The Curtis Fund provides educational scholarships to vermont students pursuing a postsecondary education, aiming to level the playing field so that every vermonter has a chance to obtain the education they need, regardless of family background, income level, or birthplace.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
$81K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $675K a year · 45% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$81K
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
<1 mo
of spending, in cash
Plus $32.7M in investments, Pt X · Ln 11–13
Fine: 0.4 months of spending in cash, plus $32.7M in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $2K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$7K
0.02% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 9 voting members
Looks good: 8 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.5M
+13% vs prior year
Spent
$2.5M
To programs
87%
Net assets
$33.0M
By yearFY2020–FY2024
Revenue
$1.5M
FY2023▲ +13%
Tap a bar for its year
Revenue by fiscal year
FY2020$813K
FY2021$2.6M
FY2022$1.3M
FY2023$1.5M
FY2024$1.3M
Expenses
$2.5M
FY2023▲ +13%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.7M
FY2021$1.9M
FY2022$2.2M
FY2023$2.5M
FY2024$2.6M
Net assets
$33.0M
FY2023▲ +14%
Tap a bar for its year
Net assets by fiscal year
FY2020$29.4M
FY2021$30.1M
FY2022$29.0M
FY2023$33.0M
FY2024$34.2M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2024.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $2.2M Management & general 10% · $246K Fundraising 3% · $86K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990; $81K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director
$81,257Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice- President
$0Pt VII · Sec A

Shana Trombley’s $81K as Executive Director is at the 20th percentile of top reported officer pay among 3395 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2023FY2022FY2021
Shana Trombley$81,257$72,352$64,802

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides scholarships to Vermont students for postsecondary education.

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1 program · $2.2M · in their own filed words · FY2023
01

The curtis fund provides scholarships to recent vermont high school graduates and adult learners who demonstrated a financial need and chose to pursue post-secondary education. In addition, the program has expanded to high school graduates and adult learners who may be looking for educational opportunities in career development, commonly…

$2.2Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$2K
Grants paid · 9 grants · $9.4M · 2020–2024
Vermont Scholarship Fund Co Vermont Student Assistance CorporationFY2024$2,095,650
Community College of VermontFY2024$20,147
Vermont Scholarship Program Co Vermont Student Assistance CorporationFY2023$1,974,907
Community College of VermontFY2023$12,000
Vermont Scholarship Program Co Vermont Student Assistance CorporationFY2022$1,852,237
Vermont Scholarship Program Co Vermont Student Assistance CorporationFY2021$1,645,809
Vermont Scholarship Program Co Vermont Student Assistance CorporationFY2020$1,510,000

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$1.5M
Ln 12
Investment incomeLn 3$1.1M
Gifts and grantsLn 1h$364K
Money outPt IX
$2.5M
Ln 25
Programscol B$2.2M
Managementcol C$246K
Fundraisingcol D$86K
Owns and owesPt X
$33.0M
net assets · Ln 32
Cash and savingsLn 1–2$79K
Total assetsLn 16$33.0M
LiabilitiesLn 26$7K
PeoplePt VI, VII
10
listed · VII A
PaidVII A1
Voting boardVI 1a9
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$364K
Investment incomeLn 3$1.1M
Gains on assetsLn 7$226K
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$79K
Cash and savings togetherLn 1–2$79K
InvestmentsLn 11–13$32.7M
Land, buildings, equipmentLn 10c$1K
Total assetsLn 16$33.0M
LiabilitiesLn 26$7K
Net assetsLn 32$33.0M
OperationsPt I, VI
EmployeesI 51
VolunteersI 68
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$202K$79K
InvestmentsLn 11–13$29.4M$32.7M
Land, buildings, equipmentLn 10c$0$1K
Total assetsLn 16$29.7M$33.0M
LiabilitiesLn 26$0$7K
Net assetsLn 32$29.7M$33.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$2.1M$2.1M
Pay of current officers, directors and key staffLn 5$96K$26K$4K$67K
Other salaries and wagesLn 7$6K$6K
Management feesLn 11a$111K$111K
Investment management feesLn 11f$49K$49K
Other fees for servicesLn 11g$383$383
Advertising and promotionLn 12$17K$2K$15K
Office expensesLn 13$2K$2K
Information technologyLn 14$3K$445$3K
TravelLn 17$709$17$692
Conferences, conventions and meetingsLn 19$1K$295$1K
Depreciation, depletion and amortizationLn 22$855$855
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$69K$69K
All other expensesLn 24e$291$291
Total functional expensesLn 25$2.5M$2.2M$246K$86K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.3M$2.6M−$1.3M$34.2M 990 PDF
FY2023 Viewing $1.5M$2.5M−$1.0M$33.0M 990 PDF
FY2022 $1.3M$2.2M−$888K$29.0M 990 PDF
FY2021 $2.6M$1.9M$708K$30.1M 990 PDF
FY2020 $813K$1.7M−$881K$29.4M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $1,483,670 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $669,463$364,486
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $512,981$1,119,184
I-11 Other revenuePrior year $135,965$0
I-12 Total revenuePrior year $1,318,409$1,483,670
I-13 Grants and similar amounts paidPrior year $1,852,237$2,132,907
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $95,604$102,660
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $258,393$258,747
I-18 Total expensesPrior year $2,206,234$2,494,314
I-19 Revenue less expensesPrior year −$887,825−$1,010,644
Part VI · Governance 8 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members8
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $1,483,670 across 5 lines filed
VIII-1f All other contributions, gifts and grants$364,486
VIII-1h Total contributions, gifts and grants$364,486
VIII-3 Investment incomeExcluded from tax $893,434$893,434
VIII-7 Net gain or loss on sales of assetsExcluded from tax $225,750$225,750
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $1,119,184$1,483,670
Part IX · Statement of functional expenses $2,494,314 across 15 lines filed
IX-1 Grants to domestic organizationsPrograms $2,132,907$2,132,907
IX-5 Pay of current officers, directors and key staffPrograms $25,665 · Management $3,845 · Fundraising $66,729$96,239
IX-7 Other salaries and wagesManagement $6,421$6,421
IX-11a Management feesManagement $110,710$110,710
IX-11f Investment management feesManagement $49,225$49,225
IX-11g Other fees for servicesManagement $383$383
IX-12 Advertising and promotionPrograms $2,159 · Fundraising $15,163$17,322
IX-13 Office expensesManagement $2,466$2,466
IX-14 Information technologyManagement $445 · Fundraising $2,652$3,097
IX-17 TravelManagement $17 · Fundraising $692$709
IX-19 Conferences, conventions and meetingsManagement $295 · Fundraising $1,052$1,347
IX-22 Depreciation, depletion and amortizationPrograms $855$855
IX-23 InsuranceManagement $3,163$3,163
IX-24 Other expenses (24a–d)Management $69,179$69,179
IX-24e All other expensesManagement $291$291
IX-25 Total functional expensesPrograms $2,161,586 · Management $246,440 · Fundraising $86,288$2,494,314
Part X · Balance sheet $33,022,351 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $202,182$78,821
X-3 Pledges and grants receivable$180,581
X-9 Prepaid expenses and deferred charges$41,219
X-10c Land, buildings and equipment, netStart of year $0$1,354
X-11 Publicly traded securitiesStart of year $29,400,579$32,720,376
X-16 Total assetsStart of year $29,671,327$33,022,351
X-17 Accounts payable and accrued expenses$1,105
X-18 Grants payable$6,000
X-26 Total liabilitiesStart of year $0$7,105
X-27 Net assets without donor restrictionsStart of year $29,671,327$32,304,038
X-28 Net assets with donor restrictions$711,208
X-32 Total net assets or fund balancesStart of year $29,671,327$33,015,246
X-33 Total liabilities and net assetsStart of year $29,671,327$33,022,351
Part XI · Reconciliation of net assets $33,015,246 net assets at year end
XI-1 Total revenue$1,483,670
XI-2 Total expenses$2,494,314
XI-3 Revenue less expenses−$1,010,644
XI-4 Net assets at start of year$29,671,327
XI-5 Net unrealized gains (losses) on investments$4,059,828
XI-8 Prior period adjustments$294,735
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$33,015,246

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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