The Stephen Phillips Memorial Scholarship Fund Inc logo

The Stephen Phillips Memorial Scholarship Fund Inc

Private foundation · Grantmaker Boston, MA EIN: 27-5040651 Website

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.

Research compiled by Grantable AI from public sources. Last updated September 2026.

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

33states

Share of 2024 grant dollars across all 520 itemized grants.

Cities

AlbanyAmherstAnn ArborAnnandaleonhudsonAshburnAtlantaAugustaAustinBabson ParkBaltimoreBangorBar HaborBaton RougeBethlehemBeverlyBiddefordBoca RatonBostonBoulderBridgewater

Giving Over Time

Total grant dollars and number of grants per year

$0$2M$4M$6M467 grants2019 499 grants2020 583 grants2021 534 grants2022 539 grants2023 520 grants2024

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

2675<$50K$50–100K$100–250K$250–500K$500K–1M$1–5M$5M+

The most common grant size was under $50K: 2,675 grants of 2,675 (100%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
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
Revenue
Expenses
Qualifying Distributions
Net Investment Income
$0$2.5M$5M$7.5M$10M2019 2020 2021 2022 2023 2024
Metric202420232022
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

  1. Updated Form 990-PF for fiscal year 2019 (received by the IRS November 12, 2021)
  2. Updated Form 990-PF for fiscal year 2020 (received by the IRS November 12, 2021)
  3. Updated Form 990-PF for fiscal year 2021 (received by the IRS November 15, 2022)
  4. Updated Form 990-PF for fiscal year 2022 (received by the IRS February 15, 2024)
  5. Updated Form 990-PF for fiscal year 2023 (received by the IRS November 14, 2024)
  6. Updated Form 990-PF for fiscal year 2024 (received by the IRS November 17, 2025)
  7. 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

Barbara W Iler — Executive Director: $263KBarbara W IlerExecutive Director$263KLawrence Coolidge — Treasurer/Director: $47KLawrence CoolidgeTreasurer/Director$47KPeggy Eysenbach — Director: $35KPeggy EysenbachDirector$35KJohn H Finley IV — Clerk/Director: $35KJohn H Finley IVClerk/Director$35KBeth Anderson — Director: $35KBeth AndersonDirector$35KRobert M Randolph — President/Director: $35KRobert M RandolphPresident/Director$35K

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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