Charter Oak State College Foundation Inc
- Assets
- $2.4m
- Revenue
- $245.5k
- Investments
- $0.0
- Employees
- 0
- Location
- New Britain, CT
- Founding
- 02/1978
- Data as of
- 06/2022
- EIN
- 06-0969831
Organization Overview
Charter Oak State College Foundation Inc is located in New Britain, CT. The organization was established in 1978. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Charter Oak State College Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Charter Oak State College Foundation Inc generated $245.5k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $172.6k during the year ending 06/2022. While expenses have increased by 11.0% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CHARTER OAK STATE COLLEGE FOUNDATION IS DEDICATED TO SUPPORTING FLEXIBLE AND COMPREHENSIVE DEGREE COMPLETION OPPORTUNITIES FOR ADULTS, AND TECHNOLOGY INNOVATIONS THROUGH THE WORK OF CHARTER OAK STATE COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WOMEN IN TRANSITION PROGRAM (WIT) - ESTABLISHED IN 2000 TO BREAK THE CYCLE OF POVERTY, THE WIT PROGRAM IS A PROVEN FORMULA THAT HELPS LOW-INCOME SINGLE MOTHERS EARN A COLLEGE DEGREE WITH NO TO MINIMAL DEBT. THE PROGRAM ELIMINATES BARRIERS SUCH AS, COVERS THE COST OF TUITION, FEES, AND BOOKS; AND PROVIDES THE NECESSARY TECHNOLOGY AND ACCESS. WHILE THE COLLEGE PLATFORM ADDRESSES HOME FRONT, CHILDCARE, AND TRANSPORTATION CHALLENGES; PLUS OFFERS ACADEMIC SUPPORT, TUTORING, AND COACHING. THE SUPPORT AND RESOURCES STRATEGICALLY REMOVE HINDRANCES, ENABLING STUDENTS TO FOCUS ON THEIR STUDIES AND REACH DEGREE COMPLETION. THE PROGRAM AWARDS ASSISTANCE TO APPROXIMATELY 35 WOMEN EACH ACADEMIC YEAR.
THE FOUNDATION SCHOLARSHIPS AND GRANTS PROGRAMS GIVES STUDENTS THE OPPORTUNITY TO APPLY FOR FINANCIAL HELP THROUGH THE AWARDING OF SCHOLARSHIP, GRANTS, EMERGENCY FUNDING, AND CREDIT FOR PRIOR LEARNING AWARDS. THE AWARDS ARE GIVEN TO RELIEVE FINANCIAL BARRIERS THAT OFTEN PREVENT OUR MOTIVATED ADULT LEARNERS FROM PURSUING AND COMPLETING A HIGHER EDUCATION DEGREE; TO PROVIDE FINANCIAL ASSISTANCE TO VERIFY CREDITS EARNED FOR PRIOR LEARNING, THROUGH TESTING AND PORTFOLIO EVALUATIONS; AND ALSO TO PROVIDE FUNDING TO STUDENTS THAT ARE EXPERIENCING AN UNEXPECTED FINANCIAL CRISIS. ADDITIONALLY, GENEROUS DONORS HAVE ESTABLISHED NAMED ENDOWMENT FUNDS, IN PERPETUITY, WITH THE INTENT OF AWARDING SCHOLARSHIPS SPECIFIC TO THE CRITERIA OUTLINED FOR EACH FUND. THE FOUNDATION AWARDS FUNDING TO APPROXIMATELY 75 STUDENTS.
THE WIDOWS' SOCIETY AWARD IS ADDED FUNDING FOR THE WOMEN IN TRANSITION STUDENTS. THESE GRANT DOLLARS WERE GIVEN TO HELP OUR LOW-INCOME SINGLE MOTHERS EARN A COLLEGE DEGREE WITH NO TO MINIMAL DEBT WITHOUT RESTRICTION TO ZIP CODE. ADDITIONALLY, THE WIDOWS AWARD HELPS STUDENTS ATTEND COLLEGE YEAR-ROUND BY SUPPLYING SUPPLEMENTAL AWARDS DURING THE SUMMER MONTHS, WHERE STUDENTS MAY NOT QUALIFY FOR FEDERAL PELL AID (DUE TO THE NUMBER OF CREDITS).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Neal Cunningham President | OfficerTrustee | 0 | $0 |
Joyce Petrella Vice President | OfficerTrustee | 0 | $0 |
Glenn Davis Treasurer | OfficerTrustee | 0 | $0 |
Joe Waxman Secretary | OfficerTrustee | 0 | $0 |
Tracy Allen Director | Trustee | 0 | $0 |
Marcia Anderson-Esson Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $17,652 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $116,981 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $134,633 |
| Total Program Service Revenue | $0 |
| Investment income | $84,748 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $36,317 |
| Net Income from Fundraising Events | -$9,481 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $245,523 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $119,592 |
| Grants and other assistance to domestic individuals. | $10,394 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,953 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,667 |
| Fees for services: Other | $6,346 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,463 |
| All other expenses | $7,202 |
| Total functional expenses | $172,621 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $40,467 |
| Savings and temporary cash investments | $26,326 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,857 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,365,141 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $625 |
| Total assets | $2,434,416 |
| Accounts payable and accrued expenses | $7,662 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $7,662 |
| Net assets without donor restrictions | $46,384 |
| Net assets with donor restrictions | $2,380,370 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,434,416 |