Nonprofit · EIN 26-1545132
OLE SCHOOL SCHOLARSHIP FUND
Tax-exempt (reinstated) · CHESAPEAKE, VA 23322
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $125,515 | $81,867 | $43,648 | $530,870 | $0 | $530,870 |
| December 31, 2024 | 990 | $174,000 | $117,262 | $56,738 | $487,223 | $0 | $487,223 |
| December 31, 2023 | 990 | $253,225 | $69,545 | $183,680 | $430,485 | $0 | $430,485 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $111,341
- Program service revenue
- $0
- Investment income
- $14,174
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $74,429
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Travel
- $1,400
- Program services (functional)
- $81,867
Balance sheet and other
- Total assets, start of year
- $487,222
- Total assets, end of year
- $530,870
- Total liabilities, end of year
- $0
- Net assets, end of year
- $530,870
- Net assets without donor restrictions
- $530,870
- Gross receipts
- $125,515
- Employees
- 0
- Volunteers
- 10
- Year formed
- 2011
- State of legal domicile
- VA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Derek Steele | President Officer | 1 | $0 |
| Malcom Taylor | Vice President Officer | 1 | $0 |
| Charles May | Advisor Officer | 5 | $0 |
| Nora Crouch | Advisor Officer | 0.5 | $0 |
| Walter Stith | Treasurer Officer | 2 | $0 |
990 for the year ended December 31, 2024: 5 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Derek Steele | President Officer | 0 | $0 |
| Malcom Taylor | Vice President Officer | 0 | $0 |
| Charles May | Advisor Officer | 0 | $0 |
| Nora Crouch | Advisor Officer | 0 | $0 |
| Walter Stith | Treasurer Officer | 0 | $0 |
990 for the year ended December 31, 2023: 5 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Derek Steele | President Officer | 1 | $0 |
| Malcom Taylor | Vice President Officer | 1 | $0 |
| Charles May | Advisor Officer | 10 | $0 |
| Nora Crouch | Advisor Officer | 10 | $0 |
| Walter Stith | Treasurer Officer | 0.25 | $0 |
Address and contacts
- Address (IRS master file)
- 344 WHITE DOGWOOD DR, CHESAPEAKE, VA 23322-4130
- In care of
- % CHARLES MAY
- Mailing address (990-N for 2020)
- PO Box 2701, Chesterfield VA 23832
- Principal officer (990 for 2025)
- Charles May, 344 Dogwood Dr, Chesapeake, VA 23222
- Principal officer (990-N for 2020)
- Derek Steele, 17709 Chowning Street, Woodbridge VA 22191
- Signed the 990
- Walter Stith, Treasurer
- Phone
- (703) 927-7825
Mission
Award a minimum of three (3) incoming (Freshman) and three (3) retention (upperclassmen) scholarships annually to underserved/underrepresented students attending James Madison University.
Program accomplishments
- This year, the Ole School Scholarship Fund (The Fund) awarded five (5) incoming Freshman scholarships and 27 retention scholarships (upperclassmen) to underserved/underrepresented students attending James Madison University. Incoming and retention scholarships totaled $27,000.Expenses $27,000 · grants $27,000
- Sentara Healthcare Program: The Ole School Scholarship Fund (The Fund) - in partnership with Sentara Healthcare, continued to provide financial assistance (scholarships, tuition, stipends, books, miscellaneous fees, supplies/equipment) to and in support of underserved\underrepresented healthcare service industry students (and students in supporting majors) participating in The Fund Recruitment Program at James Madison University. This year, The Fund provided support including: (1) Sentara Summer Camp program student stipends ($10,600); (2) mentorship/recruitment efforts ($1,370); (3) other student stipend/awards ($4,700); (4) administrative/operational support (i.e., audio/visual, misc. event/meeting costs, event honoree gifts, bank fees, event catering, new checks, volunteer per diem, PO Box rental) Ole School Scholarship Fund Operational Support ($6,475.52); and (5) specific student travel in support of the Ghana Summer event ($1619.31).Expenses $24,777 · grants $24,777
- Ole School Alumni Owusu-Ansah (JMU) Experiential Summer Program Scholarship (Ghana Summer Scholarship): Provided $12,500 in scholarships to 5 JMU students for the annual summer trip to Ghana with other students (led by a JMU professor). Also, provided $500 for audio/video support during the trip (operated by a JMU student).Expenses $13,000 · grants $13,000
- Provided additional student scholarships in partnership with Ernst & Young ($5,000)Expenses $5,000
- Due to JMU's funding shortfall for three (3) student recipients of the Fullbright Scholarship, The Fund provided $1,500 for each student for a total of $4,500.Expenses $4,500 · grants $4,500
- Provided $4,000 as part of Ole School Scholarship underserved / underrepresented program in partnership with JMU and ERP Corporation (and its affiliates). Also, reimbursed student cost for supplies ($90) purchased in support of a project associated with a program for underserved / underrepresented students.Expenses $4,090 · grants $4,090
- This year senior representatives of The Fund held a special event (along with university alumni) hosting primarily senior JMU leadership, including the university president. The total cost of this event was $2,000.Expenses $2,000 · grants $2,000
- Provided $1500 to JMU students as part of Ole School Scholarship underserved / underrepresented program in partnership with Freddie Mac.Expenses $1,500
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 26-1545132
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2014
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B82)
- Assets (IRS master file)
- $530,870
- Income (IRS master file)
- $125,515
Revocation and reinstatement
- Exemption revoked
- May 15, 2012
- Posted by the IRS
- March 11, 2013
- Reinstated
- Effective May 15, 2012
From the IRS automatic revocation list: organizations that did not file a required return or e-Postcard for three consecutive years.
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $125,515 | $81,867 | $530,870 | XML |
| 990 | December 2024 | $174,000 | $117,262 | $487,223 | XML |
| 990 | December 2023 | $253,225 | $69,545 | $430,485 | XML |
| 990-EZ | December 2022 | – | – | – | IRS |
| 990-EZ | December 2021 | – | – | – | IRS |
| 990-N for 2020 Officer: Derek Steele | December 31, 2020 | ≤ $50,000 receipts | – | – | e-Postcard |
| 990-N for 2019 Officer: Derek Steele | December 31, 2019 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 26-1545132).
Questions about OLE SCHOOL SCHOLARSHIP FUND
- What is the EIN of OLE SCHOOL SCHOLARSHIP FUND?
- The employer identification number (EIN) of OLE SCHOOL SCHOLARSHIP FUND is 26-1545132.
- Is OLE SCHOOL SCHOLARSHIP FUND tax-exempt?
- Yes. The IRS revoked its exemption on May 15, 2012 and reinstated it effective May 15, 2012.
- Are donations to OLE SCHOOL SCHOLARSHIP FUND tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does OLE SCHOOL SCHOLARSHIP FUND file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of OLE SCHOOL SCHOLARSHIP FUND due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did OLE SCHOOL SCHOLARSHIP FUND last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of OLE SCHOOL SCHOLARSHIP FUND?
- The 990 for the year ended December 31, 2025 names Charles May.
- Who are the officers and directors of OLE SCHOOL SCHOLARSHIP FUND?
- The 990 for the year ended December 31, 2025 lists 5 people; 0 received compensation from the organization.
- How much revenue does OLE SCHOOL SCHOLARSHIP FUND have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $125,515, expenses of $81,867 and total assets of $530,870 at year end.
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