Better Business Bureau Report for
Scholarship Foundation of St. Louis

Better Business Bureau Report issued January 2010
Better Business Bureau Report expires January 2012


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...


Find out more about this charity:

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Charity Contact Information

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

Year, State Incorporated: 1929, Missouri
Affiliates: None
Stated Purpose: The Scholarship Foundation of St. Louis, a non-profit organization founded in 1920, is based upon the conviction that an educated citizenry is essential to a democracy. The Scholarship Foundation provides access to post-secondary eduction 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.

SFSTL 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 $3.2 million annually to approximately 600 students), providing grants to loan recipients and offering student advising and 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, 2009, SFSTL's program expenses were:

  
Student loan and grant awards and program services 4,383,328
Total Program Expenses: $4,383,328
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Governance

               

Chief Executive : Faith Sandler, Executive Director
Compensation*:
 $156,484

Chair of the Board: Estie Pruett
Chair's Profession / Business Affiliation: Co-Founder, Family Matters Associates (Retired)

Board Size: 30

Paid Staff Size: 74

*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
Fund raising costs were 4% of related contributions. (Related contributions, which totaled $4,250,734, 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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Financial

               

The following information is based on SFSTL's IRS Form 990 for the fiscal year ended December 31, 2009.

Source of Funds  
Public Support 3,027,798
Student Loan Repayments 1,774,881
Thrift Shop net proceeds 1,222,936
Investment Income and Other -38,684
Total Income $5,986,931


chart



Uses of Funds as a % of Total Expenses

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

Total income   $5,986,931
  Program expenses $4,383,328
  Fund raising expenses 169,004
  Administrative expenses 210,418
 
Total expenses   $4,762,750
Income in Excess of Expenses   1,224,181
Beginning net assets   26,062,709
Other Changes in Net Assets 2,112,435
Ending net assets   29,399,325
Total liabilities   296,069
Total assets   $29,695,394


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NOTES

               

For the purpose of applying Standard 10, Unrestricted Ending Net Assets, the BBB did not include $19,769,541 in oustanding loans to students and $2,749,308 in property and equipment in the calculation.   

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