Governor's Scholars Program INC FY2024 filing

Tax-deductible

Frankfort, KY501(c)(3)Since 1983EIN 61-1026274Revenue $2.9M in FY2024

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.
84¢ of each $1 spent went to programs.
$165K 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
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
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$165K
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
<1 mo
of spending, in cash
Worth a look: 0.8 months of spending in cash; under 1.
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
$78K
26% of total assets
Looks good: liabilities are 26% of assets; 50% or less.
Pt X · Ln 26
Independent board members
38
of 38 voting members
Looks good: 38 of 38 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.9M
+20% vs prior year
Spent
$2.9M
To programs
84%
Net assets
$224K
By yearFY2020–FY2025
Revenue
$2.9M
FY2024▲ +20%
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
$2.9M
FY2024▲ +5%
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
$224K
FY2024▼ -10%
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 FY2024 Form 990 · 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 Dec 1983.

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

Where the money goes

84 cents of each dollar spent went to programs.

Program services 84% · $2.4M Management & general 16% · $461K

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

39 people listed on the 990; $165K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Di
$164,800Pt 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 15aYes

Programs and updates

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

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Provided by the organization

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3 programs · $2.4M · in their own filed words · FY2024
01

The program placed high school rising seniors on 3 college campuses for five weeks of academic, social and personal growth. 1,055 students participated in the program in 2024.

$2.4Mprogram expense
02

The program tracks alumni and provides programmatic updates via a website and other communications.

$35Kprogram expense
03

Program promotion staff travel across the state to hold workshops to encourage students to apply and to help them complete competitive applications.

$32Kprogram 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 FY2024 990, line by line.

1The main four
Money inPt VIII
$2.9M
Ln 12
Gifts and grantsLn 1h$2.9M
Investment incomeLn 3$653
Money outPt IX
$2.9M
Ln 25
Programscol B$2.4M
Managementcol C$461K
Owns and owesPt X
$224K
net assets · Ln 32
Cash and savingsLn 1–2$193K
Total assetsLn 16$302K
LiabilitiesLn 26$78K
PeoplePt VI, VII
39
listed · VII A
PaidVII A1
Voting boardVI 1a38
IndependentVI 1b38
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.9M
Government grantsLn 1e$2.2M
Noncash giftsLn 1g$196K
Investment incomeLn 3$653
Total revenueLn 12$2.9M
Assets in detailPt X, end of year
SavingsLn 2$193K
Cash and savings togetherLn 1–2$193K
Land, buildings, equipmentLn 10c$5K
Other assetsLn 15$69K
Total assetsLn 16$302K
LiabilitiesLn 26$78K
Net assetsLn 32$224K
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 FY24End FY24
Cash and savingsLn 1–2$246K$193K
Land, buildings, equipmentLn 10c$5K$5K
Total assetsLn 16$303K$302K
LiabilitiesLn 26$54K$78K
Net assetsLn 32$248K$224K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of disqualified personsLn 6$165K$91K$74K
Other salaries and wagesLn 7$508K$320K$188K
Pension plan contributionsLn 8$32K$32K
Payroll taxesLn 10$52K$31K$20K
Accounting feesLn 11c$5K$5K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$26K$15K$11K
Information technologyLn 14$8K$496$7K
OccupancyLn 16$35K$35K
TravelLn 17$23K$22K$1K
Depreciation, depletion and amortizationLn 22$2K$2K
InsuranceLn 23$106K$67K$38K
Other expenses (24a–d)Ln 24$1.7M$1.7M
All other expensesLn 24e$218K$173K$45K
Total functional expensesLn 25$2.9M$2.4M$461K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.6M$2.8M−$138K$86K 990 PDF
FY2024 Viewing $2.9M$2.9M−$24K$224K 990 PDF
FY2023 $2.4M$2.7M−$354K$248K 990 PDF
FY2022 $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 FY2024 990 (6 parts)
Part I · Summary $2,866,778 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,385,293$2,866,125
I-9 Program service revenue$0
I-10 Investment incomePrior year $2,513$653
I-11 Other revenue$0
I-12 Total revenuePrior year $2,387,806$2,866,778
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $631,377$756,307
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,110,292$2,134,833
I-18 Total expensesPrior year $2,741,669$2,891,140
I-19 Revenue less expensesPrior year −$353,863−$24,362
Part VI · Governance 38 of 38 board members independent, 1 to look at
VI-1a Voting members of the governing body38
VI-1b Independent voting members38
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,866,778 across 7 lines filed
VIII-1d Related organizations$484,784
VIII-1e Government grants$2,247,355
VIII-1f All other contributions, gifts and grants$133,986
VIII-1g Noncash contributions (included above)$195,541
VIII-1h Total contributions, gifts and grants$2,866,125
VIII-3 Investment incomeRelated to mission $653$653
VIII-12 Total revenueRelated to mission $653$2,866,778
Part IX · Statement of functional expenses $2,891,140 across 14 lines filed
IX-6 Pay of disqualified personsPrograms $90,612 · Management $74,188$164,800
IX-7 Other salaries and wagesPrograms $319,996 · Management $187,967$507,963
IX-8 Pension plan contributionsManagement $31,705$31,705
IX-10 Payroll taxesPrograms $31,412 · Management $20,427$51,839
IX-11c Accounting feesManagement $5,000$5,000
IX-12 Advertising and promotionManagement $2,189$2,189
IX-13 Office expensesPrograms $15,406 · Management $10,987$26,393
IX-14 Information technologyPrograms $496 · Management $7,338$7,834
IX-16 OccupancyManagement $34,922$34,922
IX-17 TravelPrograms $21,890 · Management $1,265$23,155
IX-22 Depreciation, depletion and amortizationManagement $1,763$1,763
IX-23 InsurancePrograms $67,185 · Management $38,467$105,652
IX-24 Other expenses (24a–d)Programs $1,709,504$1,709,504
IX-24e All other expensesPrograms $173,453 · Management $44,968$218,421
IX-25 Total functional expensesPrograms $2,429,954 · Management $461,186 · Fundraising $0$2,891,140
Part X · Balance sheet $302,044 assets, 11 lines filed
X-2 Savings and temporary cash investmentsStart of year $245,609$193,425
X-4 Accounts receivableStart of year $6,830$35,149
X-10c Land, buildings and equipment, netStart of year $5,417$4,660
X-15 Other assetsStart of year $44,945$68,810
X-16 Total assetsStart of year $302,801$302,044
X-17 Accounts payable and accrued expensesStart of year $9,547$9,287
X-25 Other liabilitiesStart of year $44,945$68,810
X-26 Total liabilitiesStart of year $54,492$78,097
X-27 Net assets without donor restrictionsStart of year $248,309$223,947
X-32 Total net assets or fund balancesStart of year $248,309$223,947
X-33 Total liabilities and net assetsStart of year $302,801$302,044
Part XI · Reconciliation of net assets $223,947 net assets at year end
XI-1 Total revenue$2,866,778
XI-2 Total expenses$2,891,140
XI-3 Revenue less expenses−$24,362
XI-4 Net assets at start of year$248,309
XI-10 Net assets at end of year$223,947

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

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