Dream Project INC FY2024 filing

Tax-deductible

Arlington, VA501(c)(3)Since 2011EducationEIN 45-1869894

The dream project empowers students from virginia's immigrant community to succeed in college or vocational training through scholarships, mentoring, family engagement, and holistic support throughout their education.

501(c)(3) charity; gifts are tax-deductible.
83¢ of each $1 spent went to programs.
$77K 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

FY2024 · 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
5 of 5
filings with a surplus
Average surplus $142K a year · 18% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
83%
of spending
Looks good: 83% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$77K
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
6 mo
of spending, in cash
Looks good: 6.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
7
named funders · $309K
Looks good: 7 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$222K
18% of total assets
Looks good: liabilities are 18% of assets; 50% or less.
Pt X · Ln 26
Independent board members
21
of 21 voting members
Looks good: 21 of 21 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.0M
+22% vs prior year
Spent
$870K
To programs
83%
Net assets
$1.0M
By yearFY2020–FY2024
Revenue
$1.0M
FY2024▲ +22%
Revenue by fiscal year
FY2020$644K
FY2021$742K
FY2022$742K
FY2023$826K
FY2024$1.0M
FY2024$1.1M
Expenses
$870K
FY2024▲ +11%
Expenses by fiscal year
FY2020$442K
FY2021$530K
FY2022$629K
FY2023$781K
FY2024$870K
FY2024$1.1M
Net assets
$1.0M
FY2024▲ +15%
Net assets by fiscal year
FY2020$536K
FY2021$749K
FY2022$862K
FY2023$907K
FY2024$1.0M
FY2024$1.1M

From the FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 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 Mar 2012.

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

Where the money goes

83 cents of each dollar spent went to programs.

Program services 83% · $722K Management & general 4% · $38K Fundraising 13% · $110K

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

Who runs it and what they're paid

22 people listed on the 990; $77K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Executive Director
$76,670Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Mentoring Chair
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Karen Vallejos Corrales’s $85K as Executive Director is at the 22nd percentile of top reported officer pay among 3394 $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 · 2 named individuals · Part VII

NameFY2024FY2024FY2023FY2022
Karen Vallejos Corrales$85,104$76,670——
Karen Vallejos——$71,400$29,649

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.

See Dream Project INC executive salaries →

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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

Empowers immigrant students to access and succeed in college through scholarships, mentoring, and advocacy.

Provided by the organization

This section is blank until Dream Project INC claims this page.

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3 program services account for $667K of program spending, described in the organization's own filed words · FY2023.
01

Scholarships

The dream project awarded renewable college scholarships to talented immigrant students in virginia whose immigration status creates barriers to education. The dream scholarship recognizes students who demonstrate academic achievement, leadership, community involvement, and perseverance in the face of adversity.

$484Kprogram expense
02

Scholar, Alumni Support

Dream project scholarship recipients, college graduates, and their families received comprehensive support through activities and programming designed to foster success in college and careers:"the dream project has partnered with beyond 12 to provide personalized college coaching services, helping students thrive in college and beyond.

$126Kprogram expense
03

Mentoring

The dream project's mentoring program served high school seniors and community college scholars transferring to four-year universities. From september to may, participants met weekly with our dedicated team of staff and mentors.

$57Kprogram expense

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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 · FY2024
See all 7 funders →
Grants paid · 10 grants · $1.8M · 2019–2024
Unitemized GrantFY2024$440,000
Unitemized GrantFY2024$19,297
Unitemized GrantFY2023$382,500
Unitemized GrantFY2023$19,217
Unitemized GrantFY2022$354,400
Unitemized GrantFY2022$2,300
Unitemized GrantFY2021$296,333
Unitemized GrantFY2021$35,041
Unitemized GrantFY2019$200,750
Unitemized GrantFY2019$59,900

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$1.0M
Ln 12
Gifts and grantsLn 1h$957K
Investment incomeLn 3$33K
Other incomeLn 4–11$18K
Money outPt IX
$870K
Ln 25
Programscol B$722K
Managementcol C$38K
Fundraisingcol D$110K
Owns and owesPt X
$1.0M
net assets · Ln 32
Cash and savingsLn 1–2$474K
Total assetsLn 16$1.3M
LiabilitiesLn 26$222K
PeoplePt VI, VII
22
listed · VII A
PaidVII A1
Voting boardVI 1a21
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$957K
Investment incomeLn 3$33K
Other incomeLn 4–11$18K
Total revenueLn 12$1.0M
Assets in detailPt X, end of year
CashLn 1$272K
SavingsLn 2$202K
Cash and savings togetherLn 1–2$474K
InvestmentsLn 11–13$651K
Land, buildings, equipmentLn 10c$7K
Total assetsLn 16$1.3M
LiabilitiesLn 26$222K
Net assetsLn 32$1.0M
OperationsPt I, VI
EmployeesI 56
VolunteersI 60
Fiscal year endsHeaderJune
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 FY24End FY24
Cash and savingsLn 1–2$876K$474K
InvestmentsLn 11–13$122K$651K
Land, buildings, equipmentLn 10c$1K$7K
Total assetsLn 16$1.1M$1.3M
LiabilitiesLn 26$209K$222K
Net assetsLn 32$907K$1.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$402K$402K
Other salaries and wagesLn 7$249K$184K$15K$50K
Pension plan contributionsLn 8$19K$14K$1K$4K
Other employee benefitsLn 9$35K$26K$2K$7K
Payroll taxesLn 10$21K$15K$1K$4K
Accounting feesLn 11c$6K$4K$364$1K
Other fees for servicesLn 11g$36K$22K$3K$11K
Office expensesLn 13$22K$10K$3K$9K
Information technologyLn 14$3K$3K
TravelLn 17$5K$813$134$4K
Conferences, conventions and meetingsLn 19$29K$12K$2K$15K
Depreciation, depletion and amortizationLn 22$8K$6K$493$2K
InsuranceLn 23$6K$4K$339$1K
Other expenses (24a–d)Ln 24$25K$14K$9K$1K
All other expensesLn 24e$6K$5K$512$540
Total functional expensesLn 25$870K$722K$38K$110K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Viewing $1.0M$870K$138K$1.0M 990 PDF
FY2023 $826K$781K$45K$907K 990 PDF
FY2022 $742K$629K$113K$862K 990 PDF
FY2021 $742K$530K$212K$749K 990 PDF
FY2020 $644K$442K$203K$536K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $1,008,478 across 5 lines filed
VIII-1f All other contributions, gifts and grants$956,866
VIII-1h Total contributions, gifts and grants$956,866
VIII-3 Investment incomeExcluded from tax $33,196$33,196
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $18,416$18,416
VIII-12 Total revenueRelated to mission $18,416 · Unrelated business $0 · Excluded from tax $33,196$1,008,478
Part IX · Statement of functional expenses $870,192 across 15 lines filed
IX-2 Grants to domestic individualsPrograms $401,717$401,717
IX-7 Other salaries and wagesPrograms $183,993 · Management $14,918 · Fundraising $49,728$248,639
IX-8 Pension plan contributionsPrograms $14,009 · Management $1,136 · Fundraising $3,786$18,931
IX-9 Other employee benefitsPrograms $26,213 · Management $2,125 · Fundraising $7,085$35,423
IX-10 Payroll taxesPrograms $15,192 · Management $1,232 · Fundraising $4,106$20,530
IX-11c Accounting feesPrograms $4,496 · Management $364 · Fundraising $1,215$6,075
IX-11g Other fees for servicesPrograms $21,536 · Management $3,105 · Fundraising $11,151$35,792
IX-13 Office expensesPrograms $9,877 · Management $3,043 · Fundraising $8,759$21,679
IX-14 Information technologyPrograms $2,531$2,531
IX-17 TravelPrograms $813 · Management $134 · Fundraising $3,808$4,755
IX-19 Conferences, conventions and meetingsPrograms $11,872 · Management $1,921 · Fundraising $15,435$29,228
IX-22 Depreciation, depletion and amortizationPrograms $6,083 · Management $493 · Fundraising $1,644$8,220
IX-23 InsurancePrograms $4,185 · Management $339 · Fundraising $1,131$5,655
IX-24 Other expenses (24a–d)Programs $14,484 · Management $8,961 · Fundraising $1,129$24,574
IX-24e All other expensesPrograms $5,391 · Management $512 · Fundraising $540$6,443
IX-25 Total functional expensesPrograms $722,392 · Management $38,283 · Fundraising $109,517$870,192
Part X · Balance sheet $1,267,704 assets, 13 lines filed
Asset lines not itemized here account for $45,631; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $236,726$271,971
X-2 Savings and temporary cash investmentsStart of year $639,608$202,132
X-4 Accounts receivableStart of year $32,500$64,770
X-10c Land, buildings and equipment, netStart of year $1,298$6,775
X-12 Other securitiesStart of year $121,521$651,048
X-14 Intangible assetsStart of year $32,579$25,377
X-16 Total assetsStart of year $1,115,613$1,267,704
X-17 Accounts payable and accrued expensesStart of year $208,617$222,422
X-26 Total liabilitiesStart of year $208,617$222,422
X-27 Net assets without donor restrictionsStart of year $820,463$915,918
X-28 Net assets with donor restrictionsStart of year $86,533$129,364
X-32 Total net assets or fund balancesStart of year $906,996$1,045,282
X-33 Total liabilities and net assetsStart of year $1,115,613$1,267,704
Part XI · Reconciliation of net assets $1,045,282 net assets at year end
XI-1 Total revenue$1,008,478
XI-2 Total expenses$870,192
XI-3 Revenue less expenses$138,286
XI-4 Net assets at start of year$906,996
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,045,282

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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