GOLD2023

SHAWN CARTER SCHOLARSHIP FUND

aka Shawn Carter Foundation   |   New York, NY   |  www.shawncartersf.com
GuideStar Charity Check

SHAWN CARTER SCHOLARSHIP FUND

EIN: 11-3662240


Mission

The Shawn Carter Foundation (aka "Shawn Carter Scholarship Fund") was founded as a public charity in 2003 by Gloria Carter and her son, Shawn "JAY-Z" Carter to open the doors of education, travel, enlightenment and experiences to those that may never have thought it possible. In doing so, the goal is to significantly increase the educational, social, and economic prospects of traditionally underserved students so they can fulfill their dreams and become positive contributors to the global community. Everyone possesses a genius level talent and The Shawn Carter Foundation’s mission is to give a platform to achieve greatness.

Ruling year info

2003

CEO and Co-Founder

Gloria Carter

Executive Director

Dania Diaz

Main address

c/o Bessemer Trust 1271 Avenue of the Americas

New York, NY 10020 USA

Show more contact info

EIN

11-3662240

Subject area info

Education

Population served info

Adolescents

Young adults

Ethnic and racial groups

Immigrants

Economically disadvantaged people

Show more populations served

NTEE code info

Scholarships, Student Financial Aid, Awards (B82)

Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Scholarship Fund

Provides individual grants, paid directly to the educational institution, to every student who qualifies and reapplies yearly, from admission to graduation. The grant can be used to cover tuition expenses and related supplemental educational expenses such as books, lab fees, travel and select costs of living. All Shawn Carter Scholars are required to “give back” by conducting community service and by serving as mentors to younger, aspiring Shawn Carter Scholars.

Population(s) Served
Ethnic and racial groups
Economically disadvantaged people
Adolescents
Young adults
Students

Exposes aspiring college students to the world of historically black colleges and universities (HBCUs) in order to promote increased college attendance at these institutions of higher learning. Over 10 original partner HBCUs from Pennsylvania to Georgia are visited throughout the tour, and the majority of these institutions become the future academic homes of our college tour participants. Currently the tours service interested candidates in New York, New Jersey and Connecticut. Candidates are required to attend a series of preparatory workshops to strengthen their prospects for college admission including:

ACT/SAT Preparation
Financial Aid & Scholarships Resources
College Essay and the Academic Resume
Interview Skills, Dress for Success
College Orientation

Population(s) Served
Adolescents
Ethnic and racial groups
Economically disadvantaged people
Immigrants
Students

Funding is a top barrier to first-generation student participation in study abroad. SCF has partnered with institutions to expand opportunities for scholars to travel and develop global perspectives. 31 students have studied abroad with all expenses paid. Past partners include the Institute for International Education (IIE)/Gilman International Scholarship Program and University of the Arts - London.

Population(s) Served
Students
Young adults
Ethnic and racial groups
Economically disadvantaged people

Where we work

Affiliations & memberships

Joyce E. Smith Excellence in Education (NACAC) 2020

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

We aim to:
1) Increase opportunities for advancement among underserved youth seeking to fulfill their educational and professional goals
2)Increase the number of underserved youth attending and graduating post-secondary institutions
3) Strengthen the workforce by preparing diverse talent that has been traditionally underrepresented in various fields, industries, and sectors for vital roles in all facets of business and leadership.

Our strategies for making our programs happen are the following

Increase opportunities for advancement among underserved youth seeking to fulfill their educational and professional goals:
Provide scholarship support to remove financial barriers to post secondary education and trade schools
Provide college workshops and an HBCU bus tour to increase knowledge and preparation for college and exposure to Historically Black colleges and universities
Provide funded opportunities for underserved youth to study abroad
Provide wealth building and financial literacy programs
Provide networking opportunities with professionals in a variety of fields and linking scholars with job opportunities

Increase the number of youth attending and graduating post-secondary institutions and trade schools:
Provide scholarship support to remove financial barriers
Expand outreach to high schools to recruit, enroll and engage more youth in our college workshops
Link students with alumni and other scholars for community support and networking

Strengthen the workforce by preparing diverse talent that has been traditionally underrepresented in various fields, industries, and sectors for vital roles in all facets of business and leadership.
Partner with corporations and institutions to secure job exposure, internships and fellowship opportunities for scholars (ex: Josh Dubin Fellowship)

Our organization has been providing these services for 20 years with qualified staff, dedicated board, focused curricula, and corporate and educational partners and supporters.

We have accomplished tracking the following metrics:
- HBCU Bus Tour: number of students participating in the series of workshops and attending, number of seniors provisionally accepted on the tour, number of students who matriculate at the visited schools
- Scholarship Fund: number of applicants over the course of years, number of scholars graduating within 4 - 5 years, number of scholars receiving job placement after graduation

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We demonstrated a willingness to learn more by reviewing resources about feedback practice.
done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To inform the development of new programs/projects, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on demographics (e.g., race, age, gender, etc.), We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive, We tell the people who gave us feedback how we acted on their feedback

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback

Financials

SHAWN CARTER SCHOLARSHIP FUND
Fiscal year: Jan 01 - Dec 31
Financial documents
2021 Shawn Carter Scholarship Foundation
done  Yes, financials were audited by an independent accountant. info

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
NET GAIN/LOSS:    in 
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2022 info

SOURCE: IRS Form 990

38.77

Average of 40.22 over 10 years

Months of cash in 2022 info

SOURCE: IRS Form 990

56.3

Average of 25.3 over 10 years

Fringe rate in 2022 info

SOURCE: IRS Form 990

13%

Average of 11% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

SHAWN CARTER SCHOLARSHIP FUND

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

SHAWN CARTER SCHOLARSHIP FUND

Balance sheet

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

SHAWN CARTER SCHOLARSHIP FUND

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of SHAWN CARTER SCHOLARSHIP FUND’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

Created in partnership with

Business model indicators

Profitability info 2018 2019 2020 2021 2022
Unrestricted surplus (deficit) before depreciation $343,424 $4,134,866 -$900,753 -$203,092 $1,304,722
As % of expenses 55.1% 595.8% -19.5% -26.9% 123.9%
Unrestricted surplus (deficit) after depreciation $343,150 $4,134,714 -$900,767 -$203,092 $1,304,722
As % of expenses 55.0% 595.7% -19.5% -26.9% 123.9%
Revenue composition info
Total revenue (unrestricted & restricted) $966,856 $4,924,166 $3,724,003 $552,974 $2,357,871
Total revenue, % change over prior year 28.8% 409.3% -24.4% -85.2% 326.4%
Program services revenue 0.2% 0.0% 1.6% 0.0% 0.0%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 0.0% 0.0% 0.0% 0.1% 0.0%
Government grants 0.0% 0.0% 0.9% 0.0% 0.0%
All other grants and contributions 99.8% 100.0% 97.4% 98.7% 98.3%
Other revenue 0.0% 0.0% 0.0% 1.2% 1.7%
Expense composition info
Total expenses before depreciation $623,432 $693,957 $4,624,756 $756,066 $1,053,149
Total expenses, % change over prior year -16.0% 11.3% 566.4% -83.7% 39.3%
Personnel 29.4% 25.5% 4.2% 25.0% 19.8%
Professional fees 5.5% 4.0% 1.1% 1.2% 6.2%
Occupancy 0.0% 0.0% 0.0% 0.0% 0.0%
Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Pass-through 62.1% 67.1% 94.3% 70.7% 65.5%
All other expenses 3.1% 3.4% 0.4% 3.1% 8.5%
Full cost components (estimated) info 2018 2019 2020 2021 2022
Total expenses (after depreciation) $623,706 $694,109 $4,624,770 $756,066 $1,053,149
One month of savings $51,953 $57,830 $385,396 $63,006 $87,762
Debt principal payment $0 $0 $0 $0 $0
Fixed asset additions $0 $0 $0 $0 $0
Total full costs (estimated) $675,659 $751,939 $5,010,166 $819,072 $1,140,911

Capital structure indicators

Liquidity info 2018 2019 2020 2021 2022
Months of cash 5.2 81.5 9.8 56.5 56.3
Months of cash and investments 5.2 81.5 9.8 56.5 56.3
Months of estimated liquid unrestricted net assets 9.3 79.9 9.7 55.8 54.9
Balance sheet composition info 2018 2019 2020 2021 2022
Cash $270,217 $4,714,031 $3,770,693 $3,559,051 $4,942,214
Investments $0 $0 $0 $0 $0
Receivables $250,000 $0 $0 $0 $0
Gross land, buildings, equipment (LBE) $6,539 $6,539 $6,539 $6,539 $6,539
Accumulated depreciation (as a % of LBE) 97.5% 99.8% 100.0% 100.0% 100.0%
Liabilities (as a % of assets) 6.8% 2.0% 1.4% 1.2% 2.6%
Unrestricted net assets $485,172 $4,619,886 $3,719,119 $3,516,027 $4,820,749
Temporarily restricted net assets $0 N/A N/A N/A N/A
Permanently restricted net assets $0 N/A N/A N/A N/A
Total restricted net assets $0 $0 $0 $0 $0
Total net assets $485,172 $4,619,886 $3,719,119 $3,516,027 $4,820,749

Key data checks

Key data checks info 2018 2019 2020 2021 2022
Material data errors No No No No No

Operations

The people, governance practices, and partners that make the organization tick.

Documents
Letter of Determination is not available for this organization
Form 1023/1024 is not available for this organization

CEO and Co-Founder

Gloria Carter

Executive Director

Dania Diaz

Number of employees

Source: IRS Form 990

SHAWN CARTER SCHOLARSHIP FUND

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

There are no highest paid employees recorded for this organization.

SHAWN CARTER SCHOLARSHIP FUND

Board of directors
as of 03/20/2023
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Gloria Carter

Carolyn Archer

Kashyap Bakhai

Chaka Pilgrim

Neil Sirni

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Not applicable

Organizational demographics

SOURCE: Self-reported; last updated 2/15/2023

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
Black/African American
Gender identity
Female, Not transgender
Sexual orientation
Gay, Lesbian, Bisexual, or other sexual orientations in the LGBTQIA+ community
Disability status
Person without a disability

The organization's co-leader identifies as:

Race & ethnicity
Hispanic/Latino/Latina/Latinx
Gender identity
Female, Not transgender
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

Disability

We do not display disability information for organizations with fewer than 15 staff.