Scholars of Finance
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Scholars of Finance does not meet the following 4 Standards for Charity Accountability:
Standard 1 (Oversight of Operations and Staff)
Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.
SOF does not meet this Standard because its board of directors does not:
- Have an approved conflict of interest policy.
- Have a voting member of the board who is assigned the responsibility of serving as the treasurer.
- The paid Chief Executive Officer serves as the chair of the board.
Standard 7 (Board Approval of Written Report on Effectiveness)
Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.
SOF does not meet this Standard because:
- The organization did not produce a written report outlining the results of its February 2024 effectiveness assessment.
Standard 16 (Annual Report)
Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.
SOF does not meet this Standard because:
- The organization states it does not have an annual report covering activities conducted in 2022.
Standard 17 (Web Site Disclosures)
Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.
SOF does not meet this Standard because the organization’s website, https://scholarsoffinance.org/, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:
- Electronic access to the organization’s 2022 IRS Form 990.
The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability: 14
Scholars of Finance meets the remaining 15 Standards for Charity Accountability.
Stated Purpose:
"to inspire character and integrity in the finance leaders of tomorrow."
Year, State Incorporated:
2017, MN
Scholars of Finance (SOF) reports it is dedicated to inspiring character and integrity among the finance leaders of tomorrow. The organization provides undergraduate students with opportunities in finance, through programs including leadership development, speaker series, symposia, mentorship network, technical training, and values forum. SOF states the leadership development program is a seven-week course built for participants to examine and develop their personal mission and values. The organization’s mentorship network partners professional finance executives with students interested in similar career paths.
For the year ended December 31, 2022, Scholars of Finance's program expenses were:
| Program services | $1,051,511 |
| Total Program Expenses | $1,051,511 |
Chief Executive
Ross Overline, Co-Founder, Chief Executive Officer
Compensation*
$132,292
Chair of the Board
Ross Overline
Chair's Profession / Business Affiliation
Co-Founder, Chief Executive Officer, Scholars of Finance
Board Size
6
Paid Staff Size
7
*2021 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Direct mail appeals, Internet, Radio, Foundation grants
Fundraising costs were 15% of related contributions. (Related contributions, which totaled $1,458,928, 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 Scholars of Finance's audited financial statements for the year ended December 31, 2022.
Source of Funds
| Other income | $1,012 |
| Contributions | $1,458,928 |
| Total Income | $1,459,940 |
Programs: 74% Fundraising: 16% Administrative: 10%
| Total Income | $1,459,940 |
| Total expenses: | $1,417,335 |
| Program expenses | $1,051,511 |
| Fundraising expenses | $219,849 |
| Administrative expenses | $145,975 |
| Other expenses | $0 |
| Income in Excess of Expenses | $42,605 |
| Beginning Net Assets | $1,884,165 |
| Other Changes In Net Assets | $0 |
| Ending Net Assets | $1,926,770 |
| Total Liabilities | $75,454 |
| Total Assets | $2,002,224 |
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
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Meets Standards
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Standards Not Met
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Did Not Disclose
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Review in Progress
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Unable to Verify
Report completed by:
BBB Wise Giving Alliance