The Stephen Phillips Memorial, based in Boston, Massachusetts, is a private foundation that supports college students through scholarships. Its website describes its purpose as making college more accessible by removing financial barriers.
Key facts about The Stephen Phillips Memorial Scholarship Fund Inc
In short: The Stephen Phillips Memorial Scholarship Fund Inc gave $5.1M across 520 grants in 2024 (avg $10K), top state Massachusetts. Source: 2024 IRS Form 990-PF.
- EIN
- 27-5040651
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $5,113,260
- Grants made (2024)
- 520
- Average grant
- $9,833
- Median grant
- $8,500
- Total assets
- $41,616,438
- Primary geography
- Massachusetts (42% of itemized 2024 grant dollars)
- How to apply
- Applicants apply through the online student portal. Full details ↓
- Deadline
- For the 2026–2027 cycle, new applications were due May 1, 2026, with an early-response deadline of April 2, 2026, for…
Data from IRS Form 990-PF, 2024; updated October 2026. Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$41.6M
-2.4% YoY
Annual Giving
$5.1M
+12.1% YoY
Grant Count
520
-3.5% YoY
Avg Grant Size
$10K
+16.2% YoY
Under IRS private-foundation payout rules, The Stephen Phillips Memorial Scholarship Fund Inc reported a distributable amount of $5.7M for 2024 — the minimum it must pay out in qualifying distributions.
How The Stephen Phillips Memorial Scholarship Fund Inc gives
- Giving held roughly steady from 2021 to 2024 (−13%). Method
- In 2024 it paid out 110% of its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Mission & Focus Areas
The fund’s stated aim is to reduce financial barriers to college. Its scholarships are based on location, financial need, and merit. The fund looks for academic achievement, service to others, a strong work ethic, and leadership qualities.
Grantmaking
In 2024, the fund reported 520 grants totaling $5,113,260. Individual grants ranged from $500 to $41,000, with a median of $8,500. The fund’s website describes scholarship awards as generally ranging from $3,000 to $17,000, with average annual awards usually between $6,000 and $10,000.
Review Cycle
For the 2026–2027 cycle, new applications were due May 1, 2026, with an early-response deadline of April 2, 2026, for high school applicants. Renewal applications were due February 3, 2026. The fund’s website states that these applications are closed.
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Geographic Focus
Where this funder awards grants
Applicants must be permanent residents of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, or Vermont. They may attend an accredited undergraduate institution anywhere in the United States. In 2024, the largest shares of grant dollars by recipient state were Massachusetts (42%), Connecticut (14%), Rhode Island (8%), New York (7%), and Pennsylvania (6%).
Grant Distribution by State
Share of 2024 grant dollars across all 520 itemized grants.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2024, annual grant giving ranged from $3.2M (2020) to $5.9M (2021). In 2024 it made 520 grants totaling $5.1M.
Grant Insights
How this funder distributes its grants
Grant Size Distribution
2,675 grants across all recorded years
The most common grant size was under $50K: 2,675 grants of 2,675 (100%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| 50 individual scholarships Recipients not named | — | $1,180,950 |
Financial History
Multi-year comparison from IRS filings
| Filing year | Assets | Revenue | Expenses | Grant total | Grant count |
|---|---|---|---|---|---|
| 2024 | $41,616,438 | $4,513,711 | $6,854,952 | $5,113,260 | 520 |
| 2023 | $42,633,718 | $5,764,072 | $6,259,207 | $4,561,543 | 539 |
| 2022 | $43,097,955 | $2,798,772 | $5,859,255 | $4,224,000 | 534 |
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $41,616,438 | $42,633,718 | $43,097,955 |
| Revenue | $4,513,711 | $5,764,072 | $2,798,772 |
| Expenses | $6,854,952 | $6,259,207 | $5,859,255 |
| Qualifying Distributions | $6,333,435 | $5,836,641 | $5,245,565 |
| Net Investment Income | $3,113,256 | $4,386,008 | $2,036,535 |
| Distributable Amount | $5,744,545 | $4,933,254 | $5,028,211 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2019 (received by the IRS November 12, 2021)
- Updated Form 990-PF for fiscal year 2020 (received by the IRS November 12, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS November 15, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS February 15, 2024)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS November 14, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS November 17, 2025)
- IRS filings on file for fiscal years 2019–2024
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Peggy Eysenbach, Lawrence Coolidge (Treasurer/Director), John H. Finley IV (Clerk/Director), Beth Anderson, Robert M. Randolph (President/Director), and Barbara W. Iler (Executive Director).
The Stephen Phillips Memorial Scholarship Fund Inc is led by Barbara W. Iler, Executive Director on every filing since 2019; all 6 officers listed in 2024 are compensated.
Officers on the 2024 filing
Barbara W. Iler
Executive Director
On filings since 2019
40 hrs/week
$210K (2019) → $263K (2024)
Robert M. Randolph
President & Director
On filings since 2019
1 hr/week
$35K (2019) → $35K (2024)
John H. Finley IV
Clerk & Director
On filings since 2019
1 hr/week
$35K (2019) → $35K (2024)
Lawrence Coolidge
Treasurer & Director
On filings since 2019
1 hr/week
$47K (2019) → $47K (2024)
Beth Anderson
Director
On filings since 2020
1 hr/week
$35K (2020) → $35K (2024)
Peggy Eysenbach
Director
On filings since 2020
1 hr/week
$35K (2020) → $35K (2024)
Former officers (2)
- Former: Beth Anderson Appointed (2019) — Director
- Former: Peggy Eysenbach Appointed (2019) — Director
Data from IRS Form 990 filings, 2019–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $263K, to Barbara W Iler (Executive Director). 6 officers or directors reported compensation on that filing.
Contact
Application contact: The Stephen Phillips Memorial Schol
Mailing address: PO Box 870, Salem, MA 01970
Phone: (978) 744-2111
Email: staff@spscholars.org
Website: https://phillips-scholarship.org
Frequently asked questions about The Stephen Phillips Memorial Scholarship Fund Inc
How much does The Stephen Phillips Memorial Scholarship Fund Inc give each year?
The Stephen Phillips Memorial Scholarship Fund Inc gave $5.1M across 520 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $4.6M across 539 grants.
What is The Stephen Phillips Memorial Scholarship Fund Inc's typical grant size?
The Stephen Phillips Memorial Scholarship Fund Inc's median grant in 2024 was $8,500, and its average grant was $9,833, across 520 grants on its 2024 IRS Form 990-PF.
Where does The Stephen Phillips Memorial Scholarship Fund Inc give grants?
The Stephen Phillips Memorial Scholarship Fund Inc's top state is Massachusetts, with 42% of the grant dollars itemized on its 2024 IRS Form 990-PF. The next largest states were Connecticut (14%) and Rhode Island (8%).
Does The Stephen Phillips Memorial Scholarship Fund Inc give general operating support?
Not in 2024: none of the 520 grants with a stated purpose on The Stephen Phillips Memorial Scholarship Fund Inc's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Scholarship" (520 grants).
How large is The Stephen Phillips Memorial Scholarship Fund Inc?
The Stephen Phillips Memorial Scholarship Fund Inc reported $41.6M in total assets on its 2024 IRS Form 990-PF. It paid out $6.3M in qualifying distributions that year, against a required minimum of $5.7M (roughly 5% of its investment assets).
What does The Stephen Phillips Memorial Scholarship Fund Inc fund?
The fund’s stated aim is to reduce financial barriers to college. Its scholarships are based on location, financial need, and merit. The fund looks for academic achievement, service to others, a strong work ethic, and leadership qualities. See mission & focus areas ↑
How do I apply for a grant from The Stephen Phillips Memorial Scholarship Fund Inc?
Applicants apply through the online student portal. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is The Stephen Phillips Memorial Scholarship Fund Inc's EIN?
The Stephen Phillips Memorial Scholarship Fund Inc's EIN (Employer Identification Number) is 27-5040651. IRS Form 990 filing data is available on this page for 2019–2024.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
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