Ole School Scholarship Fund

Nonprofit profile at a glance

EIN
261545132
IRS 990 coverage
2023–2025
Forms available
Form 990 2025, Form 990-EZ 2022, Form 990-N 2020
Location
Chesapeake, VA, USA
Phone
7039277825
Rating
62
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$125,515
Expenses
$81,867
Assets
$530,870
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • Derek Steele (President)
  • Malcom Taylor (Vice President)

People named in this filing

  • Derek Steele (President)
  • Malcom Taylor (Vice President)
  • Charles May (Advisor)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Award a minimum of three (3) incoming (Freshman) and three (3) retention (upperclassmen) scholarships annually to underserved/underrepresented students attending James Madison University.

What it reported doing in 2025

Sentara Healthcare Program: The Ole School Scholarship Fund (The Fund) - in partnership with Sentara Healthcare, continued to provide financial assistance (scholarships, tuition, stipends, books, miscellaneous fees, supplies/equipment) to and in support of underserved\underrepresented healthcare service industry students (and students in supporting majors) participating in The Fund Recruitment Program at James Madison University. This year, The Fund provided support including: (1) Sentara Summer Camp program student stipends ($10,600); (2) mentorship/recruitment efforts ($1,370); (3) other student stipend/awards ($4,700); (4) administrative/operational support (i.e., audio/visual, misc. event/meeting costs, event honoree gifts, bank fees, event catering, new checks, volunteer per diem, PO Box rental) Ole School Scholarship Fund Operational Support ($6,475.52); and (5) specific student travel in support of the Ghana Summer event ($1619.31).

Operating model

Revenue model
Donor-supported. 89% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 91% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 78
  • Accountability: 6
  • Sustainability: 81
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.2%; rating input score 69
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 80%; rating input score 80; 1st percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 83.7%; rating input score 84; 52nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: Limited
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 34.8%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 6.48; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: 6.9% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 37th percentile among comparable filings
  • Asset growth: 24.4% per year; rating input score 100; 87th percentile among comparable filings

Details

  • Where the money goes: 69.2% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 7 filing controls reported
  • Programs: 8 filed program accomplishments · $82K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 16 of 18 current checks pass · 2 findings to review
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2023 to 2025
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 5 of 6 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.