Norwalk Community College Foundation
- Assets
- $32.5m
- Revenue
- $5.2m
- Investments
- $107.6k
- Employees
- 11
- Location
- Norwalk, CT
- Founding
- 04/1966
- Data as of
- 06/2022
- EIN
- 06-6080293
Organization Overview
Norwalk Community College Foundation is located in Norwalk, CT. The organization was established in 1966. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, under the broad grouping of Education and related organizations. As of 06/2022, Norwalk Community College Foundation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norwalk Community College Foundation 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, Norwalk Community College Foundation generated $5.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $3.4m during the year ending 06/2022. While expenses have increased by 2.8% per year over the past 7 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
FUNDRAISING FOR SCHOLARSHIPS, PROGRAMS AND CAPITAL SUPPORT FOR NORWALK COMMUNITY COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION SUPPORTS NORWALK COMMUNITY COLLEGE TO FURTHER THE DEVELOPMENT OF THE STUDENT BODY BY PROVIDING FUNDING FOR A VARIETY OF PROGRAMS AND INITIATIVES. THE AMOUNT REPORTED ABOVE IS FOR THE FISCAL YEAR ENDING JUNE 30, 2022.
THE DISTRIBUTION OF SCHOLARSHIPS IS ONE OF THE PRIMARY OBJECTIVES OF THE FOUNDATION. IN THE 2021/2022 ACADEMIC YEAR, 422 STUDENTS WERE AWARDED SCHOLARSHIPS. THE AMOUNT REPORTED ABOVE IS FOR THE FISCAL YEAR ENDING JUNE 30, 2022. SCHOLARSHIPS BESTOW ON STUDENTS A VALUABLE SENSE OF RECOGNITION AND ACCOMPLISHMENT AS WELL AS IMPORTANT FINANCIAL SUPPORT. OUR SCHOLARSHIP DONORS INCLUDE PRIVATE INDIVIDUALS, CORPORATIONS AND FOUNDATIONS, ALL OF WHOM ARE COMMITTED TO MAKING AN EDUCATION AFFORDABLE FOR NCC STUDENTS. THE FOUNDATION'S SCHOLARSHIP PROCESS IS COMPETITIVE AND ACADEMIC ACHIEVEMENT IS A PRIMARY CONSIDERATION. HOWEVER, FINANCIAL NEED, SPECIAL CIRCUMSTANCES AND PERSONAL QUALITIES ARE ALSO CONSIDERED IN AWARDING SCHOLARSHIPS. SCHOLARSHIP APPLICATIONS ARE REVIEWED BY THE SCHOLARSHIP COMMITTEE, WHICH IS COMPRISED OF BOARD DIRECTORS, COMMUNITY MEMBERS, THE EXECUTIVE DIRECTOR AND THE DIRECTOR OF PROGRAMS AND SCHOLARSHIPS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carrie L Bernier President & CEO | Officer | 40 | $188,742 |
Kris Yeager CFO | Officer | 40 | $78,726 |
George A Reilly Director/chair | OfficerTrustee | 10 | $0 |
Jon Gold Director/treasurer | OfficerTrustee | 4 | $0 |
Laura Erickson Director/secretary | OfficerTrustee | 4 | $0 |
Amy Richman Director (outgoing) | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,540,286 |
| Noncash contributions included in lines 1a–1f | $120,368 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,540,286 |
| Total Program Service Revenue | $0 |
| Investment income | $560,848 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,110,700 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,211,834 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,422,923 |
| Grants and other assistance to domestic individuals. | $840,263 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $390,687 |
| Compensation of current officers, directors, key employees. | $136,451 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $270,808 |
| Pension plan accruals and contributions | $17,690 |
| Other employee benefits | $35,579 |
| Payroll taxes | $55,557 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,753 |
| Fees for services: Accounting | $52,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $116,174 |
| Fees for services: Other | $14,346 |
| Advertising and promotion | $100,114 |
| Office expenses | $14,740 |
| Information technology | $25,540 |
| 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 | $3,194 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,647 |
| Insurance | $13,492 |
| All other expenses | $0 |
| Total functional expenses | $3,399,390 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,056 |
| Savings and temporary cash investments | $5,856,682 |
| Pledges and grants receivable | $33,000 |
| Accounts receivable, net | $0 |
| 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 | $9,346 |
| Net Land, buildings, and equipment | $13,729 |
| Investments—publicly traded securities | $26,471,451 |
| Investments—other securities | $107,603 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $32,505,867 |
| Accounts payable and accrued expenses | $29,069 |
| Grants payable | $1,464,103 |
| 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 | $33,378 |
| Total liabilities | $1,526,550 |
| Net assets without donor restrictions | $2,413,984 |
| Net assets with donor restrictions | $28,565,333 |
| 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 | $32,505,867 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Norwalk Community College Foundation has recieved totaling $65,000.
| Awarding Organization | Amount |
|---|---|
The Richard And Barbara Whitcomb Foundation Holyoke, MA PURPOSE: GENERAL SUPPORT | $40,000 |
The Richard And Barbara Whitcomb Foundation Holyoke, MA PURPOSE: GENERAL SUPPORT | $25,000 |
Endowment Analysis
| Beg. Balance | $27,466,722 |
| Earnings | -$3,315,093 |
| Net Contributions | $119,461 |
| Other Expense | $1,400,446 |
| Ending Balance | $22,870,644 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Laboure College Milton, MA | $45,194,532 | $27,640,427 |
Maria College Albany, NY | $31,705,663 | $17,053,225 |
Villa Maria College Of Buffalo Buffalo, NY | $9,472,664 | $15,072,401 |
Monroe Community College Assn Inc Rochester, NY | $45,662,437 | $9,260,852 |
Faculty Student Association Of Hudson Valley-Community College Troy, NY | $21,516,761 | $4,749,556 |
Dutchess Community College Association Inc Poughkeepsie, NY | $29,032,305 | $3,364,848 |
Norwalk Community College Foundation Norwalk, CT | $32,505,867 | $5,211,834 |
Faculty Student Association Of Nassau Community College Inc Garden City, NY | $3,142,669 | $4,037,426 |
Faculty Student Association Of The Tompkins Cortland Community Colleg Dryden, NY | $1,383,338 | $2,861,697 |
Faculty Student Association Of Jefferson Community College Inc Watertown, NY | $19,958,868 | $2,449,914 |
Faculty Student Assoc Of Cayuga County Community College Auburn, NY | $1,938,394 | $2,414,106 |
Bristol Community College Foundati On Inc Fall River, MA | $20,944,384 | $2,292,691 |