2025-04-14T08:46:56-04:00 2024-06-30 233010968 MILLIGAN & COMPANY LLC 105 N 22ND ST FL 2 PHILADELPHIA PA 191031302 990 2023-07-01 854254020 FINANCIAL SCHOLARS INC FINA 201 ROUSE BLVD PHILADELHIA PA 19112 KERRY WOODWARD EXECUTIVE DIRECTOR 2036418581 2025-04-08 true false JOHN MILLIGAN CPA P02155323 2154969100 2025-04-08 2023 2025-03-06 01:10:19Z X KERRY WOODWARD 201 ROUSE BLVD PHILADELPHIA PA 19112 1102628 false X HTTPS://FINANCIALSCHOLARS.ORG/ X 2020 PA CREATE A HIGH SCHOOL FINANCIAL LITERACY PROGRAM TO COMBAT POVERTY AND WEALTH INEQUALITY. 20 20 2 166 0 568883 1089710 0 0 10940 12918 579823 1102628 0 0 380936 466999 0 56377 91764 150746 472700 617745 107123 484883 254005 795632 21674 78418 232331 717214 X THE MISSION OF FINANCIAL SCHOLARS, INC. IS TO COMBAT POVERTY AND WEALTH INEQUALITY IN PHILADELPHIA BY SUPPORTING AND PROVIDING FINANCIAL LITERACY AND ENTREPRENEURSHIP EDUCATION TO PHILADELPHIA HIGH SCHOOL STUDENTS AND THEIR FAMILIES. false false 482149 FINANCIAL SCHOLARS, INC. IMPLEMENTS FOUR INNOVATIVE EDUCATIONAL STRATEGIES TO PROVIDE PHILADELPHIA HIGH SCHOOL STUDENTS AND FAMILIES WITH THE TOOLS NEEDED TO GENERATE GREATER WEALTH AND ACHIEVE FINANCIAL EMPOWERMENT. THE COMPONENTS OF THE STRATEGY INCLUDE: 1) IN-CLASS PERSONAL FINANCE & ENTREPRENEURSHIP THE CORE OF THE ORGANIZATIONS SERVICES BASED ON A HIGH-QUALITY, STANDARDS-ALIGNED, EVIDENCE-BASED CURRICULUM (NEXTGENPERSONALFINANCE, WHICH HAS BEEN PROVEN SUCCESSFUL AT 1,500 SCHOOLS NATIONWIDE) AND 30 HOURS OF ACT 48-APPROVED PAID PROFESSIONAL DEVELOPMENT FOR PARTICIPATING TEACHERS TO SUPPORT A NEW HIGH SCHOOL ELECTIVE CLASS CALLED PERSONAL FINANCE & ENTREPRENEURSHIP. THIS ASPECT OF OUR PROGRAM IS FULLY INTEGRATED WITH THE INSTRUCTIONAL PROGRAM OF OUR PUBLIC SCHOOL PARTNERS AND YIELDED 61% GROWTH IN PARTICIPATING STUDENTS' FINANCIAL KNOWLEDGE; 2) ENTREPRENEURSHIP AND INVESTING ENRICHMENT PROGRAMS THAT MOBILIZE CORPORATE VOLUNTEERS TO SUPPORT STUDENTS IN SMALL GROUP SETTINGS IN PREPARATION FOR CITYWIDE COMPETITIONS. THIS ASPECT OF OUR PROGRAM IS OFFERED AFTER PUBLIC SCHOOL HOURS AS AN EXTENSION OF THE PUBLIC SCHOOL DAY AND INCLUDED MOBILIZATION OF OVER 166 VOLUNTEERS DURING THE 2023-24 SCHOOL YEAR; 3) SUMMER BUSINESS INCUBATOR AND EXPERIENCESHIP PROGRAMMING THAT AWARDS TOP HIGH SCHOOL STUDENTS WITH A PAID SUMMER EMPLOYMENT OPPORTUNITY AT A UNIVERSITY-HOSTED BUSINESS INCUBATOR OR CORPORATE OFFICE SITE TO DEEPEN THEIR LEARNING. THIS ASPECT OF OUR PROGRAM REPRESENTS A WORK-BASED LEARNING OPPORTUNITIES FOR A STUDENT THAT SUPPLEMENTS THE CURRICULUM AND ACADEMIC PROGRAM OF A STUDENT AND PROVIDES A STUDENT WITH THE OPPORTUNITY TO APPLY THE KNOWLEDGE AND SKILLS LEARNED IN THE ACADEMIC PROGRAM. 4) FINANCIAL EMPOWERMENT WORKSHOPS FOR ADULTS IN SCHOOL COMMUNITIES: PARTICIPANTS COMPLETE SIX HOURS OF FINANCIAL INSTRUCTION, RECEIVING A 250 CONTRIBUTION TOWARD THEIR CHILD'S 529 PLAN IF THEY ATTEND ALL 6 HOUR-LONG SESSIONS. 100% OF SURVEYED PARTICIPANTS SAID THAT THEY WOULD RECOMMEND THE WORKSHOPS TO A FRIEND. FOR THE 2023-24 SCHOOL YEAR, THE ORGANIZATION OPERATED IN 28 PHILADELPHIA SCHOOLS (DISTRICT AND CHARTER) WITH 34 TEACHERS SERVING 2,300 STUDENTS. FOR THE 2022-23 SCHOOL YEAR, THE ORGANIZATION OPERATED IN 19 PHILADELPHIA SCHOOLS WITH 21 TEACHERS SERVING 1,251 STUDENTS. 482149 true true false false false false false false false false false false false false false true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false true 0 0 true 2 true false false false false false false false false X 20 20 false false false false false false false true true false false true true true true true true true true false X FINANCIAL SCHOLARS INC 2036418581 201 ROUSE BLVD PHILADELPHIA PA 19112 X KERRY WOODWARD EXECUTIVE DI 40.00 X 193196 0 14040 SEE ATTACHED BOARD MEMBERS LISTING BOARD LIST A X 0 0 0 193196 14040 1 false true false 1089710 12027 1089710 OTHER INCOME 12918 12918 12918 1102628 12918 207236 178223 10362 18651 255852 218881 11992 24979 3911 3364 195 352 38057 4423 24554 9080 35738 14909 18577 2252 20042 20042 13539 13539 AWARDS 18236 18236 PROGRAM SERVICES 8230 8230 EVENTS 8185 7135 1050 MEALS AND FOOD 6969 6969 1750 1737 13 617745 482149 79219 56377 206554 431925 43184 351000 4267 328 12379 254005 795632 21674 78418 21674 78418 X 232331 717214 232331 717214 254005 795632 484883 X false true X true false X 271257 568883 1077683 1917823 271257 568883 1077683 1917823 1619003 298820 2 10940 12918 23860 1941683 23860 X PART II, LINE 10 MISCELLANEOUS 23,860 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1102628 1102628 1102628 617745 617745 617745 SCHEDULE D, PAGE 3, PART X THE INTERNAL REVENUE SERVICE HAS CLASSIFIED FINANCIAL SCHOLARS, INC. AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("CODE"); AS AN ORGANIZATION, CONTRIBUTIONS TO WHICH ARE DEDUCTIBLE UNDER SECTION 170(C) OF THE CODE; AND AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A) OF THE CODE. AS A RESULT, NO PROVISION OR LIABILITY FOR INCOME TAXES IS INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY IF FINANCIAL SCHOLARS, INC. HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY A GOVERNMENT AUTHORITY. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY FINANCIAL SCHOLARS, INC. AND HAS CONCLUDED THAT AS OF JUNE 30, 2024 AND 2023, RESPECTIVELY, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. X X X false false false false false false false false false KERRY WOODWARD EXECUTIVE DIRECTOR 153196 40000 14040 207236 FORM 990 - ORGANIZATION'S MISSION THE MISSION OF FINANCIAL SCHOLARS, INC. IS TO COMBAT POVERTY AND WEALTH INEQUALITY IN PHILADELPHIA BY SUPPORTING AND PROVIDING FINANCIAL LITERACY AND ENTREPRENEURSHIP EDUCATION TO PHILADELPHIA HIGH SCHOOL STUDENTS AND THEIR FAMILIES. FORM 990, PAGE 2, PART III, LINE 4A FINANCIAL SCHOLARS, INC. IMPLEMENTS FOUR INNOVATIVE EDUCATIONAL STRATEGIES TO PROVIDE PHILADELPHIA HIGH SCHOOL STUDENTS AND FAMILIES WITH THE TOOLS NEEDED TO GENERATE GREATER WEALTH AND ACHIEVE FINANCIAL EMPOWERMENT. THE COMPONENTS OF THE STRATEGY INCLUDE: 1) IN-CLASS PERSONAL FINANCE & ENTREPRENEURSHIP THE CORE OF THE ORGANIZATIONS SERVICES BASED ON A HIGH-QUALITY, STANDARDS-ALIGNED, EVIDENCE-BASED CURRICULUM (NEXTGENPERSONALFINANCE, WHICH HAS BEEN PROVEN SUCCESSFUL AT 1,500 SCHOOLS NATIONWIDE) AND 30 HOURS OF ACT 48-APPROVED PAID PROFESSIONAL DEVELOPMENT FOR PARTICIPATING TEACHERS TO SUPPORT A NEW HIGH SCHOOL ELECTIVE CLASS CALLED PERSONAL FINANCE & ENTREPRENEURSHIP. THIS ASPECT OF OUR PROGRAM IS FULLY INTEGRATED WITH THE INSTRUCTIONAL PROGRAM OF OUR PUBLIC SCHOOL PARTNERS AND YIELDED 61% GROWTH IN PARTICIPATING STUDENTS' FINANCIAL KNOWLEDGE; 2) ENTREPRENEURSHIP AND INVESTING ENRICHMENT PROGRAMS THAT MOBILIZE CORPORATE VOLUNTEERS TO SUPPORT STUDENTS IN SMALL GROUP SETTINGS IN PREPARATION FOR CITYWIDE COMPETITIONS. THIS ASPECT OF OUR PROGRAM IS OFFERED AFTER PUBLIC SCHOOL HOURS AS AN EXTENSION OF THE PUBLIC SCHOOL DAY AND INCLUDED MOBILIZATION OF OVER 166 VOLUNTEERS DURING THE 2023-24 SCHOOL YEAR; 3) SUMMER BUSINESS INCUBATOR AND EXPERIENCESHIP PROGRAMMING THAT AWARDS TOP HIGH SCHOOL STUDENTS WITH A PAID SUMMER EMPLOYMENT OPPORTUNITY AT A UNIVERSITY-HOSTED BUSINESS INCUBATOR OR CORPORATE OFFICE SITE TO DEEPEN THEIR LEARNING. THIS ASPECT OF OUR PROGRAM REPRESENTS A WORK-BASED LEARNING OPPORTUNITIES FOR A STUDENT THAT SUPPLEMENTS THE CURRICULUM AND ACADEMIC PROGRAM OF A STUDENT AND PROVIDES A STUDENT WITH THE OPPORTUNITY TO APPLY THE KNOWLEDGE AND SKILLS LEARNED IN THE ACADEMIC PROGRAM. 4) FINANCIAL EMPOWERMENT WORKSHOPS FOR ADULTS IN SCHOOL COMMUNITIES: PARTICIPANTS COMPLETE SIX HOURS OF FINANCIAL INSTRUCTION, RECEIVING A 250 CONTRIBUTION TOWARD THEIR CHILD'S 529 PLAN IF THEY ATTEND ALL 6 HOUR-LONG SESSIONS. 100% OF SURVEYED PARTICIPANTS SAID THAT THEY WOULD RECOMMEND THE WORKSHOPS TO A FRIEND. FORM 990, PAGE 2, PART III, LINE 4D FOR THE 2023-24 SCHOOL YEAR, THE ORGANIZATION OPERATED IN 28 PHILADELPHIA SCHOOLS (DISTRICT AND CHARTER) WITH 34 TEACHERS SERVING 2,300 STUDENTS. FOR THE 2022-23 SCHOOL YEAR, THE ORGANIZATION OPERATED IN 19 PHILADELPHIA SCHOOLS WITH 21 TEACHERS SERVING 1,251 STUDENTS. FORM 990, PAGE 6, PART VI, LINE 11B RETURN IS REVIEWED BY BOARD COMMITTEE PRIOR TO BEING FILED. FORM 990, PAGE 6, PART VI, LINE 12C FINANCIAL SCHOLARS, INC. MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH REGULAR OVERSIGHT BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE WOULD BE RESPONSIBLE FOR REVIEWING DISCLOSURES, ASSESSING ANY IDENTIFIED CONFLICTS, AND DETERMINING APPROPRIATE ACTION IN ACCORDANCE WITH THE ORGANIZATION'S BYLAWS. IN CASES WHERE A CONFLICT ARISES, THE BOARD MEMBER WOULD BE REQUIRED TO RECUSE THEMSELVES FROM RELATED DISCUSSIONS AND DECISION-MAKING. THIS PROCESS SAFEGUARDS THE INTEGRITY OF FINANCIAL SCHOLARS' MISSION AND GOVERNANCE, ENSURING THAT ALL DECISIONS ARE MADE IN THE BEST INTEREST OF THE ORGANIZATION AND THE STUDENTS IT SERVES. FORM 990, PAGE 6, PART VI, LINE 15A A SEARCH COMMITTEE FROM THE BOARD OF DIRECTORS IS ESTABLISHED FOR TOP ROLES AT THE ORGANIZATION. A REVIEW AND APPROVAL, INCLUDING COMPARABLE COMPENSATION DATA AS WELL AS A REVIEW BY A THIRD-PARTY HR PARTNER, EXUDEHR, IS CONDUCTED. FORM 990, PAGE 6, PART VI, LINE 15B A SEARCH COMMITTEE FROM THE BOARD OF DIRECTORS IS ESTABLISHED FOR TOP ROLES AT THE ORGANIZATION. A REVIEW AND APPROVAL, INCLUDING COMPARABLE COMPENSATION DATA AS WELL AS A REVIEW BY A THIRD-PARTY HR PARTNER, EXUDEHR, IS CONDUCTED. FORM 990, PAGE 6, PART VI, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST.