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New Scholarship Foundation

Tax-deductible

Cerritos, CA501(c)(3)EducationEIN 83-3814810Revenue $16K in FY2023

On file with the IRS13337 South Street 239, 90703-7308 · Cerritos, CATax-exempt since Oct 2023Publicly supported charity — 170(b)(1)(A)(vi)

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To provide academic Scholarship

501(c)(3) charity; gifts are tax-deductible.
15¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 3
filings with a surplus
Average surplus $3K a year · 18% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
15%
of spending
Concern: 15% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
20 mo
of spending, in cash
Looks good: 19.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 4 voting members
Concern: none of 4 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$16K
-5% vs prior year
Spent
$11K
To programs
15%
Net assets
$17K
By yearFY2021–FY2023
Revenue
$16K
FY2023▼ -5%
Tap a bar for its year
Revenue by fiscal year
FY2021$11K
FY2022$17K
FY2023$16K
Expenses
$11K
FY2023▼ -35%
Tap a bar for its year
Expenses by fiscal year
FY2021$8K
FY2022$16K
FY2023$11K
Net assets
$17K
FY2023▲ +35%
Tap a bar for its year
Net assets by fiscal year
FY2021$1K
FY2022$13K
FY2023$17K

From the FY2023 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Exemption reinstated (2023-05-15). Per the IRS revocation list. Latest filing on record: FY2023. IRS ruling in Oct 2023.

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

Where the money goes

15 cents of each dollar spent went to programs.

Program services 15% · $2K Fundraising 85% · $9K

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

4 people listed on the 990.

Part VII, Section A · reportable compensation
Bill Williams
President
$0Pt VII · Sec A
Sean Rooney
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See New Scholarship Foundation 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers academic scholarships to deserving students.

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Provided by the organization

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1 program · $11K · in their own filed words · FY2023
01

All income for 2023 came from golf tournament event

$11Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$16K
Ln 12
Gifts and grantsLn 1h$16K
Money outPt IX
$11K
Ln 25
Programscol B$2K
Fundraisingcol D$9K
Owns and owesPt X
$17K
net assets · Ln 32
Cash and savingsLn 1–2$17K
Total assetsLn 16$17K
LiabilitiesLn 26$0
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$16K
Total revenueLn 12$16K
Assets in detailPt X, end of year
CashLn 1$17K
Cash and savings togetherLn 1–2$17K
Total assetsLn 16$17K
LiabilitiesLn 26$0
Net assetsLn 32$17K
OperationsPt I, VI
EmployeesI 50
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 FY23End FY23
Cash and savingsLn 1–2$13K$17K
Total assetsLn 16$13K$17K
LiabilitiesLn 26$0$0
Net assetsLn 32$13K$17K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Advertising and promotionLn 12$564$564
Office expensesLn 13$90$90
Other expenses (24a–d)Ln 24$10K$1K$9K
Total functional expensesLn 25$11K$2K$0$9K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest Viewing $16K$11K$5K$17K 990 PDF
FY2022 $17K$16K$196$13K 990 PDF
FY2021 $11K$8K$3K$1K 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 $15,624 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $16,531$15,624
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $16,531$15,624
I-13 Grants and similar amounts paidPrior year $6,000$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $10,335$10,657
I-18 Total expensesPrior year $16,335$10,657
I-19 Revenue less expensesPrior year $196$4,967
Part VI · Governance 0 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members0
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 $15,624 across 3 lines filed
VIII-1h Total contributions, gifts and grants$15,624
VIII-8 Net income from fundraising events$0
VIII-12 Total revenue$15,624
Part IX · Statement of functional expenses $10,657 across 3 lines filed
IX-12 Advertising and promotionFundraising $564$564
IX-13 Office expensesPrograms $90$90
IX-24 Other expenses (24a–d)Programs $1,475 · Fundraising $8,528$10,003
IX-25 Total functional expensesPrograms $1,565 · Management $0 · Fundraising $9,092$10,657
Part X · Balance sheet $17,476 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $12,986$17,476
X-16 Total assetsStart of year $12,986$17,476
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $12,986$17,476
X-32 Total net assets or fund balancesStart of year $12,986$17,476
X-33 Total liabilities and net assetsStart of year $12,986$17,476
Part XI · Reconciliation of net assets $17,476 net assets at year end
XI-1 Total revenue$15,624
XI-2 Total expenses$10,657
XI-3 Revenue less expenses$4,967
XI-4 Net assets at start of year$12,986
XI-10 Net assets at end of year$17,476

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

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