Nonprofit · EIN 85-0557522
STUDENT FREEDOM INITIATIVE INC
Tax-exempt · WASHINGTON, DC 20004
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $6,005,581 | $6,821,861 | -$816,280 | $141,110,468 | $271,843 | $140,838,625 |
| June 30, 2024 | 990 | $5,904,402 | $10,112,603 | -$4,208,201 | $141,833,798 | $1,367,828 | $140,465,970 |
| June 30, 2023 | 990 | $19,723,286 | $7,282,206 | $12,441,080 | $145,875,504 | $849,560 | $145,025,944 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $2,776,205
- Program service revenue
- $139,919
- Investment income
- $2,628,965
- Net gain from sales of assets
- $95,130
- Other revenue
- $460,492
Expenses
- Grants and similar amounts paid
- $965,023
- Compensation of officers, directors and key employees
- $511,606
- Other salaries and wages
- $1,958,368
- Salaries, compensation and benefits (total)
- $2,929,742
- Professional fundraising fees
- $0
- Legal fees
- $137,315
- Accounting fees
- $143,730
- Occupancy
- $50,123
- Travel
- $84,679
- Depreciation
- $30,598
- Program services (functional)
- $5,090,160
- Management and general (functional)
- $1,068,867
- Fundraising (functional)
- $662,834
Balance sheet and other
- Total assets, start of year
- $141,833,798
- Total assets, end of year
- $141,110,468
- Total liabilities, end of year
- $271,843
- Net assets, end of year
- $140,838,625
- Land, buildings and equipment
- $62,902
- Publicly traded securities
- $55,097,171
- Net assets without donor restrictions
- $80,544,545
- Net assets with donor restrictions
- $60,294,080
- Gross receipts
- $65,880,824
- Employees
- 25
- Volunteers
- 5
- Year formed
- 2020
- State of legal domicile
- DE
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 June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| BARRY CYNAMON | DIRECTOR OF PROGRAM DESIGN Highest-paid employee | 40 | $203,780 | $55,507 |
| MICHELE MCCULLOM | GENERAL COUNSEL & SECRETARY Officer | 40 | $207,040 | $24,936 |
| RONALD CROZIER | CHIEF SECURITY OFFICER Highest-paid employee | 40 | $182,925 | $46,833 |
| GREGG MITCHELL | DIRECTOR OF PHILANTHROPY Highest-paid employee | 40 | $167,411 | $51,697 |
| YVETTE THOMAS | DIRECTOR OF CAPACITY BUILDING Highest-paid employee | 40 | $187,216 | $21,993 |
| KENNETH LUZZATTO | PROJECT MANAGER Highest-paid employee | 40 | $166,473 | $20,974 |
| MARK BROWN | EXECUTIVE DIRECTOR Trustee or director, Officer | 40 | $158,693 | $118 |
| KEITH SHOATES | PRESIDENT/CHIEF EXECUTIVE OFFICER Trustee or director, Officer | 40 | $120,820 | $0 |
| ROBERT F SMITH | CHAIRMAN Trustee or director | 4 | $0 | $0 |
| HENRY LOUIS GATES | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHAEL LOMAX | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LINDA WILSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LAWRENCE P BANCROFT | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2024: 13 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MARK BROWN | EXECUTIVE DIRECTOR Trustee or director, Officer | 40 | $312,764 | $206 |
| BARRY CYNAMON | DIRECTOR OF PROGRAM DESIGN Highest-paid employee | 40 | $195,442 | $51,016 |
| MICHELE MCCULLOM | GENERAL COUNSEL & SECRETARY Officer | 40 | $197,973 | $24,832 |
| RONALD CROZIER | CHIEF SECURITY OFFICER Highest-paid employee | 40 | $174,204 | $40,444 |
| YVETTE THOMAS | DIRECTOR OF CAPACITY BUILDING Highest-paid employee | 40 | $176,900 | $18,095 |
| KENNETH LUZZATTO | PROJECT MANAGER Highest-paid employee | 40 | $160,311 | $21,758 |
| DONNA JONES | DIRECTOR OF OPERATIONS Highest-paid employee | 40 | $149,581 | $9,314 |
| ROBERT F SMITH | CHAIRMAN Trustee or director | 4 | $0 | $0 |
| HENRY LOUIS GATES | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHAEL LOMAX | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LINDA WILSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LAWRENCE P BANCROFT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KEITH SHOATES | PRESIDENT/CHIEF OPERATING OFFICER Trustee or director, Officer | 25 | $0 | $0 |
990 for the year ended June 30, 2023: 13 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MARK BROWN | EXECUTIVE DIRECTOR Trustee or director, Officer | 40 | $300,875 | $170 |
| BARRY CYNAMON | DIRECTOR OF PROGRAM DESIGN Highest-paid employee | 40 | $187,488 | $35,990 |
| MICHELE MCCULLOM | GENERAL COUNSEL & SECRETARY Officer | 40 | $190,139 | $15,262 |
| RONALD CROZIER | CHIEF SECURITY OFFICER Highest-paid employee | 40 | $166,347 | $25,233 |
| YVETTE THOMAS | DIRECTOR OF CAPACITY BUILDING Highest-paid employee | 40 | $160,363 | $8,130 |
| DONNA JONES | DIRECTOR OF OPERATIONS Highest-paid employee | 40 | $143,894 | $7,554 |
| CHIMERE JONES | ENGAGEMENT PARTNER Highest-paid employee | 40 | $104,368 | $16,703 |
| ROBERT F SMITH | CHAIRMAN Trustee or director | 4 | $0 | $0 |
| HENRY LOUIS GATES | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHAEL LOMAX | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LINDA WILSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LAWRENCE P BANCROFT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KEITH SHOATES | CHIEF OPERATING OFFICER Trustee or director, Officer | 25 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 633 PENNSYLVANIA AVE NW 5TH FL, WASHINGTON, DC 20004-3601
- In care of
- % KEITH B SHOATES
- Principal officer (990 for 2024)
- KEITH SHOATES, 633 PENNSYLVANIA AVE NW 5TH FL, WASHINGTON, DC 20004
- Signed the 990
- KEITH SHOATES, PRESIDENT AND CEO
- Phone
- (202) 559-0007
- Return prepared by
- RSM US LLP
Mission
STUDENT FREEDOM INITIATIVE IS DEDICATED TO ENSURING FREEDOM IN PROFESSIONAL AND LIFE CHOICES FOR STUDENTS ATTENDING MINORITY SERVING INSTITUTIONS (MSIS).
Program accomplishments
- TO ADDRESS THE OVERWHELMING STUDENT DEBT FACED BY ALL TOO MANY OF THE YOUNG MEN AND WOMEN ATTENDING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES BY PROVIDING A STUDENT-CENTRIC FUNDING SOURCE FOR EDUCATION COSTS AS AN ALTERNATIVE TO HIGH-INTEREST LOANS.Expenses $5,090,160 · grants $965,023 · revenue $139,919
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 June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 85-0557522
- 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
- 2020
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B82)
- Assets (IRS master file)
- $141,110,468
- Income (IRS master file)
- $65,880,824
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $6,005,581 | $6,821,861 | $141,110,468 | XML |
| 990 | June 2024 | $5,904,402 | $10,112,603 | $141,833,798 | XML |
| 990 | June 2023 | $19,723,286 | $7,282,206 | $145,875,504 | XML |
| 990 | June 2022 | $15,285,825 | $5,195,727 | $132,770,538 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
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 85-0557522).
Questions about STUDENT FREEDOM INITIATIVE INC
- What is the EIN of STUDENT FREEDOM INITIATIVE INC?
- The employer identification number (EIN) of STUDENT FREEDOM INITIATIVE INC is 85-0557522.
- Is STUDENT FREEDOM INITIATIVE INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2020.
- Are donations to STUDENT FREEDOM INITIATIVE INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does STUDENT FREEDOM INITIATIVE INC 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 STUDENT FREEDOM INITIATIVE INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did STUDENT FREEDOM INITIATIVE INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of STUDENT FREEDOM INITIATIVE INC?
- The 990 for the year ended June 30, 2025 names KEITH SHOATES.
- Who are the officers and directors of STUDENT FREEDOM INITIATIVE INC?
- The 990 for the year ended June 30, 2025 lists 13 people; 8 received compensation from the organization, the highest $203,780 (BARRY CYNAMON, DIRECTOR OF PROGRAM DESIGN).
- How much revenue does STUDENT FREEDOM INITIATIVE INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $6,005,581, expenses of $6,821,861 and total assets of $141,110,468 at year end.
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