BOARD OF DIRECTORS MEETING December 3, 2018
MEETING AGENDA Welcome General Business Financial Update Program Updates Update on Foundation Focus and Identity Factors Impacting Foundation Growth
GENERAL
BUSINESS
CURRENT YEAR
FINANCIALS
Statement of Operations Year Ended June 30, 2018 (in 000’s)
Actual
Budget
Variance
EFG Cont’s
$ 189
$ 196
(7)
Other Cont’s
215
331
(116)
Total revenue
404
527
(123)
More diverse sources of revenue with EFG accounting for only 47% (vs. 60%).
Misc. Grants
10
19
(9)
World Changers
25
44
(19)
Scholars
145
178
(33)
Contract services is all staff expense, of which $128k is Scholars; Scholars total expense is $273k or 68% of revenues
Global Initiative
12
12
0
Contract Svcs.
200
203
(3)
Facility & Misc.
32
28
4
Total expense
424
484
(60)
Net income
(20)
43
(63)
Overall loss for year
Statement of Operations Year Ended June 30, 2018 (in 000’s) Large variance due to high difficulty of outside fundraising…EFG partnership creates confusion. Strong expense management $60k gift delayed until new fiscal year
Actual
Budget
Variance
EFG Cont’s
$ 189
$ 196
(7)
Other Cont’s
215
331
(116)
Total revenue
404
527
(123)
Misc. Grants
10
19
(9)
World Changers
25
44
(19)
Scholars
145
178
(33)
Global Initiative
12
12
0
Contract Svcs.
200
203
(3)
Facility & Misc.
32
28
4
Total expense
424
484
(60)
Net income
(20)
43
(63)
Statement of Operations Compared to Budget, As of
September 30, 2018
Actual
Budget
Variance
EFG Cont’s
$0
$0
0
Other Cont’s
25
60
(35)
Total revenue
25
60
(35)
Misc. Grants
0
21
(21)
World Changers
1
7
(6)
Scholars
109
125
(16)
Global Initiative
.2
12
(12)
Contract Svcs.
168
172
4
Facility & Misc.
23
24
1
Total expense
338
396
(58)
Net income
$6
104
(98)
(in 000’s) Efforts to engage new donors have been unsuccessful. Expense management has been strong. $50k commitment has been received in May, budgeted earlier in year. $60k new gift given but will be held until next year.
Balance Sheets (in 000’s)
TEF continues to have strong balance sheets with large cash and equity balances.
June 30, 2017
June 30, 2018
Cash
$ 372
$ 329
Loan receivable
80
80
Cont’s receivable
100
75
Other
105
100
Total assets
$ 657
$ 586
Current liabilities
$ 45
$-1
Equity
612
587
Assets
Liabilities & equity
Total Liab & Equity
$ 657
$ 586
Hard Commitments to Scholar Award Winners From 2014-2017, top awards included a financial commitment. Beginning in 2018, awards no longer include a specified amount of financial commitment Any balance remaining upon student’s graduation will be given in cash
Class Year
Initial Commitment
Commitment Remaining
2014 (Revel)
$ 60,000
$ 8,727
2015 (Gio)
35,000
1,417
2016 (Flor, Marangellie, Schanika
105,000
46,732
2017 (Nick, Edna)
70,000
46,858
Totals
$ 270,000
$ 103,734
Soft Commitments to Scholar Award Winners
From 2018, awards included language such as “package of services valued at up to $20,000” to describe award benefits. Any balance remaining upon student’s graduation will be given in cash
Class Year
# of years remaining
Commitment Remaining
2016 (1 Scholar)
2
$7,000
2017 (4 Scholars)
3
$42,000
2018 (17 Scholars) 2019 (growth goal of 24 Scholars) Totals
$238,000 5
$480,000 $ 767,000
From July to November Our Progress
Elevation Scholar Update
Update on
PROGRAM GROWTH Total Scholars College: College Success 2014 2015 2016 2017
1 1 4 11
High School: College Admissions 2018
18
(1 probationary)
2014
2015
2016
2017
2018
Averag e
Award Acceptance Rate
100% 1 out of 1
60% 3 out of 5
46% 7 out of 15
70% 12 out of 17
43% 18 out of 39
64%
Award Retention Rate
100% 1 out of 1
33% 1 out of 3
100% 7 out of 7
91% 11 out of 12
Scholar Winners
1
1
4
11
College Acceptance Rate
100%
100%
100%
100%
100%
Total amount of FA Awarded
N/A
N/A
$1.2 Million
$2.74 Million
N/A
$236,792
$249,00 0
N/A
Average largest scholarship package offered
81%
17
N/A
In-state Scholar Placement
1
0
6
4
55%
Out-of State Scholar Placement
0
1
1
7
45%
Scholar College Retention Rate
100%
100%
100%
100%
100%
Proactive Implementation 2014-2017 Scholar Support Structuring our support to manage college persistence and guard graduation success. All 17 Scholars enrolled, actively engaged and succeeding.
Individual Plans Winter wear & Dorm Kits Travel for 17 to come home for Thanksgiving
Summer 201 Monthly calls with success plan
Revel Lubin: 1st College Graduate in May 2019 Schanika Pierre, Marangalie & Flor: 1st upperclassmen placed in local internship/ Jobs in their intended field Woomy Michele: 1st Scholar to land paid research fellowship
Why ENROLLMENT AND RETENTION matters Contrasted Outcomes
Scholars
Non-Scholars
Enrollment
67%
100%
First year persistence
65%
100%
Six year graduation rate
51%
???
How 2018 scholars are COACHED AND LESSONS
4 Scholars
9 Scholars
5 Scholars
We’re learning our craft , developing our institutional knowledge and developing an infrastructure for future growth
Learning Implemented: 2018 Scholars College Coaching 18 students tracking towards admissions success and teaching us along the way
Interest and potential for admission into top 50 schools highly increased: Duke Harvard U. Chicago John Hopkins
100% completed FASFA and 8 (44%) have secured bright futures with help of test prep College Tours 18 to Wake and Duke 8 to U. Chicago 3 Fly-Ins to Pitzer, Brandeis and Wesleyan
HIGH SCHOOL PROGRAMMING Increasing visibility and reach at our 5 schools Kick Off at 3/5 schools Club/ Fellows
Fellow and Friends at 4/5 schools Club at 2/5 schools 2 College Admissions bootcamps completed with 3 remaining
Bootcamp
Kick Off/ Award Promo
Scholar Award Q&A at all 5 schools Overall reach thus far: 700+ students in Orange and Seminole County
PROGRAM GROWTH Released New Brand & Website incorporating our new message
Include brand images and www.theelevationscholars.org
4 test prep tutors (UCF),
STAFF GROWTH:
1 high school coach (PT), 1 social media intern (PT)
PROGRAM GROWTH (On the Horizon) Hire Full Time Admissions Coach: Move from 50% to 80% internal coaching to lower per student cost Grow internal financial aid coaching from 80% to 100%
Developing College Networks through touring, trainings and associations (SACAC, CFCAN)
Scholar Process Refined Earlier award timeline to increase our coaching effectiveness
Goal is to award 24 students Pivotal year- total of 34 scholars in college > than # being coached through admissions will require
UPDATE
GLOBAL INITIATIVE
ELEVATION ACADEMY Second year opened September 295 Students $19,022 collected Sep-Mar $18,206 in paid expenses $12,000 in unpaid expenses
Political update Election planned for November
GLOBAL INITIATIVE Orlando Rally Makers
Haiti increased deal flow Currently underwriting five different opportunities
UPDATE
LIMON
LIMON UPDATE Three year investment of $75,000; one year extension of $17,500 Vision was to equip “lifers” to amplify their ministry in prison “One Number” grew from 55 in one prison at beginning of program to 102 in six prisons Current prison staff invited program inmates to participate in new staff training
LIMON FUTURE Have developed Crossfit program as outreach to new inmates; Crossfit HQ so impressed they want to launch program in other prisons
FUNDRAISING UPDATE
FUTURE PROGRAM Growth As we give more awards, supporting those students through college graduation makes growth expensive‌in this budget we graduate only one (Revel) but add 18!
FUTURE PROGRAM Growth As we give more awards, supporting those students through college graduation makes growth expensive‌in this budget we graduate only one (Revel) but add 18!
FUTURE PROGRAM Growth Budget control is easy…give fewer awards Staff want the chance to raise this money We need help from the board!
FUNDRAISING UPDATE New approach targeted at CEO’s and local businesses Tested on four CEO’s/business people Very positive response (two new donors) Potential New Foundation Partners •
Elevation Capital Group – YES not later then Q3 2018
•
AndCo/Mike Welker to help with targeted ask of 5-7 other CEO’s
•
Commitment for $200k over five years
New PRESENTATION
FUNDRAISING UPDATE
DISCUSSION OF STRATEGIC
DIRECTION OF FOUNDATION
FACTORS IMPACTING
FOUNDATION GROWTH
Strategic DIRECTION What are we in five years? Are we a foundation that is doing several things or a charity that is focused on one issue? Is Scholars national, statewide or focused on Central Florida? Do we stay firm in our commitment to forprofit social enterprise?
STRATEGIC DIRECTION (three options) Elevation Foundation Elevation Foundation Elevation Scholars(DBA)
Global Initiative Global initiative
Elevation Scholars (DBA)
Elevation Foundation (Scholars)
Elevation Financial Group Global Initiative
BOARD OF DIRECTORS MEETING December 19, 2018