Better Business Bureau Report for
Scholarship Foundation of St. Louis

Better Business Bureau Report issued October 2008
Better Business Bureau Report expires October 2010


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Scholarship Foundation of St. Louis
Address: 8215 Clayton Road
  Saint Louis, MO 63117
Phone: 314-725-7990
Web Address: www.sfstl.org
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Better Business Bureau Comments

Year, State Incorporated: 1920, Missouri
Affiliates: None
Stated Purpose: is based upon the conviction that an educated citizenry is essential to a democracy. The Scholarship Foundation provides access to post-secondary education to members of our community who otherwise would not have the financial means to fulfill their educational goals.

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Evaluation Conclusions

               

Scholarship Foundation of St. Louis (SFSTL ) does not meet the following Standard for Charity Accountability.

Standard 11: Financial Statements - Make available to all, on request, complete annual financial statements prepared in accordance with generally accepted accounting principles. When total annual gross income exceeds $250,000, these statements should be audited in accordance with generally accepted auditing standards. For charities whose annual gross income is less than $250,000, a review by a certified public accountant is sufficient to meet this standard. For charities whose annual gross income is less than $100,000, an internally produced, complete financial statement is sufficient to meet this standard.

This organization does not meet this Standard because it states it does not have audited financial statements for the past fiscal year.

Scholarship Foundation of St. Louis (SFSTL ) meets the remaining 19 Standards for Charity Accountability.
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Programs

               

The organization provides access to post-secondary education to students on a non-discriminatory basis who otherwise do not have the financial means to fulfill their educational goals. The Foundation provides access by awarding interest-free and fee-free loans (in excess of $2.8M annually to more than 600 students), providing grants to loan recipients and offering student employment programs. The awards are based on a student's significant financial need, academic progress and demonstration of strong character. There are two application cycles each year.

For the fiscal year ended December 31, 2007, SFSTLScholarship Foundation of St. Louis's program expenses were:

  
Interest-free Loans and Grants to Students 3,660,511
Total Program Expenses: $3,660,511
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Governance

               

Chief Executive : Faith Sandler, Executive Director
Compensation*:
 $135,951

Chair of the Board: Joel Iskiwitch
Chair's Profession / Business Affiliation: Senior Vice President, Reinsurance Group of America, Attorney and CPA

Board Size: 31

Paid Staff Size: 47

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

               

Method(s) Used:

direct mail, grant proposals, planned giving arrangements
Fund raising costs were 6% of related contributions. (Related contributions, which totaled $2,729,036, are donations received as a result of fund raising activities.)
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Tax Status

               

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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NOTES

               

<p>For the purpose of applying Standard 10, Unrestricted Ending Net Assets, the BBB&nbsp;did not include $16,963,094 in oustanding loans&nbsp;to students and $3,180,692 in property and equipment in the calculation.&nbsp;&nbsp;&nbsp;</p>

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Financial

               

The following information is based on SFSTLScholarship Foundation of St. Louis's IRS Form 990 for the fiscal year ended December 31, 2007.

Source of Funds  
Contributions 1,727,444
Program Service Revenue 1,683,183
Sales of Assets of than Inventory 1,001,592
Dividends and Interest from Securities 206,396
Other Revenue 1,052
Total Income $4,619,667


chart



Uses of Funds as a % of Total Expenses

Programs: 92%  Fund Raising: 4%  Administrative: 4% 

Total income   $4,619,667
  Program expenses $3,660,511
  Fund raising expenses 170,490
  Administrative expenses 162,181
 
Total expenses   $3,993,182
Income in Excess of Expenses   626,485
Beginning net assets   24,824,466
Other Changes in Net Assets 1,318,494
Ending net assets   26,582,961
Total liabilities   234,510
Total assets   $26,817,471


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