TRI-COUNTY SCHOLARSHIP FUND

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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

1981

Legal Domicile

Principal Officer

PRUDENCE PIGOTT

Phone

9739849600

Tax Period

2024-01-01 to 2024-12-31

TRI-COUNTY SCHOLARSHIP FUND, founded in 1981, is a community nonprofit in the Education sector that reported $5.2M in total revenue in fiscal year 2024. Revenue surged 31% from the prior year, signaling strong growth momentum. Expenses of $4.6M left a modest 12% surplus.

Mission

TRI-COUNTY SCHOLARSHIP FUND PROVIDES K-12 SCHOLARSHIPS TO DESERVING AND FINANCIALLY DISADVANTAGED CHILDREN IN NORTHERN NEW JERSEY SO THEY CAN OBTAIN A HIGH QUALITY, VALUES-BASED EDUCATION AT ACCREDITED PRIVATE ELEMENTARY AND SECONDARY SCHOOLS THAT WILL ENABLE THEM TO ACHIEVE THEIR FULL POTENTIAL.

Program Service Accomplishments

Program 1

Expenses: $3,911,522

SINCE 1981, THE MISSION OF TRI-COUNTY SCHOLARSHIP FUND HAS BEEN TO PROVIDE FINANCIAL SUPPORT TO DESERVING AND ECONOMICALLY DISADVANTAGED CHILDREN IN GRADES KINDERGARTEN THROUGH 12, FOR THEM TO ATTEND ACCREDITED PRIVATE SCHOOLS. PARTIAL SCHOLARSHIPS ARE AWARDED ANNUALLY TO HUNDREDS OF STUDENTS. A TRI-COUNTY SCHOLARSHIP REPRESENTS A PARTNERSHIP BETWEEN THE SCHOOL THAT ALSO DISCOUNTS ITS TUITION, AND THE FAMILY WHO PAY THE BALANCE OF THE TUITION. KINDERGARTEN - 8TH GRADE TRI-COUNTY SCHOLARSHIPS ARE $2,250. HIGH SCHOOL SCHOLARSHIPS ARE FOR $4,000- $5,000. IN 2024, TRI-COUNTY SCHOLARSHIP FUND AWARDED 940 SCHOLARSHIPS.TRI-COUNTY SCHOLARSHIP RECIPIENT FAMILIES HAVE AN AVERAGE ANNUAL INCOME OF $30,000. THE MAJORITY ARE FROM THE INNER-CITY, AND MANY ARE SINGLE-PARENT HOUSEHOLDS. TRI-COUNTY SCHOLARSHIP STUDENTS ATTEND APPROXIMATELY 60 DIFFERENT VALUES-BASED PRIVATE SCHOOLS IN NORTHERN NEW JERSEY. TYPICALLY, 100% OF TRI-COUNTY STUDENTS GRADUATE FROM HIGH SCHOOL, GO ON TO COLLEGE, AND BECOME INDEPENDENT, CONTRIBUTING MEMBERS OF SOCIETY.

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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 $4,718,921

Program Service Revenue $0

Investment Income $631,305

Other Revenue $-186,046

TOTAL REVENUE $5,164,180

Expense Breakdown

Grants Paid $3,213,878

Salaries & Benefits $850,785

Fundraising Expenses $268,115

Program Expenses $3,911,522

Other Expenses $493,289

TOTAL EXPENSES $4,557,952

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,164,180	$3,942,024	+0.3%
Expenses	$4,557,952	$3,643,056	+0.3%
Net Income	$606,228	$298,968	+1.0%

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

$271,325

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH W SPADA	CHAIR	1.00	Officer Director	$0	$0	$0
FRANCES HOWARD	VICE-CHAIR	1.00	Officer Director	$0	$0	$0
FRED PIERCE	TREASURER	2.00	Officer Director	$0	$0	$0
MARC ADEE	TRUSTEE	0.30	Director	$0	$0	$0
JUAN ANDRADE	TRUSTEE	0.30	Director	$0	$0	$0
CAROLYN BADENHAUSEN	TRUSTEE	0.30	Director	$0	$0	$0
MARK BODE	TRUSTEE	0.30	Director	$0	$0	$0
CATHLEEN CALLAHAN	TRUSTEE	0.30	Director	$0	$0	$0
ROBERT CAVALERO	TRUSTEE	0.30	Director	$0	$0	$0
BRIAN CLARK	TRUSTEE	0.30	Director	$0	$0	$0
WILLIAM COZINE	TRUSTEE	0.30	Director	$0	$0	$0
RICK DEBEL	TRUSTEE	0.30	Director	$0	$0	$0
RICK DIANA	TRUSTEE	0.30	Director	$0	$0	$0
LISA DONINI	TRUSTEE	0.30	Director	$0	$0	$0
KENNETH DONOVAN	TRUSTEE	0.30	Director	$0	$0	$0
KRISTINE DONOVAN	TRUSTEE	0.30	Director	$0	$0	$0
TIMOTHY DUFFY	TRUSTEE	0.30	Director	$0	$0	$0
JUAN GAMARRA	TRUSTEE	0.30	Director	$0	$0	$0
KEVIN GARDNER	TRUSTEE	0.30	Director	$0	$0	$0
WILLIAM GASCOIGNE	TRUSTEE	0.30	Director	$0	$0	$0
JOSEPH GONNELLA	TRUSTEE	0.30	Director	$0	$0	$0
ALINA HABBA	TRUSTEE	0.30	Director	$0	$0	$0
ELIZABETH HENNESSY	TRUSTEE	0.30	Director	$0	$0	$0
CATHERINE HIGGINS	TRUSTEE	0.30	Director	$0	$0	$0
ANNEMARIE HOCHKEPPEL	TRUSTEE	0.30	Director	$0	$0	$0
MICHAEL HOCHKEPPEL	TRUSTEE	0.30	Director	$0	$0	$0
TREVOR JONES	TRUSTEE	0.30	Director	$0	$0	$0
THEODORE KNAUSS	TRUSTEE	0.30	Director	$0	$0	$0
ANNE SCHMIDT KRUMP	TRUSTEE	0.30	Director	$0	$0	$0
SCOTT LENZ	TRUSTEE	0.30	Director	$0	$0	$0
NANCY LOTTINVILLE	TRUSTEE	0.30	Director	$0	$0	$0
ANN MARIE MANAHAN	TRUSTEE	0.30	Director	$0	$0	$0
JOHN MARCHIONI	TRUSTEE	0.30	Director	$0	$0	$0
JUSTIN MARCUCCI	TRUSTEE	0.30	Director	$0	$0	$0
SACHA MARCUCCI	TRUSTEE	0.30	Director	$0	$0	$0
LINA MARTINEZ	TRUSTEE	0.30	Director	$0	$0	$0
PATRICK MCGOVERN	TRUSTEE	0.30	Director	$0	$0	$0
A QUENTIN MURRAY	TRUSTEE	0.30	Director	$0	$0	$0
TRISH O'KEEFE	TRUSTEE	0.30	Director	$0	$0	$0
PAUL ONDERDONK	TRUSTEE	0.30	Director	$0	$0	$0
YVONNE PREVIDI	TRUSTEE	0.30	Director	$0	$0	$0
REEMA PURI	TRUSTEE	0.30	Director	$0	$0	$0
GEORGE RACHMIEL	TRUSTEE	0.30	Director	$0	$0	$0
ROBERT SAMETH	TRUSTEE	0.30	Director	$0	$0	$0
MARYBETH SAVAS	TRUSTEE	0.30	Director	$0	$0	$0
AMI SIMUNOVICH	TRUSTEE	0.30	Director	$0	$0	$0
DREW SPITZER	TRUSTEE	0.30	Director	$0	$0	$0
JOSEPH STEFANS	TRUSTEE	0.30	Director	$0	$0	$0
MOST REVEREND KEVIN J SWEENEY	TRUSTEE	0.30	Director	$0	$0	$0
FATHER MICHAEL TIDD	TRUSTEE	0.30	Director	$0	$0	$0
CHARLES VARVARO	TRUSTEE	0.30	Director	$0	$0	$0
ROBERT WALDELE	TRUSTEE	0.30	Director	$0	$0	$0
SUSANNE WALDELE	TRUSTEE	0.30	Director	$0	$0	$0
MICHAEL ZOGBY	TRUSTEE	0.30	Director	$0	$0	$0
ROBERTO YANEZ	TRUSTEE	0.30	Director	$0	$0	$0
PRUDENCE A PIGOTT	PRESIDENT, EX-OFFICIO	40.00	Officer	$250,000	$21,325	$271,325
MIKE MUND	OFFICE MANAGER	40.00	Highest	$157,447	$28,074	$185,521

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
2024	$5,164,180	$4,557,952	$11,164,560	$606,228
2023	$3,942,024	$3,643,056	$10,277,706	$298,968
2022	$4,548,687	$3,347,080	$9,199,848	$1,201,607
2021	$4,183,425	$3,047,012	$8,758,525	$1,136,413
2020	$3,859,376	$2,792,278	$7,463,451	$1,067,098
2019	$3,326,623	$2,298,621	$5,832,945	$1,028,002
2018	$3,026,754	$1,871,605	$4,304,677	$1,155,149