2023-03-26T13:45:08-05:00 2022-06-30 420714325 RSM US LLP 1250 H STREET SUITE 700 WASHINGTON DC 20005 990 2021-07-01 850557522 STUDENT FREEDOM INITIATIVE INC STUD 2025590007 633 PENNSYLVANIA AVE NW 5TH FL WASHINGTON DC 20004 KEITH SHOATES CHIEF OPERATING OFFICER 2025590007 2023-03-24 1 KEITH SHOATES 999009999 ELIZABETH W HELLER P00397829 2022932200 2023-03-24 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z MARK BROWN 633 PENNSYLVANIA AVE NW 5TH FL WASHINGTON DC 20004 51574339 0 X WWW.STUDENTFREEDOMINITIATIVE.ORG X 2020 DE THE STUDENT FREEDOM INITIATIVE IS A 501(C)(3) NONPROFIT ORGANIZATION DEDICATED TO ENSURING FREEDOM IN PROFESSIONAL AND LIFE CHOICES FOR STUDENTS ATTENDING MINORITY SERVING INSTITUTIONS (MSIS). 8 7 17 8 0 0 75542300 13282489 0 1796280 0 194056 0 13000 75542300 15285825 0 4220 0 0 783156 1821504 3783 0 663252 2042930 3370003 2829869 5195727 72712431 10090098 122948895 132770538 182203 181535 122766692 132589003 STUDENT FREEDOM INITIATIVE IS DEDICATED TO ENSURING FREEDOM IN PROFESSIONAL AND LIFE CHOICES FOR STUDENTS ATTENDING MINORITY SERVING INSTITUTIONS (MSIS). 0 0 4053587 4220 1796280 TO ADDRESS THE OVERWHELMING STUDENT DEBT FACED BY ALL TOO MANY OF THE YOUNG MEN AND WOMEN ATTENDING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES BY PROVIDING A STUDENT-CENTRIC FUNDING SOURCE FOR EDUCATION COSTS AS AN ALTERNATIVE TO HIGH-INTEREST LOANS. 4053587 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 11 0 1 17 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X X MICHELE MCCULLOM 2025590007 633 PENNSYLVANIA AVE NW 5TH FL WASHINGTON DC 20004 ROBERT F SMITH CHAIRMAN 4.00 X 0 0 0 HENRY LOUIS GATES DIRECTOR 1.00 X 0 0 0 ROBERT JAIN DIRECTOR 1.00 X 0 0 0 MICHAEL LOMAX DIRECTOR 1.00 X 0 0 0 LINDA WILSON DIRECTOR 1.00 X 0 0 0 LAWRENCE P BANCROFT DIRECTOR 1.00 X 0 0 0 KEITH SHOATES CHIEF OPERATING OFFICER 25.00 X X 0 0 0 MARK BROWN EXECUTIVE DIRECTOR 40.00 X X 240350 0 0 WENDELL LAYNE TREASURER 40.00 X 16914 0 1159 MICHELE MCCULLOM GENERAL COUNSEL & SECRETARY 40.00 X 181205 0 10690 DONNA JONES DIRECTOR OF OPERATIONS 40.00 X 133975 0 1932 BARRY CYNAMON DIRECTOR OF PROGRAM DESIGN 40.00 X 175867 0 32045 CHIMERE JONES ENGAGEMENT PARTNER 40.00 X 100213 0 11558 848524 0 57384 5 0 1 0 MDRC 200 VESEY STREET 23RD FLOOR NEW YORK NY 10281 INCOME SHARE AGREEMENTS TECHNICAL ASSIST 545127 SKADDEN ARPS SLATE MEAGHER & FLOM LLP PO BOX 1764 WHITE PLAINS NY 10602 LEGAL SERVICES 435486 GOOD STUFF DIGITAL 925B PEACHTREE ST NE 122 ATLANTA GA 30309 MARKETING SERVICES 137700 UNITED NEGRO COLLEGE FUND INC 1805 7TH STREET NW WASHINGTON DC 20001 ONBOARDING WORK FOR SFI LONGITUDINAL STU 114800 4 13282489 13282489 STUDENT FREEDOM AGREEMENT 900099 1796280 1796280 1796280 194134 194134 36288436 36288514 -78 -78 -78 MISCELLANEOUS 900099 13000 13000 13000 15285825 1796280 0 207056 X 4220 4220 490803 199732 291071 1101333 908829 139209 53295 22952 18572 4380 96434 82821 13207 406 109982 78663 11052 20267 234397 190036 44361 91377 91377 10698 10698 811991 739392 45849 26750 266800 266800 3341 3341 28280 15261 13019 39252 39252 27272 22609 4663 13544 13544 STUDENT FREEDOM AGREEME 1796280 1796280 OTHER BUSINESS EXPENSES 15139 15139 LICENSES & FEES EXPENSE 11516 11516 BUSINESS TAX EXPENSE 309 309 19807 19781 26 5195727 4053587 478888 663252 30152449 6925020 92598852 81168577 115997 1796280 8342 11695 56267 15923 19959 40344 42825326 53296 3296 122948895 132770538 175686 175717 6517 5818 182203 181535 X 79766692 86857853 43000000 45731150 122766692 132589003 122948895 132770538 10090098 -267787 0 X 0 1 X 0 0 X 50060000 75542300 13282489 138884789 50060000 75542300 13282489 138884789 117067334 21817455 194134 194134 13000 13000 139091923 1796280 X PART II, SHORT YEAR EXPLANATION: THE ORGANIZATION BEGAN OPERATIONS ON MARCH 16, 2020. THE AMOUNTS IN THE 2019 COLUMN YEAR REFLECT THE SHORT PERIOD FROM MARCH 16, 2020 TO JUNE 30, 2020. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45767 12131 33636 10500 3792 6708 40344 DEFERRED RENT 5818 5818 X 15007340 -267787 -267787 15275127 10698 10698 15285825 5185029 0 5185029 10698 10698 5195727 PART X, LINE 2: MANAGEMENT HAS EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION'S FINANCIAL STATEMENTS DO NOT INCLUDE ANY UNCERTAIN TAX POSITIONS. X 0 0 0 0 0 0 0 0 0 MARK BROWN EXECUTIVE DIRECTOR 240350 0 0 0 0 0 0 0 168 0 240518 0 0 0 BARRY CYNAMON DIRECTOR OF PROGRAM DESIGN 175867 0 0 0 0 0 7107 0 31859 0 214833 0 0 0 MICHELE MCCULLOM GENERAL COUNSEL & SECRETARY 181205 0 0 0 0 0 2795 0 9625 0 193625 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 KEITH SHOATES, ROBERT SMITH - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION REVIEWS THE FORM 990 WITH THEIR FINANCIAL ACCOUNTANTS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C POLICIES ARE REVIEWED ON QUARTERLY BASIS TO MAINTAIN COMPLIANCY. FORM 990, PART VI, SECTION B, LINE 15 COMPARATIVE DATA WAS REVIEWED AND APPROVED BY THE BOD. A BOD MOTION WAS MADE AND APPROVED DETERMINING COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G MISCELLANEOUS: PROGRAM SERVICE EXPENSES 739,392. MANAGEMENT AND GENERAL EXPENSES 45,849. FUNDRAISING EXPENSES 26,750. TOTAL EXPENSES 811,991.