DENVER SCHOLARSHIP FOUNDATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2006

Legal Domicile

Principal Officer

LORII RABINOWITZ

Phone

3039514140

Tax Period

2024-07-01 to 2025-06-30

DENVER SCHOLARSHIP FOUNDATION, founded in 2006, is a mid-sized nonprofit in the Education sector that reported $29.9M in total revenue in fiscal year 2024. Revenue surged 81% from the prior year, signaling strong growth momentum. The organization ran a surplus of $10.4M, a strong 35% operating margin.

Mission

DENVER SCHOLARSHIP FOUNDATION (DSF) INSPIRES AND EMPOWERS DENVER PUBLIC SCHOOLS (DPS) STUDENTS TO ENROLL IN AND GRADUATE FROM POSTSECONDARY INSTITUTIONS OF HIGHER EDUCATION BY PROVIDING THE TOOLS, KNOWLEDGE, AND FINANCIAL RESOURCES FOR SUCCESS.

Program Service Accomplishments

Program 1

Expenses: $9,259,849

SCHOLARSHIPS: DENVER SCHOLARSHIP FOUNDATION (DSF) AWARDS UP TO FIVE YEARS OF SCHOLARSHIPS TO DPS GRADUATES WITH SIGNIFICANT FINANCIAL NEED, WHO QUALIFY TO ATTEND ONE OF DSF'S 30 COLLEGE PARTNERS IN COLORADO, INCLUDING UNIVERSITIES, TECHNICAL AND/OR COMMUNITY COLLEGES. IN FY25, DSF AWARDED SCHOLARSHIPS TO 2,504 QUALIFYING STUDENTS WITH 82% OF THE MOST RECENT 6- YEAR COHORT HAVING GRADUATED OR CONTINUING TO PERSIST IN THEIR POSTSECONDARY EDUCATION. THE DEMOGRAPHICS OF DSF SCHOLARS ARE AMONG THE MOST UNDER-REPRESENTED IN COLLEGE; 87% ARE FIRST-GENERATION COLLEGE STUDENTS, ALL WERE RAISED IN LIMITED-INCOME HOUSEHOLDS, AND 93% ARE STUDENTS OF COLOR. (CONTINUED ON SCHEDULE O)

Program 2

Expenses: $4,079,488

COLLEGE ACCESS: DSF PROVIDES FREE CAREER AND COLLEGE ADVISEMENT SERVICES FOR OVER 14,000 9TH-12TH GRADE STUDENTS AT ITS 15 DSF FUTURE CENTERS, WHICH ARE DSF-STAFFED RESOURCE CENTERS LOCATED IN DPS...

COLLEGE ACCESS: DSF PROVIDES FREE CAREER AND COLLEGE ADVISEMENT SERVICES FOR OVER 14,000 9TH-12TH GRADE STUDENTS AT ITS 15 DSF FUTURE CENTERS, WHICH ARE DSF-STAFFED RESOURCE CENTERS LOCATED IN DPS HIGH SCHOOLS. THE MAJORITY OF STUDENTS SERVED THROUGH DSF FUTURE CENTERS DEMONSTRATE FINANCIAL NEED AND ARE FIRST IN THEIR FAMILIES TO ATTEND COLLEGE; COACHING THESE STUDENTS AND THEIR FAMILIES THROUGH THE COMPLEXITIES OF PLANNING, APPLYING, ENROLLING, AND PAYING FOR COLLEGE ARE THE CORE FUNCTIONS OF THIS MUCH- NEEDED PROGRAM. (CONTINUED ON SCHEDULE O)

Program 3

Expenses: $2,336,836 Revenue: $86,585

COLLEGE SUCCESS: DSF, IN COLLABORATION WITH ITS 30 COLLEGE PARTNERS THROUGHOUT COLORADO, PROVIDES CRITICAL WRAPAROUND SERVICES TO ALL DSF SCHOLARS, ENSURING EACH RECEIVES ADDITIONAL CAREER...

COLLEGE SUCCESS: DSF, IN COLLABORATION WITH ITS 30 COLLEGE PARTNERS THROUGHOUT COLORADO, PROVIDES CRITICAL WRAPAROUND SERVICES TO ALL DSF SCHOLARS, ENSURING EACH RECEIVES ADDITIONAL CAREER EXPLORATION AND GUIDANCE, FINANCIAL AID, ACADEMIC, AND SOCIAL SUPPORT TO HELP THEM PERSIST AND GRADUATE FROM COLLEGE. DSF HAS AGREEMENTS IN PLACE WITH EACH COLLEGE PARTNER, INCLUDING ADDITIONAL GIFT AID, WHICH ENSURE DSF SCHOLARS RECEIVE ALL SUCCESS SERVICES THROUGH DESIGNATED CAMPUS AND FINANCIAL AID CONTACTS AT EACH INSTITUTION. (CONTINUED ON SCHEDULE O)

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $22,120,544

Program Service Revenue $0

Investment Income $7,645,272

Other Revenue $86,585

TOTAL REVENUE $29,852,401

Expense Breakdown

Grants Paid $8,624,992

Salaries & Benefits $8,581,782

Fundraising Expenses $1,175,306

Program Expenses $15,676,173

Other Expenses $2,259,858

TOTAL EXPENSES $19,466,632

Year-over-Year Comparison

	2024	2023	Change
Revenue	$29,852,401	$16,520,489	+0.8%
Expenses	$19,466,632	$17,295,393	+0.1%
Net Income	$10,385,769	$-774,904	-14.4%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$692,633

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LORII RABINOWITZ	CEO	40.00	Officer	$240,307	$21,235	$261,542
PATTI SCHWARTZBERG	CFAO	40.00	Officer	$203,085	$17,464	$220,549
NATE CADENA	CHIEF IMPACT	40.00	Officer	$188,593	$21,949	$210,542
MATHEW LICHINI	DR. FINANCE	40.00	Highest	$108,740	$14,326	$123,066
JAKE WENGER	SR.DR. IT	40.00	Highest	$137,395	$15,945	$153,340
PATRICIA WHITEHOUSE	SR.DR.PEOPLE	40.00	Highest	$129,623	$16,418	$146,041
OLIVIA OMEGA	SR. DR. MKTG	40.00	Highest	$116,701	$8,638	$125,339
RENAE BELLEW	SR. DR. PROG	40.00	Highest	$111,479	$21,136	$132,615
LUELLA CHAVEZ DANGELO	CHAIR	3.00	Officer Director	$0	$0	$0
KATIE L MACWILLIAMS	TREASURER	2.00	Officer Director	$0	$0	$0
JOHN A ELOFSON	SECRETARY	2.00	Officer Director	$0	$0	$0
STEVE E ABELMAN	DIRECTOR	1.00	Director	$0	$0	$0
MARIA G ARIAS	DIRECTOR	1.00	Director	$0	$0	$0
TOM F BRADY	DIRECTOR	1.00	Director	$0	$0	$0
DAVID BREWSTER	ASSOCIATE CH	1.00	Director	$0	$0	$0
DANIEL BROWN	DIRECTOR	1.00	Director	$0	$0	$0
DENISE BURGESS	DIRECTOR	1.00	Director	$0	$0	$0
STACY CARPENTER	DIRECTOR	1.00	Director	$0	$0	$0
JASON CLARK	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER CMIL	DIRECTOR	1.00	Director	$0	$0	$0
JONATHAN COLEMAN	DIRECTOR	1.00	Director	$0	$0	$0
LUIS A COLN	DIRECTOR	1.00	Director	$0	$0	$0
JAMES COUSIN	DIRECTOR TO	1.00	Director	$0	$0	$0
DON DABOUB	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT BOB F DEIBEL	DIRECTOR	1.00	Director	$0	$0	$0
BARRY DORFMAN	DIRECTOR	1.00	Director	$0	$0	$0
CATHEY MCLAIN FINLON	DIRECTOR	1.00	Director	$0	$0	$0
LYNN GANGONE	DIRECTOR	1.00	Director	$0	$0	$0
ALBERTO GARCIA	DIRECTOR	1.00	Director	$0	$0	$0
JOHN J HANLEY	DIRECTOR TO	1.00	Director	$0	$0	$0
MARISA HUDSON-ARNEY	DIRECTOR	1.00	Director	$0	$0	$0
JOHN A IKARD	DIRECTOR	1.00	Director	$0	$0	$0
AFSOON KELLY	DIRECTOR	1.00	Director	$0	$0	$0
STEVE KROM	DIRECTOR	1.00	Director	$0	$0	$0
TIPHANI KRUEGAR	DIRECTOR	1.00	Director	$0	$0	$0
ANDY MILLER	DIRECTOR	1.00	Director	$0	$0	$0
R SCOTT NYCUM JR	DIRECTOR	1.00	Director	$0	$0	$0
BETSY RODRIGUEZ	DIRECTOR	1.00	Director	$0	$0	$0
BILL RYAN	DIRECTOR	1.00	Director	$0	$0	$0
RYAN TOBIN	DIRECTOR TO	1.00	Director	$0	$0	$0
ANNE TRUJILLO	DIRECTOR	1.00	Director	$0	$0	$0
DANNY WETMORE	DIRECTOR	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$29,852,401	$19,466,632	$45,233,307	$10,385,769
2024	$16,520,489	$17,295,393	$39,897,161	$-774,904
2023	$15,186,838	$16,172,199	$37,445,731	$-985,361
2022	$13,999,484	$11,984,766	$33,817,323	$2,014,718
2021	$15,663,097	$10,470,482	$37,023,782	$5,192,615
2020	$11,420,910	$10,410,938	$27,816,436	$1,009,972
2019	$8,160,732	$10,707,036	$25,338,804	$-2,546,304