Top Notch Scholars INC

Tax-deductible

Lawrence, MA501(c)(3)EducationEIN 46-4527723Revenue $444K in FY2024

On file with the IRStopnotchscholars.org60 Island St Ste 200, 01840-1835 · Lawrence, MATax-exempt since Mar 2015Publicly supported charity — 170(b)(1)(A)(vi)

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Top Notch helps kids identify their life passion and career goals and then map out the intentional steps that will ultimately lead to success, as theyve defined it for themselves. We connect our youth with relevant internships and mentors to gain the confidence, skills, and discipline to stay on track in executing their plan.

501(c)(3) charity; gifts are tax-deductible.
74¢ of each $1 spent went to programs.
Run by 34 volunteers and 4 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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
3 of 4
filings with a surplus
Average surplus $51K a year · 11% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
74%
of spending
Fine: 74% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$177K
to officers and key staff · 32% of spending
Top officer’s pay higher than 82% of similar orgs
Concern: pay to officers and key staff is 32% of spending; over 30%.
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
10
named funders · $202K
Looks good: 10 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$98K
23% of total assets
Looks good: liabilities are 23% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$444K
-37% vs prior year
Spent
$556K
To programs
74%
Net assets
$334K
By yearFY2019–FY2024
Revenue
$444K
FY2024▼ -37%
Tap a bar for its year
Revenue by fiscal year
FY2019$121K
FY2020$186K
FY2021$287K
FY2022$440K
FY2023$707K
FY2024$444K
Expenses
$556K
FY2024▲ +1%
Tap a bar for its year
Expenses by fiscal year
FY2019Not on file
FY2020Not on file
FY2021$226K
FY2022$342K
FY2023$550K
FY2024$556K
Net assets
$334K
FY2024▼ -25%
Tap a bar for its year
Net assets by fiscal year
FY2019$64K
FY2020$96K
FY2021$157K
FY2022$254K
FY2023$446K
FY2024$334K

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2015.

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

Where the money goes

74 cents of each dollar spent went to programs.

Program services 74% · $409K Management & general 24% · $134K Fundraising 2% · $13K

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

7 people listed on the 990; $177K paid to officers and key staff.

Part VII, Section A · reportable compensation
$96,824Pt VII · Sec A
Treasurer
$80,319Pt VII · Sec A
President
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Joanna De Pea’s $97K as CEO is at the 82nd percentile of top reported officer pay among 1613 $100K–1M 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 · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Joanna De Pena—$91,088$103,405$72,543
Joanna De Pea$96,824———
Jenny Alvarez$80,319$75,488$88,705$58,744
Kate Jagger——$5,250—

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

Guides youth to find passions, set career goals, and gain skills through internships and mentors.

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Provided by the organization

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3 programs · $303K · in their own filed words · FY2024
01

Entrepreneurship Academy

The top notch entrepreneurial academy empowers students to think like innovators and problem-solvers through hands-on experience in business operations and management. Students learn the core fundamentals of entrepreneurshipmarketing, sales, cold calling, door knocking, public speaking, and leadershipwhile managing a real venture…

$115Kprogram expense
02

College and Career Academy

This academy helps students explore all post- secondary pathwayscollege, trades, military, entrepreneurship, and more while gaining practical life skills and financial guidance to avoid the debt trap.

$98Kprogram expense
03

Grants, scholarships and awards. The organization makes grants, scholarships and awards to individuals and organizations for projects that are within the scope of the organization mission.

$90Kprogram 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 · FY2024
See all 10 funders →
Grants paid · 3 grants · $35K · 2023–2024
Unitemized GrantFY2024$8,750
Unitemized GrantFY2023$18,013
Unitemized GrantFY2023$8,342

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$444K
Ln 12
Gifts and grantsLn 1h$430K
Fees for servicesLn 2g$8K
Investment incomeLn 3$4K
Money outPt IX
$556K
Ln 25
Programscol B$409K
Managementcol C$134K
Fundraisingcol D$13K
Owns and owesPt X
$334K
net assets · Ln 32
Cash and savingsLn 1–2$302K
Total assetsLn 16$432K
LiabilitiesLn 26$98K
PeoplePt VI, VII
7
listed · VII A
PaidVII A2
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$430K
Government grantsLn 1e$84K
Noncash giftsLn 1g$2K
Fundraising eventsLn 1c$2K
Fees for servicesLn 2g$8K
Investment incomeLn 3$4K
Other incomeLn 4–11$2K
Total revenueLn 12$444K
Assets in detailPt X, end of year
CashLn 1$267K
SavingsLn 2$36K
Cash and savings togetherLn 1–2$302K
Land, buildings, equipmentLn 10c$94K
Other assetsLn 15$33K
Total assetsLn 16$432K
LiabilitiesLn 26$98K
Net assetsLn 32$334K
OperationsPt I, VI
EmployeesI 54
VolunteersI 634
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
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$416K$302K
Land, buildings, equipmentLn 10c$14K$94K
Total assetsLn 16$533K$432K
LiabilitiesLn 26$87K$98K
Net assetsLn 32$446K$334K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$9K$9K
Pay of current officers, directors and key staffLn 5$179K$133K$43K$4K
Other salaries and wagesLn 7$127K$94K$30K$3K
Payroll taxesLn 10$67K$50K$16K$1K
Legal feesLn 11b$25$19$6
Accounting feesLn 11c$28K$21K$7K
Advertising and promotionLn 12$258$191$62$5
Information technologyLn 14$1K$1K$327
OccupancyLn 16$45K$33K$11K$931
TravelLn 17$10K$7K$2K$196
Conferences, conventions and meetingsLn 19$3K$2K$775$65
Depreciation, depletion and amortizationLn 22$11K$11K
InsuranceLn 23$8K$6K$2K$166
Other expenses (24a–d)Ln 24$66K$52K$10K$4K
Total functional expensesLn 25$556K$409K$134K$13K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $444K$556K−$112K$334K 990 PDF
FY2023 $707K$550K$157K$446K 990 PDF
FY2022 $440K$342K$98K$254K 990 PDF
FY2021 $287K$226K$61K$157K 990 PDF
FY2020 $186K$96K 990 PDF
FY2019 $121K$64K 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 (6 parts)
Part I · Summary $444,014 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $596,756$429,904
I-9 Program service revenuePrior year $28,745$8,112
I-10 Investment incomePrior year $4$4,014
I-11 Other revenue$1,984
I-12 Total revenuePrior year $625,505$444,014
I-13 Grants and similar amounts paidPrior year $18,013$8,750
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $269,432$373,341
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $272,112$174,065
I-18 Total expensesPrior year $559,557$556,156
I-19 Revenue less expensesPrior year $65,948−$112,142
Part VI · Governance 4 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-12a Written conflict of interest policyNo
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
Part VIII · Statement of revenue $444,014 across 9 lines filed
VIII-1c Fundraising events$2,500
VIII-1e Government grants$84,000
VIII-1f All other contributions, gifts and grants$343,404
VIII-1g Noncash contributions (included above)$1,500
VIII-1h Total contributions, gifts and grants$429,904
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $8,112$8,112
VIII-3 Investment incomeExcluded from tax $4,014$4,014
VIII-8 Net income from fundraising eventsExcluded from tax $1,984$1,984
VIII-12 Total revenueRelated to mission $8,112 · Excluded from tax $5,998$444,014
Part IX · Statement of functional expenses $556,156 across 14 lines filed
IX-2 Grants to domestic individualsPrograms $8,750$8,750
IX-5 Pay of current officers, directors and key staffPrograms $132,728 · Management $43,047 · Fundraising $3,587$179,362
IX-7 Other salaries and wagesPrograms $93,896 · Management $30,453 · Fundraising $2,538$126,887
IX-10 Payroll taxesPrograms $49,648 · Management $16,102 · Fundraising $1,342$67,092
IX-11b Legal feesPrograms $19 · Management $6$25
IX-11c Accounting feesPrograms $21,386 · Management $6,936$28,322
IX-12 Advertising and promotionPrograms $191 · Management $62 · Fundraising $5$258
IX-14 Information technologyPrograms $1,007 · Management $327$1,334
IX-16 OccupancyPrograms $33,454 · Management $10,850 · Fundraising $931$45,235
IX-17 TravelPrograms $7,250 · Management $2,351 · Fundraising $196$9,797
IX-19 Conferences, conventions and meetingsPrograms $2,391 · Management $775 · Fundraising $65$3,231
IX-22 Depreciation, depletion and amortizationManagement $10,933$10,933
IX-23 InsurancePrograms $6,158 · Management $2,154 · Fundraising $166$8,478
IX-24 Other expenses (24a–d)Programs $52,079 · Management $10,298 · Fundraising $4,075$66,452
IX-25 Total functional expensesPrograms $408,957 · Management $134,294 · Fundraising $12,905$556,156
Part X · Balance sheet $431,612 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $332,492$266,706
X-2 Savings and temporary cash investmentsStart of year $83,011$35,629
X-4 Accounts receivable$100
X-9 Prepaid expenses and deferred charges$2,035
X-10c Land, buildings and equipment, netStart of year $14,092$94,304
X-15 Other assetsStart of year $63,809$32,838
X-16 Total assetsStart of year $533,404$431,612
X-17 Accounts payable and accrued expensesStart of year $20,752$62,072
X-25 Other liabilitiesStart of year $66,446$35,476
X-26 Total liabilitiesStart of year $87,198$97,548
X-27 Net assets without donor restrictionsStart of year $317,795$117,242
X-28 Net assets with donor restrictionsStart of year $128,411$216,822
X-32 Total net assets or fund balancesStart of year $446,206$334,064
X-33 Total liabilities and net assetsStart of year $533,404$431,612
Part XI · Reconciliation of net assets $334,064 net assets at year end
XI-1 Total revenue$444,014
XI-2 Total expenses$556,156
XI-3 Revenue less expenses−$112,142
XI-4 Net assets at start of year$446,206
XI-10 Net assets at end of year$334,064

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

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