2021-12-17T14:56:38-07:00 2021-08-31 990 2020-09-01 134002189 THE CHILDRENS SCHOLARSHIP FUND CHIL 2125157100 8 West 38th St 9th Floor New York NY 10018 Kathleen Doran CFO 2125157100 2021-12-07 1 11 0 AAL2 2020 2022-09-23 18:48:47Z Darla Romfo 8 West 38th Street 9th Floor New York NY 10018 29418828 0 X www.scholarshipfund.org X 1998 NY The Children's Scholarship Fund (CSF) provides children of low-income families with tuition assistance in grades K-8, and supports expanding educational opportunities for all children. 13 12 17 50 0 0 27257605 29351769 0 0 269867 14866 65410 2700 27592882 29369335 22172666 20688185 0 0 1790771 1978362 0 30678 1072156 546140 656437 24509577 23353662 3083305 6015673 25476794 31602200 357858 467591 25118936 31134609 The Children's Scholarship Fund (CSF) provides children of low-income families with tuition assistance in grades K-8, and supports expanding educational opportunities for all children. 0 0 20688185 20688185 0 In fiscal year 2021 nearly 23,700 children across the US benefited from scholarships awarded by CSF and its partner programs. These children, all of whom are from low-income families, are receiving the education desired by their families due to the generosity of our donors and the efforts of scholarship programs in 25 communities. Since its inception in 1998, nearly 185,000 children from low-income families have benefited from attending the private school of their choice with more than $882 million in tuition assistance from CSF and its partner programs. 1037314 0 0 Program management, outreach and support: CSF's program staff works with parents and schools to ensure the integrity and efficient management of the program. The program staff verifies eligibility and student attendance, disburses the tuition assistance payments to schools and annually requalifies returning students. The Children's Scholarship Fund maintains partnerships with local scholarship programs in communities around the country. In addition to providing matching grants to these organizations, the Children's Scholarship Fund also trains local program staff and has developed and maintains specialized software that is used to manage scholarship awards. 0 0 0 21725499 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 13 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AR AZ CA CO CT DC FL GA IL KS KY LA MA MD ME MI MN NC NH NJ NM NY OH OK OR PA SC TN VA WA WI WV X X Kathleen Doran 2125157100 8 West 38th St 9th Floor New York NY 10018 Darla M Romfo President & COO 40 X X 341064 0 28351 Thomas J Finnerty SVP 40 X 318382 0 35612 Michele Mitola VP Strategic Planning & Development 40 X 186711 0 10081 Elizabeth Toomey Corporate Secretary 40 X 148148 0 18718 Matthew Bonanno Co Chair 2 X 0 0 0 Margot McGinness Co Chair 1 X 0 0 0 Jeffrey Chang Board Member 1 X 0 0 0 Stephen Fraidin Board Member 1 X 0 0 0 Michael Gerstner Board Member 1 X 0 0 0 Christopher Halpin Board Member 1 X 0 0 0 David E Johnson Board Member 1 X 0 0 0 Mike McCurry Board Member 1 X 0 0 0 Kevin Short Board Member 1 X 0 0 0 Remy Trafelet Board Member 1 X 0 0 0 Heather Vrattos Board Member 1 X 0 0 0 Juan Williams Board Member 1 X 0 0 0 Kathleen Doran CFO (as of 6/1/2021) 40 X 0 0 0 994305 0 92762 4 0 1 0 Grant Thornton LLP 33570 Treasury Center Chicago IL 606943500 Audit & Tax Services 126372 1 7395 0 0 0 0 29344374 49493 29351769 0 14454 0 0 14454 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 49905 0 49493 0 412 0 412 0 0 412 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Retention credit 900099 2700 0 0 2700 0 0 0 0 2700 29369335 0 0 17566 3032040 3032040 17656145 17656145 0 0 0 0 1092422 329087 280502 482833 0 0 0 0 661472 390515 88138 182819 28124 19419 464 8241 87069 49461 0 37608 109275 47154 20264 41857 0 0 0 0 2953 696 977 1280 61430 0 61430 0 0 0 0 0 30678 30678 0 0 0 0 107971 21044 59325 27602 0 0 0 0 24472 10175 3407 10890 46694 28381 1334 16979 0 0 0 0 231940 108989 21918 101033 5554 1031 1830 2693 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 23719 13062 1900 8757 32773 15400 3097 14276 Donor communication costs 89825 0 0 89825 Indirect event costs 5085 2085 0 3000 24021 815 11421 11785 23353662 21725499 556007 1072156 734905 553667 24612962 30862522 38860 37918 19766 53971 181115 126122 31172 54993 39129 39129 25476794 31602200 96753 139298 261105 328293 357858 467591 X 5758378 5558531 19360558 25576078 25118936 31134609 25476794 31602200 6015673 0 0 0 0 0 X 0 1 X 1 0 X 23846212 28487415 25694338 27257605 29351769 134637339 23846212 28487415 25694338 27257605 29351769 134637339 52280501 82356838 88522 273608 474097 250725 14454 1101406 12173 28668 8159 68224 2700 119924 135858669 0.60619 0.63550 X Schedule A, Part II, Line 10 Includes Employee Retention Credit RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 95 580 675 23352987 23353662 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 6681 13510 4582 675 25448 250000 250000 250000 250000 1000000 1500000 0 1436 370 95 1901 0 0 0 0 0 0 0 0 11975 8592 3383 0 163840 112230 51610 0 5300 5300 0 54993 Refundable Advances 328293 328293 X 29369335 0 0 0 0 0 29369335 0 0 0 29369335 23353662 0 0 0 0 0 23353662 0 0 0 23353662 Schedule D, Part X, Line 2 The Fund follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The Fund is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. The Fund has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which there was nexus; and to identify and evaluate other matters that may be considered tax positions. The Fund has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. X X X X X 1 ClearWord Communications Group A Division Of HSP Direct LLC 20130 Lakeview Center Plaza Suite 300 Ashburn VA 20147 To assist with the planning, execution, and supervision of the creation and mailing of Client's high-dollar direct mail program. 0 56969 30678 26291 56969 30678 26291 AL AR AZ CA CO CT DC FL GA IL KS KY LA MA MD ME MI MN NC NH NJ NM NY OH OK OR PA SC TN VA WA WI WV 1 Children's Scholarship Fund Philadelphia 100 South Broad Street Suite 1200 Philadelphia PA 19110 233078729 501(c)(3) 300216 0 To provide partial scholarship awards to children from low-income families Children's Scholarship Fund Baltimore 1000 Saint Paul Street Baltimore MD 21202 131480933 501(c)(3) 87470 0 To provide partial scholarship awards to children from low-income families The BISON Children's Scholarship Fund Inc 284 Delaware Avenue Buffalo NY 14202 161477288 501(c)(3) 336006 To provide partial scholarship awards to children from low-income families Catholic Partnership Schools 808 Market Street Camden NJ 08102 273236916 501(c)(3) 167000 To provide partial scholarship awards to children from low-income families CEO Foundation of Connecticut PO Box 1356 Madison CT 06443 061494714 501(c)(3) 50000 To provide partial scholarship awards to children from low-income families Children's Scholarship Fund of Omaha 7101 Mercy Road Suite 150 Omaha NE 68106 470822724 501(c)(3) 344152 To provide partial scholarship awards to children from low-income families The Basic Fund 1301 Clay Street Suite 70450 Oakland CA 94612 943290699 501(c)(3) 824000 To provide partial scholarship awards to children from low-income families Scholarship Fund for Inner City Children 171 Clifton Avenue Newark NJ 07104 510546401 501(c)(3) 18400 To provide partial scholarship awards to children from low-income families Northwest Ohio Scholarship Fund Inc 5800 Monroe Street Suite F5 Sylvania OH 43560 311639134 501(c)(3) 61583 To provide partial scholarship awards to children from low-income families Memphis Oppprtunity Scholarship Trust Inc 1000 Ridgeway Loop Road Suite 205 Memphis TN 38120 621723618 501(c)(3) 125445 To provide partial scholarship awards to children from low-income families Today and Tomorrow Educational Foundation 20 Archbishop May Drive St Louis MO 63119 431633565 501(c)(3) 226310 To provide partial scholarship awards to children from low-income families Tomorrow's Hope Foundation 50 Charles Lindbergh Blvd Suite 500 Uniondale NY 11553 203514578 501(c)(3) 50000 To provide partial scholarship awards to children from low-income families Brighter Future Fund a program of the Archdiocese of Detroit 12 State Street Detroit MI 48226 381359274 501(c)(3) 14128 To provide partial scholarship awards to children from low-income families Children's Scholarship Fund Portland a program of Cascade Policy Institute 4850 SW Scholls Ferry Road Suite 103 Portland OR 97225 931045925 501(c)(3) 9864 To provide partial scholarship awards to children from low-income families Alliance for Choice in Education 1201 East Colfax Avenue Suite 302 Denver CO 80218 841531066 501(c)(3) 300000 To provide partial scholarship awards to children from low-income families Seeds of Hope of Northern Colorado 1300 South Steele Street Denver CO 80210 821844617 501(c)(3) 77466 To provide partial scholarship awards to children from low-income families Tri-County Scholarship Fund 4 Century Drive Parsippany NJ 07054 222354475 501(c)(3) 40000 To provide partial scholarship awards to children from low-income families 17 0 To provide partial scholarship awards to children from low-income families 7585 17656145 0 Schedule I, Part I, Line 2 CSF makes matching grants to other scholarship organizations so they may also provide partial scholarship awards to children from low-income families. In fiscal year 2021, CSF provided nearly $3 million in matching grants to 17 other scholarship organizations. With CSF's matching grants, these scholarship organizations provided $30.2 million in scholarships to nearly 16,400 children. CSF has grant agreements with each of these organizations which require that 1) the scholarships are awarded solely on the basis of financial need, 2) are intended for low-income families, 3) income eligibility must be verified annually, 4) the maximum award will not exceed 75% of tuition less other financial aid and 5) that continued enrollment will be verified at least twice each academic year. Prior to disbursing grants to these organizations CSF verifies that the required matching contributions have been received. In addition, during fiscal year 2021 CSF disbursed nearly $17.7 million in direct scholarship assistance on behalf of nearly 7,600 children from low-income families. The criteria for eligibility are residency and income, and students must be entering grades K-8 when they begin in the program. Families are asked to provide proof of income eligibility, and indicate enrollment at their chosen private school. Scholarship funds are disbursed to the schools twice a year, in November (50%) and March (50%). Parents and/or principals must verify that the student's good standing at the school, academically, financially, and otherwise, and certifying that the student is maintaining at least a 90% attendance rate. Although the scholarship payments are made to schools, they are awarded to parents. If a family is not satisfied with its chosen school, they may take the scholarship to another school. The program staff at CSF works daily with parents and schools to ensure program integrity, answer questions regarding scholarship amounts, parental contributions, enrollments, transfers, siblings, eligibility, participating schools, and other issues that regularly surface. CSF uses a customized database to track all applicants, participants, schools, scholarships, income eligibility, etc., and is able to generate accurate and up-to-date data on every aspect of the program. X X X 0 0 0 0 0 0 0 0 0 Darla M Romfo President & COO 337500 0 0 0 3564 0 14798 0 14729 0 370591 0 Thomas J Finnerty SVP 278782 0 0 0 39600 0 14019 0 22764 0 355165 0 0 0 Michele Mitola VP Strategic Planning & Development 185126 0 0 0 1585 0 9317 0 2214 0 198242 0 0 0 Elizabeth Toomey Corporate Secretary 147596 0 0 0 552 0 7412 0 11895 0 167455 0 0 0 Schedule J, Part II Other reportable compensation for Ms. Romfo includes $3,564 in taxable group term life insurance premiums. Other reportable compensation for Mr. Finnerty includes $32,773 reimbursement for the cost of benefits provided by a prior employer but not provided by CSF and $6,827 in taxable group term life insurance premiums. Other reportable compensation for Ms. Mitola includes $1,585 in taxable group term life insurance premiums. Other reportable compensation for Ms. Toomey includes $552 in taxable group term life insurance premiums. X 7 49493 market quotations 0 0 0 0 Form 990, Part VI, Section B, Line 11b The Chief Financial Officer (CFO) prepared IRS Form 990 and all state regulatory filings. The CFO consults with outside professionals, as necessary, to properly complete these filings. Upon completion, the 990 is reviewed by the President and the organization's independent accounting firm. Following these reviews, a copy of the 990 is sent to each member of the Audit Committee of the Board of Directors. A meeting of the Audit Committee was held on December 6, 2021, at which time the committee reviewed and discussed Form 990 for the year ended August 31, 2021. The CFO, President & representatives from Grant Thornton were present at the meeting to respond to questions from committee members. A copy of the completed 990 was sent electronically to all board members prior to filing with the Internal Revenue Service. Form 990, Part VI, Section B, Line 12c The Children's Scholarship Fund's conflict of interest policy prohibits any director, officer or key employee from using his or her position, or the knowledge gained there from, in such a manner that a conflict arises between the interest of the Children's Scholarship Fund or any of its affiliates and his or her personal interests. To implement this policy, directors, officers and key employees are required to make true and complete disclosure of the material facts relating to any personal interest he or she may have in any transaction before the Board or any of its Committees, prior to any vote on the transaction. Should a potential conflict of interest arise, the individual is required to recuse him or herself from discussions, deliberations or votes concerning the transaction. Annually each Director, officer and key employee is requested to complete an Independence and Conflict of Interest questionnaire. Form 990, Part VI, Section B, Line 15 The compensation of the President, the Chief Financial Officer and the Vice President of Strategic Planning & Development are reviewed and approved by the Board of Directors. All Directors, except for the President, serve without compensation. In the spring of 2016 the organization engaged an independent professional services firm to compare the compensation of these individuals to their counterparts in not-for-profit organizations similar to CSF. Upon completion of the study, the Board met with the independent compensation consultant to review the firm's written report and to discuss if any adjustment to the compensation was warranted. None of the individuals being reviewed were present for those discussions. After due deliberation the Board of Directors of the Children's Scholarship Fund approved the present compensation arrangements for the President, the Chief Financial Officer and the Vice President of Strategic Planning & Development. Form 990, Part VI, Section C, Line 19 CSF's Code of Ethics and Privacy Policy are posted on our website (www.scholarshipfund.org). Our annual report, audited financial statements, and Form 990 may also be downloaded from this site. In addition, there is a link to our Form 990 that is posted on www.guidestar.org. Interested parties may also obtain copies of Forms 990 and 1023 by contacting us directly.