Governors Scholars Program Inc

Analysis

Governors Scholars Program Inc is a registered charity in United States, based in Frankfort, KY. It received its IRS tax-exemption ruling in December 1983, 43 years ago. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Governors Scholars Program Inc reported income of $2.4m and spending of $2.7m, spending 115% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $2.4m to $2.4m (-0.4%), an average of -0.1% a year. The sharpest change came in the year to December 2020, when income dropped by 17%. Over the whole period it spent 105% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Governors Scholars Program Inc sits at the 87th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 88th percentile within KY. Charities of a similar size with the same main cause include Bridges of Hope Charitable TR ($2.4m), Veterans Bio-Medical Research Institute Inc ($2.4m) and Woodland Child Development Center Inc ($2.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $160k (5.8% of expenses). Other salaries and wages came to $395k. At year end it held assets of $303k against liabilities of $54k, net assets of $248k. It reported 11 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.