Wake Technical Community College Foundation Inc
- Assets
- $27.8m
- Revenue
- $4.7m
- Investments
- $1.9m
- Employees
- 8
- Location
- Raleigh, NC
- Founding
- 12/1968
- Data as of
- 06/2023
- EIN
- 23-7017752
Organization Overview
Wake Technical Community College Foundation Inc is located in Raleigh, NC. The organization was established in 1968. 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 06/2023, Wake Technical Community College Foundation Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wake Technical Community 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 06/2023, Wake Technical Community College Foundation Inc generated $4.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $3.3m during the year ending 06/2023. While expenses have increased by 8.4% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE WAKE TECH FOUNDATION PARTNERS WITH PRIVATE ENTITIES AND INDIVIDUALS TO RAISE AWARENESS, FINANCIAL RESOURCES, AND OTHER ASSETS IN SUPPORT OF WAKE TECHNICAL COMMUNITY COLLEGE'S MISSION, GOALS, AND FUNDING PRIORITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS ARE MONETARY AWARDS TO STUDENTS AND MAY BE EARMARKED TO ASSIST DIPLOMA, CERTIFICATE, OR ASSOCIATE DEGREE STUDENTS IN ANY CURRICULUM PROGRAM OR CONTINUING EDUCATION, AND MAY BE BASED ON FINANCIAL NEED OR ACADEMIC MERIT ACCORDING TO DONOR PREFERENCE. BOTH THE CURRICULUM AND CONTINUING EDUCATION SCHOLARSHIPS ARE AWARDED THROUGH AN ONLINE SCHOLARSHIP ANONYMOUS APPLICATION PROCESS. STUDENT SCHOLARSHIPS RANGE FROM 100 - 3,000 PER YEAR AND FUNDING IS PROVIDED BY CORPORATIONS, INDIVIDUALS, GRANTS AND FOUNDATIONS.
FOSTERING BRIGHT FUTURES (FBF) PROGRAM IS A PUBLIC-PRIVATE PARTNERSHIP THAT ADDRESSES THE OVERWHELMING NEED FOR A COMPREHENSIVE SUPPORT STRUCTURE TO ASSIST FOSTER YOUTHS IN MAKING THE TRANSITION FROM THE WAKE COUNTY FOSTER CARE SYSTEM TO INDEPENDENT YOUNG ADULTHOOD. THE OBJECTIVE OF THE FBF PROGRAM IS TO ELIMINATE THE BARRIERS THAT WOULD TYPICALLY DERAIL THOSE GRADUATES FROM MEETING EDUCATIONAL AND LIFE GOALS BY PROVIDING FINANCIAL, ACADEMIC, AND SOCIAL SUPPORT. FUNDING IS PROVIDED BY CORPORATIONS, INDIVIDUALS, CIVIC CLUBS, GRANTS AND FOUNDATIONS.
TUITION ASSISTANCE PROGRAM ALLOWS WAKE TECH FACULTY AND STAFF TO STAY CURRENT AND PURSUE ADVANCED DEGREES, CAREER CREDENTIALS, AND PROFESSIONAL DEVELOPMENT. LEADERSHIP DEVELOPMENT GRANTS FOSTER COLLABORATION AND ENCOURAGE CREATIVE IDEAS. EMPLOYEES MUST SUBMIT AN APPLICATION FOR PRE-APPROVAL PRIOR TO THE SEMESTER/TERM OF ENROLLMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Candis Parker Chair | OfficerTrustee | 1 | $0 |
Tim Burgess Treasurer | OfficerTrustee | 1 | $0 |
Whitney Westbrook Director | Trustee | 1 | $0 |
Scott Ralls Secretary | OfficerTrustee | 1 | $0 |
Matt Smith Director | Trustee | 1 | $0 |
Scarlet Edwards Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $50,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,845,892 |
| Noncash contributions included in lines 1a–1f | $441,386 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,895,892 |
| Total Program Service Revenue | $78,320 |
| Investment income | $739,781 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $19,333 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,101,179 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,659,073 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $917,665 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $36,595 |
| Compensation of current officers, directors, key employees. | $36,595 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $354,257 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30 |
| Fees for services: Accounting | $18,825 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $66,448 |
| Fees for services: Other | $184,799 |
| Advertising and promotion | $0 |
| Office expenses | $3,496 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $68,205 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,281,389 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,441,219 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,799,835 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $16,081,594 |
| Investments—other securities | $1,939,518 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,555,363 |
| Total assets | $27,817,529 |
| Accounts payable and accrued expenses | $0 |
| 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 | $61,280 |
| Total liabilities | $61,280 |
| Net assets without donor restrictions | $5,826,935 |
| Net assets with donor restrictions | $21,929,314 |
| 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 | $27,817,529 |