c) The Conflict of Interest Policy is reviewed with the Board annually, and all Board members are required to sign the Policy each year
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Part VI, Line 19: The Form 990 and all Schedules except Schedule B for 2025 is being posted on the website, with affirmative support via a Board vote. All organization Policies are available and provided upon Request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Part XII, Line 1: The method of accounting for 2025 Year End Financial Statements and therefore for this Form 990 submission is being done on Accrual basis for the first time. In prior years, a strict Cash basis was used. The change was made since the organization and its finances has grownduring the past several years and become more-complex with multiple Funds and bank/investment accounts. The Accrual method is now preferable both for capturing Year End financial status and for accurately preparing the Form 990 Tax submissions.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Part VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Part VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Part XII, Line 1
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt0330464
IRS990/TotalAssetsGrp/EOYAmt0426531
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0219379
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt010010
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt011552
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0132098
IRS990/TotalFunctionalExpensesGrp/TotalAmt0153660
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt03530
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0330464

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$426,531
Liabilities
$3,530
Net assets
$423,001
Revenue
$238,209
Expenses
$153,660
Net income
$84,549
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$4.27$0.04$4.23$2.38$1.54$0.85
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.19$0.00$3.19$2.34$1.68$0.66
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.53$0.00$2.53$2.11$1.34$0.77
2022Detailed filing. Detailed filing data is available for this year.$1.76$1.76$1.34$1.14$0.21
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.56$1.56$1.31$0.81$0.50
2020Summary only. Only limited summary data is available for this year.$1.06$0.00$0.74$0.47$0.27