Denver Scholarship Foundation FY2021 filing

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To empower Denver Public School students to enroll in and graduate (Continued on Schedule O) (Continued) from post-secondary institutions of higher education.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
$561K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2021 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $3.2M a year · 17% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$561K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
<1 mo
of spending, in cash
Plus $35.0M in investments, Pt X · Ln 11–13
Fine: 0.8 months of spending in cash, plus $35.0M in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $76K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$585K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
31
of 31 voting members
Looks good: 31 of 31 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$15.7M
Spent
$10.5M
To programs
80%
Net assets
$36.4M
By yearFY2021–FY2025
Revenue
$15.7M
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$15.7M
FY2022$14.0M
FY2023$15.2M
FY2024$16.5M
FY2025$29.9M
Expenses
$10.5M
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$10.5M
FY2022$12.0M
FY2023$16.2M
FY2024$17.3M
FY2025$19.5M
Net assets
$36.4M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$36.4M
FY2022$33.2M
FY2023$35.2M
FY2024$37.5M
FY2025$43.4M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 2007.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $8.3M Management & general 9% · $973K Fundraising 11% · $1.2M

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

41 people listed on the 990; $561K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Chief Executive Officer
$172,823Pt VII · Sec A
Chief Financial Officer
$131,572Pt VII · Sec A
Chief Development Officer to April
$129,850Pt VII · Sec A
Chief Operating Officer
$126,909Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Lorii Rabinowitz’s $240K as CEO is at the 50th percentile of top reported officer pay among 3683 $10–100M 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 · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Lorii Rabinowitz$240,307$232,603$220,636$204,200$172,823
Patti Schwartzberg$203,085$179,150$171,803$146,615$131,572
Nate Cadena$188,593$161,207$150,433$140,056$126,909
Jake Wenger$137,395$128,632———
Erin Henninger—$134,254$130,865——
Margaret Bachrach————$129,850
Patricia Whitehouse$129,623$125,345$120,770$103,110—
Olivia Omega$116,701————

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 15aYes

Programs and updates

Helps Denver Public School students enroll in and graduate from college by providing scholarships, financial aid guidance, and ongoing campus support services.

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Provided by the organization

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3 programs · $8.3M · in their own filed words · FY2020
01

Scholarships

Denver Scholarship Foundation (DSF) awards need-based scholarships to Denver Public Schools (DPS) graduates who enroll in any one of our 31 postsecondary institutional partners in Colorado, including universities, community colleges and technical colleges.

$4.6Mprogram expense
02

College Access

DSF provides free college-going advisement services for students at 22 DPS high schools through 14 DSF Future Centers, which are on-site resource centers. College Access services are provided to over 5,000 DPS students each year.

$2.4Mprogram expense
03

College Success

DSF provides critical wraparound services to all DSF Scholars, ensuring each receives additional financial aid, academic, and social support to help them persist and graduate from college. DSF's embedded team of DSF Campus Advisors provide College Success services directly to over 1,000 DSF Scholars enrolled on one of three colleges…

$1.4Mprogram 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 4 funders$76K
See all 4 funders →
Grants paid · 5 grants · $33.3M · 2020–2024
Unitemized GrantFY2024$8,624,992
Unitemized GrantFY2023$7,664,481
Unitemized GrantFY2022$7,136,682
Unitemized GrantFY2021$5,297,186
Unitemized GrantFY2020$4,593,785

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$15.7M
Ln 12
Gifts and grantsLn 1h$14.3M
Investment incomeLn 3$1.3M
Other incomeLn 4–11$18K
Money outPt IX
$10.5M
Ln 25
Programscol B$8.3M
Managementcol C$973K
Fundraisingcol D$1.2M
Owns and owesPt X
$36.4M
net assets · Ln 32
Cash and savingsLn 1–2$716K
Total assetsLn 16$37.0M
LiabilitiesLn 26$585K
PeoplePt VI, VII
41
listed · VII A
PaidVII A4
Voting boardVI 1a31
IndependentVI 1b31
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$14.3M
Government grantsLn 1e$2.0M
Noncash giftsLn 1g$520K
Fundraising eventsLn 1c$1.1M
Investment incomeLn 3$1.3M
Other incomeLn 4–11$18K
Gains on assetsLn 7$775K
Total revenueLn 12$15.7M
Assets in detailPt X, end of year
CashLn 1$707K
SavingsLn 2$10K
Cash and savings togetherLn 1–2$716K
InvestmentsLn 11–13$35.0M
Land, buildings, equipmentLn 10c$45K
Other assetsLn 15$115K
Total assetsLn 16$37.0M
LiabilitiesLn 26$585K
Net assetsLn 32$36.4M
OperationsPt I, VI
EmployeesI 594
VolunteersI 645
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
Abroad and in kindSch F, M
Noncash gifts receivedSch M Pt I$520K
EndowmentSch D · Pt V
LineFY21FY20FY19FY18FY17
End of yearLn 1g$28.4M$20.7M$22.8M$25.7M$26.9M
Given inLn 1b$661K$150K$50K$1.0M
SpentLn 1d–1f$66K$2.7M$3.8M$2.9M$1.5M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$5.3M$716K
InvestmentsLn 11–13$20.6M$35.0M
Land, buildings, equipmentLn 10c$72K$45K
Total assetsLn 16$27.8M$37.0M
LiabilitiesLn 26$1.2M$585K
Net assetsLn 32$26.6M$36.4M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$4.6M$4.6M
Pay of current officers, directors and key staffLn 5$515K$197K$212K$106K
Other salaries and wagesLn 7$3.5M$2.5M$300K$716K
Pension plan contributionsLn 8$159K$113K$13K$33K
Other employee benefitsLn 9$363K$244K$50K$69K
Payroll taxesLn 10$305K$207K$36K$61K
Legal feesLn 11b$6K$6K
Professional fundraising feesLn 11e$54K$54K
Investment management feesLn 11f$126K$126K
Other fees for servicesLn 11g$71K$12K$60K
Office expensesLn 13$83K$16K$47K$21K
Information technologyLn 14$209K$156K$19K$34K
OccupancyLn 16$201K$150K$19K$32K
TravelLn 17$1K$934$35$255
Depreciation, depletion and amortizationLn 22$35K$26K$3K$6K
InsuranceLn 23$19K$19K
Other expenses (24a–d)Ln 24$232K$141K$64K$27K
Total functional expensesLn 25$10.5M$8.3M$973K$1.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS Feb 27, 2026 $29.9M$19.5M$10.4M$43.4M 990 PDF
FY2024Filed with the IRS Nov 5, 2024 $16.5M$17.3M−$775K$37.5M 990 PDF
FY2023Filed with the IRS Nov 15, 2023 $15.2M$16.2M−$985K$35.2M 990 PDF
FY2022Filed with the IRS Nov 14, 2022 $14.0M$12.0M$2.0M$33.2M 990 PDF
FY2021 ViewingFiled with the IRS Oct 5, 2021 $15.7M$10.5M$5.2M$36.4M 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 M · Noncash J · Pay O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $15,663,097 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $11,333,287$14,325,538
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $78,394$1,319,246
I-11 Other revenuePrior year $9,229$18,313
I-12 Total revenuePrior year $11,420,910$15,663,097
I-13 Grants and similar amounts paidPrior year $4,572,396$4,593,785
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $4,399,681$4,839,769
I-16a Professional fundraising feesPrior year $58,620$53,759
I-17 Other expensesPrior year $1,380,241$983,169
I-18 Total expensesPrior year $10,410,938$10,470,482
I-19 Revenue less expensesPrior year $1,009,972$5,192,615
Part VI · Governance 31 of 31 board members independent, no flags
VI-1a Voting members of the governing body31
VI-1b Independent voting members31
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $15,663,097 across 10 lines filed
VIII-1c Fundraising events$1,093,575
VIII-1e Government grants$1,978,598
VIII-1f All other contributions, gifts and grants$11,253,365
VIII-1g Noncash contributions (included above)$519,639
VIII-1h Total contributions, gifts and grants$14,325,538
VIII-3 Investment incomeExcluded from tax $544,689$544,689
VIII-7 Net gain or loss on sales of assetsExcluded from tax $774,557$774,557
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $18,313$18,313
VIII-12 Total revenueRelated to mission $18,313 · Unrelated business $0 · Excluded from tax $1,319,246$15,663,097
Part IX · Statement of functional expenses $10,470,482 across 17 lines filed
IX-2 Grants to domestic individualsPrograms $4,593,785$4,593,785
IX-5 Pay of current officers, directors and key staffPrograms $196,676 · Management $212,134 · Fundraising $105,949$514,759
IX-7 Other salaries and wagesPrograms $2,482,469 · Management $300,128 · Fundraising $715,612$3,498,209
IX-8 Pension plan contributionsPrograms $112,716 · Management $13,144 · Fundraising $32,684$158,544
IX-9 Other employee benefitsPrograms $244,087 · Management $49,769 · Fundraising $69,196$363,052
IX-10 Payroll taxesPrograms $207,306 · Management $36,419 · Fundraising $61,480$305,205
IX-11b Legal feesManagement $5,833$5,833
IX-11e Professional fundraising feesFundraising $53,759$53,759
IX-11f Investment management feesManagement $125,757$125,757
IX-11g Other fees for servicesPrograms $11,605 · Management $59,510$71,115
IX-13 Office expensesPrograms $15,568 · Management $46,846 · Fundraising $20,717$83,131
IX-14 Information technologyPrograms $155,732 · Management $19,064 · Fundraising $34,274$209,070
IX-16 OccupancyPrograms $150,119 · Management $19,165 · Fundraising $31,940$201,224
IX-17 TravelPrograms $934 · Management $35 · Fundraising $255$1,224
IX-22 Depreciation, depletion and amortizationPrograms $26,042 · Management $3,325 · Fundraising $5,541$34,908
IX-23 InsuranceManagement $18,585$18,585
IX-24 Other expenses (24a–d)Programs $141,446 · Management $63,635 · Fundraising $27,241$232,322
IX-25 Total functional expensesPrograms $8,338,485 · Management $973,349 · Fundraising $1,158,648$10,470,482
Part X · Balance sheet $37,023,782 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $1,123,117$706,895
X-2 Savings and temporary cash investmentsStart of year $4,150,000$9,569
X-3 Pledges and grants receivableStart of year $1,562,133$875,573
X-4 Accounts receivableStart of year $58,498$112,665
X-9 Prepaid expenses and deferred chargesStart of year $117,541$200,967
X-10c Land, buildings and equipment, netStart of year $72,253$45,179
X-11 Publicly traded securitiesStart of year $19,028,444$32,816,392
X-12 Other securitiesStart of year $1,596,334$2,141,160
X-15 Other assetsStart of year $108,116$115,382
X-16 Total assetsStart of year $27,816,436$37,023,782
X-17 Accounts payable and accrued expensesStart of year $190,314$181,409
X-25 Other liabilitiesStart of year $1,015,344$403,394
X-26 Total liabilitiesStart of year $1,205,658$584,803
X-27 Net assets without donor restrictionsStart of year $4,375,116$5,627,906
X-28 Net assets with donor restrictionsStart of year $22,235,662$30,811,073
X-32 Total net assets or fund balancesStart of year $26,610,778$36,438,979
X-33 Total liabilities and net assetsStart of year $27,816,436$37,023,782
Part XI · Reconciliation of net assets $36,438,979 net assets at year end
XI-1 Total revenue$15,663,097
XI-2 Total expenses$10,470,482
XI-3 Revenue less expenses$5,192,615
XI-4 Net assets at start of year$26,610,778
XI-5 Net unrealized gains (losses) on investments$5,887,136
XI-9 Other changes in net assets−$1,251,550
XI-10 Net assets at end of year$36,438,979

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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