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Equal Chance for Education

Tax-deductible

Nashville, TN501(c)(3)Since 2014Education EIN 46-4528066Revenue $1.7M in FY2025

On file with the IRSequalchanceforeducation.org73 White Bridge Road, 37205-1444 · Nashville, TNTax-exempt since Feb 2015Publicly supported charity — 170(b)(1)(A)(vi)

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Our goal is to provide an Equal opportunity to achieve the american dream through the completion of a college Education by providing direct payment scholarships to Education institutions.

501(c)(3) charity; gifts are tax-deductible.
88¢ of each $1 spent went to programs.
Run by 128 volunteers and 5 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · 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
2 of 5
filings with a surplus
Average surplus $13K a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$90K
to officers and key staff · 5% of spending
Top officer’s pay lower than 75% of similar orgs
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 1.8 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $6K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$37K
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
26
of 26 voting members
Looks good: 26 of 26 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
-0.7% vs prior year
Spent
$1.8M
To programs
88%
Net assets
$225K
By yearFY2021–FY2025
Revenue
$1.7M
FY2025▼ -0.7%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.6M
FY2022$1.8M
FY2023$2.0M
FY2024$1.7M
FY2025$1.7M
Expenses
$1.8M
FY2025▲ +2%
Tap a bar for its year
Expenses by fiscal year
FY2021$1.6M
FY2022$1.8M
FY2023$1.8M
FY2024$1.7M
FY2025$1.8M
Net assets
$225K
FY2025▼ -28%
Tap a bar for its year
Net assets by fiscal year
FY2021$441K
FY2022$147K
FY2023$351K
FY2024$314K
FY2025$225K

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2015.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $1.5M Management & general 5% · $94K Fundraising 7% · $125K

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

27 people listed on the 990; $90K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Raquel Oluyemo
Executive Di
$90,000Pt VII · Sec A
Richard Rhoda
Board Chair
$0Pt VII · Sec A
Neil Krugman
Vice Chairme
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Matthew Ashwood
Development
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Raquel Oluyemo’s $90K as Executive Di is at the 25th 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 · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Raquel Oluyemo$90,000$30,000$90,000——
Molly Haynes———$83,125$80,000

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 Equal Chance for Education 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides scholarships directly to colleges for students pursuing higher education.

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Provided by the organization

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1 program · $1.5M · in their own filed words · FY2024
01

Ece provides programming, mentorship, career guidance and scholarships in partnership with colleges and universities across the state of TN. Partner colleges provide a negotiated institutional rate for ece scholars to create pathways for college persistence.

$1.5Mprogram 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
C&b Hearn Foundation INCFY2025$6K
Total grants receivedfrom 1 funder$6K
Grants paid · 5 grants · $7.3M · 2020–2024
Unitemized GrantFY2024$1,368,847
Unitemized GrantFY2023$1,387,434
Unitemized GrantFY2022$1,582,622
Unitemized GrantFY2021$1,559,637
Unitemized GrantFY2020$1,399,880

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.7M
Ln 12
Gifts and grantsLn 1h$1.7M
Other incomeLn 4–11$10K
Investment incomeLn 3$2K
Money outPt IX
$1.8M
Ln 25
Programscol B$1.5M
Managementcol C$94K
Fundraisingcol D$125K
Owns and owesPt X
$225K
net assets · Ln 32
Cash and savingsLn 1–2$258K
Total assetsLn 16$261K
LiabilitiesLn 26$37K
PeoplePt VI, VII
27
listed · VII A
PaidVII A1
Voting boardVI 1a26
IndependentVI 1b26
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.7M
Noncash giftsLn 1g$770
Fundraising eventsLn 1c$770
Investment incomeLn 3$2K
Other incomeLn 4–11$10K
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
CashLn 1$258K
Cash and savings togetherLn 1–2$258K
Land, buildings, equipmentLn 10c$2K
Other assetsLn 15$1K
Total assetsLn 16$261K
LiabilitiesLn 26$37K
Net assetsLn 32$225K
OperationsPt I, VI
EmployeesI 55
VolunteersI 6128
Fiscal year endsHeaderJune
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 FY25End FY25
Cash and savingsLn 1–2$280K$258K
Land, buildings, equipmentLn 10c$2K
Total assetsLn 16$328K$261K
LiabilitiesLn 26$14K$37K
Net assetsLn 32$314K$225K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1.4M$1.4M
Pay of current officers, directors and key staffLn 5$90K$53K$18K$18K
Other salaries and wagesLn 7$140K$83K$29K$29K
Payroll taxesLn 10$18K$10K$4K$4K
Accounting feesLn 11c$27K$27K
Other fees for servicesLn 11g$5K$2K$4K
Advertising and promotionLn 12$6K$6K$500
Office expensesLn 13$2K$907$511$305
Information technologyLn 14$14K$811$7K$6K
OccupancyLn 16$10K$4K$4K$4K
TravelLn 17$4K$3K$22$1K
Conferences, conventions and meetingsLn 19$2K$2K
Depreciation, depletion and amortizationLn 22$97$97
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$60K$261$2K$58K
All other expensesLn 24e$2K$2K$204$353
Total functional expensesLn 25$1.8M$1.5M$94K$125K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $1.7M$1.8M−$89K$225K 990 PDF
FY2024 $1.7M$1.7M−$39K$314K 990 PDF
FY2023 $2.0M$1.8M$204K$351K 990 PDF
FY2022 $1.8M$1.8M−$32K$147K 990 PDF
FY2021 $1.6M$1.6M$22K$441K 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 FY2025 990 (6 parts)
Part I · Summary $1,662,451 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,644,559$1,650,482
I-9 Program service revenue$0
I-10 Investment incomePrior year $14,928$2,118
I-11 Other revenuePrior year $13,851$9,851
I-12 Total revenuePrior year $1,673,338$1,662,451
I-13 Grants and similar amounts paidPrior year $1,387,434$1,368,847
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $225,927$247,309
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $99,121$135,316
I-18 Total expensesPrior year $1,712,482$1,751,472
I-19 Revenue less expensesPrior year −$39,144−$89,021
Part VI · Governance 26 of 26 board members independent, 4 to look at
VI-1a Voting members of the governing body26
VI-1b Independent voting members26
VI-2 Family or business relationship among officers or directorsYes
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 payYes
Part VIII · Statement of revenue $1,662,451 across 7 lines filed
VIII-1c Fundraising events$770
VIII-1f All other contributions, gifts and grants$1,649,712
VIII-1g Noncash contributions (included above)$770
VIII-1h Total contributions, gifts and grants$1,650,482
VIII-3 Investment incomeExcluded from tax $2,118$2,118
VIII-8 Net income from fundraising events$9,851
VIII-12 Total revenueExcluded from tax $2,118$1,662,451
Part IX · Statement of functional expenses $1,751,472 across 16 lines filed
IX-2 Grants to domestic individualsPrograms $1,368,847$1,368,847
IX-5 Pay of current officers, directors and key staffPrograms $53,184 · Management $18,443 · Fundraising $18,373$90,000
IX-7 Other salaries and wagesPrograms $82,573 · Management $28,634 · Fundraising $28,528$139,735
IX-10 Payroll taxesPrograms $10,385 · Management $3,601 · Fundraising $3,588$17,574
IX-11c Accounting feesManagement $26,950$26,950
IX-11g Other fees for servicesManagement $1,825 · Fundraising $3,600$5,425
IX-12 Advertising and promotionPrograms $5,632 · Fundraising $500$6,132
IX-13 Office expensesPrograms $907 · Management $511 · Fundraising $305$1,723
IX-14 Information technologyPrograms $811 · Management $6,628 · Fundraising $6,498$13,937
IX-16 OccupancyPrograms $3,500 · Management $3,500 · Fundraising $3,500$10,500
IX-17 TravelPrograms $3,140 · Management $22 · Fundraising $1,050$4,212
IX-19 Conferences, conventions and meetingsPrograms $1,920$1,920
IX-22 Depreciation, depletion and amortizationPrograms $97$97
IX-23 InsuranceManagement $2,163$2,163
IX-24 Other expenses (24a–d)Programs $261 · Management $1,611 · Fundraising $58,303$60,175
IX-24e All other expensesPrograms $1,525 · Management $204 · Fundraising $353$2,082
IX-25 Total functional expensesPrograms $1,532,782 · Management $94,092 · Fundraising $124,598$1,751,472
Part X · Balance sheet $261,283 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $279,913$258,272
X-10c Land, buildings and equipment, net$1,845
X-15 Other assets$1,166
X-16 Total assetsStart of year $327,663$261,283
X-17 Accounts payable and accrued expensesStart of year $14,006$36,647
X-26 Total liabilitiesStart of year $14,006$36,647
X-27 Net assets without donor restrictionsStart of year $268,575$192,136
X-28 Net assets with donor restrictionsStart of year $45,082$32,500
X-32 Total net assets or fund balancesStart of year $313,657$224,636
X-33 Total liabilities and net assetsStart of year $327,663$261,283
Part XI · Reconciliation of net assets $224,636 net assets at year end
XI-1 Total revenue$1,662,451
XI-2 Total expenses$1,751,472
XI-3 Revenue less expenses−$89,021
XI-4 Net assets at start of year$313,657
XI-10 Net assets at end of year$224,636

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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