Scholarship America Inc
95% goes to programs $1 to raise $100 Growing revenue
Scholarship America Inc is a 501(c)(3) organization based in St Peter, Minnesota, registered in 1962, with $240,271,340 in FY2023 revenue. CharityIndex grades it A+, and it directs about 95% of spending to programs.
1 Scholarship Way, St Peter, MN, 56082 EIN 04-2296967 Since 1962
Revenue (FY2023)
$240.3M
▲ 8.0% vs prior year
Education median: $200K
Expenses (FY2023)
$234.7M
Net assets
$115.3M
Employees
218
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A+
A+Program efficiency40% of the rating95% to programs · $1 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Scholarship America Inc: 95% to programs · $1 to raise $100 earns a A+ on this criterion. See the exact thresholds →
AFinancial health25% of the rating6 mo reserves · +2% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Scholarship America Inc: 6 mo reserves · +2% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Scholarship America Inc: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Scholarship America Inc: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
Eliminate barriers to educational success so that any student can pursue their dream.
What they do
Dollars for scholars is a national network of 438 community-based, volunteer- driven affiliated organizations that raise funds and provide scholarships and educational support to local students in communities across the country.
Other program services include the families of freedom scholarship program and other related education program research, policy and community engagement activities.
Contact & location
- Address
- 1 Scholarship Way, St Peter, MN, 56082
- City
- St Peter
- State
- Minnesota
- Category
- Education
- Subcategory
- Student Services & Aid
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $182.9M (FY2014) to $240.3M (FY2023) across 10 reported years.
Financial snapshot
Financial health & position (FY2023)
Liabilities $57.0MNet assets $115.3M
Operating margin
2.3%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$172.3M
Total liabilities
$57.0M
Net assets
$115.3M
Salaries & benefits
$13.6M
6% of expenses
Board members
20
20 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $240,271,340▲8.0% | $234,740,961▲8.0% | $115,277,578▲10.1% | $172,303,174▲2.3% | 990 |
| 2022 | $222,521,699▲2.4% | $217,322,589▲4.8% | $104,666,473▼5.0% | $168,435,471▼2.0% | 990 |
| 2021 | $217,380,140▲10.6% | $207,417,115▲3.1% | $110,176,091▲12.8% | $171,886,443▲14.3% | 990 |
| 2020 | $196,558,508▼4.7% | $201,098,373▼0.1% | $97,675,455▲0.9% | $150,354,223▲1.9% | 990 |
| 2019 | $206,274,453▲10.4% | $201,280,661▲6.3% | $96,789,004▲5.7% | $147,610,318▲7.2% | 990 |
| 2018 | $186,759,603▼1.3% | $189,416,946▲0.8% | $91,602,409▼8.6% | $137,654,974▼6.9% | 990 |
| 2017 | $189,290,399▲7.8% | $187,899,785▲1.3% | $100,260,900▲5.9% | $147,897,755▲7.1% | 990 |
| 2016 | $175,608,075▼4.4% | $185,528,185▼6.1% | $94,667,261▼5.1% | $138,143,264▲0.8% | 990 |
| 2015 | $183,759,752▲0.5% | $197,621,508▲6.4% | $99,730,048▼16.1% | $137,105,652▼20.4% | 990 |
| 2014 | $182,865,303 | $185,810,907▲13.6% | $118,931,273▼13.9% | $172,150,262▼8.9% | 990 |
| 2012 | — | $163,586,442▲2.0% | $138,202,116▲2.1% | $188,908,618▲0.5% | 990 |
| 2011 | — | $160,435,831▼1.4% | $135,297,004▼0.2% | $187,985,505▲6.8% | 990 |
| 2010 | — | $162,637,168▲2.0% | $135,585,221▼0.8% | $176,046,357▼0.5% | 990 |
| 2009 | — | $159,493,450 | $136,611,449 | $176,974,012 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2023)
Highest-paid: Michael Nylund — $312,172 (0.13% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Michael Nylund | President and Ceo | 40 | $312,172 |
| Richard Greene | Chief Financial Officer | 40 | $241,455 |
| Michael Peckenschneider | Vice President, Information Tech. | 40 | $228,518 |
| Donald Yu | Chief Strategy Product Officer | 40 | $223,346 |
| Andrea Smith | Vice President, Development & Market | 40 | $204,478 |
| Jennifer Menke | Vice President, Human Resources | 40 | $191,396 |
| Aaron Nottestad | Director, Software Engineering | 40 | $188,050 |
| Alain Karaoglan | Trustee | 3 | — |
| Angel Perez | Trustee | 3 | — |
| Autumn Manning | Trustee | 3 | — |
| Barbara Mcbee | Hrt Chair Pro-tem | 3 | — |
| Daniel Lee | Trustee | 3 | — |
| Hazel M Mcneilage | Treasurer and Fin. & Inv. Committee Chair | 5 | — |
| James Dlugos | Trustee | 3 | — |
| Jeffrey M Silverman | Trustee | 3 | — |
| Joseph Palombo | Trustee | 3 | — |
| Lucinda D Robb | Governance Committee Chair | 5 | — |
| Mark P Turchan | Trustee | 3 | — |
| Michael Maney | Chair of the Board of Trustees | 5 | — |
| M Salman Ravala | Trustee | 3 | — |
Top vendors & contractors (FY2023)
| Contractor | Services | Paid |
|---|---|---|
| Pell Insurance | Insurance Broker | $170,071 |
| Pell Insurance | Insurance Broker | $170,071 |
| Nearform Inc | Technology Consultant | $109,250 |
| Nearform Inc | Technology Consultant | $109,250 |
| Cdw Direct | Technology Hardware | $107,816 |
| Cdw Direct | Technology Hardware | $107,816 |
| Parodi Consulting Inc | Strategy Consultant | $105,378 |
| Parodi Consulting Inc | Strategy Consultant | $105,378 |
| Risk Strategies Company | Cyber Insurance Consultant/broker | $101,928 |
| Risk Strategies Company | Cyber Insurance Consultant/broker | $101,928 |
Grants received · $71.2M total
413 grants to Scholarship America Inc totaling $71.2M, reported by foundations on their Schedule I filings — showing the 15 most recent.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| American Online Giving Foundation Inc | General support | 2024 | $1,585,090 |
| The Pittsburgh Foundation | Scholarships | 2024 | $1,209,399 |
| Ecmc Foundation | General support | 2024 | $849,610 |
| Ascendium Education Solutions Inc | 2024 irving innovation awards sponsorship, 11/12/24 grant, creating a national movement for emergency aid triple your impact match 2024 match 11/2023-jacki fairbairn | triple your impact match 2024 match 11/2023 | 2024 | $760,450 |
| Silicon Valley Community Foundation | Education | 2024 | $619,245 |
| Fidelity Non-profit Management Foundation | Technology & equipment | 2024 | $470,000 |
| Kaiser Foundation Hospitals | Delores jones nursing scholarships | 2024 | $435,500 |
| Sentara Health | 2023 scholarship awards | 2024 | $397,973 |
| The Seattle Foundation | To fund scholarship awards | 2024 | $222,500 |
| The Seattle Foundation | To fund scholarship awards | 2024 | $132,500 |
| The Seattle Foundation | To fund scholarship awards | 2024 | $73,750 |
| The Seattle Foundation | To fund scholarship awards | 2024 | $65,000 |
| Jewish Community Fdn of the Jewish Federation Council of Greater La | General support | 2024 | $61,350 |
| Community Foundation of Elkhart County Inc | To further the exempt purpose of the organization | 2024 | $60,381 |
| Community Foundation of Elkhart County Inc | To further the exempt purpose of the organization | 2024 | $52,991 |
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Compare Scholarship America Inc
Frequently asked questions
- Is Scholarship America Inc a legitimate nonprofit?
- Yes. Scholarship America Inc is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 04-2296967, based in St Peter, Minnesota. Donations are tax-deductible.
- What is Scholarship America Inc's EIN?
- Scholarship America Inc's Employer Identification Number (EIN) is 04-2296967.
- How much revenue does Scholarship America Inc report?
- Scholarship America Inc reported $240,271,340 in total revenue on its fiscal year 2023 IRS Form 990 filing.
- How much of Scholarship America Inc's spending goes to programs?
- Scholarship America Inc spends about 95% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Scholarship America Inc have?
- CharityIndex grades Scholarship America Inc A+, based on program efficiency and fundraising cost.
- How much does Scholarship America Inc's highest-paid employee make?
- The highest reported compensation on Scholarship America Inc's latest Form 990 is $312,172, paid to Michael Nylund (President and Ceo).
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Explore more
Data for Scholarship America Inc (EIN 04-2296967) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.