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SCHOLARSHIP AMERICA’S® MISSION IS TO MOBILIZE AMERICA,THROUGH SCHOLARSHIPS AND EDUCATIONAL SUPPORT, TO MAKEPOSTSECONDARY EDUCATION POSSIBLE FOR ALL STUDENTS.

SINCE 1958, SCHOLARSHIP AMERICA®

HAS HELPED MORE THAN 1.5 MILLIONSTUDENTS ACROSS THE COUNTRY PAY FOR THEIR POSTSECONDARYEDUCATION THROUGH SCHOLARSHIPS. IN FACT, IN ITS FIRST YEAR, SCHOLARSHIP AMERICA PROVIDED FOUR-YEAR RENEWABLE SCHOLARSHIPS TO 24 DESERVING STUDENTS IN FALL RIVER, MASS. IN FISCAL YEAR 2007, WE DISTRIBUTED MORE THAN$207 MILLION TO MORE THAN 114,000 STUDENTS ACROSS THE COUNTRY.

LARSHIP AMERICA®

E THAN 1.5 MILLIONS THE COUNTRY STSECONDARYGH SCHOLARSHIPS. PROVIDED FOUR-YEAR RENEWABLE SCHOLARSHIPS N FISCAL YEAR 2007, WE DISTRIBUTED MORE THANROSS THE COUNTRY.

REIGNITING THE AMERICAN DREAM: 4

THE BIRTH OF DOLLARS FOR SCHOLARS®

BY DR. IRVING FRADKIN

CHAIRMAN’S MESSAGE 6

PRESIDENT’S MESSAGE 7

SCHOLARSHIP AMERICA® PROGRAMS

DOLLARS FOR SCHOLARS® 8

SCHOLARSHOP® 10

SCHOLARSHIP MANAGEMENT SERVICES® 12

SPECIAL INITIATIVES

FAMILIES OF FREEDOM® 14

DISASTER RELIEF 15

DREAMKEEPERS 16

LEARNING COMMUNITIES COALITION 17

BOARD OF TRUSTEES 18

FINANCIALS 19

DONORS 20

LEADERSHIP TEAM 28

CONTACT INFORMATION

CONTENTS

WWW.SCHOLARSHIPAMERICA.ORG

BY DR. IRVING FRADKIN, FOUNDER

I’d like to tell you the story of Scholarship America/Dollars for Scholars. It’s not a scholarship program as I see it, but a programto reignite the American Dream.

I was a practicing optometrist, 38 years old with a family practice, and I loved my patients. When my patients came in, I liked to know something about them; especially the young people. I would ask them, “What are your dreams?” My city, FallRiver, Mass., had a per capita income of just $3,000 a year at that time. This meant money was scarce. When these young

people would come into my office and share their dreams, almost invariably they wouldtell me that they were hoping to graduate from high school. Not many felt that a collegeeducation was within reach – they were “average” kids from families with little extramoney. Tuition at a state school at that time was just $200 a year, but that was more thanthey could afford.

I thought this was a waste of the best assets in the community: its young people. I wantedto help these young people stay in school and make a better Fall River. If you make abetter Fall River, you make a better Massachusetts, and you make a better America.

So I ran for the school board. I had a number of planks for my platform, and one of thesewas “Dollars for Scholars.” There were 30,000 homes in Fall River. I felt that if eachfamily gave $1, Fall River could send a lot of students to college and industry would lookat the city in a different way.

To make a long story short, I lost the election. Shortly thereafter, my receptionist’s sonsaid to me, “Too bad you lost the election, because people like me just lost theopportunity for an education.”

That’s when I decided to keep working on Dollars for Scholars. It doesn’t matter if youwin or lose. If you believe in something, you should follow it. I went to our schoolsuperintendent, our newspaper publisher, and my rabbi, and everyone said the samething: “How can you raise $1,000 in Fall River? It’s never been done. I don’t believe you

4PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

REIGNITING THE AMERICAN DREAM:THE BIRTH OF DOLLARS FOR SCHOLARS®

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can do it. Only people who have money give scholarships. This would be the first time anybody went to ordinary citizens,asking for small donations from many.” “Well,” I said, “it doesn’tmake any difference what people think; let’s see what happens!”

I printed cards and asked people for $1 donations to become“members.” I organized a committee, and the local bank allowedus to set up tables in the back to solicit its members. Whenpeople came in to make a deposit, we would ask them if theywould like to donate $1. And they did.

One day, a truck driver stopped me on the side of the street togive me a couple of dollars because he wanted to help youngpeople achieve more than he had. Soon after that, a man walkedinto my office. “I work in a mill; it’s a terrible job, a tough job. Ionly have fifty cents, but when I get another fifty cents I willbring it to you. I want people to get an education and not bestuck in a job like mine.” It was a story I heard over and over.

The biggest early donation came from a patient of mine, the owner of a company. He said, “Irv, I can’t hire people from FallRiver; they don’t have the education. This would give me the opportunity to hire people right here who are qualified to workfor my organization. Here’s $300. If you want to come to our place of business, you can ask my employees to also donate.” Andyou know what? Every single person working for that company donated, and that was another $300 for Dollars for Scholars.

By the time a couple of months went by, we had raised $4,500. Our committee got together and wrote letters to people ofinfluence and in government, including President Eisenhower and Eleanor Roosevelt. Shortly after that, a letter came to usfrom Mrs. Roosevelt, with $1 and a request to become a member.

In our first year, even after everyone told us it wasimpossible, we gave out 24 scholarships, each renewablefor four years. Those 24 scholarships were the first of thewell over 1.5 million scholarships that ScholarshipAmerica has given out since 1958, nearly $2 billion inscholarships helping to reignite the American Dream.

5PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

DR. IRVING FRADKINFOUNDER, SCHOLARSHIP AMERICA

IT DOESN’T MATTER IF YOU WIN ORLOSE. IF YOU BELIEVE IN SOMETHING,

YOU SHOULD FOLLOW IT.

6PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

Dear Friends,

A college education is one of the essential elements of life in the modern world. It is,as Scholarship America’s founder Irving Fradkin notes, a key dimension of theAmerican Dream. In today’s increasingly competitive, global economy, college is nolonger just nice, it’s necessary.

I know from personal experience why college matters. Growing up in a family oflimited financial means, and the first generation in my family to attend college, I knewthat I would need all the financial help I could get for my education. When I was readyto apply for college, I applied for every kind of financial assistance available: PellGrants, grants from the college, student loans, and scholarships from the state, mychurch, and my local community Dollars for Scholars chapter. I was fortunate toreceive assistance from each of these sources, and I am still grateful today for thebroad support I received to reach my dream of a college education. Every dollar Ireceived was important, but it was the scholarships from my community that were themost meaningful.

These private scholarships helped make up the difference between my financial aidaward (grants and loans) and what I actually needed to pay for college. And since theycame from people in my community, they had added value. There were real peoplebehind these scholarship awards, people who were investing in me, who supported mywillingness and desire to improve myself.

Because of this support from the community, I felt a tremendous sense ofresponsibility to do well in college; their investment in my scholarship was not just forme, but an investment in my family and the entire community. College has anenormous financial impact on students and their families, and thereby on us as asociety. The proportion of people with a college education who live below the povertyline is infinitesimal; the mere act of attending and completing college essentiallyeradicates poverty in most families forever.

Over time, I’ve realized just how pivotal this sense of responsibility to community hasbeen in my life. I ultimately went on to make higher education my career, focusing onaccess and success for students, and understanding how private scholarships canmake a difference. Now, as chair of the nation’s premier scholarship and educationalaccess organization, I have a responsibility to all of the communities in America.

Scholarship America has already assisted nearly two billion students in its first 50 years through its grassroots and corporate sponsored programs. In the next 50, weare dedicated to developing new programs that address specific needs in both urbanand rural areas; continuing to assist students whose families have been devastated bydisaster and catastrophe; and, above all, helping students achieve their dreams.

Warm regards,

Jamie P. MerisotisChair, Scholarship AmericaPresident, The Institute for Higher Education Policy

CHAIRMAN’S MESSAGEJAMIE P. MERISOTIS

JAMIE P. MERISOTIS

CHAIR, SCHOLARSHIP AMERICA

PRESIDENT, THE INSTITUTE FORHIGHER EDUCATION POLICY

A COLLEGEEDUCATION IS ONEOF THE ESSENTIALELEMENTS OF LIFE

IN THE MODERNWORLD.

7PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

Dear Friends,

The first year that national tuition data was collected – 1964-65 – was the year beforeI started college. The cost of tuition, fees, room and board at public colleges averaged$1,051. Even as a first-generation college student, I never considered scholarships orsources of financial aid outside of student loans, and managed quite easily to pay offthe $28 monthly bill early.

The majority of today’s students would not be able to tell a similar story.

According to College Board, the average cost of in-state tuition, fees, room and boardat public colleges is now $12,796 – which, shockingly, has increased 35 percent in justthe past five years, after adjusting for inflation. More than two-thirds of all studentsleave college with debt from student loans. And the average accumulated student loandebt is $19,200.

Since 1958, Scholarship America® has helped students pay for their postsecondaryeducation through scholarships. In fact, in its first year, Scholarship America providedfour-year renewable scholarships to 24 deserving students in Fall River, Mass. In Fiscal Year 2007, we distributed more than $207 million to more than 114,000students across the country. To date, distributions total nearly $2 billion to more than1.5 million students.

Over the past several years, we have developed new types of scholarship funds to helpmore students, including the Families of Freedom Scholarship Fund® established in2001 with support from Lumina Foundation for Education and more than 20,000other corporations and individuals in the wake of 9/11; the Disaster Relief Fund forPostsecondary Education Students established in 2005 with support from USA Fundsand Lumina Foundation for Education after Hurricane Katrina; and theDreamkeepers Emergency Financial Aid program established by Lumina Foundationfor Education in 2005 to reduce the number of community college drop outs due tofinancial emergency situations.

These programs have helped a significant number of students achieve theireducational dreams. Unfortunately, the cost of postsecondary education is rapidlyoutpacing the increase in average family income – which means that more studentsthan ever will likely choose not to attend college or trade schools. Scholarship Americais committed to developing more relevant, meaningful scholarship and educationalaccess opportunities to more communities across the country. Our mission to makepostsecondary education possible for all students is critical to the strength of ournation’s democracy and economy, and we thank you for your continued support.

Warm regards,

Dr. Clifford L. StanleyMajor General, USMC (Retired)President & CEO, Scholarship America

PRESIDENT’S MESSAGECLIFFORD L. STANLEY

DR. CLIFFORD L. STANLEY

PRESIDENT, SCHOLARSHIP AMERICA

MAJOR GENERAL,USMC (RETIRED), ED.D.

SINCE 1958,SCHOLARSHIPAMERICA HASHELPED STUDENTSPAY FOR THEIRPOSTSECONDARYEDUCATIONTHROUGHSCHOLARSHIPS.

SCHOLARSHIP AMERICA’S LONGEST-STANDING, FLAGSHIP PROGRAM IS DOLLARS FOR SCHOLARS.®

8PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORTT

SINCE 1958,DOLLARS FOR

SCHOLARS HASAWARDED

SCHOLARSHIPS TO 472,287STUDENTS

NATIONAL HONOR ROLLRECIPIENTSFISCAL YEAR 2007

Noel E. Bailey, CSF of Wakefield,Massachusetts

William E. Chetwynd, CSF ofWakefield, Massachusetts

James Woods Adams, LincolnCounty Educational Fund, Kentucky

Judith Lueder, Hanover Dollars for Scholars, Indiana

NEW CHAPTERSFISCAL YEAR 2007

ALABAMASelma-Dallas Dollars for Scholars

ARIZONACircle of Neighbors Dollars forScholars (Tucson)

CALIFORNIADowntown Magnets High SchoolDollars for Scholars (Los Angeles)

HOPE Worldwide Los Angeles Dollars for Scholars

Harbor Prep Dollars for Scholars (Wilmington)

L.A. Wilson Dollars for ScholarsAlumni Scholarship Foundation (Los Angeles)

Madison High School Dollars for Scholars (San Diego)

Dollars for Scholars Magic Carpet Scholarships (Indio)

Mark Twain High School Dollars for Scholars (San Diego)

National Naval Officers Association, San Diego Chapter

Norco Valley Fair Jr LivestockAuction Dollars for Scholars

St. Norbert GuadalupanaScholarship, a Dollars for Scholars Affiliate (Orange)

CONNECTICUTCommunity Foundation of Greater New Britain

FLORIDAThe Villages Dollars for Scholars

IOWAValley Community Dollars for Scholars (Elgin)

ILLINOISAntioch Sequoits Dollars for Scholars

Belleville West High School Dollars for Scholars

Belvidere Lions Club/First BranchDollars for Scholars

Benton Lions Club Dollars for Scholars

Chester Lions Club Dollars for Scholars

Clinton Education Association Dollars for Scholars

Delavan Dollars for Scholars

Dupo CUSD #196 Dollars for Scholars

Du Quoin C.U.S.D. #300 EducationFoundation Dollars for Scholars

Eldorado Community Unit #4 Dollars for Scholars

Genoa Lions Dollars for Scholars

Homewood-Flossmoor Parent Volunteer Committee Dollars for Scholars

Hutsonville High School Alumni Association Inc.

Kankakee County Farm Bureau Foundation

Lakes High School Dollars for Scholars (Lake Villa)

Mid-Illinois Dollars for ScholarsFoundation (Bloomington)

National Hook-Up of Black Women,Inc. Dollars for Scholars (Joliet)

Norridge Cares

Pinckneyville High School Dollars for Scholars

Salem Community High SchoolAcademic Foundation

TRICO High School Dollars forScholars (Campbell Hill)

West Englewood United OrganizationDollars for Scholars (Chicago)

Wilmington Lions Club Dollars for Scholars

Woodruff Community ScholarshipFund Dollars for Scholars (Chicago)

COLLEGIATE PARTNERS®

More than 500 postsecondary institutions havepartnered with Scholarship America as CollegiatePartners, and have pledged to give favorabletreatment to scholarships managed byScholarship America through Dollars for Scholarsand Scholarship Management Services®. ManyCollegiate Partners are also Matching Partners;those postsecondary institutions matchScholarship America-awarded scholarships forstudents attending their schools.

Dollars for Scholars is a volunteer-drivennational network of more than 1,260community-based scholarship foundationsserving nearly 4,000 communities across theUnited States in support of local students.

Many Dollars for Scholars chapters connectstudents and parents with other communityresources, from mentoring and tutoringprograms to finding financial aid.

Community support is vital to aspiring students.Dollars for Scholars, with support from thenational office and seven regional offices, workson the grassroots level to assist local volunteersempower local students.

The AXA Foundation, the philanthropic arm ofAXA Equitable, is the Contributing Sponsor forDollars for Scholars.

2006:2007 STATS

NEW DOLLARS FOR SCHOLARSCHAPTERS: 66

TOTAL DOLLARS FOR SCHOLARSCHAPTERS: 1,267

NUMBER OF STATES SERVED: 42, PLUS THE DISTRICT OF COLUMBIA

NUMBER OF COMMUNITIES SERVED:MORE THAN 3,800

NUMBER OF VOLUNTEERS: MORE THAN 45,000

NEW COLLEGIATE PARTNERS: 15

TOTAL COLLEGIATE PARTNERS: 514

DOLLARS FOR SCHOLARS CHAPTERS:

RAISED: $67,829,388

DISTRIBUTED: $35,736,899

STUDENTS: 38,015

THERE ARE CURRENTLY 117,583STUDENTS RECEIVING ACADEMICSUPPORT OF SOME KIND THROUGH A CHAPTER

SCHOLARSHIP AMERICA PROGRAMS

Jason Schiesser is an in-house corporate attorney with SimonProperty Group, where he handles litigation, general commercial,employment and real estate matters for over 300 shopping mallsacross the country. But it wasn’t long ago that Jason was growing upin a tough neighborhood on the outskirts of Valparaiso, Indiana, withlittle money and enduring the stigma associated with the medicalproblems he suffered. In the middle of a busy day at the office, Jasonoften stops and wonders, “How did I possibly get here?” But heknows that he owes all his success to a college education.

For Jason, the dream of going to college started in elementary school,while following Indiana University basketball with his dad.

“I was curious about what Indiana University was,” Jason said. “I toldmy parents that I wanted to go to college, too.”

Though neither of Jason’s parents graduated from college, they didn’tfail to recognize the importance of a college education. Widely knownas an affluent city, Jason’s parents started their family in one of thefew neighborhoods in Valparaiso that they could afford, just so theirchildren would have access to the best possible schools andeducational opportunities available.

As a child, Jason was witness to the pitfalls of the neighborhood.Theft, violence, drugs, arson, and property damage werecommonplace. At school, Jason often felt embarrassed for living onwhat some considered “the wrong side of the tracks.” When he wasnine years old, he was hospitalized for a massive kidney infection.Miraculously, after two and a half weeks his condition improved.Then, at age fifteen, Jason suffered from a grand mal seizure and wasput on medicine that totally impeded his ability to play sports at acompetitive level, forcing him to forgo his position on the varsityteam. State law did not allow Jason to get his drivers license, makinghim feel even more like an outsider.

Jason knew his only chance of a fresh start was through a collegeeducation. But even after saving for years and working several after-school jobs, Jason did not know if he would be able to afford to go.Earning a scholarship turned out to be critical.

Due to a combination of persistence and academic success, Jasonwon the Valparaiso Dollars for Scholars renewable $500 scholarship,which was matched by Indiana University, the college that Jasonalways hoped to attend. Every year, he was able to reapply for theDollars for Scholars scholarship, and every year he earned it. The netimpact of a $500 scholarship resulted in $4,000 towards his collegeeducation.

“Not only was I able to achieve my goal of attending IU, but going tocollege gave me the opportunity to have a clean slate because peopledidn’t know the neighborhood I was from or what kind of medicalproblems I had,” Jason said. “It was accomplishing not only the dreamof getting a college degree but a dream of a new beginning. I wasgiven the opportunity to shape my future instead of allowing mycircumstances to shape me.”

Jason believes that had he not attended college, he would likely beliving in the same neighborhood and would not have been able toachieve financial or career success.

His success is owed partly to his parents, partly to Indiana Universitybasketball, and partly to Dollars for Scholars. But mostly, Jason iswhere he is today because he had a dream and refused to let go of it.

9PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

INDIANAIUPUI College Readiness InitiativesDollars for Scholars (Indianapolis)

North Putnam Dollars for Scholars (Roachdale)

OJ Reeves Dollars for ScholarsFoundation (Indianapolis)

MASSACHUSETTSNortheast Metro Voc Dollars for Scholars (Wakefield)

The Stephen C Romasco Dollars for Scholars Fund (Sutton)

MAINEEastport Health Care ScholarshipFund Dollars for Scholars

Scarborough Community ScholarshipFoundation Dollars for Scholars

MINNESOTASaint Paul Area Chamber ofCommerce Career Investment

NEW HAMPSHIRECon Val Community ScholarshipFoundation Dollars for Scholars(Peterborough)

Waumbek Dollars for Scholars(Jefferson)

NEW YORKCUCS George Brager MemorialScholarship Program – a Dollars forScholars Chapter (New York)

Clarence Dollars for Scholars

Livonia Dollars for Scholars

OREGONEducation Together Foundation(Junction City)

Marathon Education Partners(Portland)

Parkrose Business Foundation(Portland)

SOUTH DAKOTAGarretson Dollars for ScholarsFoundation

TEXASAAHN Dollars for Scholars (Austin)

Dallas West Community Dollars for Scholars

VIRGINIANNOA-Quantico Chapter Scholarship Committee

WASHINGTONFoundation of Davenport Schools

Gary Brown Scholarship Fund(Olympia)

Graham-Kapowsin Dollars forScholars Community Foundation

LSEF/SA Dollars for Scholars (Lake Stevens)

Monroe Public Schools Foundation

Orcas Island Education Foundation(Eastsound)

Tekoa Dollars for ScholarsFoundation

UW Delta Chi Dollars for Scholars(Seattle)

NEW COLLEGIATE PARTNERSFISCAL YEAR 2007

CALIFORNIANational University (LaJolla)

San Francisco State University

ILLINOISRasmussen College – Rockford

Rend Lake College (Ina)

Southeastern Illinois College(Harrisburg)

INDIANADePauw University (Greencastle)

Lincoln College of Technology(Indianapolis)

IOWAScott Community College(Bettendorf)

MASSACHUSETTSThe New England Institute of Art(Brookline)

MICHIGANMichigan State University (East Lansing)

NEW YORKCornell University (Ithaca)

PENNSYLVANIAUniversity of Pennsylvania(Philadelphia)

TEXASTexas A&M University (College Station)

Texas University (San Antonio)

SCHOLAR STORYJASON SCHIESSER

JASON SCHIESSERDOLLARS FOR SCHOLARS® RECIPIENT

- INDIANA UNIVERSITY GRADUATE- CORPORATE ATTORNEY- HUSBAND- FATHER OF TWO- AVID GOLFER- CHURCH LEADER- VOLUNTEER FOR BIG

BROTHERS BIG SISTERS- MENTOR AT LOCAL

HIGH SCHOOL

FOR JASON, THEDREAM OF GOING TOCOLLEGE STARTEDIN ELEMENTARYSCHOOL, WHILEFOLLOWING INDIANAUNIVERSITYBASKETBALL WITHHIS DAD.

SCHOLARSHIP AMERICA PROGRAMS

10PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

SCHOLARSHIP AMERICA’S SCHOLARSHOP® PROGRAM IS ANACTIVITY-BASED CURRICULUM THAT HELPS MOTIVATE ANDPREPARE STUDENTS FOR POSTSECONDARY EDUCATION.

IN 2007,SCHOLARSHOPSERVED MORETHAN 148,000PARENTS AND

STUDENTS

The curriculum promotes positive youthdevelopment for students in middle school andhigh school (4th through 12th grades) throughcontent that progresses in complexity as thestudents progress through school. Informationfor middle-school students is available in bothprint/traditional curriculum formats and onlineat www.scholarshopkids.org.

An important component to this program forstudents is a complementary program forparents: ParentShop®. Available in both Englishand Spanish, this program is designed to teachparents how to help the students in their livesprepare for postsecondary education.

2006:2007 STATS

NEW SCHOLARSHOP SITES: 14

REACTIVATED SCHOLARSHOP SITES: 1

TOTAL SCHOLARSHOP SITES: 157 (76 MAIN, 81 BRANCHES)

NUMBER OF STATES SERVED: 23

AVERAGE MONTHLY VISITS TOSCHOLARSHOP’S OPTIONS FOR KIDS WEB SITE: 9,800

NUMBER OF INDIVIDUALS TRAINED TO FACILITATE SCHOLARSHOPCURRICULA: 89

NUMBER OF STUDENTS AND PARENTSSERVED IN FISCAL YEAR 2007: 148,000

SCHOLARSHIP AMERICA PROGRAMS

11PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

Most junior high kids spend their days worrying about clothes,music, and homework; few think about the next school year, letalone what will happen when they graduate from high school.Lori Johner was just like the rest of her fellow junior highfriends until a school guidance counselor approached her abouta program called ScholarShop®, telling Lori that it was alwaysgood to start thinking about college early. She encouraged Lorito fill out an application for a ScholarShop scholarship. A fewweeks later, Lori was given the news that she was the winner of$500, which was to be applied towards any college of herchoice as soon as she graduated from high school.

Now, almost five years later, Lori is happy she listened to theadvice of her guidance counselor, and happy that she gotinvolved in ScholarShop.

“I would definitely recommend participating in ScholarShop,”said Lori.

Realizing the importance of scholarships, Lori began applyingfor as many as she could as early as possible. This fall, she’ll beentering her first year at the University of North Dakota,where she won’t have to struggle as much with paying tuition.Lori was awarded two scholarships from the University ofNorth Dakota and a scholarship from Lakota Dollars forScholars, in addition to her $500 scholarship fromScholarShop.

“ScholarShop inspired me to become more involved inacademics and extra-curricular activities in order to achievethe financial assistance that I would need to further myeducation,” she said.

SCHOLAR STORYLORI JOHNER

LORI JOHNERSCHOLARSHOP® PARTICIPANT

- FRESHMAN AT THE UNIVERSITYOF NORTH DAKOTA

- SISTER- PIANIST- ARTIST

SCHOLARSHIP AMERICA PROGRAMS

SCHOLARSHOPINSPIRED LORI TO BECOME MOREINVOLVED INACADEMICS ANDEXTRA-CURRICULARACTIVITIES TOACHIEVE FINANCIALASSISTANCE TOFURTHER HEREDUCATION.

12PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

SCHOLARSHIP MANAGEMENT SERVICES® (SMS) IS THE NATION’S LARGEST ADMINISTRATOR OF EDUCATIONASSISTANCE PROGRAMS.

SINCE 1976,SCHOLARSHIPMANAGEMENTSERVICES HASASSISTED910,436STUDENTS

INVESTING IN UPGRADEDTECHNOLOGY TO ENHANCESERVICE DELIVERY.Just about everything can be improved with theright technology, and scholarship programmanagement is no exception. That is whyScholarship Management Services sought – andreceived – a grant from USA Funds® in early2007. The $1.8 million grant is being invested ininformation technology that will permitScholarship Management Services to expandand enhance its services to current and newclients. The project includes the development ofnew scholarship management software andenhanced online services. The initiative willpermit Scholarship Management Services tobetter serve existing program sponsors withenhanced self-service features, on-demand dataanalysis and reporting, and automatedprocessing. The project also will positionScholarship Management Services to expand itsprograms to serve new clients. The project isexpected to be ready for pilot testing in early2008, with full implementation scheduled bylate fall 2008.

USA Funds is an Indianapolis-based nonprofitthat serves as the nation’s leading guarantor offederal student loans. Scholarship ManagementServices administers USA Funds Access toEducation Scholarships®, which provided morethan $8.3 million to more than 5,600 studentsfor the current academic year.

Scholarship Management Services (SMS) beganoperations in 1976 to further ScholarshipAmerica’s mission to make postsecondaryeducation possible for all students. SMS is nowthe nation’s largest administrator of education

assistance programs, including scholarship andtuition reimbursement programs, for nearly1,200 organizations of all sizes – including morethan 100 programs for Fortune 500 corporations.

www.scholarshipmanagement.org

2006:2007 STATS

TOTAL NUMBER OF PROGRAMS: 1,154

NUMBER OF NEW PROGRAMS IN FISCALYEAR 2007: 103

NUMBER OF APPLICATIONS PROCESSED:318,956

NUMBER OF AWARDS GRANTED: 76,196

TOTAL AWARD DISTRIBUTION: $171,377,193

TOTAL SMS AWARD DISTRIBUTION FROM1976-2007: $1,469,357,314

SCHOLARSHIP AMERICA PROGRAMS

13PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

Everything starts with a dream. For Lynn Grochowski, it wasthe dream of attending college. From a young age, Lynn’sparents encouraged her to study hard and earn good grades inorder to be accepted into a university. But for Lynn, getting tocollege wasn’t the problem – it was finding a way to pay for itthat was difficult; the best way Lynn could think of was byearning scholarships. Ultimately Lynn knew that she must setherself apart from her classmates – not only with good grades,but also by participating in unique activities; so when Lynn gotthe opportunity to audition for Strive Media Institute’sGUMBO TV, the only news show made by teens for teens, shejumped on it.

Like most kids from Franklin, Wis., Lynn had no televisionexperience going into the audition, but the judges recognizedher ability to handle herself on camera, and a few weeks latershe found herself one of only six kids participating in the firstseason of GUMBO TV.

A program created by Strive Media Institute, GUMBO TV givesteens of all cultures and backgrounds media skills and tools forfuture careers in television, radio and production. GUMBO TVallows teens to write, shoot and edit stories that matter to today’steens – everything from break-dancing to teen pregnancy tohomelessness. For three years, Lynn enjoyed making newfriends, traveling as far as Italy, meeting celebrities, andappearing both in front of and behind the camera. Byparticipating in GUMBO TV, Lynn gained independence andexperience in an area she hadn’t thought of pursuing.

Along with top-notch academic credentials, GUMBO TVhelped Lynn stand out from other kids when applying forcollege scholarships. Not only did Lynn receive a full four-yearscholarship to Drake University, but she also received arenewable $3,000 scholarship from Northwestern Mutual, ascholarship program run by Scholarship America’s ScholarshipManagement Services (SMS). The Northwestern Mutualscholarship, given to two students annually in the Franklin,Wis. area, helped Lynn cover the cost of books, a computer,and any extra expenses that her scholarship from Drake didnot cover. Now in her senior year, the Northwestern Mutualscholarship has made it possible for Lynn to focus strictly onher studies since she wasn’t forced to work while going toschool; having summers free of work responsibilities hasallowed her to participate in internships; and perhaps mostimportantly, the scholarship helped fund the semester Lynnspent studying abroad in Australia.

This past summer, Lynn enjoyed interning at a radio station inMilwaukee, where she helped out with public affairs and themorning show. Just like her experience with GUMBO TV,interning at the radio station opened new doors for Lynn,giving her a glimpse into something she hadn’t thought offollowing until now. The experiences that her scholarshipshave allowed her to pursue have exposed her to careers shenever knew existed and have pushed her one step closer to hernew dream – a career in media.

SCHOLAR STORYLYNN GROCHOWSKI

LYNN GROCHOWSKISCHOLARSHIP RECIPIENT

- DRAKE UNIVERSITY STUDENT- JOURNALIST- CAMERA TECH- INTERNATIONAL EXCHANGE

STUDENT

THE NORTHWESTERNMUTUAL SCHOLAR-SHIP MADE ITPOSSIBLE FOR LYNNTO FOCUS STRICTLYON HER STUDIESSINCE SHE WASN’T FORCED TOWORK WHILE GOINGTO SCHOOL.

SCHOLARSHIP AMERICA PROGRAMS

14PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

SP

EC

IAL IN

ITIATIVES

The events that unfolded on Sept. 11, 2001forever changed the lives of millions across theglobe, but none so much as the dependents –children, spouses and domestic partners – ofthose who were killed or permanently disabledas a result of the terrorist attacks in New York,Washington, D.C. and Pennsylvania.

Lumina Foundation for Education andScholarship America joined efforts within aweek of the tragedy to establish the Families ofFreedom Scholarship Fund®, a need-basedscholarship fund, to ensure that a collegeeducation remains within reach for thoseindividuals. The first of these scholarships wereawarded in January, 2002, just four monthsafter 9/11.

Donor response to the Fund was overwhelming.Within a year, the fundraising efforts reachedthe $100 million goal, intended to cover about65% of the financial need for all eligiblestudents – thanks to contributions from more than 20,000 corporations, foundations,educational institutions, grassroots organizationsand individuals, including the DaimlerChryslerCorporation Fund, which made its largestphilanthropic gift in its history.

“In the aftermath of 9/11, the formation of The Families of Freedom Fund by ScholarshipAmerica was a decisive response to showAmerica’s deep appreciation for those who paidthe ultimate price for freedom. Access to highereducation will be an essential part of therebuilding process for families affected by thistragedy,” said Brian Glowiak, Vice President ofThe Chrysler Foundation. “Through our

$10.4 million contribution, we proudlyestablished the Chrysler Help the Children Fundto help students realize their full potential and bydoing so improve their lives and the quality of lifefor others in the community.”

Another one of the largest donors to the fundwas Major League Baseball and the MajorLeague Baseball Players Association.

“Major League Baseball and the Major LeagueBaseball Players Association were honored tocontribute in our small way to the healingprocess after such an unimaginable disaster,”said Cathy Bradley, Executive Director, BaseballTomorrow Fund, on behalf of the MLB-MLBPADisaster Relief Fund. “The game is a socialinstitution with social responsibilities, andthrough the Families of Freedom ScholarshipFund we were able to help respond to peopleduring a time of great need and assure securityfor their future.”

Generous contributions continued even afterthe initial goal was reached. More than $108million has been donated to the fund to date,with an additional approximately $20 millioncommitted to the fund through corporatepledges. This assures that Scholarship Americawill be able to administer the Fund to eligiblefamilies through the year 2030, the year inwhich the youngest of the infants born in themonths following 9/11 will turn 24.

Scholarship America reviews the amount in theFund annually and adjusts accordingly to ensurethat the entire amount will be awarded tovictims’ families by December 31, 2030.Currently, 95% of financial need is now beingfunded to eligible students through the Fund.

To date, Scholarship America has awarded morethan $22 million to 872 students through theFamilies of Freedom Scholarship Fund, with anaverage award of more than $17,000.

THE FAMILIES OF FREEDOM SCHOLARSHIP FUND®

SECURING HOPE FOR THE FUTURE

SPECIAL INITIATIVES

TO DATE, MORE THAN $22 MILLIONAWARDED TO 872 STUDENTSTHROUGH FAMILIES OF FREEDOMSCHOLARSHIP FUND

15PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

The night before Hurricane Katrina surged through the GulfCoast, Marie Scantlebury found herself holed up in a hotelroom in Jackson, Miss., 200 miles away from New Orleans,La., where she was in the process of completing a Masters ofBusiness Administration at Tulane University. She had left hersmall apartment in a frenzy, annoyed at the inconvenience,waiting until the last minute to escape the storm that wascoming. Marie had taken with her hardly any possessions – alaptop computer, homework, and some dirty laundry –expecting to return to campus the next day. She neverimagined the devastation that the hurricane would cause.

Like the rest of the city, Tulane was completely shut downafter the hurricane. Flooding, fallen trees, and wind damagedeighty-seven university buildings, causing the displacement ofnearly 100,000 students. There was no way Marie could goback to Tulane to collect her possessions. Instead, she headedto her mother’s in Champaign, Ill., forced to leave everythingbehind.

Students at Tulane were encouraged to continue their fallsemester, so as not to delay their expected graduation date,either by taking online classes through Tulane, or by enrollingin another university.

Thanks to Scholarship America’s Disaster Relief Fund forPostsecondary Education Students and other scholarships shereceived, Marie was able to continue classes and finish herMBA on time without extra debt. She applied to theUniversity of Chicago, which had negotiated with Tulane tobridge moneys over until Tulane was up and running again.The University helped Marie find free housing, whileprofessors donated flash drives, money for books, andtransportation passes. The Disaster Relief scholarship Mariereceived allowed her to purchase clothing, food, and supplies,making life easier as she continued classes in Chicago. Shereturned to Tulane in Spring 2006, finishing her MBA withoutaccruing extra debt.

Today, Marie is the director of Community Impact with theUnited Way of St. Charles in Luling, La. Located only twentymiles outside of New Orleans, Marie is witnessing first-handthe extremely slow and painful recovery of the city. Althoughthe people are slowly returning, Marie vows never to risk livingin New Orleans again.S

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DISASTER RELIEF FUND FOR POSTSECONDARY EDUCATION STUDENTS

SCHOLAR STORY: MARIE SCANTLEBURY

2005:2007 STATS

FY2007: $250,000 DISTRIBUTED TO 452 STUDENTS

FY2006: $3,755,565 DISTRIBUTED TO 5,487 STUDENTS

FY2005: $498,110 DISTRIBUTED TO 888 STUDENTS

MARIE SCANTLEBURY

SCHOLARSHIP RECIPIENT OFSCHOLARSHIP AMERICA’S DISASTERRELIEF FUND FOR POSTSECONDARYEDUCATION STUDENTS

SINCE 2005,DISASTERRELIEF FUNDDISTRIBUTED$4,503,675TO 6,827STUDENTS

16PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

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DREAMKEEPERS EMERGENCY FINANCIAL AID

NONTRADITIONAL FUNDING HELPS STUDENTS STAY IN SCHOOLWhether it’s tending to a health care bill or asudden reduction in work hours, unexpectedcrises contribute to high rates of attrition amongcommunity college students. Thanks to theDreamkeepers Emergency Scholarship Fund,developed and supported by Lumina Foundationfor Education in collaboration with ScholarshipAmerica, these financial difficulties are nolonger getting in the way of a student’s dream ofcompleting a college education.

By helping out with emergency funding, theDreamkeepers Fund allows those students toovercome that challenge and keep lookingahead. In its first two years, Dreamkeepers hasprovided $595,393 in total assistance to 1,566students. It has helped ease student worriesabout housing, food and utilities; tuition andbooks; transportation; and child care andmedical needs, allowing students a chance tofocus their energy on their education instead ofa financial crises.

And it has already had a tremendous effect interms of preventing students from having toleave school. In the program’s first year, 2005,64% of students re-enrolled or graduated in theterm immediately after receiving assistance. In2006, the retention rate had gone up to anaverage of 85%, with three colleges reportingretention of 90% or more of students receivingassistance. This program is an important step inScholarship America’s efforts to focus onstudents often ignored by the world of private-sector financial aid.

2005:2007 STATS

IN ITS FIRST TWO YEARS, DREAMKEEPERSHAS PROVIDED $595,393 IN TOTALASSISTANCE TO 1,566 STUDENTS.

AFTER RECEIVING ASSISTANCE, 64% OFSTUDENTS RE-ENROLLED OR GRADUATED INTHE TERM

OF STUDENTS RECEIVING ASSISTANCE IN2006, THE RETENTION RATE HAD GONE UPTO AN AVERAGE OF 85% – WITH THREECOLLEGES REPORTING RETENTION OF 90%OR MORE

SPECIAL INITIATIVES

SINCE 2005,DREAMKEEPERSHAS PROVIDED$595,393 INASSISTANCE TO1,566 STUDENTS

17PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

It’s not often that an entire community unites in a giant effortto improve the site of their local schools, but that’s exactlywhat happened at Sunnyside Unified School District inTucson, Ariz. in October 2006 when over two thousandvolunteers came together in honor of Make a Difference Day,a nation wide effort sponsored by USA WEEKEND. Kids andtheir parents, teachers, administrators, business leaders andconcerned citizens teamed up to paint hallways, trim weeds,and help perk up the overall appearance of the schools.

Sunnyside’s decision to partake in Make a Difference Daycame about due to its participation in the LearningCommunities Coalition, an initiative between USA Funds,Scholarship America, and eight other nationally recognizedorganizations, which aims to encourage not just students, butentire communities, to value and actively support education.

By bringing together local community leaders, citizens andvolunteers through events like Make a Difference Day, theLearning Communities Coalition is hoping to significantlyincrease the number of youth who complete high school andsuccessfully pursue postsecondary education. In addition toSunnyside, communities in Orlando, Fla.; Washington, D.C.;Okolona, Miss.; Indianapolis, and the Wind River IndianReservation in Wyoming, have been awarded a total of $900,000in grants to support early awareness, preparation andparticipation in motivational programs such as ScholarshipAmerica’s ScholarShop, in order to create a community cultureof lifelong learning.

Other Learning Communities have also been busy preparingtheir students for high school graduation and college. The Orlando Learning Community publicly recognized 200 ofOrange County Public Schools’ brightest stars at the InauguralStudent of Promise Celebration. The students were identifiedas potential future scholars and their progress will be trackedfrom elementary school through high school. The Wind RiverIndian Reservation also celebrated special members of theircommunity; four awards were presented to an educator,caregiver, student, and business respectively. And inIndianapolis, George Washington Community Schoolimplemented ScholarShop programs targeting over 1,250students in grades 4-12. Local high school seniors and collegestudents provide tutoring and also help implementprogramming within the Learning Communities initiative.

LEARNING COMMUNITIES COALITION

HELPING COMMUNITIES CREATE A CULTURE OF LIFELONG LEARNING

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SCHOLARSHIP AMERICABOARD OF TRUSTEES

Jamie P. Merisotis, ChairThe Institute for HigherEducation PolicyWashington, D.C.

Mr. Richard J. Schwab,Immediate Past ChairSolon, IA

Dr. Clifford L. Stanley,PresidentScholarship AmericaEdina, MN

Kay M. Marquet, TreasurerCommunity FoundationSonoma CountySanta Rosa, CA

Mim Schreck, SecretaryFairfield, CT

Michael J. Ryder, ClerkMorgan StanleyNew York, NY

Judy AllenWaltham, MA

Treasa BowersWilliamstown, NJ

Tom CardellaSolon, IA

Timothy A. ChristensenNational Association ofStudent Financial AidAdministrators Washington, D.C.

Suzanne Huffmon EsberFluor FoundationAliso Viejo, CA

Richard L. Ferguson, Ph.D.ACT, Inc.Iowa City, IA

Tina LeeWorld JournalWhitestone, NY

Barbara B. McBeeThe MetroHealth SystemBedford Heights, OH

Lisa MrozekWestern Asset ManagementPasadena, CA

Paul M. OstergardHilton Head Island, SC

Wintley A. PhippsU.S. Dream AcademyColumbia, MD

Paula PrahlBest Buy Co., Inc.Richfield, MN

Robert B. RasmussenConsultant, Institutional AdvancementBallston Spa, NY

Michael Ryan Credit Suisse New York, NY

Seema R. ShahAmeriprise Financial, Inc.Minneapolis, MN

Philip J. Webster,Chair Pro TemThe Webster GroupSt. Michaels, MD

SCHOLARSHIP AMERICANATIONAL ADVISORYBOARD

Dr. William L. Bainbridge,FACFEThe Florida Times-UnionSchoolMatch®

St. Augustine, FL

B. Scott BallNaples, FL

Dr. Roger W. BenjaminCouncil for Aid toEducationNew York, NY

Dr. Monte BridgesPuget Sound EducationalServices DistrictRenton, WA

Bernice B. BrownCalWorks Education & TrainingCity College of San FranciscoSan Francisco, CA

Pam BrownUSA WeekendMcLean, VA

Kathryn CalanoStudent Representative Bethel Park, PA

Joe CipflMcKendree CollegeLebanon, IL

Dr. Ann ColesPathways to CollegeNetworkThe Education Resource InstituteBoston, MA

Stewart T. CoulsonCharles City Community SchoolsCharles City, IA

Dr. Brian L. DonnellyCost ManagementSolutionsDuxbary, MA

Dr. Henry FernandezUSA FundsIndianapolis, IN

Dr. Mary H. FutrellThe George WashingtonUniversityWashington, D.C.

Dr. Morris GaebeJohnson & Wales UniversityProvidence, RI

Leroy Gilbert, Ph.D.Fairfax Station, VA

Archie GivensGivens Foundation forAfrican American LiteratureEdina, MN

Robert K. GoodwinPoints of Light FoundationWashington, D.C.

Lester A. KretmanNBC NewsWashington, D.C.

David B. Laird, Jr.Minnesota’s Private Colleges CouncilSt. Paul, MN

W. Patrick Lawrence, IILawrence & AssociatesNewtown, PA

Rev. Robert P. LawrenceFirst CongregationalChurchFall River, MA

W. Clyde LemonHouston, TX

Judith Lewis LogueUniversity of San DiegoSan Diego, CA

Hazel LoucksEdwardsville, IL

William B. MarineGCA Trading Company, LLCVero Beach, FL

Jacob McKissickStudent RepresentativeEverson, WA

Kenneth R. MurrayWells Fargo & Company(Retired)Wayzata, MN

Deborah L. MymanLos Angeles, CA

Robin H. PenceAES CorporationArlington, VA

Joan Roeben LicursiGilda’s Club WorldwideNew York, NY

Joseph A. RussoUniversity of Notre DameNotre Dame, IN

Amy Ryan RuedColumbus, OH

Frank L. SimsCargill, Inc.Wayzata, MN

Donald U. Smith, IIIChrist Church Preservation TrustPhiladelphia, PA

Joyce E. SmithNational Association for College AdmissionCounselingAlexandria, VA

Susan J.L. SohHoboken, NJ

David L. WarrenNAICUWashington, D.C.

Richard K. WashingtonBoys & Girls Club of the PeninsulaMenlo Park, CA

Christine WigginsImhotep Charter High SchoolPhiladelphia, PA

SCHOLARSHIP AMERICATRUSTEES HONOR ROLL

Dr. Irving A. FradkinFounder, Scholarship AmericaFall River, MA

Lloyd L. BrandtVadnais Heights, MN

Joseph M. Hinchey, Esq.Mystic, CT

C.A. (Gus) Johnson II, Esq.(Deceased)

E.B. (Burt) KnauftIndependent Sector(Retired)Columbia, MD

Barbara M. KuzdzolNorth Attleboro, MA

Edward M. Lee, Esq.Andersen & Lee, P.C.Westfield, MA

David Logan Steele, CTFA, AEPJonestown Bank & TrustCompany (Retired)Lancaster, PA

Gregory J. Macri, Jr.GJ ProductsWalpole, NH

Marquita S. McLeanCincinnati, OH

Patricia B. MooneyChristopher J. BarrettRealtorsWakefield, MA

Howard Morreen(Deceased)

Frank E. Morin (Deceased)

William (Brad) B. Norris,Esq. (Deceased)

Joseph F. PhelanBethlehem, NH

J. Stephen PutnamTarpon Springs, FL

Harry A. Rosenberg(Deceased)

Ruth SaxeyConsultantRedondo Beach, CA

Ralph H. SeifertLighthouse Underwriters LLCSouthport, ME

David C. SmithThe Woodlands, TX

Stephen B. SmithBarrington, IL

Eugene C. Struckhoff, Esq.York Foundation (Retired)Lutherville, MD

Thomas TerryMadison, WI

Michael A. VorhausFrank N. Magid AssociatesLos Angeles, CA

Philip J. WebsterThe Webster GroupSt. Michaels, MD

John A. Wedum (Deceased)

Susan G. WeinbergerMentor Consulting GroupNorwalk, CT

Peni Wilson RobertsCornerstone ManagementAlexandria, VA

SCHOLARSHIP AMERICATRUSTEES EMERITI

James AlexanderAlexander AssociatesEvanston, IL

Thomas D. BellingerPlanned Results, Inc.Norwich, NY

J. Moreau BrownGeneral Electric (Retired)

Ben CrosbyOcala, FL

Garth E. DimonBristol-Myers

Harold J. HeblMinnesota Association forCounseling andDevelopment (Retired)St. Paul, MN

Leslie S. Hubbard(Deceased)

Donald G. JamesParker & JamesCommunicationsKingston, MA

Morgan OdellLaguna Beach, CA

Felice Schwarz (Deceased)

Thaddeus SeymourWabash College (Retired)Winter Park, FL

Edward M. ShapiroSouthern New HampshireUniversity (Retired)Hooksett, NH

18PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

SCHOLARSHIP AMERICABOARD OF TRUSTEES FISCAL YEAR 2008

19PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

SCHOLARSHIP AMERICAFINANCIALS YEARS ENDED JUNE 30, 2007 AND 2006

STATEMENTS OF ACTIVITIES 2007 2006

Changes in unrestricted net assets:Total scholarships raised $145,342,295 $146,018,878

Less scholarships designated by donors for specific beneficiaries (58,821,722) (58,415,206)

Scholarship revenue 86,520,573 87,603,672

Program management fees 8,535,306 8,629,445Investment income 1,696,793 1,155,577Contributions 449,351 537,234Other income 444,070 259,502Dollars for Scholars® 402,199 358,127ScholarShop® 12,380 30,134

Revenues and support 98,060,672 98,573,691

Net assets released from restrictions:Satisfaction of program restrictions 12,436,001 12,172,185

Total unrestricted revenues & support 110,496,673 110,745,876

Expenses:Program services:

Total scholarship distributions 155,431,923 155,909,198Less scholarships designated by donorsfor specific beneficiaries (58,821,722) (58,415,206)

Scholarship awards 96,610,201 97,493,992

Scholarship Management Services™ 3,943,832 3,597,787Dollars for Scholars® 2,121,552 2,736,457ScholarShop® 199,372 63,278Supporting services:

General and administration 4,349,690 3,276,491Fundraising 1,388,649 1,255,555

Total expenses 108,613,296 108,423,560

Increase in unrestricted net assets 1,883,377 2,322,316

Changes in temporarily restricted net assets:Contributions and project grants 7,055,115 10,108,076Investment income 14,618,036 905,674Net assets released from restrictions:

Satisfaction of program restrictions (12,436,001) (12,172,185)

Increase in temporarilyrestricted net assets 9,237,150 (1,158,435)

Changes in permanently restricted net assets:Endowment contributions 647,703 204,798

Increase in permanentlyrestricted net assets 647,703 204,798

Increase in net assets 11,768,230 1,368,679

Net assets:Balance at beginning of year 142,380,586 141,011,907

Balance at end of year $154,148,816 $142,380,586

SEE NOTES TO FINANCIAL STATEMENTS AT WWW.SCHOLARSHIPAMERICA.ORG

2007 INCOME

For Scholarships (72%)

Earned Income (7%)

Contributions (7%)

Investment & Other Income (14%)

2007 EXPENSES

Scholarship Awards (89%)

Program Services (6%)

Administration (4%)

Fundraising (1%)

20PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

FOUNDER’S SOCIETY – ($1,000,000.00+)The Citigroup Relief Fund of the Citigroup Foundation • USA Funds

CHANCELLOR’S SOCIETY – ($500,000.00+)Lumina Foundation for Education

TRUSTEE’S SOCIETY – ($100,000.00+)Alarm Industry Research & Education Foundation • AXA Financial/AXA Foundation • Big Ten Conference, Inc. • Biogen, Inc. • Herman MillerFoundation • International Youth Fund • The Archie and Frieda Malcomson Estate • National Burglar & Fire Alarm Association • NokiaEducation Fund • Angelo Pizzagalli • James and Judy Pizzagalli • Remo Pizzagalli • Polo • State Of Illinois

PRESIDENT’S SOCIETY – ($50,000.00+) 1 Anonymous • OfficeMax • Scottish Rite Foundation

PROVOST’S SOCIETY – ($25,000.00+)1 Anonymous • The Bartley Corporation • Otto Bremer Foundation • Ramon A. and Leanna M. Diaz • EMC Insurance Companies • GreatLakes Educational Loan Services, Inc. • Herman Miller Inc. • Indiana Secondary Market for Education Loans, Inc. • Iowa Student LoanLiquidity Corp. • Joseph Drown Foundation • Brian B. and Nan C. Marcotte • Nicor, Inc. • Sallie Mae, Inc. • State of Washington •Tom Lehman Golf Charities, Marshall Fields Challenge

DEAN’S SOCIETY – ($10,000.00+) 2 Anonymous • Alliance Bernstein • American Express • Board of Trade of the City of Chicago • Boehringer Ingelheim Cares Foundation,Inc. • The Capital Group Companies Charitable Foundation • The Community Foundation for the National Capital Region • Carl C. and CarolynS. Dalstrom • Olympia M. Diaz • Electrical Equipment Representatives Association • Employees Community Fund of Boeing California •Suzanne H. and Jeffrey Esber • The Fluor Foundation • GE Foundation • Great Lakes Higher Education Corporation • Great Lakes HigherEducation Guaranty Corp. • Jack Kent Cooke Foundation • Lilly Endowment, Inc. • National Education Loan Network, Inc. • Nellie Mae •Northwest Education Loan Association • Paul M. Ostergard • Principal Financial Group Foundation, Inc. • The Rosemary and Michael RyanFoundation of the Fidelity Charitable Gift Fund • The Sallie Mae Fund • The Seinfeld Family Foundation • Share Gift USA • Brian Walker• Wells Fargo Foundation

PROFESSOR’S SOCIETY – ($5,000.00+)1 Anonymous • Robert C. and Mary Ellen Ballard • Barnes & Thornburg LLP • William and Donna Bonifield • Bertha M. Boyum •The Bruyette Family Foundation, Inc. • Credit Division of Securities Industry Association • First National Bank Minnesota • Frank & LouiseHolmes Trust • General Electric Foundation • Goldman, Sachs & Co. • Hayden-McNeil Publishing, Inc. • Indian Hills Community College• Keywell, LLC • Dale Koppel • Lacy Foundation • Lilly Endowment, Inc. • Andy Lock • Phyllis R. McGrath and Patrick Sheehan •Merrill Lynch • Metz & Associates LTD • Mr. Nagel • Micheal T. and Rita R. O'Kane • Pierre Enterprises, Inc. • Prairie Meadows Racetrackand Casino • Steve Putnam • Carol Siegel • St. Vincent Hospital and HHC, Inc. • Dr. Clifford L. and Rosalyn Stanley •Stronge Family Foundation • Symetra Financial • WorldClass Strategy

DOCTORAL SOCIETY – ($1,000.00+) 14 Anonymous • The Acorn Foundation • The Active Network, Inc. • AIB College of Business • Judith Allen • American Center forPhilanthropy • Ameriprise Financial • Anderson Erickson Dairy • Joni M. Anderson • Andrew Family Foundation • Anthony and Dana MarieArdolino • Katherine J. Armstrong • Assured Guaranty Ltd • Atlantic Bottling Company • Dean and Anna Backer • Mark W. and Janet A.Bates • Mary Fiske Beck • Swith J. Bell • Shirli M. Billings • Nancy Brandel • Judith T. Burrows • Suzanne P. and Jim Calfee • CapriCollege • Thomas F. Casey, Jr. • Philippe Citron Charitable Foundation Trust • Ann S. Coles, Ph.D. • College Loan Corporation • Tom andLisa M. Conigliaro • Elizabeth A. Crossman • CSF of Wakefield • D'arcy Buick • John E. Deysher • John P. Distefano • Drake University• East Coast Golf, Inc. • Ed Fund • The Education Resources Institute • Denise B. and G. Dan Feser • Fiegen & Bisenius, Inc. DBA CapriCollege • Field Family Foundation • Jennifer L. Freimund • Raymond H. Goetz • Graceland University • Robert T. and Melody K. Grand• Arrell Thomas Gray • Michael and Lori Harris • Edmond B. Herrington • John S. Hettiger • Joseph M. and *Barbara B. Hinchey • HorneFamily Charitable Foundation Inc. • Melinda G. and Alan D. Huisinga • Illinois Principals Foundation • Indiana University • IndianaUniversity Foundation • Margaret Inokuma and Eugene Veteska • Iowa Farm Bureau Foundation • Iowa State University of Science andTechnology • Ivy Tech Community College • Senator Ken G. Jacobsen • Jefferies & Company, Inc. • Jewish Foundation of Memphis •JM Printers, Inc. • Krista M. and Jeffrey C. Johnson • Kaplan, Inc. • Kennelly Development Company LLC • Steven and Teresa Kingsley• Kirkwood Community College • Edwin B. and Ruth Knauft • Kraft Foods Matching Gift Program • John J. Landers • *Lois M. Larson •Laser & Family Dentistry, P.C. • The Leaders Council Agency, LLC • Tina T. Lee and Richard Chang • Debora Lingos • Luther College •Brad and Pamela A. Macaleer • Greg Macri, Jr. • Hotair.com • Barbara B. McBee • Marquita S. and Cecil McLean • Jamie Merisotis andColleen O'Brien • Alice and Andrew Meshbane • Mill Basin Bergen Beach Lions Club • Mission FCU Community Foundation • Martin J.and Cynthia K. Moderi • Patricia and Eugene Mooney, Jr. • David G. and Sonja Nahass • National Association of Independent Colleges andUniversities • National Collegiate Athletic Association • National Heritage Foundation • William C. and Margaret R. Nelsen • NordemannFoundation, Inc. • Paul Nowoswait • Marie O'Malley and Michael Morin • Scott Palma • John C. Passananti • PC Financial Corporation• Pennoni Associates, Inc. • Blanche Pergol • Joseph Phelan • The Philadelphia Foundation • Joseph and Nichole Marie Pollina • Noreenand Patrick Quillin • Joseph D. Ratterman • Retired Professional Football Players of Chicago • Geoff G. and Emilie Ringe • Mark R. Robinson• Thomas E. Ruggiero • Paul M. and Allison G. Russo • Patrick and Renee Ryan • Michael J. and Linda Ryder • The Schelzi FamilyFoundation • Cheryl A. and Paul E. Schlenker • James A. and Jill N. Schlesinger • Scholarship America Staff • Muriel F. and John Schreck• Richard Schwab and Katherine Burford • The Seattle Foundation • Cy and Sandra Seifert • Service Brands International • SimpsonCollege • Donald U. Smith, III and H. Hetherington Smith • Stephen B. and Mary Smith • Susan and Richard Hare Family Foundation •Sycuan Band of the Kumeyaay Nation • Thomas E. Terry, J.D. • John Thompson and Jessica Damore • Curtis V. and Carol M. Trygstad •The University of Iowa • University of Northern Iowa • Michael A. Vorhaus • The Wadsworth Company • Debra Wanger and Mitch Yaruss •David L. and Ellen L. Warren • Waste Management • Phil and Irmy Webster • Dr. C. Douglas and Carol Ann Weir • Robert L. Zier

DONORS FISCAL YEAR 2007

*Deceased

21PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

CALIFORNIA: FOSTERING OPPORTUNITIESLess than five percent of former foster children earn collegedegrees. At age 18, these now “adults” are sent out into the worldto make it on their own. For most, going to college isn’tconceivable. This is something that the Dollars for Scholars SanDiego Chapter is trying to change. The program, FosteringOpportunities, helps former foster youth with all the necessaryplans for entering college and moving out on their own; things likesetting up a dorm room, shopping for college supplies, getting thefunds they need to attend college, and every day skills like how tobalance a check book. Thanks to this Californian chapter, thesekids can turn a college education from a dream into a reality.

MASTER’S SOCIETY – ($500.00+)12 Anonymous • Laurel A. Abbott • Aetna Foundation • James N. and Cleopatra B. Alexander • Alnor Oil Company, Inc. • Richard H.and Brenda J. Backwell • Bank of America • BD Biosciences • Robert M. Benton • David Black • Dr. Monte L. Bridges • James J. andKathleen Buckley • Canter Family Foundation • Central Jersey Collision, Corp. • Peter V. and Nancy J. Christiansen • Steve and BonitaClinton • Laura and Kevin Colebank • Kevin P. Coleman • Dan Cosgrove • Cubic Corporation • Martin Daniels and Rebekah Brown •Des Moines Independent Community School District • Des Moines University Osteopathic Medical Center • David W. and Janet M. Duncan •Kurt Duncan • Eli Lilly and Company • Erin Elliott • Dr. Marlyn Eltanal • Encouragement Services, Inc. • Epx Limited • Eugene andMarilyn Glick Foundation Corporation • Thomas J. and Yolanda P. Evans • Ty Exsted • Farm Boys Hearty Food Company • Dr. Henry L.Fernandez • GoodTree LLC • Hancock Community Education Foundation • John Hawley • Luke S. and Holly A. Hayden • David Herbert• Alan and Terry L. Hershey • Suzanne M. Hittman • The Huisking Foundation • J. Pizzirusso Landscaping Corp. • James Gang Graphics,Inc. • JB Finish, Inc. • JPMorganChase • Michael F. and Mary E. Kimmey • Christine M. and Charles H. Korte • Martha D. and Dr. E. H.Lamkin, Jr. • Laser & Family Dentistry, P.C. • Lawson Family • Brad Lazorka • Joan R. Licursi • Terrance M. and Joyce E. Lillis •Loras College • Hazel Loucks, Ph.D. • Ryan D. Ma • Michael E. Madden • Robert C. Malcom • Salvatore Manforte • Marian Marcheseand Stephen Phillips • Kay M. Marquet • Mattlin Foundation • Dr. Peter Mazareas • Clifton J. and Yulanda L. McCullough • McTroutConsulting Inc • Microsoft Corporation • Kevin F. and Linda M. Moehn • Maryann Montano • Naval Service Warfare Center • New HampshireHigher Education Assistance Foundation • North Iowa Area Community College • Northeast Iowa Community College • Northwest MissouriState University • One on One Physical Therapy • Michelle Onello and Renard Strautman • Richard A. and Renee C. Orr • Other HeroesComic Art Exhibition • Padilla Speer Beardsley Inc. • Patio Food Products, Inc. • Ralph and Helen Petersberger • Jan and Yvonne Petersen• Christopher Pizzirusso • Kyle C. Poston • Priester Aviation, LLC • Charles E. and Erika Priester • PV Dollars for Scholars • Moon S.and Nam S. Pyun • Vincent J. and Domenica Ragusa • William B. and Sharon K. Richardson • Patricia Roe • Gregory A. Ronneburger •Nancy Culligan and Ralph Rose • Julie Russo and Don Dingledine • Patsy H. and Kennard W. Rossow • Norman Sacker • Ruth Saxey •John C. and Julie Schreurs • P. L. and Richard Schroeppel • Philip A. Seabrook • Seema Shah and Jed Burkett • Joel Sheridan and JanetBohart • Lisa Siciliani • David C. and Marijane D. Smith • James E. and Margie G. Smith • Suburban Bus Transportation, Inc. • HenryA. and Evelyn Swan • Nancy S. and F. Brian Threfall • Tiffany & Co. • Ian Todd • Traveler's Select Sales Group • Turning Point Dollarsfor Scholars • Van Dyke Family Foundation • David M. Ward • Washington Education Association • Waukee Dollars for Scholars •Dr. Susan Gordon Weinberger • Dr. Patricia A. and Ronald S. Wilson • Christopher J. Wyllie • Robert L. Zier

BACCALAUREATE SOCIETY – ($250.00+)9 Anonymous • Airtone Corporation • Katherine Allen and David Weingart • Ann Beardall Anderson • Loren J. and Maryann W. Anderson• Marc Anthony • Bankers Trust • Barry and Mary Belanger • Roger Bitterman • Don C. and Charlyn Black • Jon F. Blanchard •Venkateshwar and Rani Bommakanti • Brothers Industry Fund • Bob and Ginger Buehler • Tammy Butts • Anne L. and Stuart Cheney •Kathi L. Chenoweth • Charles J. and Julie C. Costa • CSF of Stafford Springs • Armando and Phyllis M. Daccardo • Jennifer Davies andPaul Backstrom • Teffenie Davies • Des Moines Area Community College • Karen Devilla • Jonathan and Samantha L. Doan • Dr. BrianL. and Dr. Eileen Donnelly • Kristin Doyka • Ruby M. and C. Cabot Easton • Catherine Austell Elortegui • Aaron and Jacqueline Epstein •Nadine Joy Espinosa • Scott Adrian Essex • Derrick and Elizabeth Feldmann • Robert Freidenberg • Friends of Steve Cohn-oo's • EleanorS. and Michael Fronstin • Kevin J. and Kathleen Torpey Garganta • Karen S. Garvin • Nancy Gelle • Goldman Sachs Foundation • TeresaD. Hale • Stephen C. Ham • Deborah Gonzalez • Great Harvest Bread Company • Hankster, Inc. • David B. Hathaway • Richard W. andArlene Havel • Stephen T. and Shirley J. Heck • Alain Henon • Kenneth B. and Teri Hertz • Margaret M. and William E. Higgins • Ivyand Stephen Hong • I Do Foundation.org • Caroline E. Jerome • Robert A. Johnson • Susan C. and Tom G. Jones • Madeline Kleiner •Mark Krueger and Toyomi Tomishima • Kevin and Linda Koester • Lester A. Kretman • Adam Levine • Roger and H. Mahnke • MainSpringMedia Communications, Inc. • Dennis Maracsa, Sr. • Steven W. and M. Beth McCullough • Colleen McMonagle and Paul Lawrence • LisaR. McNeal • Kara and Barry G. McWhirter Waugh • Mid Prairie Community School Dist. Foundation • J. C. Miller • Michael E. Morin •Kimberley and David Mosier • Ray Muscat • Patricia Nix-Hodes and Mark R. Hodes • Frederick and Sandra Noschese • O.Berk CompanyLLC. • George J. and Carole K. Pietrzak • Howard and Pamela J. Poret • John K. and Laura M. Purcell • Ragusa Kitchens & Bath, Inc. •Rockford Assoc for Minority Mgt • Douglas L. Roselieb • Amy Ryan Rued and Jack Rued • Susan H. and James A. Schmicker •

DONORS

DOLLARS FOR SCHOLARS REGIONAL HIGHLIGHTS

GROUP SHOT OF VOLUNTEERS ATTHE 2006 CALIFORNIA DOLLARSFOR SCHOLARS WALK FOREDUCATION AT NATIONALUNIVERSITY IN SAN DIEGO. THECHARACTER AT TOP RIGHT IS THEFRIAR, THE MASCOT OF THE SANDIEGO PADRES BASEBALL TEAM.

JUDITH LEWIS LOGUE – VP OF CA DOLLARS FOR SCHOLARSREGIONAL BOARD OF DIRECTORS,THE FRIAR, KATIE O. WHALEN-ELSBREE AND BRUCEBRACISZEWSKI – FOUNDINGMEMBERS OF THE CALIFORNIADOLLARS FOR SCHOLARS.

22PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

BACCALAUREATE SOCIETY – ($250.00+) continuedTzerl and Sam Seltzer • Seneca Club of Kings County • Donald and Margaret A. Setterlof • David J. Shryock and Kristen L. Manos • MarianA. Smith • Dana D. and Nelda A. Snider • Strategic Planning Group, Inc. • Texas Instruments Foundation • John and Noreen Thompson• Titan Construction Corp • Rebecca Todd and Andrew Hruska • Rick Trautner • United Jewish Foundation of Metropolitan Detroit • TerryA. and Michael Velasquez • Bommaknati Venkateshwar • Michael S. and Ingrid W. Walsh • Richard K. and Wanda D. Washington • BarryG. and Kara Waugh • Wells Fargo Corporation • Thomas B. and Stacy E. Wells • P. Williams • Diane Willis • Steven J. Withey • Eric W.Yocam • Randy J. and LeAnne Zentz

SCHOLAR’S SOCIETY – ($100.00+)57 Anonymous • 1212 Gift Fund • 55 Wing Airman Leadership School • Admiral Insurance Brokerage Corp. • Chris J. Akelian • AlgonaCommunity School Foundation • All Metals Industries Inc. • Katherine Allen and David Weingart • Brian Allison • Jerome K. AltshulerFoundation, Inc. • Cheryl Amundson • Gregory Anderson • John C. and Margaret Anderson • Adam Antoniewicz • William K. and JoyceA. Appelgate • David H. Aramaki • Roseann Ardollino • Richard E. and Rita A. Atha • Edna Auerbach • Jean Bamforth • Bank of AmericaFoundation, Inc. • Dorothy Barnes-Griswold • Sandy Baum • Bay Ridge Volvo-American, Inc. • Bayard Advertising Agency, Inc. • AndrewJ. and Margaret M. Beierwaltes • David Berque • Bethel Education Scholarship Team • John J. Bilafer • Daniel Bilar • Linda and CarlBoardman • Scott N. Bosley • The Boston Consulting Group, Inc. • Anne Bowhay and Jeffrey Hanneman • James J. and Barbara J. Boyle• Patrick J. and Barbara Boyle • Dr. Bruce and Anne Braciszewski • William J. Brand • Vicky Sue and Doug Breithaupt • Eric W. Brewer• Dory L. Briles and James F. Christenson • Jeff Buckman • Marion S. Buckwalter • Lorene Burkhart • Norris H. Bussell • Gina andRobert Byron • Sarah D. and Charles M. Calley • Londa P. and John P. Campbell • Paul B. and Patricia J. Campbell • Capri Landscaping& Nursery, Inc. • Luca Caravello • Joseph F. and Medilia E. Carey • Carmine Evangelista CPA • Champion Alarm Systems, Ltd • MarthaR. Childs • Timothy A. Christensen • Dr. Joseph J. and Linda Cipfl • Gerald F. and Giovanna S. Cipolla • Citizens Scholarship Foundationof BGM • CMI Services, Inc. • Thomas and Loretta Coleman • Roseanne Coleman-Nieswenter and Randy Nieswenter • Colfax-Mingo Dollarsfor Scholars • Anthony Como • Mark Connell • N Corbin and A Wolfe • James L. Crimmins • Frank J. and Lorraine F. Daccordo • PamelaP. and Thomas W. Daniels • Lynette A. Dauffenbach • Davis & Warshow, Inc. • Elizanda M. de la Sota • Philip B. Dee, Jr. • Edward J.and Mary M. Deevey • Priti R. Desai • Richard T. Desmedt • Robert G. and Kimberly J. DeVita • Dominic Dimino • Rena Dirckx •Stephanie Doherty • Dollars for Scholars of Melcher-Dallas, IA • Carrie L. Duncan • Carolyn A. Duryee-Wickel • Dick and Barbara Dystrup• Evie Erdman • Fabricare Super Laundromat • Jeff C. and Elizabeth Falcone • Sean J. Farrell • Kevin J. Fegan • Virginia S. Ferguson• Sharonanne Ferris • Scott and Deborah Fichtner • Fred and R Fingerhut • Dawn M. Fish • Dr. Summer L. and Joan Fishbein • Mr. andMrs. Dick Fisher • Lyle E. and Dorothy Fogel • Follett Corporation • Dr. Irving A. and Charlotte Fradkin • Joann and Justus Freimund •Julia S. Freimund • Jeffrey L. and Laurie A. Freude • Nancy A. and Charles S. Frick • Friends of A.J. Wilhelmi • Friends of Jeanne Kohl-Welles • Dr. Mary Hatwood Futrell • Donald C. and Ardie Gackle • Christopher M. Ganci • John Gann • Reynaldo P. Garay • CameronGardella • Michael P. and Virginia A. Geis • Diane E. Geiser • Robert D. and Jane J. Gelle • Joseph and Linette Genovese • GersteinFisher Real Life Finance • Gibson Southern High School • Edward K. Goldschmidt • Richard H. Gordon • William J. Gorey • June Gotaas-White and Michael L. White • William P. Graham • Brian Granger • Elliot and Marjorie Greenberg • Eileen Gregan • John Gridley • GailGriffin • Guarino Funeral Home of Canarsie, Inc. • Kathy and Karl Guenther • Floyd L. and Diane E. Hair • Sharon D. Hale • Dort Hamilton• Meyer and Raena Hammerman Foundation • Roger F. Harbin • John O. and Mary W. Harney • Ann Harvey • Kirk M. and Julia A. Hayes• Sheryl L. Hayes • Charles J. and Catherine Healey • Lynne Heilbrunn • Carolyn L. and Ken K. Heile • Donald J. Higgins • Michael B.Hinton • Ethan Holt • The Holy Name Society • Sherry Hooper • Anne B. and Robert T. Hoover • Charles R. Howell • Sally and MarvinR. Huff • Abril L. and Matthew S. Hunt • Marsha and Charles Huseman • Samuel R. Hyman • Interboro Property Management Corp. •Kenneth L. and Rita Jackson • James G. Janney, Jr. Trust • JMS Tax Serivce, Inc. • Allen Johnson • H. Stuart and Marlys C. Johnson •Nancy Johnson • Daniel and Susan Jorgensen • Thomas and Megan Jozefiak • Natasha Kaiser-Brown • John S. Kaminer • Niraj K. Kataria• Margaret Keenan • Mr. and Ms. Kellogg • Todd D. Kemp • Rex W. Kepner • Michael R. and Janet G. Kerkhoff • Tammy J. Knudtson• Robert L. Koenig, M.D. • S. Ruth and Dean M. Koldenhoven • Marilyn Kowal • Chris A Krack • Patricia F. and Kenneth J. Krugel •Barbara M. Kuzdzol • LaChance Associates, Inc. • Gerald J. Lager • Dennis R. Lamport and Jill A. Rossiter • Jonathan C. and Rachel J.Laven • Patricia and Edward M. Lee, Esq. • Ethan Leibowitz • Levinson L. Inc. • Lincoln High School Alumni Assn • Nicole A. Lingos •

DONORS*Deceased

NEW ENGLAND: FIRST ONLINE AUCTIONNew England hosted a tremendously successful first-ever onlineauction this year. Chapters and Collegiate Partners cametogether in late December of 2006 and spent six months findingsponsors who would be willing to place the chapter logo on theirWeb sites and advertise the online auction. Chapters spent timesoliciting local high-end hotels, museums, businesses, andupscale restaurants, and received publicity in the Boston Globe.In the end, the auction raised $9,500, thanks to theparticipation of colleges, national office staff, friends, chapters,and complete strangers simply bidding for the cause.

DOLLARS FOR SCHOLARS REGIONAL HIGHLIGHTS

LYNNE P. ZERVAS, DIRECTOR OFCHAPTER SUPPORT SERVICES

AND DAVID DUNCAN, EXECUTIVE DIRECTOR

NEW ENGLAND DOLLARS FORSCHOLARS GOVERNING BOARD

23PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

SCHOLAR’S SOCIETY – ($100.00+) continuedNeil H. Lipsky • Ann Lloyd • Pei-loh C. and Adrian H. Lo • Walter H. and Nancy F. Lob • Lockton Companies, Inc. • Sarojini D. LotlikarLarry A. and Cheryl L. Lowery • Juanita and Richard Luis • Lulu Press, Inc. • Janet A. Lund • Kevin S. and Patricia A. Lunny • Carol R.and Joseph C. Lutgen • Bonneviere C. Lyle • James E. and Jocelyn M. Lyons • Gary Macek and Nancy Ferguson • Megan R. MacMillanEdward F. Maguire • Jaqueline Mahoney • Kevin M. Mailender • Andrea Maison • Michael and Lisa Maiz • Laura F. and Lawrence V.Majovski • John C. and Ellen M. Maloney • Donna J. and David A. Manring • Curtis W. May • Stephen D. McAvoy • Christine Anne McCabe• Joseph McGee and Laura Kelly • Kerry McGuire • Kimberly E. and William R. McSheridan • Philip and Suzanne Meacher • MatthewMerrill • Ann and Joseph Mezzatesta • Caitlin K. Miller • Richard F. and Wendy J. Millerick • Mitsubishi Electric Automotive America, Inc.• MMC Educational & Scholarship Foundation • James P. and Gina Mocerino • Kevin Monahan • James E. Moore • Morgan Stanley & Co.Inc. • Sherie L. and Donald G. Morrison • Pauline and Edward C. Moy • William Muggli • John R. and Karin H. Muncie • David C. andSusan V. Murray • Martin G. Murray • Andrea L. Neely • Keith and Geraldine Nelson • Max L. Nibert • Nicholas A. Guzzone Real Estate& Construction, Inc. • Barbara J. and John W. Nichols • Greg Nichols and Dawn Connet • Northeast Iowa Community College Foundation •Mr. and Mrs. Thomas D. Nurmi • Deanna J. Nurnberg • NYC Renovation Managment, Inc. • Oasis Ranch Management, Inc. • OracleCorporation • Joyce and Ken Osthus • David Page • Melissa and Thomas W. Painter • Pierre E. Pajak • Samuel W. and Winifred Peach• Deborah B. Peck • Karenmary Penn • Mary Lou and Ralph S. Penner • Kathy Perkins • Heidi A. and Gregory D. Peterson CIMA, CFM• Cynthia A. and Douglas J. Pierce • Plumbers Local Union #1 • Deloris A. Plumer • Mary K. Podrabsky • John V. and Peggy J. Polk •Douglas S. and Trudy N. Posner • Cosmo Justin Prindle • James Pugh • Vincent C. and Donna Lynn Ragusa • Tony B. Raia • Rent-A-Space • RGA Landscape Architects, Inc. • Bonnie L. and Scott Rieger • Alicia S. Roberts • Fred Robinson • Kathleen M. and William T.Robinson • Diane F. Rockwell • Barb and Russ Roloff • Joseph A. and Eileen P. Russo • Terrell H. Sachman • Jolene Sanborn • Amiand Maddy Sasson • Louis J. and Cosette B. Scallon • Joe and Kristan Schettler • Lindsey I. and Jason Schiesser • James L. Schlagheck• Todd M. and Megan Schlesinger • Bonnie R. and John M. Schlueter • William Schoeffel • Kent L. Schroeder • Jean Forsyth Schulz •Paul C. Schwartz • Eric Seabloom • Dorothy Sedley • Richard Seeger and Robin Koch • Sandra V. Serrano and Robert S. Tafoya • JaneShackelford • Thomas T. Shenberger • Sylvester Sichenze • James R. and Lynn G. Simpson • Caroline Altman and Christopher W. Smith• Daniel J. Smith • Lee F. Snyder and Teryl Ann Rosch • South Slope Properties, LLC • South Winneshiek Dollars for Scholars • SoutheastPolk Dollars for Scholars Foundation • Judith N. and Clifford Spanierman • William L. and Kathryn J. Spies • Jessie E. Spinney • CarletonB. and Sylvia K. Spotts • Tony Sprehe • Mark Stasik • David Logan Steele, CTFA, AEP • Brad and Ronna J. Steinback • George M. Steiner• Michael L. and Angela Stephan • Bruce Stoler • Strategic America • Kyle P. Subramaniam • Barbara D. Sweetland • Jill E. Swinton• Laura Sylvester • Ellen Tappon • TenBrook Sales, Inc. • Sharon Theoharous • Throop & Son Tree Service, Inc. • TNT Installation •TopCoder, Inc. • Dean Hamilton Towner • Tri County Dollars for Scholars Chapter • Daniel M. Triandiflou • Elizabeth A. Tuma • Jami andErick Turner • Roseana Ursino • Anthony C. Varbero • Carmine S. Versaci • Mr. Wagner • Peter and Asha P. Wallace • Patrick E. Walsh• Richard Webber and Tanya Holcomb • Barbara J. and Richard J. Weber • Susan Weiner • Jeffrey Weinstein • Katie Whalen-Elsbree •Robert and Nancy Whitacre • June and Andrew Wigner • Julie A. and Dennis Wilkins • Corinna L. and Robert R. Wonderlich • Brian Wongand Lai Chiu • Stephen J. and Christine M. Wynne • You and Me, Inc. • Diane Young • Michael J. Zaczyk • Kyle B. Zake • RolandoZamora • Holly Zanville • Mark Ziegenhorn

DONORS

ILLINOIS: LINCOLNLAND LEGENDSIllinois Dollars for Scholars hosted its second annualLincolnland Legends statewide essay contest; on April 21, 2007,a total of nineteen scholarships were given away at the LincolnMuseum Library in Springfield, Ill. This year’s theme focused on“Education and the Betterment of the Community at Large.”Students were asked to write about a person who has impactedthem and made a difference in their community. Winners of theessay contest received a $2,500 scholarship and then returned$500 to a high school of their choice. The second place winnerreceived an additional $2,500, and the first place winnerreceived an additional $7,500.

DOLLARS FOR SCHOLARS REGIONAL HIGHLIGHTS

LEFT TO RIGHT: MICHAEL KIMMEY – AXA ADVISORS,AMIR JAMES – FIRST PLACESCHOLARSHIP WINNER,HAZEL LOUCKS – IL DOLLARS FORSCHOLARS BOARD CHAIR.

LINCOLN LAND LEGENDSSCHOLARSHIP RECIPIENTS.

24PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

FRIEND’S SOCIETY – ($99.00 AND LESS)53 Anonymous • Abbott Laboratories • Zenda K. and Bradley J. Adams • Affinity Logistics • Ms. Akande • Lois Akins • Nicole Alexander• Allstate Giving Campaign • American Express Foundation • Sherry L. and I.B. Dayan Anandappa • Bruce G. and Susan B. Anderson •Animal Doctors Veterinary Clinic PC • Jerryl Antee, II • Ben G. and Maureen M. Baldwin • Jeanne M. and David P. Barnas • Donna L.Barrett • Jill and John J Bartello • Julia Batten • Connie F. and W. Baumgartner • Joan L. Baxter • Les Paul Beard and Natalia Artemieva• Elizabeth and Clark Becker • Beltway Motor Sales Co., Inc. • Beth Bennett • Mr. and Ms. Berns • Frederick R. and Jane M. Bieber •Bloom Carroll Local School District • Bobcat Foundation Dollars for Scholars • William P. and Lisa N. Booth • Tammy L. Botos • MurielBott • George H. and Annalee Boulton • Jacqueline R. and Michael L. Boyd • Maureen and Rick Brand • Lloyd L. and Lois M. Brandt •Anna Brassard • Howard Braun • Glenn B. Braunstein • Jennifer L. Bremer • Kathy E. Brezina • Brenda Brink • Kim Brinker • MarilynBrodie • Gerald M. Brough • Margé Brouillet • Carly Brown • Donald P. Brown • Melinda R. Brown • Bobby Jo and Bev Brumbaugh •Shannon Brumbaugh and Heather Mathewson • Martha S. and Timothy L. Bruno • Carol Bua • Kristen M. and Richard T. Buchanan • Kimand Jim Burg • Susan Seago Burney • Diane and William E. Caldbeck • Carolyn Anderson Interior Design • John Carson • John and SondraCarver • Richard Cavanaugh • Jeannie and David G. Cecil • Avril L. and Hal S. Chase • Hal S. and Avril L. Chase • Mark Chmelar • JoanC. Chrisler • Thomas A. and Betty J. Clark • Helen Clark • Delores Clausen • Coe College • Tom and Nancy Coleman • Jennifer andJohn M. Collins • Columbia College • Community Solutions Fund • Stuart Comstock-Gay and Lucy Comstock-Gay • Concordia University• Laurie Condelles • Condon Dollars for Scholars Foundation • John Coombs • Dovid C. and Erika Coplon • Nick and Lorraine Cortese •Janey L. and Steve Cox • Joyce E. Craig • George H. Cross • Crystal Clear Water Company • Kareen A. and Lee K. Daby • Ashley R. Daum• Martha B. de Vos • Pauline and Ross I. Deacon • Rebecca A. Deeb • Christina DeHamer • Radames A. Delacruz, Jr. • Cary Demont •Clifford E. and Mary Ann Desousa • Gerald Dewald • Charles E. DeWitt • Julie Diede • Digitraction Incorporated • Walter Dolan • Dollarsfor Scholars of Taconic Hills • Dordt College • Tami and James E. Draper • James L. Dukeshier • Paul A. Dumdei • Eagle Grove AreaDollars for Scholars • Charles and Robin A. Entrieri • Job I. Evers • Charlene Falcone • Fantastic Ceramics • Mr. F.D. • Rosemary andRichard Fee • Kimberly and Mark Ferris • Fife High School Schol. Fdn. • Susan Figurski • Michael J. Finn • William A. and Robin M.Fisher • Stanley W. Fitzpatrick • Terri Fleming • Edward C. Flores • Amy and Brian Follmann • Donald J. and Frederica SiegelbaumFracapane • Bert and Jean Fraleigh • Rosemarie Patricia Freiert • Jeremy and Katherine Freimund • Dick C. and Kathryn A. Freimuth •Tonya M. and Mark A. Frickey • Janine and Matt Fugate • Louis and Patricia Funk • Duncan P. and Pamela J. Gallagher • Paula Gallowayand Stanely Slater • Antonette Gambini • Anne Garrelts • Gaylord Hospital • Janice Geddes • General Motors Corporation • Karen S.and Darrell E. Gideon • Shannah R. Gillespie • Dina Gillespy • Shawn R. Gilliam • Brenda Gleason • Mrs. and Mr. Goodhue • GoodSearch• Todd S. and Tina M. Gordinier • Sara Gordon • Cheryl L. and Scot Govert • Jennifer B. Graham • Grand View College • Millard J. Grauer,TTEE • Joanne Gray • Anthony J. and Janet S. Griggs • Grinnell College • Grounds for Celebration • Tammy and John C. Guenther •Russell A. and Stephanie A. Gulli • Kathryn A. Gumbel • Keith and Diane Gutschenritter • Mike Guyer-Wood • Corrin and Paul Hagen •Jeremy W. Hall • Donald R. Hallett • Dianne Hands • Cynthia Hardy • Kenneth J. Harkin • Ronald Harnar • Beatrice S. Harris • Edgarand Amy Harris • Kelly L. Harris • Merritt B. and Judith C. Hartman • Barton J. and Mamie M. Harvey • Nancy and Steve Harvey • Glennaand Glenn M. Hauenstein • Heads Service Station • Harold J. and Agatha L. Hebl • Mary E. and Brian Herrmann • Darren A. Herrold •Patrick Hewes • Karen M. Hill and Sheldon N. Rosen • Sue Holden • Rhonda Hollingshead • Hospira Foundation • Cheryl A. and DennisW. Howard • Joseph and Betsy Hrdlicka • Karen L. Huhn • Randall D. and Lori J. Hunter • Institute of Business & Economic Research •Iowa Lakes Community College • Leonida and Richard J. Ivanetich • Krista A. Jacob and James H. Oliver • Joan Jacobs • Louise and James• Laurel Jaster • Raj Jhans • David J. Joensen • Robert M. Johansen • Debra K. Johnson • Mary O. Johnson • Jordan-Elbridge ScholarshipFoundation • Bernard and Aimee Katz • Charles A. Kavanaugh • Kelly R. and J. Mark Kegans • Keith and Kathleen Keogh • Carla J. Kish• Judy Klein • Owen L. and Margaret Knox • Kathleen D. Koch • Brenda and Mike Konecne • Mary and Michael R. Kowalski • Susan J.Kroeger • Jeanette and Gene D. Krohnberg • Jeff Kurburski • Joanne J. and Mitchell S. Kushner • Joanne M. and Charles R. Kuster •Suellen Kutenplon • Neil S. and Tamina Lacheur • Bonnie J. Lanes • Celeste Lawson-Lindsey and Roosevelt Lindsey • Ms. Lebovic •Dawn P. Lehtinen • Gary J. Levine • Joshua L. and Kari R. Levine • Judith M. Levy • Diane Lind • Dennis W. and Barbara E. Linderbaum• Ann Lingos • Lade and Linda J. Lippert • Kun I. Liu • Scott Llewellyn • David Locke • Loffredo Fresh Produce, Inc. • Maria Lokensgard• Libardo Lopez • David A. and Judith A. Lorenz • Ann Lowry • Sheila Maddock • Lisa C. and David S. Mahar • Judith and Robert Maharry

DONORS*Deceased

NEW YORK:ANNUAL STATE CONFERENCEOn November 4, 2006, 44 chapter volunteers from 24 chapters came together at Utica College for the annual StateConference. Many awards and prizes were presented to chaptervolunteers. Acknowledgements and prizes also went to NewChapters and Chapter Anniversaries. The winners of the 2005National Golden Tassel Award were celebrated, along with the2006 nominees, South Colonie Dollars for Scholars and SCIOArea Dollars for Scholars.

DOLLARS FOR SCHOLARS REGIONAL HIGHLIGHTS

BETSEY SAVAGE AND ANN ROHLINOF THE CHITTENANGO DOLLARS

FOR SCHOLARS CHAPTERATTENDING THE WORKSHOP

ENGAGING YOUR COMMUNITY INYOUR CHAPTER LIFE BY SHOWING

THEM HOW TO GIVE AND SERVE.

PICTURED ARE THE 12 CHAPTERREPRESENTATIVES WHO WON THE

2006 AXA/DOLLARS FOR SCHOLARSSTATE CONFERENCE SCHOLARSHIPS.

EACH OF THESE CHAPTERSRECEIVED A $250 SCHOLARSHIP TO

BE PRESENTED TO A STUDENT INTHEIR COMMUNITY.

25PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

FRIEND’S SOCIETY – ($99.00 AND LESS) continuedMohammad S. and Shahida S. Malik • Evelyn L. and Cleon Marsh • Mike and June Martin • Robert L. Mason • Michael R. May • LynneR. and Bill Mayer • Tim McCune • James G. and Brenda L. McGraw • Lisa and Jerry Mcguire • Rebecca McIntosh • Margaret R. McKee• Julie A. Mclean • Caryl and Edward L. McWeeny • Paul A. Medeiros • Lisa S. Mediano • Medical Lake Dollars for Scholars • AlbertoE. and Soraya M. Medina • Annette E. and Robert Meeks • Faith and Cory Mellinger • Christy A. and Steven Meltzer • Mary N. Mercury •Roberta F. Merino • Lorence H. Merritt • Valerie N. and Bruce A. Metz • Mary Lynda Meyer • William H. Meyers • Susan K. and JosephA. Michels • Lisa Michelson and David Valler • Mikk Properties • Ginny Miller • Clara Lou and Dale Milligan • Arthur W. and Margie J.Millikin • Millward Brown • Lee Minichiello • Karen and Michael Misjak • Amy and James Mitchell • Eva M. and John B. Mitchell •Melinda M. Mitchell • Beverly and Junior Moeller • Venice L.V. Molivadas • Monroe Central Community Dollars for Scholars • Charles M.and Myra K. Moscowitz • Frank Motley • Duane and Cherry Mott • Mount Mercy College • Joel P. Moyer • Kari Murray • Robert P. andTari L. Murray • Mary A. Myers • Naches Dollars for Scholars • Steven M. and Jo Ellen Nadel • Mr. Nash • Tom and Sharon Nemechek• Robert M. and Kathy A. Nervig • Steven R. Nessa • New Albany High School • Becky Nichols • Gilbert B. and Carole P. Nickelson •Jeanne M. Nocera • Lisa and Brion J. Oakley • Linda L. and James E. Oftedal • Barbara J Ohnemus-Kawamur and Myles K Kawamur •Eileen K. O'Leary • Leslie Olsen • Katherine Paddon • Tara A. Pamperin • Paragon School of Artistic Gymnastics, Inc. • Stuart E. Parks• Theresa L. Patterson • George A. Paulsen • Valborg G. Pearson • Steve Pecenka • Barbara Pederson • Heidi Perkins • Ardith L.Peterson • David and Patricia Peterson • Phildelphia Area Combined Federal Campaign • Charles K. and Leann M. Phillips • MargaretPickens • Molly Pickering • Judi Pierick • Michelle Pipitone • Clayton A. Pitre • Elisabeth R. Pollock • K. Prust • Jessica Prusznowskiand Jeremy Donath • Curtis Pullen • Braxton N. and Abra Pulley • Lori L. and Patrick M. Quinlin • Donna Quinn-Horan • Steve M.Rampanelli • Holly and Daniel Randolph • Katherine Rao • Eddie Reed and Beverly Grant Reed • Roni K. and Jason Reever • Janet Reidand Duncan Smith • Michelle Reinhardt • Janet and Randy Reiter • Michael Reppert • Ryan Richards • Peni Wilson Roberts • Dov J.Robinson • Wendy C. and Alan R. Roedell • Cynthia and Lawrence Roosa • Debra J. Rosen • Jill A. Rossiter and Dennis R. Lamport •Laura J. Ross • Soumya Routray • Ann P. and James E. Rowell • Dr. J.R. Russell • Ranta L. Russell • Laura and Greg Rutherford •Edward A. and Donna L. Samano • Paula K. Sampson • Elisa Sanchez • Julianne and Michael F. Sarcone • Satsop Dollars for ScholarsFoundation • David C. and Dara Saunders • Jim Schaper • Amy L. Scheiden • Darwin Schmig • Debbie K. and G. Scholz • NancySchram • Julie D. and Robert A. Schriber • Alison D. Schroeppel • Brian Scott • Carey Seger • Serving The World, LLC • Susan P. andBarry E. Shanley • Virginia Fitz and Dr. John R. Shea, III • Martha J. Sherick and Sheldon S. Shen • Stefanie Shively • Marcia K. Short• Ronald J. Shortenhaus • Charles B. Simpson • Betty A. and Robert D. Skidmore • Joan Slebos • Laura L. Smith • Thomas and JanSnyder • Ellen J. Sollitto • John Solting • South Gibson Dollars for Scholars • Marillyn E. Spears • April L. Spivey • St. Dunstan CatholicSchool • Linda R. and Neil Stangel • Donna and Alan Stanley • Ann and Robert M. Steiner, Jr. • Peggy Stenzel • Rina and JochananStier • Eugene and Norma Struckhoff • Student Government Association, Inc. • Janet M. and Kermit R. Swanson • Lynne Swanson •Calvin Tang • Halley E. Tarr • Sue Tempero • Stanley L. and Elizabeth Tetrault • Susan M. and Grant M. Tharp • The Populous Magazine• Jodi Thieman-Derrick • Donna L. Toombs • Susan and Steve T. Trautman • Noelle Trevillyan and Tom Zmolek • Corrine and Walter Trzyna• Barbara G. Turner • University of Nebraska • University of South Dakota • United Parcel Service • The UPS Foundation • Roger andNancy Utman • Maureen Vacca • Kathleen S. Van Eerden • Alwyn Van Jaarsveld • Marcia and Paul Vario • Cheryl VonMirbach • JeffreyN. and Ilyse Waldman • Mary Walsh • Michaelene Walsh and David Paul West • Sherrie Warner • Washington Mutual Foundation • MikeWasserman • Priscilla A. and John D. Watkins • Joan D. and John W. Watt • Welty Enterprises, Inc. • Diane M. Wempen • David Willeumier• William Woods University • Anna and Roger Williams • Doris M. Williams • Douglas C. Williams • Daphne and Thomas Willwerth •Barbara S. Windt • Dana C. and Helen W. Winslow • Betty Sue and Leo H. Wolf • Janette A. and Todd J. Wolfe • Jeanette R. Woods •Jani J. and Gary B. Wren • Katherine Ann Wright • Kevin Yeager • Diane L. Yetter • Wayne J. Zahner • Lynne P. and Arthur A. Zervas •Regina and Rob Zlomke • Kevin J. Zollman

Note: This list is accurate to the best of our knowledge for donations received between July 1, 2006 and June 30, 2007.If you believe we have reported in error, please contact us immediately at 800-279-2083 and ask for the Advancement department.

DONORS

INDIANA: HOOSIER HEROES PROJECTOn May 10, Indiana Dollars for Scholars awarded ten studentswith $2,000 postsecondary scholarships as part of the essaycompetition, Hoosier Heroes. The goal of the essay is to identifyan Indiana citizen who has made significant contributions tosociety and who serves as a role model and inspirational figureto youth. In addition to providing each student essay winnerwith a scholarship, each student’s hero also received a $2,000scholarship, which they in turn designated to an Indiana highschool of their choice.

DOLLARS FOR SCHOLARS REGIONAL HIGHLIGHTS

AGRICULTURE CATEGORY WINNERANDREW CLARK WITH HIS HOOSIERHERO JOE PLUMER, A FARMER ANDANDREW’S GRANDFATHER.

MEDICINE & HEALTH CATEGORYWINNER KATIE HANDS WITH SHAUNMATTSON, HER HOOSIER HERODIAGNOSED WITH EMERY-DRIEFUSSMUSCULAR DYSTROPHY. SHAUN HASINSPIRED KATIE TO PURSUE ACAREER IN OCCUPATIONAL THERAPY,SPECIALIZING IN PEDIATRICS.

26PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

For Maude and Phil AckermanMrs. Eleanor S. and

Dr. Michael Fronstin

For Mr. Ibrahim AlhusseiniMr. Henrik AntanesianMr. Michael BreidegamMs. Kristin DoykaMr. Kenneth B. and

Ms. Teri Hertz

For Danielle AndersonMrs. Elizabeth and

Mr. Clark Becker

For Paul and Lauralee ArundelMs. Janet Arundel

For Gail BaylinMrs. Eleanor S. and

Dr. Michael Fronstin

For Patrick Bennettand FamilyMs. Beth Bennett

For Mr. Lester BolsteinMr. A. Richard Bolstein

For Harold BrownmanMs. Debra J. Rosen

For Mr. Howard CarlsonMr. F. D.

For Rodney ColeMrs. Eleanor S. and

Dr. Michael Fronstin

For Kevin ComeauMrs. Karenmary Penn

For Jason FaiscaMs. Anita Tekchandani

For The Franey FamilyMr. Daniel M. Triandiflou

For Bis FeldmannMr. Robert and

Mrs. Nancy Whitacre

For Lora Fleming, MD, PhD, MPH, MSMs. Linda R. Lebovic

For Douglas ForeMs. Anne S. Garrelts

For Dr. Irving A. and Mrs. Charlotte FradkinMr. Lester A. KretmanMr. Philip J. and

Mrs. Irmhild G. WebsterMrs. Summer L. and

Ms. Joan FishbeinMr. Sidney S. Werlin

For Michael FrancisMs. Sara Gordon

For Eleanor S. FronstinMrs. Phyllis R. McGrath

and Mr. Patrick Sheehan

For Dr. Michael and Mrs. Eleanor S. FronstinMrs. Phyllis R. McGrath

and Mr. Patrick Sheehan

For Mr. and Mrs. Bob GibsonMrs. Eleanor S. and

Dr. Michael Fronstin

For Julian GivensMr. Wayne J. Zahner

For Eugene B. and Marilyn GlickMrs. Alice and

Mr. Andrew Meshbane

For Mrs. Marilyn GlickMrs. Alice and

Mr. Andrew Meshbane

For Karen and Russ GroveMs. Jean Taylor

For Mr. and Mrs. Stephan HilcoffMrs. Eleanor S. and

Dr. Michael Fronstin

For Stephen HongMrs. Jennifer and

Mr. John M. CollinsMrs. Kimberly and

Mr. Mark FerrisMrs. Ivy HongMr. Neil S. and

Mrs. Tamina LacheurMr. Scott LlewellynMs. Jessica Prusznowski

and Mr. Jeremy DonathMs. Janet Reid and

Mr. Duncan Smith

For Jhans FamilyMs. Raj Jhans

For Krista M. JohnsonThe Capital Group CompaniesCharitable Foundation

For Mr. and Mrs. Shelly KatzMrs. Eleanor S. and

Dr. Michael Fronstin

For Bryan and Belinda KimMrs. Sharon Theoharous

For Mr. and Mrs. Ellison KuppermanMrs. Eleanor S. and

Dr. Michael Fronstin

For Rueben and Jane LiebowitzMr. Ethan Leibowitz

For Donald LippertMr. Jim Schaper

For Stu and Amy MacaleerMrs. Pamela A. and

Mr. Brad Macaleer

For Lee MarksMrs. Eleanor S. and

Dr. Michael Fronstin

For Darrell and Linda McCuneMr. Tim McCune

For Phyllis R. McGrath and Patrick SheehanMrs. Eleanor S. and

Dr. Michael Fronstin

For Kim MottaMr. Rick Trautner

For Frederick NislowMrs. Eleanor S. and

Dr. Michael Fronstin

For Ashok PatelMr. Viraj Patel

For Chuck PembeltonMs. Katherine A. Rao

For Mike PollackMrs. Eleanor S. and

Dr. Michael Fronstin

For Dr. Alan and Mrs. Harriet PortnoyMrs. Eleanor S. and

Dr. Michael Fronstin

For Todd ReppertMr. Michael Reppert

For Marcia RothschildMrs. Eleanor S. and

Dr. Michael Fronstin

For Mr. James J. Russo and Mr. Lee PickettMrs. Julie Russo and

Dr. Don Dingledine

For Michael SchechterMs. Edna Auerbach

For Marc SchmittleinTraveler's Select Sales Group

For Pat SheehanMrs. Eleanor S. and

Dr. Michael Fronstin

For Wilma SpenceMr. Eric W. Brewer

HONORARY GIFTS FISCAL YEAR 2007

*Deceased

IOWA: GOVERNOR’S CUP RACE & WALKThe Governor’s Cup Race and Walk for Dollars for Scholarsevent attracted 700 walkers and runners and raised an estimated$70,000 in scholarships for Iowa Dollars for Scholars chapters.The event brought awareness of the need for financial support tohelp students realize their dream of going to college. A total of 16Iowa institutions of higher education donated $21,000 inincentive scholarships, which were awarded to participatingchapters at the event’s finale. This was up from $15,000 donatedby colleges and universities in 2005, and $7,000 in 2004.

DOLLARS FOR SCHOLARS REGIONAL HIGHLIGHTS

SOME OF THE 700 WALKERS ATTHIS YEARS GOVERNOR’S CUP

RACE AND WALK FOR IOWA DOLLARS FOR SCHOLARS.

SPONSORS POSE WITH CHRISTIEVILSACK (FIRST LADY), DRAKE

UNIVERSITY’S BULLDOG SPIKE,BGM’S BEAR, AND THE GRAND

VIEW COLLEGE VIKING.

(SPONSORS LISTED AT THE RIGHT)SPONSORS PICTURED ARE, FROM LEFT, TERRY LILLIS, PRINCIPAL FINANCIAL GROUP; STEVE MCCULLOUGH, IOWA STUDENT LOAN LIQUIDITY CORPORATION/COLLEGE PLANNING CENTER;ALAN HUISINGA, EMC NATIONAL LIFE COMPANY; AND SUJA JACOB, MEDIACOM.

27PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

MORTARBOARD SOCIETY MEMBERS *Deceased

The Mortarboard Society honors friends who have established planned gifs for the benefit of Scholarship America and/or it’s programs.

Anonymous • *Donald C. Anderson • Shirli M. Billings • Bertha M. Boyum • Dr. Bruce and Anne Braciszewski • Lloyd L. and Lois M.Brandt • Mark and Carolyn Brown • Paul A. Dumdei • Donald Elg • Lorraine E. Elg • Rick Ernst • Dr. Irving A. and Charlotte Fradkin• *Barbara T. Graver • Joanne Gray • Harold J. and Agatha L. Hebl • Carolyn L. and Ken K. Heile • *Peter J. Hengel • Joseph M. and*Barbara B. Hinchey • Neal H. and Linda K. Hooberman • *Leslie Hubbard • Frank J. and Kathleen S. Huszar • *Norma Johnson • DorothyA. and Gordon Kopischke • Barbara M. Kuzdzol • *Lois M. Larson • Edward M. Lee, Esq. • June Lees • Greg Macri, Jr. • *Frieda and*Archie Malcomson • Kay M. Marquet • Phyllis R. McGrath and Patrick Sheehan • Nancy R. Caldwell Mead • Betty Millward • *HowardA. Moreen • *Frank E. and *Betty Jo Morin • William C. and Margaret R. Nelsen • Jan and Yvonne Petersen • J. Steven Putnam and JoanGimlin • Peni Wilson Roberts • Joseph and Marianna Roiger • Nick and Karen Schmit • Ralph H. Seifert • Donald U. Smith, III and H.Hetherington Smith • *William R. and *Gertrude M. Spaulding • Curtis V. and Carol Trygstad • Kris Vogel • Fred and Nancy Vogel • BarbaraA. Vogelsang • *Dexter H. Witherell

For Sybilann WilliamsSoumya Routray

For Matthew P. WinslowMr. Dana C. and

Ms. Helen W. Winslow

For Aurora WoodMr. Paul D. Wagner, Jr.

For Mr. and Mrs. Carl YoungMrs. Eleanor S. and

Dr. Michael Fronstin

For Dottie YoungMrs. Eleanor S. and

Dr. Michael Fronstin

For Joe and Maureen VolpiMs. Sharon D. Hale

For Lori ChessMr. Cameron Gardella

ForGwendolyn Randall CrossMr. George H. Cross

For Rohit S. DesaiMrs. Priti R. Desai

For Martin HeissMrs. Phyllis R. McGrath

and Mr. Patrick Sheehan

For Mrs. Barbara B. HincheyThe Bruyette Family Foundation, Inc.Mrs. Marlys C. JohnsonMrs. Susan H. and

Mr. James A. Schmicker

For Phebe Margaret HoffMs. Diane Young

For Thomas HunterMrs. Marquita S. and

Mr. Cecil McLean

For Robert F. Jackson, Sr.Mr. Kenneth L. and

Mrs. Rita Jackson

For Evelyn KaplanMrs. Eleanor S. and

Dr. Michael FronstinMrs. Phyllis R. McGrath

and Mr. Patrick Sheehan

For Linda L. KlingerMr. John and

Ms. Sondra CarverMrs. June Gotaas-White

and Mr. Michael L. WhiteMrs. Melinda G. and

Mr. Alan D. HuisingaMr. Kevin and

Ms. Linda Koester

Mrs. Christine M. and Mr. Charles H. Korte

Mr. Terrance M. and Ms. Joyce E. Lillis

Ms. J. C. MillerMs. Judith A. PierickMrs. Debbie K. and

Mr. G. ScholzSouth Winneshiek

Dollars for ScholarsMr. Barry G. Waugh and

Mrs. Kara McWhirter Waugh

For John Buxton LawsonMs. Martha R. ChildsMr. Philip B. Dee, Jr.Mr. Charles E. DeWittMr. Peter FreckMr. Patrick HewesMrs. Leonida and

Mr. Richard J. IvanetichMr. David C. Lawson FamilyMs. Bonneviere C. LyleMr. Lee MinichielloMr. Venice L.V. MolivadasMr. and Mrs.

Thomas D. NurmiMrs. Joyce and

Mr. Ken OsthusMs. Katherine F. PaddonMrs. Virginia Fitz and D r. John R. Shea, IIIMrs. Judith N. and

Mr. Clifford SpaniermanMs. Diane Young

For Martin NagelMr. Andrew Nagel

For Gail P.Ms. Shannah R. Gillespie

For Joyce McKay RoachMr. Dallas Christopher

For Charles andSydney ScherMrs. Eleanor S. and

Dr. Michael Fronstin

For Michael Patrick SylvesterMrs. Ami and Maddy SassonMr. William SchoeffelMs. Laura A. Sylvester

For Mary E. WaltersMs. Lois Akins

For John A. WedumWells Fargo Corporation

For Mary SchuckMr. Daniel Nash

For Shirley SchultzMr. Robert D. and

Ms. Jane J. GelleMrs. Ardith L. Peterson

NORTHWEST: LIGHT THE FIREIn May 2007, the Northwest Dollars for Scholars hosted Lightthe Fire, their primary fundraising event of the year. The dinnerrecognized the efforts of local Dollars for Scholars chapters, andthis year raised over $28,000 to help create and expand theavailability of private-sector scholarships and college planningassistance. Participants enjoyed wonderful food, networking,and a lively and inspiring address from President Stanley abouthis passion and commitment to higher education.

DOLLARS FOR SCHOLARS REGIONAL HIGHLIGHTS

CLIFF STANLEY –PRESIDENT & CEOOF SCHOLARSHIP AMERICA, RICK MILLERICK – NWDSEXECUTIVE DIRECTOR, MARTYDANIELS – NWDS BOARD CHAIR

NWDS BOARD & STAFF WITHSCHOLARSHIP AMERICA PRESIDENT,CLIFF STANLEY

MEMORIALGIFTS

HONORARY GIFTS continued

LEADERSHIP TEAM

President & CEODr. Clifford L. Stanley

(800) 279-2083

Chief Operating Officer/Chief Information OfficerMartin J. Moderi(800) 537-4180

Senior Vice President, ProgramsDonald Lassere

(800) 537-4180

Vice President, AdvancementMark Bates

(800) 279-2083

Vice President, Strategic AlliancesMarian V. Marchese

(215) 459-6085

Controller Anne Cheney

(800) 537-4180

Assistant Vice President, CommunicationsJanine Fugate

(800) 279-2083

Director, Human ResourcesMarilee Hedberg(800) 279-2083

Annual Report Project Team:Janine Fugate, Matt Konrad and Michelle Matthews

28PAST. PRESENT. FUTURE.SCHOLARSHIP AMERICA2007 ANNUAL REPORT

FOR MORE INFORMATION ABOUT:Starting a scholarship or educational assistance program at yourcompany, call Scholarship Management Services at (800) 537-4180.

Organizing a Dollars for Scholars chapter, call (800) 537-4180, ext.490.

Starting a ScholarShop in your community, call (800) 537-4180, ext.656.

Sponsorship opportunities, call (800) 279-2083.

Making a donation, call (800) 279-2083.

See complete financial statements at www.scholarshipamerica.org.Scholarship America is a 501(c)(3) charitable organization.

WWW.SCHOLARSHIPAMERICA.ORG

THE PROGRAMS OF SCHOLARSHIP AMERICA HAVE HELPED A SIGNIFICANT NUMBER OF STUDENTS ACHIEVE THEIR DREAMS.UNFORTUNATELY, THE COST OF POSTSECONDARY EDUCATION IS

RAPIDLY OUTPACING THE INCREASE IN AVERAGE FAMILY INCOME.

SCHOLARSHIP AMERICA IS COMMITTED TODEVELOPING ADDITIONAL RELEVANT,

MEANINGFUL SCHOLARSHIP ANDEDUCATIONAL ACCESS OPPORTUNITIES TO

MORE COMMUNITIES ACROSS THE COUNTRY.OUR MISSION TO MAKE POSTSECONDARY EDUCATION POSSIBLE

FOR ALL STUDENTS IS CRITICAL TO THE STRENGTH OF OUR NATION’S DEMOCRACY AND ECONOMY.

I

4960 Viking Drive, Suite 110 l Edina, MN 55435800.537.4180www.scholarshipamerica.org