2025-03-11T10:28:41-05:00 2024-06-30 420714325 RSM US LLP 7351 OFFICE PARK PLACE MELBOURNE FL 329408229 990 2023-07-01 850557522 STUDENT FREEDOM INITIATIVE INC STUD 2025590007 633 PENNSYLVANIA AVE NW 5TH FL WASHINGTON DC 20004 KEITH SHOATES CHIEF OPERATING OFFICER 2025590007 2025-03-10 1 0 KELLI PECK P01423033 3217516200 2025-03-07 2023 2025-03-06 01:10:19Z MARK BROWN 633 PENNSYLVANIA AVE NW 5TH FL WASHINGTON DC 20004 70098218 0 X WWW.STUDENTFREEDOMINITIATIVE.ORG X 2020 DE THE STUDENT FREEDOM INITIATIVE IS A 501(C)(3) NONPROFIT ORGANIZATION DEDICATED TO ENSURING FREEDOM IN PROFESSIONAL AND LIFE CHOICES FOR STUDENTS ATTENDING MINORITY SERVING INSTITUTIONS (MSIS). 7 6 25 6 0 0 16652730 2719528 1755711 309000 1314826 2874907 19 967 19723286 5904402 1251232 1392824 0 0 2348833 2914085 0 0 1050654 3682141 5805694 7282206 10112603 12441080 -4208201 145875504 141833798 849560 1367828 145025944 140465970 STUDENT FREEDOM INITIATIVE IS DEDICATED TO ENSURING FREEDOM IN PROFESSIONAL AND LIFE CHOICES FOR STUDENTS ATTENDING MINORITY SERVING INSTITUTIONS (MSIS). 0 0 8065611 1392824 309000 TO ADDRESS THE OVERWHELMING STUDENT DEBT FACED BY ALL TOO MANY OF THE YOUNG MEN AND WOMEN ATTENDING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES BY PROVIDING A STUDENT-CENTRIC FUNDING SOURCE FOR EDUCATION COSTS AS AN ALTERNATIVE TO HIGH-INTEREST LOANS. 8065611 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 14 0 1 25 1 0 0 0 0 0 0 0 0 0 0 0 0 X 7 6 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X MICHELE MCCULLOM 2025590007 633 PENNSYLVANIA AVE NW 5TH FL WASHINGTON DC 20004 ROBERT F SMITH CHAIRMAN 4.00 X 0 0 0 HENRY LOUIS GATES DIRECTOR 1.00 X 0 0 0 MICHAEL LOMAX DIRECTOR 1.00 X 0 0 0 LINDA WILSON DIRECTOR 1.00 X 0 0 0 LAWRENCE P BANCROFT DIRECTOR 1.00 X 0 0 0 KEITH SHOATES PRESIDENT/CHIEF OPERATING OFFICER 25.00 X X 0 0 0 MARK BROWN EXECUTIVE DIRECTOR 40.00 X X 312764 0 206 MICHELE MCCULLOM GENERAL COUNSEL & SECRETARY 40.00 X 197973 0 24832 DONNA JONES DIRECTOR OF OPERATIONS 40.00 X 149581 0 9314 YVETTE THOMAS DIRECTOR OF CAPACITY BUILDING 40.00 X 176900 0 18095 BARRY CYNAMON DIRECTOR OF PROGRAM DESIGN 40.00 X 195442 0 51016 KENNETH LUZZATTO PROJECT MANAGER 40.00 X 160311 0 21758 RONALD CROZIER CHIEF SECURITY OFFICER 40.00 X 174204 0 40444 1367175 0 165665 10 0 1 0 MCKINSEY & COMPANY INC 140 FOUNTAIN PARKWAY NORTH ST PETERSBURG FL 33716 CONSULTING 2100000 STACKWELL CAPITAL INC 100 SUMMER ST SUITE 1600 BOSTON MA 02110 PROGRAM SEED FUNDS 917000 GOOD STUFF DIGITAL 925B PEACHTREE ST NE 122 ATLANTA GA 30309 MARKETING 380400 UNITED NEGRO COLLEGE FUND INC 1805 7TH STREET NW WASHINGTON DC 20001 CONDUCT STUDY 128702 ESSENCE FESTIVAL PRODUCTIONS LLC PO BOX 10725 ALBANY NY 122015725 SPONSORSHIP 125000 7 2719528 2719528 STUDENT FREEDOM AGREEMENT 900099 309000 309000 309000 2814827 2814827 64253896 64193816 60080 60080 60080 MISCELLANEOUS 900099 967 967 967 5904402 309000 0 2875874 X 1368741 1368741 24083 24083 535775 374692 47500 113583 1930664 1350202 171167 409295 94314 65958 8362 19994 178893 125108 15860 37925 174439 120164 20812 33463 103094 103094 97075 97075 58529 58529 4181620 3983186 142797 55637 387011 10000 2995 374016 53394 53394 84013 21150 57403 5460 39920 39920 146552 43263 102629 660 112378 11000 100757 621 19667 19667 21144 21144 STUDENT FREEDOM AGREEME 462450 462450 LICENSES AND FEES 17982 17982 GIFTS 11061 11061 9804 2520 7284 10112603 8065611 996338 1050654 18111041 14612993 70432244 51159799 3551991 7035591 74929 42500 139343 52298 44106 87045 53622211 68671403 38982 224467 145875504 141833798 810400 706337 0 440000 39160 221491 849560 1367828 X 94285216 81984814 50740728 58481156 145025944 140465970 145875504 141833798 X -4208201 820672 -1172445 X 0 1 X 0 0 X 50060000 75542300 13282489 16652730 2719528 158257047 50060000 75542300 13282489 16652730 2719528 158257047 127680334 30576713 194134 1399416 2814827 4408377 13000 19 967 13986 162679410 3860991 X PART II, SHORT YEAR EXPLANATION: THE ORGANIZATION BEGAN OPERATIONS ON MARCH 16, 2020. THE AMOUNTS IN THE 2019 COLUMN REFLECT THE SHORT PERIOD FROM MARCH 16, 2020 TO JUNE 30, 2020. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 56843 37798 19045 82500 14500 68000 87045 LEASE LIABILITIES 221491 221491 X 5494100 820672 820672 4673428 58529 1172445 1230974 5904402 10054074 0 10054074 58529 58529 10112603 PART X, LINE 2: THE INSTITUTE IS EXEMPT FROM PAYMENT OF TAXES ON INCOME OTHER THAN NET UNRELATED BUSINESS INCOME UNDER IRC SECTION 501(C)(3). FOR THE YEARS ENDED JUNE 30, 2024 AND 2023, THERE WAS NO NET UNRELATED BUSINESS INCOME AND, ACCORDINGLY, NO FEDERAL OR STATE INCOME TAXES HAVE BEEN RECORDED. CONTRIBUTIONS TO THE INSTITUTE ARE DEDUCTIBLE AS PROVIDED IN IRC SECTION 170(B)(1)(A)(VI). THE FUND IS A LIMITED LIABILITY COMPANY, AND TREATED AS A DISREGARDED ENTITY FOR TAX PURPOSES; THEREFORE, IT HAS THE SAME IRC SECTION 501(C)(3) TAX-EXEMPT STATUS AS THE INSTITUTE. ALL ITEMS OF INCOME AND EXPENDITURES FOR THE FUND ARE ATTRIBUTABLE TO THE INSTITUTE, AND ARE REPORTED ON THE INSTITUTE'S ANNUAL TAX RETURN. ALL ACTIVITIES OF THE FUND ARE RELATED TO THE MISSION OF THE INSTITUTE. MANAGEMENT HAS EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION'S CONSOLIDATED FINANCIAL STATEMENTS DO NOT INCLUDE ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN DISCOUNT ON MULTI YEAR RECEIVABLES 1,172,445. 1 ALABAMA A&M UNIVERSITY FOUNDATION INC 4900 MERIDIAN STREET N HUNTSVILLE AL 358117500 636001097 501C3 45000 0 HELPS PROGRAM ALABAMA STATE UNIVERSITY 915 SOUTH JACKSON STREET MONTGOMERY AL 36104 636001101 GOV 20000 0 HELPS PROGRAM ALBANY STATE UNIVERSITY 504 COLLEGE DRIVE ALBANY GA 31705 586001996 GOV 50000 0 BROADBAND PROGRAM ALBANY STATE UNIVERSITY 504 COLLEGE DRIVE ALBANY GA 31705 586001996 GOV 10000 0 HELPS PROGRAM ALCORN STATE UNIVERSITY 1000 ASU DRIVE 509 LORMAN MS 39096 646000013 GOV 70000 0 BROADBAND PROGRAM BENNETT COLLEGE 900 E WASHINGTON ST GREENSBORO NC 27401 560532296 501C3 19000 0 HELPS PROGRAM BLUEFIELD STATE UNIVERSITY 219 ROCK STREET BLUEFIELD WV 24701 556000751 GOV 10000 0 HELPS PROGRAM BOWIE STATE UNIVERSITY FOUNDATION 14000 JERICHO PARK ROAD BOWIE MD 20715 520952758 GOV 39043 0 HELPS PROGRAM CENTRAL STATE UNIVERSITY 1400 BRUSH ROAD WILBERFORCE OH 45384 813707439 GOV 50000 0 BROADBAND PROGRAM CLAFLIN UNIVERSITY 400 MAGNOLIA ST ORANGEBURG SC 29115 570314374 501C3 150000 0 BROADBAND PROGRAM CLARK ATLANTA UNIVERSITY INC 223 JAMES P BRAWLEY DR SW ATLANTA GA 30314 581825259 501C3 14000 0 HELPS PROGRAM DENMARK TECHNICAL COLLEGE 1126 SOLOMON 1126 SOLOMAN BLATT BLVD DENMARK SC 29042 570831986 GOV 50000 0 BROADBAND PROGRAM DILLARD UNIVERSITY 2601 GENTILLY BOULEVARD NEW ORLEANS LA 70122 720408929 501C3 50000 0 BROADBAND PROGRAM DILLARD UNIVERSITY 2601 GENTILLY BOULEVARD NEW ORLEANS LA 70122 720408929 501C3 44510 0 HELPS PROGRAM FISK UNIVERSITY 1000 17TH AVENUE NORTH NASHVILLE TN 37208 620202000 501C3 50000 0 BROADBAND PROGRAM FLORIDA A&M UNIVERSITY 1700 LEE HALL DRIVE TALLAHASSEE FL 32307 590977035 501C3 15000 0 HELPS PROGRAM HAMPTON UNIVERSITY 200 WILLIAM R HARVEY WAY HAMPTON VA 23668 540505990 501C3 50000 0 BROADBAND PROGRAM HAMPTON UNIVERSITY 200 WILLIAM R HARVEY WAY HAMPTON VA 23668 540505990 501C3 15000 0 HELPS PROGRAM HUSTON-TILLOTSON UNIVERSITY 900 CHICON STREET AUSTIN TX 787022795 741180151 501C3 50000 0 BROADBAND PROGRAM J F DRAKE STATE COMMUNITY & TECHNICAL COLLEGE 3421 MERIDIAN STREET NORTH HUNTSVILLE AL 35811 630439942 501C3 10000 0 HELPS PROGRAM LAWSON STATE COMMUNITY COLLEGE 3060 WILSON ROAD SOUTHWEST BIRMINGHAM AL 35221 636112129 GOV 50000 0 BROADBAND PROGRAM LINCOLN UNIVERSITY 1570 BALTIMORE PIKE LINCOLN UNIVERSITY PA 19352 231352655 501C3 13493 0 HELPS PROGRAM MISSISSIPPI VALLEY STATE UNIVERSITY 14000 HWY 82 WEST ITTA BENA MS 38941 646001395 GOV 50000 0 BROADBAND PROGRAM MOREHOUSE COLLEGE 830 WESTVIEW DR SW ATLANTA GA 30314 580566205 501C3 33073 0 HELPS PROGRAM PAINE COLLEGE 1235 FIFTEENTH STREET AUGUSTA GA 30901 237434499 501C3 50000 0 BROADBAND PROGRAM TEXAS SOUTHERN UNIVERSITY 3100 CLEBURNE STREET HOUSTON TX 77004 746001391 501C3 10000 0 HELPS PROGRAM TOUGALOO COLLEGE 500 WEST COUNTY LINE ROAD TOUGALOO MS 39174 640303093 501C3 50000 0 BROADBAND PROGRAM TUSKEGEE UNIVERSITY 1200 WEST MONTGOMERY ROAD TUSKEGEE AL 36088 630288878 501C3 50000 0 BROADBAND PROGRAM TUSKEGEE UNIVERSITY 1200 WEST MONTGOMERY ROAD TUSKEGEE AL 36088 630288878 501C3 14600 0 HELPS PROGRAM UC RIVERSIDE FOUNDATION 900 UNIVERSITY AVENUE RIVERSIDE CA 92521 237433570 501C3 25000 0 HELPS PROGRAM VIRGINIA UNION UNIVERSITY 1500 N LOMBARDY ST RICHMOND VA 23220 540524516 501C3 80030 0 HELPS PROGRAM VOORHEES UNIVERSITY 1897 VOORHEES ROAD DENMARK SC 29042 570329786 501C3 50000 0 BROADBAND PROGRAM XAVIER UNIVERSITY OF LOUISIANA 1 DREXEL DRIVE NEW OLREANS LA 70125 720635884 501C3 50000 0 BROADBAND PROGRAM XAVIER UNIVERSITY OF LOUISIANA 1 DREXEL DRIVE NEW OLREANS LA 70125 720635884 501C3 30992 0 HELPS PROGRAM 34 0 FREEDOM VIDEO GRANT 8 18250 AI HACKATHON 2023 GRANT 2 5833 X 0 0 0 0 0 0 0 0 0 MARK BROWN EXECUTIVE DIRECTOR 312764 0 0 0 0 0 0 0 206 0 312970 0 0 0 BARRY CYNAMON DIRECTOR OF PROGRAM DESIGN 195442 0 0 0 0 0 12244 0 38772 0 246458 0 0 0 MICHELE MCCULLOM GENERAL COUNSEL & SECRETARY 197973 0 0 0 0 0 12027 0 12805 0 222805 0 0 0 RONALD CROZIER CHIEF SECURITY OFFICER 174204 0 0 0 0 0 5935 0 34509 0 214648 0 0 0 YVETTE THOMAS DIRECTOR OF CAPACITY BUILDING 176900 0 0 0 0 0 7701 0 10394 0 194995 0 0 0 KENNETH LUZZATTO PROJECT MANAGER 160311 0 0 0 0 0 9332 0 12426 0 182069 0 0 0 DONNA JONES DIRECTOR OF OPERATIONS 149581 0 0 0 0 0 8976 0 338 0 158895 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 KEITH SHOATES, ROBERT SMITH - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION REVIEWS THE FORM 990 WITH THEIR FINANCIAL ACCOUNTANTS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C POLICIES ARE REVIEWED ON QUARTERLY BASIS TO MAINTAIN COMPLIANCY. FORM 990, PART VI, SECTION B, LINE 15 COMPARATIVE DATA WAS REVIEWED AND APPROVED BY THE BOD. A BOD MOTION WAS MADE AND APPROVED DETERMINING COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST FOR THE SAME PERIOD AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 3,983,186. MANAGEMENT AND GENERAL EXPENSES 142,797. FUNDRAISING EXPENSES 55,637. TOTAL EXPENSES 4,181,620. FORM 990, PART XI, LINE 9: CHANGE IN DISCOUNT ON MULTI YEAR RECEIVABLES -1,172,445. STUDENT FREEDOM FUND 633 PENNSYLVANIA AVE NW FL 5 WASHINGTON DC 20004 884314074 FACILITATE THE ADMINISTRATION OF THE STUDENT FREEDOM AGREEMENTS DC 7637144 7778766 STUDENT FREEDOM INITIATIVE