Central Lakes College Foundation
- Assets
- $13.2m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Brainerd, MN
- Founding
- 02/1968
- Data as of
- 06/2021
- EIN
- 23-7007111
Organization Overview
Central Lakes College Foundation is located in Brainerd, MN. The organization was established in 1968. 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. Central Lakes 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 06/2021, Central Lakes College Foundation generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 28.7% each year . All expenses for the organization totaled $2.1m during the year ending 06/2021. While expenses have increased by 26.0% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION PROVIDES SCHOLARSHIPS AND HOUSING TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE
Describe the Organization's Program Activity:
Part 3 - Line 4a
DONATIONS INCLUDING IN-KIND FOR PROJECTS AND PROGRAMS PAID FOR ON BEHALF OF CENTRAL LAKES COLLEGE TO ENHANCE STUDENT AND COMMUNITY LEARNING EXPERIENCES
SCHOLARSHIPS GRANTED TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE
STUDENT HOUSING PROVIDED TO STUDENTS ENROLLED AT CENTRAL LAKES COLLEGE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nathan Hamilton President | OfficerTrustee | 2 | $0 |
Barbara Anderson Secretary | OfficerTrustee | 2 | $0 |
Jim Benson Vice President | OfficerTrustee | 2 | $0 |
Lisa Wigand Treasurer | OfficerTrustee | 2 | $0 |
Kate Adornetto Executive Director | Officer | 40 | $0 |
Jana Shogren Executive Director | Officer | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,000 |
| Related organizations | $0 |
| Government grants | $10,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,878,068 |
| Noncash contributions included in lines 1a–1f | $1,046,197 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,889,068 |
| Total Program Service Revenue | $458,738 |
| Investment income | $173,138 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $253,762 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,774,706 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,386,654 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $107,354 |
| Compensation of current officers, directors, key employees. | $48,310 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $120,544 |
| Pension plan accruals and contributions | $3,597 |
| Other employee benefits | $28,762 |
| Payroll taxes | $13,620 |
| Fees for services: Management | $44,407 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,637 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $51,206 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,523 |
| Office expenses | $1,424 |
| Information technology | $14,988 |
| Royalties | $0 |
| Occupancy | $95,868 |
| Travel | $912 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $48,503 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $66,594 |
| Insurance | $15,587 |
| All other expenses | $1,355 |
| Total functional expenses | $2,086,349 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,456 |
| Savings and temporary cash investments | $109,821 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $46,658 |
| 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 | $11,901 |
| Net Land, buildings, and equipment | $2,470,496 |
| Investments—publicly traded securities | $10,482,562 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $65,083 |
| Total assets | $13,221,977 |
| Accounts payable and accrued expenses | $18,603 |
| Grants payable | $0 |
| Deferred revenue | $5,870 |
| 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 | $1,381,108 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $65,412 |
| Total liabilities | $1,470,993 |
| Net assets without donor restrictions | $1,114,983 |
| Net assets with donor restrictions | $10,636,001 |
| 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 | $13,221,977 |
Grants Awarded
Over the last fiscal year, Central Lakes College Foundation has awarded $1,175,790 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CENTRAL LAKES COLLEGE PURPOSE: FUNDING FOR COLLEGE | $617,164 |
CENTRAL LAKES COLLEGE PURPOSE: FUNDING FOR SCHOLARS | $558,626 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Central Lakes College Foundation has recieved totaling $96,567.
| Awarding Organization | Amount |
|---|---|
Second Harvest North Central Food Bank Inc Grand Rapids, MN PURPOSE: TO END HUNGER | $36,562 |
Delta Dental Of Minnesota Trust Minneapolis, MN PURPOSE: DENTAL ASSISTING PROGRAM SCHOLARSHIPS | $25,000 |
Five Wings Arts Council Staples, MN PURPOSE: PROJECTS | $10,000 |
Communitygiving St Cloud, MN PURPOSE: GEN/OPER SUPPORT | $7,000 |
American Endowment Foundation Hudson, OH PURPOSE: EDUCATIONAL | $5,500 |
Olseth Foundation Minnetonka, MN PURPOSE: VERSE LIKE WATER FUND | $5,000 |
Endowment Analysis
| Beg. Balance | $8,253,403 |
| Earnings | $1,957,626 |
| Net Contributions | $436,868 |
| Grants | $283,161 |
| Ending Balance | $10,364,736 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Northern Iowa Foundation Cedar Falls, IA | $173,378,893 | $31,725,389 |
National Assistance Foundation Des Moines, IA | $16,519,301 | $16,875,706 |
Sioux Falls Christian Schools Association Sioux Falls, SD | $33,580,780 | $15,294,565 |
University Research Park Inc Madison, WI | $162,117,796 | $19,527,506 |
Grinnell College Medical Benefit Plan Trust Agreement Grinnell, IA | $11,174,588 | $9,791,771 |
University Of Wisconsin-Eau Claire Foundation Inc Eau Claire, WI | $103,402,476 | $22,599,486 |
Iowa State University Research Park Corp Ames, IA | $68,199,725 | $11,124,615 |
Minnesota State University Mankato Foundation Incorporated Mankato, MN | $77,015,205 | $9,285,148 |
University Gateway Corporation Minneapolis, MN | $78,655,248 | $6,023,242 |
Charles & Ellora Alliss Educational Foundation Milwaukee, WI | $87,576,345 | $9,781,011 |
Iowa High School Athleticassociation Boone, IA | $17,327,220 | $5,760,245 |
St Cloud State University Foundation Inc St Cloud, MN | $54,919,652 | $10,818,973 |