The Scholarship Foundation of Wakefield Inc

Analysis

The Scholarship Foundation of Wakefield Inc is a registered charity in United States, based in Wakefield, MA. It received its IRS tax-exemption ruling in June 2014, 12 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, The Scholarship Foundation of Wakefield Inc reported income of $1.2m and spending of $1.1m, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.7m to $1.2m (-31%), an average of -8.8% a year. The sharpest change came in the year to December 2021, when income rose by 74%. Over the whole period it spent 68% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, The Scholarship Foundation of Wakefield Inc sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 80th percentile within MA. Charities of a similar size with the same main cause include Foundation for State Technical College of Missouri Inc ($1.2m), Keyser Mineral County Public Library ($1.2m) and Highland Christian Academy ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 30% of the total. Other salaries and wages came to $121k. At year end it held assets of $22.1m against liabilities of $16k, net assets of $22.1m. It reported 2 employees.