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Equal Chance for Education FY2023 filing

Tax-deductible

Nashville, TN501(c)(3)Since 2014EducationEIN 46-4528066Revenue $2.0M in FY2023

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.
91¢ of each $1 spent went to programs.
$90K 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
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
91%
of spending
Looks good: 91% 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
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: 2.4 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
$26K
7% of total assets
Looks good: liabilities are 7% of assets; 50% or less.
Pt X · Ln 26
Independent board members
23
of 23 voting members
Looks good: 23 of 23 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.0M
+12% vs prior year
Spent
$1.8M
To programs
91%
Net assets
$351K
By yearFY2021–FY2025
Revenue
$2.0M
FY2023▲ +12%
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
FY2023▼ -0.8%
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
$351K
FY2023▲ +139%
Tap a bar for its year
Net assets by fiscal year
FY2021$441K
FY2022$147K
FY2023$351K
FY2024$314K
FY2025$225K

From the FY2023 Form 990 (year ending June 2023) · 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 (FY2025) →

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

91 cents of each dollar spent went to programs.

Program services 91% · $1.7M Management & general 4% · $79K Fundraising 5% · $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

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

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Raquel Oluyemo
Executive Di
$90,000Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Greg Daily
Director
$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.

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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 · $1.7M · in their own filed words · FY2022
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.

$1.7Mprogram 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 FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.0M
Ln 12
Gifts and grantsLn 1h$1.9M
Other incomeLn 4–11$121K
Investment incomeLn 3−$2K
Money outPt IX
$1.8M
Ln 25
Programscol B$1.7M
Managementcol C$79K
Fundraisingcol D$86K
Owns and owesPt X
$351K
net assets · Ln 32
Cash and savingsLn 1–2$363K
Total assetsLn 16$377K
LiabilitiesLn 26$26K
PeoplePt VI, VII
24
listed · VII A
PaidVII A1
Voting boardVI 1a23
IndependentVI 1b23
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.9M
Government grantsLn 1e$45K
Fundraising eventsLn 1c$1K
Investment incomeLn 3−$2K
Other incomeLn 4–11$121K
Total revenueLn 12$2.0M
Assets in detailPt X, end of year
CashLn 1$363K
Cash and savings togetherLn 1–2$363K
InvestmentsLn 11–13$188
Total assetsLn 16$377K
LiabilitiesLn 26$26K
Net assetsLn 32$351K
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 FY23End FY23
Cash and savingsLn 1–2$307K$363K
InvestmentsLn 11–13$188
Total assetsLn 16$309K$377K
LiabilitiesLn 26$162K$26K
Net assetsLn 32$147K$351K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1.6M$1.6M
Pay of current officers, directors and key staffLn 5$90K$33K$22K$34K
Other salaries and wagesLn 7$53K$20K$13K$20K
Payroll taxesLn 10$11K$4K$3K$4K
Accounting feesLn 11c$26K$2K$21K$3K
Other fees for servicesLn 11g$6K$520$5K$780
Advertising and promotionLn 12$5K$5K$803
Office expensesLn 13$14K$288$5K$9K
Information technologyLn 14$5K$3K$2K
TravelLn 17$6K$631$5K
Conferences, conventions and meetingsLn 19$9K$3K$7K
InterestLn 20$5K$5K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$25$25
Total functional expensesLn 25$1.8M$1.7M$79K$86K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.7M$1.8M−$89K$225K 990 PDF
FY2024 $1.7M$1.7M−$39K$314K 990 PDF
FY2023 Viewing $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 I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $2,020,161 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,759,331$1,899,222
I-9 Program service revenue$0
I-10 Investment incomePrior year $73−$1,659
I-11 Other revenuePrior year $38,473$122,598
I-12 Total revenuePrior year $1,797,877$2,020,161
I-13 Grants and similar amounts paidPrior year $1,559,637$1,582,622
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $203,272$153,991
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $67,443$79,367
I-18 Total expensesPrior year $1,830,352$1,815,980
I-19 Revenue less expensesPrior year −$32,475$204,181
Part VI · Governance 23 of 23 board members independent, 4 to look at
VI-1a Voting members of the governing body23
VI-1b Independent voting members23
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 $2,020,161 across 7 lines filed
VIII-1c Fundraising events$1,205
VIII-1e Government grants$45,205
VIII-1f All other contributions, gifts and grants$1,852,812
VIII-1h Total contributions, gifts and grants$1,899,222
VIII-3 Investment incomeExcluded from tax −$1,659−$1,659
VIII-8 Net income from fundraising events$122,598
VIII-12 Total revenueExcluded from tax −$1,659$2,020,161
Part IX · Statement of functional expenses $1,815,980 across 14 lines filed
IX-2 Grants to domestic individualsPrograms $1,582,622$1,582,622
IX-5 Pay of current officers, directors and key staffPrograms $33,300 · Management $22,500 · Fundraising $34,200$90,000
IX-7 Other salaries and wagesPrograms $19,628 · Management $13,262 · Fundraising $20,158$53,048
IX-10 Payroll taxesPrograms $4,049 · Management $2,736 · Fundraising $4,158$10,943
IX-11c Accounting feesPrograms $2,116 · Management $21,160 · Fundraising $3,174$26,450
IX-11g Other fees for servicesPrograms $520 · Management $5,200 · Fundraising $780$6,500
IX-12 Advertising and promotionPrograms $4,609 · Fundraising $803$5,412
IX-13 Office expensesPrograms $288 · Management $4,577 · Fundraising $9,165$14,030
IX-14 Information technologyManagement $3,226 · Fundraising $1,744$4,970
IX-17 TravelPrograms $631 · Fundraising $5,421$6,052
IX-19 Conferences, conventions and meetingsPrograms $2,716 · Fundraising $6,633$9,349
IX-20 InterestManagement $4,589$4,589
IX-23 InsuranceManagement $1,990$1,990
IX-24 Other expenses (24a–d)Management $25$25
IX-25 Total functional expensesPrograms $1,650,479 · Management $79,265 · Fundraising $86,236$1,815,980
Part X · Balance sheet $377,046 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $307,497$362,700
X-4 Accounts receivable$12,500
X-9 Prepaid expenses and deferred chargesStart of year $1,658$1,658
X-11 Publicly traded securities$188
X-16 Total assetsStart of year $309,155$377,046
X-17 Accounts payable and accrued expensesStart of year $162,035$25,745
X-26 Total liabilitiesStart of year $162,035$25,745
X-27 Net assets without donor restrictionsStart of year $63,581$351,301
X-32 Total net assets or fund balancesStart of year $147,120$351,301
X-33 Total liabilities and net assetsStart of year $309,155$377,046
Part XI · Reconciliation of net assets $351,301 net assets at year end
XI-1 Total revenue$2,020,161
XI-2 Total expenses$1,815,980
XI-3 Revenue less expenses$204,181
XI-4 Net assets at start of year$147,120
XI-10 Net assets at end of year$351,301

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

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