NACM Scholarship Foundation Inc.

Overview

The NACM Scholarship Foundation Inc. is a nonprofit organization established in 2005 by the National Association of Credit Management (NACM) to provide financial assistance in the form of scholarships for business credit professionals. This foundation operates as a 501(c)(3) tax-exempt organization[1][3].

Mission

The mission of the NACM Scholarship Foundation Inc. is to enhance the educational opportunities available to credit professionals by offering scholarships regardless of membership status. The foundation aims to bolster the mission of NACM, which advocates for business credit and financial management professionals, promoting professional growth and development across industries[1][3].

Activities

The foundation engages in fundraising activities to support its scholarships. It has successfully raised significant funds through various efforts, including corporate and personal donations. One notable fundraising event is a silent auction held annually during the Credit Congress[1].

Governance

The NACM Scholarship Foundation Inc. is overseen by an independent Board of Trustees, which includes members of the NACM Board of Directors and past national chairs. This governance structure ensures the foundation's alignment with NACM's broader goals while maintaining independence in decision-making[1].

Financials

As of 2023, the NACM Scholarship Foundation Inc. reported a revenue of $38,300 and expenses of $53,700, with total assets amounting to $507,000 and liabilities of $2,500[4]. The foundation has earned a 4-star rating from Charity Navigator[5].

Impact

Through its scholarships, the foundation supports the development of a well-educated and respected credit profession within the business community. By providing financial assistance, it opens educational avenues for credit professionals, regardless of their employment status or industry affiliation[1]. The foundation's efforts contribute significantly to professional enhancement and community growth in the business credit sector.

[1] https://nacm.org/about/scholarship-foundation.html [2] https://nacmnet.org/resources/scholarships-offered-by-nacm/ [3] https://www.guidestar.org/profile/20-2574848 [4] https://projects.propublica.org/nonprofits/organizations/202574848 [5] https://www.charitynavigator.org/ein/202574848