The Hodson Scholarship Foundation Inc in Wilmington, Delaware (DE)

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The Hodson Scholarship Foundation Inc
Employer Identification Number (EIN)521850431
Name of OrganizationThe Hodson Scholarship Foundation Inc
In Care of NameMelvin J Skyes
AddressPO BOX 2205, Wilmington, DE 19899-2205
ActivitiesGifts, grants, or loans to other organizations
SubsectionCharitable Organization
Ruling Date02/1994
DeductibilityContributions are deductible
FoundationOrganizations operated solely for the benefit of and in conjunction with organizations described in 10 through 16 above
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2010
Assets$1,000,000 to $4,999,999
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$1,259,363
Amount of Income$47,760,123
Form 990 Revenue Amount$2,122,321
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Fund Raising and/or Fund Distribution


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Amount of income in 2010: $47,760,123
This organization: 

 $47,760,123
Other organizations performing similar types of work: 

 $1,625,924

Assets in 2010: $1,259,363
The Hodson Scholarship Foundation Inc: 

 $1,259,363
Other organizations performing similar types of work: 

 $5,186,309

Expenses in 2010: $23,833,230
This organization: 

 $23,833,230
Other organizations performing similar types of work: 

 $720,340

Income to expenses ratio in 2010: 2.0
This organization: 

 2.0
Other organizations performing similar types of work: 

 1.5

Expenses allocated to program services in 2002: 75.2%
This organization: 

 75.2%
Other organizations performing similar types of work: 

 85.4%

Grants share in income in 2010: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 13.0%

Financial snapshot ($)

Revenue for 2010

Statements Regarding Other IRS Filings and Tax Compliance (for 2010)
Did the organization have unrelated business gross income of $1,000 or more during the year?Yes
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2010)
Total revenue$2,122,321
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$230,308
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$1,877,267
Gross amount from sales of assets other than inventory (Securities / Other)$46,882,889 / $632,180
Less: cost or other basis and sales expenses (Securities / Other)$45,388,972 / $248,830
Gain or (loss) (Securities / Other)$1,493,917 / $383,350
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$14,746
Statement of Functional Expenses (for 2010)
Total functional expenses$23,833,230
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$0
Payroll taxes$0
Professional fundraising services$0
Other$23,833,230
Balance Sheet (for 2010)
Total assets$1,259,363
Total liabilities$63,665
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other$63,665
Total net assets or fund balances$1,195,698
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2010)
The organization is not a private foundation because it is:An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2)
Revenue, Expenses, and Changes in Net Assets or Fund Balances
200020012002
Total revenue$4,411,609$8,123,333$1,333,276
Contributions, gifts, grants, and similar amounts received$0$8,000,000$0
Contributions to donor advised funds
Direct public support$0$8,000,000$0
Indirect public support$0$0$0
Government contributions (grants)$0$0$0
Program service revenue including government fees and contracts$0$0$0
Membership dues and assessments$0$0$0
Interest on savings and temporary cash investments$677,694$65,630$34,094
Dividends and interest from securities$4,536,881$3,511,507$2,866,415
Net rental income or (loss)$0$0$0
Gross rents$0$0$0
Less: rental expenses$0$0$0
Other investment income$-8$-1,934$22,050
Gain or (loss) from sales of assets other than inventory$-802,958$-3,451,870$-1,589,283
Gross amount from sales of assets other than inventory$3,931,697$12,145,332$7,230,401
Less: cost or other basis and sales expenses$4,734,655$15,597,202$8,819,684
Net income or (loss) from special events and activities$0$0$0
Gross revenue$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0
Less: cost of goods sold$0$0$0
Other revenue$0$0$0
Total expenses$4,988,099$3,924,381$2,182,028
Program services$4,626,490$3,541,002$1,640,040
Management and general$361,609$383,379$541,988
Fundraising$0$0$0
Payments to affiliates$0$0$0
Net assets or fund balances at end of year$36,325,992$40,198,635$37,521,671
Excess or (deficit) for the year$-576,490$4,198,952$-848,752
Net assets or fund balances at beginning of year$47,180,184$36,325,992$40,198,635
Other changes in net assets or fund balances$-10,277,702$-326,309$-1,828,212
Statement of Functional Expenses (for 2002)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$2,182,028$1,640,040$541,988$0
Grants paid from donor advised funds
Other grants and allocations$1,640,040
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$37,500$0$37,500$0
Legal fees$17,306$0$17,306$0
Supplies$0$0$0$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$0$0$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$67,703$0$67,703$0
Depreciation, depletion, etc.$0$0$0$0
Other expenses not covered above$419,479$0$419,479$0
Balance Sheets
200020012002
Total assets$36,358,240$40,238,175$37,571,980
Cash - non-interest-bearing$28,480$15,554$27,650
Savings and temporary cash investments$2,352,811$9,339,480$887,284
Accounts receivable less allowance for doubtful accounts$0$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0
Grants receivable$0$8,000,000$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0$0$0
Inventories for sale or use$0$0$0
Prepaid expenses and deferred charges$0$15,994$0
Investments - publicly-traded securities
Investments - other securities$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0
Investments - other$33,449,052$22,730,918$36,374,581
Land, buildings, and equipment less accumulated depreciation$0$0$0
Other assets, including program-related investments$527,897$136,229$282,465
Total liabilities$32,248$39,540$50,309
Accounts payable and accrued expenses$32,248$39,540$50,309
Grants payable$0$0$0
Deferred revenue$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0
Tax-exempt bond liabilities$0$0$0
Mortgages and other notes payable$0$0$0
Other liabilities$0$0$0
Total liabilities and net assets/fund balances$36,358,240$40,238,175$37,571,980
Total net assets or fund balances$36,325,992$40,198,635$37,521,671
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200020012002
Total revenue$4,411,609$8,123,333$1,333,276
Total revenue, gains, and other support per audited financial statements$-5,988,457$7,638,051$-779,968
Other expenses$-8,563,657$1,369,958$-1,694,334
Net unrealized gains on investments$-10,005,160$668,785$-910,630
Donated services and use of facilities$0$0$0
Recoveries of prior year grants$0$0$0
Other$1,441,503$701,173$-783,704
Other revenue$1,836,409$1,855,240$418,910
Investment expenses$0$0$0
Other$1,836,409$1,855,240$418,910
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200020012002
Total expenses$4,988,099$3,924,381$2,182,028
Total expenses and losses per audited financial statements$4,865,735$3,765,409$1,896,995
Other revenue$0$83$0
Donated services and use of facilities$0$0$0
Prior year adjustments$0$0$0
Losses$0$0$0
Other$0$83$0
Other expenses$122,364$159,055$285,033
Investment expenses$0$0$0
Other$122,364$159,055$285,033
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2002)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$89,853$1,243,423$0
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$34,094$0
Dividends and interest from securitiesUnrelated debt-financed activities other than rental of real estate$115,775Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$2,750,640$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment incomeUnrelated debt-financed activities other than rental of real estate$4,465Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$17,585$0
Gain or (loss) from sales of assets other than inventoryUnrelated debt-financed activities other than rental of real estate$-30,387Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$-1,558,896$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2002)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2002)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2002)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
The aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isNot controlled by disqualified persons/supports non private foundation
Support Schedule
199920002001
Total$0$0$0
Gifts, grants, and contributions received$0$0$0
Membership fees received$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0
Net income from unrelated business activities not included above$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0
Other income$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2002)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Unrelated Trade or Business Income (for 2008)
IncomeExpensesNet
Total$10,027$0$10,027
Gross receipts or sales less returns and allowances$0$0$0
Cost of goods sold$0$0$0
Gross profit$0$0$0
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$10,027$0$10,027
Rent income$0$0$0
Unrelated debt-financed income$0$0$0
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$0$0$0
Deductions Not Taken Elsewhere (for 2008)
Total deductions$1,531
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$1,531
Unrelated business taxable income$0
Unrelated business taxable income before net operating loss deduction$968
Net operating loss deduction$8,496
Unrelated business taxable income before specific deduction$0
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1The Hodson Scholarship Foundation IncPO BOX 2205, Wilmington, DE 19899-2205DE1994-02$47,760,123
2Rural School And Community Trust4301 Connecticut Ave Nw Ste 100, Washington, DC 20008-2304DC1996-01$5,120,247
3West Side Day Nursery And Kindergarten20 W 86th St, New York, NY 10024-3604NY1947-04$549,484
4American Friends Of Bucerius Law School440 Park Avenue South 2nd Floor, New York, NY 10016NY2007-02$421,513
5St Mary Central-Seton Education Endowment Fund Agency 08051997PO BOX 649, Neenah, WI 54957-0649WI1999-10$417,310
6Schools For SalonePO BOX 25314, Seattle, WA 98165-2214WA2008-06$343,503
7Verlyn E Grahl Foundation Inc130 S Main St, Fond Du Lac, WI 54935-4210WI1999-02$275,937
8St Patrick School Foundation Inc, John J Brannen Community Education Foundation Inc4 W 3rd Street, Maysville, KY 41056KY1981-10$78,106
9Drew League Foundation2851 W 120th Street Suite E 517, Hawthorne, CA 90250CA2009-01$68,411
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12U S Freedom Foundation1717k St Nw Ste 600, Washington, DC 20036DC2003-05$16,750
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14Achieve 121224 N Pine St, Lansing, MI 48933-1022MI2004-12$0
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16Bison Charities37300 10th Ave, Buffalo Center, IA 50424IA1999-09$0
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18Cascade Academy Foundation1331 Nw Eastman Pkwy, Gresham, OR 97030OR2008-09$0
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Number of organizations performing similar types of work
Arkansas1
Arizona2
California14
Colorado3
Connecticut1
District of Columbia4
Delaware1
Florida3
Georgia3
Iowa6
Illinois4
Indiana1
Kansas1
Kentucky2
Louisiana2
Massachusetts3
Maryland3
Maine1
Michigan4
Minnesota1
Missouri1
Mississippi2
North Carolina4
New Hampshire1
New Jersey4
New Mexico2
Nevada1
New York7
Ohio3
Oregon2
Pennsylvania2
Rhode Island2
South Dakota1
Tennessee4
Texas7
Virginia2
Vermont1
Washington4
Wisconsin4
Total114

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