Governor's Scholars Program INC FY2022 filing

Tax-deductible

Frankfort, KY501(c)(3)Since 1983EIN 61-1026274Revenue $2.1M in FY2022

On file with the IRSgsp.ky.gov112 Consumer Ln, 40601-8489 · Frankfort, KYTax-exempt since Dec 1983School — 170(b)(1)(A)(ii)

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The program's mission is to enhance kentucky's next generation of civic and economic leaders.

501(c)(3) charity; gifts are tax-deductible.
85¢ of each $1 spent went to programs.
$155K 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

FY2022 · 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
1 of 6
filings with a surplus
Average deficit $109K a year · 5% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$155K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% 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 · $224K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$76K
16% of total assets
Looks good: liabilities are 16% of assets; 50% or less.
Pt X · Ln 26
Independent board members
34
of 34 voting members
Looks good: 34 of 34 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.1M
-2% vs prior year
Spent
$2.5M
To programs
85%
Net assets
$400K
By yearFY2020–FY2025
Revenue
$2.1M
FY2022▼ -2%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.0M
FY2021$2.2M
FY2022$2.1M
FY2023$2.4M
FY2024$2.9M
FY2025$2.6M
Expenses
$2.5M
FY2022▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.6M
FY2021$2.4M
FY2022$2.5M
FY2023$2.7M
FY2024$2.9M
FY2025$2.8M
Net assets
$400K
FY2022▼ -31%
Tap a bar for its year
Net assets by fiscal year
FY2020$725K
FY2021$581K
FY2022$400K
FY2023$248K
FY2024$224K
FY2025$86K

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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 Dec 1983.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $2.1M Management & general 15% · $365K

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

34 people listed on the 990; $155K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Di
$154,700Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2022
Jennifer Price$166,100———
Aris Cedeno—$164,800$160,000$154,700

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

Helps high school seniors grow academically, socially, and personally.

Provided by the organization

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3 programs · $2.1M · in their own filed words · FY2022
01

The program placed high school rising seniors on 3 college campuses for five weeks of academic, social and personal growth. 1,052 students participated in the program in 2022

$2.1Mprogram expense
02

The program tracks alumni and hosts a website for GSP alumni.

$28Kprogram expense
03

Diversity initiatives program. Staff travel across the state to hold workshops to encourage students to apply and to help them complete competitive applications.

$24Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$224K

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$2.1M
Ln 12
Gifts and grantsLn 1h$2.1M
Investment incomeLn 3$72
Money outPt IX
$2.5M
Ln 25
Programscol B$2.1M
Managementcol C$365K
Owns and owesPt X
$400K
net assets · Ln 32
Cash and savingsLn 1–2$379K
Total assetsLn 16$476K
LiabilitiesLn 26$76K
PeoplePt VI, VII
34
listed · VII A
PaidVII A1
Voting boardVI 1a34
IndependentVI 1b34
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.1M
Government grantsLn 1e$1.8M
Noncash giftsLn 1g$22K
Investment incomeLn 3$72
Total revenueLn 12$2.1M
Assets in detailPt X, end of year
SavingsLn 2$379K
Cash and savings togetherLn 1–2$379K
Land, buildings, equipmentLn 10c$3K
Other assetsLn 15$71K
Total assetsLn 16$476K
LiabilitiesLn 26$76K
Net assetsLn 32$400K
OperationsPt I, VI
EmployeesI 510
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$578K$379K
Land, buildings, equipmentLn 10c$5K$3K
Total assetsLn 16$586K$476K
LiabilitiesLn 26$5K$76K
Net assetsLn 32$581K$400K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$155K$87K$68K
Other salaries and wagesLn 7$322K$164K$158K
Pension plan contributionsLn 8$28K$28K
Payroll taxesLn 10$37K$19K$18K
Accounting feesLn 11c$4K$4K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$38K$22K$16K
Information technologyLn 14$9K$120$9K
OccupancyLn 16$30K$30K
TravelLn 17$14K$12K$2K
Depreciation, depletion and amortizationLn 22$3K$3K
InsuranceLn 23$69K$51K$18K
Other expenses (24a–d)Ln 24$1.6M$1.6M
All other expensesLn 24e$160K$151K$10K
Total functional expensesLn 25$2.5M$2.1M$365K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.6M$2.8M−$138K$86K 990 PDF
FY2024 $2.9M$2.9M−$24K$224K 990 PDF
FY2023 $2.4M$2.7M−$354K$248K 990 PDF
FY2022 Viewing $2.1M$2.5M−$354K$400K 990 PDF
FY2021 $2.2M$2.4M−$224K$581K 990 PDF
FY2020 $2.0M$1.6M$438K$725K 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 FY2022 990 (6 parts)
Part I · Summary $2,143,848 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,187,877$2,143,776
I-9 Program service revenue$0
I-10 Investment incomePrior year $329$72
I-11 Other revenue$0
I-12 Total revenuePrior year $2,188,206$2,143,848
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $629,637$541,453
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,782,154$1,956,563
I-18 Total expensesPrior year $2,411,791$2,498,016
I-19 Revenue less expensesPrior year −$223,585−$354,168
Part VI · Governance 34 of 34 board members independent, 2 to look at
VI-1a Voting members of the governing body34
VI-1b Independent voting members34
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $2,143,848 across 6 lines filed
VIII-1d Related organizations$307,289
VIII-1e Government grants$1,836,487
VIII-1g Noncash contributions (included above)$22,289
VIII-1h Total contributions, gifts and grants$2,143,776
VIII-3 Investment incomeRelated to mission $72$72
VIII-12 Total revenueRelated to mission $72$2,143,848
Part IX · Statement of functional expenses $2,498,016 across 14 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $86,900 · Management $67,800$154,700
IX-7 Other salaries and wagesPrograms $163,976 · Management $158,409$322,385
IX-8 Pension plan contributionsManagement $27,551$27,551
IX-10 Payroll taxesPrograms $19,064 · Management $17,753$36,817
IX-11c Accounting feesManagement $4,500$4,500
IX-12 Advertising and promotionManagement $1,594$1,594
IX-13 Office expensesPrograms $21,839 · Management $16,050$37,889
IX-14 Information technologyPrograms $120 · Management $9,184$9,304
IX-16 OccupancyManagement $30,185$30,185
IX-17 TravelPrograms $11,957 · Management $1,642$13,599
IX-22 Depreciation, depletion and amortizationManagement $2,614$2,614
IX-23 InsurancePrograms $51,111 · Management $17,683$68,794
IX-24 Other expenses (24a–d)Programs $1,627,603$1,627,603
IX-24e All other expensesPrograms $150,843 · Management $9,638$160,481
IX-25 Total functional expensesPrograms $2,133,413 · Management $364,603 · Fundraising $0$2,498,016
Part X · Balance sheet $475,523 assets, 11 lines filed
X-2 Savings and temporary cash investmentsStart of year $578,420$379,155
X-4 Accounts receivableStart of year $24$22,289
X-10c Land, buildings and equipment, netStart of year $4,980$3,425
X-15 Other assets$70,654
X-16 Total assetsStart of year $585,903$475,523
X-17 Accounts payable and accrued expensesStart of year $5,218$5,192
X-25 Other liabilities$70,654
X-26 Total liabilitiesStart of year $5,218$75,846
X-27 Net assets without donor restrictionsStart of year $580,685$399,677
X-32 Total net assets or fund balancesStart of year $580,685$399,677
X-33 Total liabilities and net assetsStart of year $585,903$475,523
Part XI · Reconciliation of net assets $399,677 net assets at year end
XI-1 Total revenue$2,143,848
XI-2 Total expenses$2,498,016
XI-3 Revenue less expenses−$354,168
XI-4 Net assets at start of year$580,685
XI-6 Donated services and use of facilities$173,160
XI-10 Net assets at end of year$399,677

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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