The Stephen Phillips Memorial Scholarship Fund Inc
The Stephen Phillips Memorial Scholarship Fund Inc is a Boston, Massachusetts-based private foundation that awards scholarships to help make college more accessible by removing financial barriers. Its scholarships support students pursuing bachelor’s degrees, with selection based on location, financial need, and merit.
The Stephen Phillips Memorial Scholarship Fund Inc at a glance
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.
- Annual giving (2024)
- $5,113,260
- +12.1% vs 2023
- Grants made (2024)
- 520
- -3.5% vs 2023
- Average grant
- $9,833
- +16.2% vs 2023
- Median grant
- $8,500
- Total assets
- $41,616,438
- -2.4% vs 2023
- Primary geography
- Massachusetts (42% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026.
How to apply to The Stephen Phillips Memorial Scholarship Fund Inc
- How to Apply
-
New applicants apply through the online student portal. The application requires household, academic, college-choice, and financial information; a FAFSA Submission Summary; the intended college’s financial aid package; two essays; transcripts as applicable; and at least one recommender. Applicants must have chosen a college and received its financial aid package before completing the application. Eligibility includes full-time enrollment in an undergraduate bachelor’s degree program, permanent residence in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, or Vermont, and demonstrated academic achievement and financial need. The fund’s website lists a GPA of 3.0 or higher, a Student Aid Index of 13,000 or less, and unmet financial need of at least $7,000 as financial and academic criteria. Applicants must also meet the fund’s stated citizenship or lawful-presence and tax-filing requirements.
- Review Cycle
- The website lists May 3, 2027, at noon for new applications for the 2027–2028 school year. High school applicants may use an early-response deadline of April 2, 2027, at noon. The filing’s May 1, 2025 deadline for new applicants and February 3, 2025 deadline for renewals are past deadlines.
- Deadline
- The website lists May 3, 2027, at noon for new applications for the 2027–2028 school year.
- 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
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who The Stephen Phillips Memorial Scholarship Fund Inc funds
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%).
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 any college or university in the United States. In 2024, Massachusetts recipients accounted for 42% of grant dollars, followed by Connecticut at 14%, Rhode Island at 8%, New York at 7%, and Pennsylvania at 6%.
Grant Distribution by State
Share of 2024 grant dollars across all 520 itemized grants.
States
Cities
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.
Giving History
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.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| 50 individual scholarships Recipients not named | — | $1,180,950 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $41,616,438 | $4,513,711 | $6,854,952 | $5,113,260 | 520 | $6,333,435 | $3,113,256 | $5,744,545 |
| 2023 | $42,633,718 | $5,764,072 | $6,259,207 | $4,561,543 | 539 | $5,836,641 | $4,386,008 | $4,933,254 |
| 2022 | $43,097,955 | $2,798,772 | $5,859,255 | $4,224,000 | 534 | $5,245,565 | $2,036,535 | $5,028,211 |
| 2021 | $45,790,109 | $8,308,700 | $7,272,211 | $5,887,617 | 583 | $6,778,091 | $5,611,464 | $5,675,018 |
| 2020 | $44,660,669 | $3,931,098 | $4,720,458 | $3,210,467 | 499 | — | $2,131,542 | $5,053,250 |
| 2019 | $45,073,754 | $5,517,320 | $4,850,839 | $3,541,000 | 467 | — | $4,489,371 | $4,093,994 |
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.
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
The fund’s stated purpose is to help students attend college without taking on burdensome debt. Its scholarships are for students in bachelor’s degree programs and consider financial need and academic achievement, along with service to others, 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 largest grant was $41,000 to an individual recipient in Maine for a scholarship. Other large awards included $30,000 grants to individual recipients in Pennsylvania, Colorado, Massachusetts, and Georgia.
The fund’s website describes its scholarship awards as generally ranging from $3,000 to $17,000, with average annual awards typically between $6,000 and $10,000. The filing states that checks are written directly to recipients’ colleges or universities.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Robert M. Randolph as president and director; Lawrence Coolidge as treasurer and director; John H. Finley IV as clerk and director; and Peggy Eysenbach, Beth Anderson, and Barbara W. Iler as directors. Barbara W. Iler is also listed as 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.
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 purpose is to help students attend college without taking on burdensome debt. Its scholarships are for students in bachelor’s degree programs and consider financial need and academic achievement, along with service to others, work ethic, and leadership qualities. See mission & focus areas ↑
How do I apply for a grant from The Stephen Phillips Memorial Scholarship Fund Inc?
New 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 October 2026.
Data update history
(7)
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
Live grants for the work The Stephen Phillips Memorial Scholarship Fund Inc funds
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