Give.org logo
Support Give.org
Support Give.org
CHARITY REVIEW
Issued: December 2024 Expires: December 2026

GRASP Great Aspirations Scholarship Program

Accredited Charity
Accredited Charity

Meets Standards
Accreditation seal
(804) 527-7726
2821 Emerywood Parkway, Suite 204
Richmond, VA, 23294
https://grasp4va.org
📄 Full Report 🖨️ Print 📋 BBB Charity Standards

Standards For Charity Accountability

Governance

  1. Board Oversight
  2. Board Size
  3. Board Meetings
  4. Board Compensation
  5. Conflict of Interest

Measuring Effectiveness

  1. Effectiveness Policy
  2. Effectiveness Report

Finances

  1. Program Expenses
  2. Fundraising Expenses
  3. Accumulating Funds
  4. Audit Report
  5. Detailed Expense Breakdown
  6. Accurate Expense Reporting
  7. Budget Plan

Fundraising & Info

  1. Truthful Materials
  2. Annual Report
  3. Website Disclosures
  4. Donor Privacy
  5. Cause Marketing Disclosures
  6. Complaints

GRASP Great Aspirations Scholarship Program meets the 20 Standards for Charity Accountability.

Stated Purpose:
"to help students and their families, with a focus on financially disadvantaged households, by: giving inspiration and hope that their goals are attainable; assisting them with the financial aid process and awarding scholarships; and supporting them in the attainment of their post-secondary goals at the lowest possible cost."

Year, State Incorporated:
1983, VA

Also Known As:
Richmond Area Scholarships Program, Inc.

Great Aspirations Scholarship Program (GRASP) is a college-access organization that assists students and families in obtaining funding for post-secondary education. Through the in-school advising program, GRASP advisors educate high school students about how to fund post-secondary education and provide hands-on help to follow through with the required applications. The SOAR Virginia program is an early commitment program that serves students in 10th through 12th grade on financial literacy, attendance, grades, community service, post-secondary school options and post-secondary financial aid. The organization’s summer texting program helps students with roadblocks that arise between graduation and matriculation through text reminders and direct assistance. GRASP’s college success program continues support after high school graduation with focus on post-secondary retention. The organization builds awareness to middle school students about exploring career options, including skilled trades, and the post-secondary educational pathways required to attain them. Finally, the organization also offers scholarships to help cover expenses beyond the financial aid package, including community college, college, and PreK - 12 education.

For the year ended June 30, 2023, GRASP Great Aspirations Scholarship Program's program expenses were:

Advising $987,435
Scholarships $348,434
Education Improvement Scholarship Tax Credit Program $282,340
Total Program Expenses $1,618,209

Chief Executive
Todd Martin, President and Chief Executive Officer

Compensation*
$144,632

Chair of the Board
Kenneth M. Dye

Chair's Profession / Business Affiliation
Retired Senior Director, Government and Community Affairs, Comcast Metro Richmond

Board Size
20

Paid Staff Size
89

*2022 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.

Method(s) Used:
Direct mail appeals, Grant proposals, Direct mail appeals, Radio, Special events

Fundraising costs were 4% of related contributions. (Related contributions, which totaled $1,672,220, are donations received as a result of fundraising activities.)

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.

The following information is based on GRASP Great Aspirations Scholarship Program's audited financial statements for the year ended June 30, 2023.

Source of Funds
Commonwealth of Virginia $500,000
Private donors $438,180
Foundations $419,733
Net assets released for scholarships $291,840
Education improvement scholarship tax credit program K-12 support $268,500
Virginia 529 school fees $220,000
Investment income $191,278
SOAR Virginia fees $90,500
Rebuild Virginia $85,255
Public school advisor fees $74,500
10% fee released for administration $26,850
Small donor fund $14,635
Miscellaneous $4,776
In-kind services $4,738
Fees earned scholarships $4,000
Event income $3,094
Total Income $2,319,189

Programs: 82% Fundraising: 3% Administrative: 15%

Total Income $2,319,189
Total expenses: $1,984,825
  Program expenses $1,618,209
  Fundraising expenses $66,769
  Administrative expenses $299,847
  Other expenses $0
Income in Excess of Expenses $334,364
Beginning Net Assets $4,416,333
Other Changes In Net Assets $0
Ending Net Assets $4,750,697
Total Liabilities $237,321
Total Assets $4,988,018

Note: According to GRASP’s audited financial statements for the year ended June 30, 2023, the organization received in-kind contributions of $4,738 in professional services.

An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the International Association of Better Business Bureaus.

This report is not to be used for fundraising or promotional purposes.

RELATED CONTENT

Report completed by:
BBB Wise Giving Alliance