MOYNIHAN SCHOLARSHIP FUND INC

EIN: 822444864 501(c)(3) Education

NEW YORK, NY

Total Revenue
$901,353
Total Expenses
$165,944
Total Assets
$3,222,342
Net Assets
$3,219,427
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2017
Legal Domicile
NY
Principal Officer
CALVIN HARRIS JR
Phone
2127198300
Tax Period
2024-06-01 to 2025-05-31

MOYNIHAN SCHOLARSHIP FUND INC, founded in 2017, is a small nonprofit in the Education sector that reported $901K in total revenue in fiscal year 2024. Revenue surged 298% from the prior year, signaling strong growth momentum. The organization ran a surplus of $735K, a strong 82% operating margin.

Mission

THE MOYNIHAN SCHOLARSHIP FUND, INC. ("MSF") SUPPORTS THE EDUCATION AND DEVELOPMENT OF STUDENTS IN NEW YORK STATE AND FACILITATES THEIR EXPOSURE TO ACCOUNTING AND BUSINESS CAREERS.

Program Service Accomplishments

Program 1
Expenses: $101,072

MSF'S EXCELLENCE IN ACCOUNTING SCHOLARSHIP OFFERS AN ANNUAL SCHOLARSHIP TO PROVIDE FINANCIAL ASSISTANCE TO QUALIFIED CANDIDATES WHO INTEND TO ENTER THE ACCOUNTING PROFESSION. MSF AWARDED 40...

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MSF'S EXCELLENCE IN ACCOUNTING SCHOLARSHIP OFFERS AN ANNUAL SCHOLARSHIP TO PROVIDE FINANCIAL ASSISTANCE TO QUALIFIED CANDIDATES WHO INTEND TO ENTER THE ACCOUNTING PROFESSION. MSF AWARDED 40 EXCELLENCE IN ACCOUNTING SCHOLARSHIPS TO COLLEGE STUDENTS IN THE 2024/2025 FISCAL YEAR. THE SCHOLARSHIPS AWARD AMOUNTS VARY, WITH A MAXIMUM AMOUNT OF $2,500 PER AWARD. TO BE ELIGIBLE, COLLEGE STUDENTS MUST BE ACCOUNTING MAJORS, HAVE COMPLETED A MINIMUM OF 60 CREDITS AND MAINTAIN A MINIMUM OF A 3.0 GRADE POINT AVERAGE. STUDENTS MUST ALSO HAVE FILED A FREE APPLICATION FOR FEDERAL STUDENT AID AND BE APPROVED FOR FINANCIAL AID. THE SCHOLARSHIPS ARE NON-RENEWABLE; RECIPIENTS AND CANDIDATES MUST APPLY ANNUALLY. A SCHOLARSHIP COMMITTEE REVIEWS APPLICATIONS AND DETERMINES AWARD RECIPIENTS.

Program 2
Expenses: $33,827

THE CAREER OPPORTUNITIES IN THE ACCOUNTING PROFESSION (COAP) PROGRAM IS A SUMMER PROGRAM HOSTED AT COLLEGE CAMPUSES ACROSS NEW YORK STATE AND FUNDED BY MSF. MSF PROVIDES SCHOLARSHIPS TO PARTICIPANTS...

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THE CAREER OPPORTUNITIES IN THE ACCOUNTING PROFESSION (COAP) PROGRAM IS A SUMMER PROGRAM HOSTED AT COLLEGE CAMPUSES ACROSS NEW YORK STATE AND FUNDED BY MSF. MSF PROVIDES SCHOLARSHIPS TO PARTICIPANTS OF THE COAP PROGRAM FOR THE PURSUIT OF HIGHER-EDUCATION DEGREES IN ACCOUNTING.THE COAP PROGRAM IS OPEN TO ALL, REGARDLESS OF RACE, COLOR, NATIONAL ORIGIN, OR SEX. RECRUITMENT FOCUSES ON GROUPS HISTORICALLY UNDERREPRESENTED IN THE ACCOUNTING PROFESSION. IT AIMS TO EXCITE AND INFORM STUDENT PARTICIPANTS ABOUT CAREERS IN ACCOUNTING AND PROVIDE OPPORTUNITIES TO INTERACT WITH SUCCESSFUL ROLE MODELS WHILE GAINING EXPOSURE TO THE CORPORATE ENVIRONMENT. THE FIRST COAP PROGRAM WAS OFFERED AT PACE UNIVERSITY IN 1987, AND PROGRAMS HAVE EXPANDED SIGNIFICANTLY WITH MORE THAN 97 STUDENTS PARTICIPATING AT VARIOUS COLLEGES ACCROSS THE STATE IN FISCAL YEAR 2024/25. SINCE THE PROGRAM'S INCEPTION OVER 4,469 STUDENTS HAVE GRADUATED FROM THE COAP PROGRAM. MANY OF THESE STUDENTS HAVE GONE ON TO PURSUE CAREERS IN ACCOUNTING OR BUSINESS. DURING THE PROGRAM, WHICH LASTS ONE TO FOUR DAYS, HIGH SCHOOL STUDENTS EXPERIENCE COLLEGE LIFE AND LEARN ABOUT THE ACCOUNTING PROFESSION THROUGH TRIPS TO LOCAL CPA FIRMS AND CORPORATE FINANCE DEPARTMENTS. THEY ALSO PARTICIPATE IN SPECIFICALLY DESIGNED WORKSHOPS AND CLASSES THAT TEACH THEM PERSONAL DEVELOPMENT, COMMUNICATION SKILLS, BUSINESS ETHICS, AND INTERVIEWING SKILLS. STUDENTS ARE ACCEPTED TO THE PROGRAM THROUGH AN APPLICATION PROCESS OVERSEEN BY THE NEW YORK STATE SOCIETY OF CPAS. MSF AWARDED 3 COAP SCHOLARSHIPS IN THE 2024/2025 FISCAL YEAR.

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $119,414
Program Service Revenue $0
Investment Income $169,555
Other Revenue $612,384
TOTAL REVENUE $901,353

Expense Breakdown

Grants Paid $100,065
Salaries & Benefits $0
Fundraising Expenses $2,621
Program Expenses $134,899
Other Expenses $65,879
TOTAL EXPENSES $165,944

Year-over-Year Comparison

2024 2023 Change
Revenue $901,353 $226,407 +3.0%
Expenses $165,944 $222,933 -0.3%
Net Income $735,409 $3,474 +210.7%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
9
Independent Members
9
Employees
N/A
Volunteers
37

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
6
$1,100,813
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
EDWARD N LEE CPA TRUSTEE 1.00
Director
$0 $0 $0
KEVIN MATZ CPA ESQ TRUSTEE 1.00
Director
$0 $0 $0
LIREN WEI CPA TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL DURANT CPA TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL SANGREGORIO CPA TRUSTEE 1.00
Director
$0 $0 $0
NADIA MATTHIE CPA PRESIDENT-ELECT 1.00
Officer Director
$0 $0 $0
RUMBI PETROZELLO CPA PRESIDENT-ELECT 1.00
Officer Director
$0 $0 $0
TAYLOR BICKLEY CPA TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM DRESNACK CPA SECRETARY/TREASURER 1.00
Officer Director
$0 $0 $0
AMY WILLIAMS CHIEF OPERATING OFFICER 2.25
Officer
$0 $36,250 $269,003
CALVIN HARRIS JR CPA CHIEF EXECUTIVE OFFICER 3.40
Officer
$0 $66,569 $479,042
PATRICK PAYANO CPA CHIEF FINANCIAL OFFICER 1.00
Officer
$0 $74,239 $352,768
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 $901,353 $165,944 $3,222,342 $735,409
2024 $226,407 $222,933 $2,828,403 $3,474
2023 $373,479 $498,977 $2,595,171 $-125,498
2022 $586,384 $467,479 $2,713,280 $118,905
2021 $565,315 $536,327 $2,926,389 $28,988
2020 $2,911,789 $558,638 $2,607,102 $2,353,151
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