Gaston College Foundation Inc
- Assets
- $14.1m
- Revenue
- $3.5m
- Investments
- $42.7k
- Employees
- 0
- Location
- Dallas, NC
- Founding
- 12/1970
- Data as of
- 06/2021
- EIN
- 23-7079454
Organization Overview
Gaston College Foundation Inc is located in Dallas, NC. The organization was established in 1970. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, 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. Gaston 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 06/2021, Gaston College Foundation Inc generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $957.4k during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Gaston College Foundation Inc has awarded 26 individual grants totaling $4,759,198. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF GASTON COLLEGE FOUNDATION, INC. IS TO RAISE, INVEST, ADMINISTER AND DISBURSE FUNDS EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC, OR EDUCATIONAL PURPOSES FOR THE BENEFIT OF GASTON COLLEGE. ANY GIFTS RECEIVED BY THE FOUNDATION ARE USED FOR DIRECT NEEDS OF THE COLLEGE INCLUDING DESIGNATED PROGRAMS, SCHOLARSHIPS, OPERATING AND CAPITAL EXPENSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDES GENERAL SUPPORT FOR EDUCATIONAL ENRICHMENT PROGRAMS AT GASTON COLLEGE INCLUDING SUPPORT FOR UNDERGRADUATE RESEARCH, HEALTH SCIENCE SIMULATION EQUIPMENT, FOOD BANK, ETC.
THE FOUNDATION PROVIDES FUNDING FOR SCHOLARSHIPS FOR GASTON COLLEGE STUDENTS AS WELL AS GRANTS FOR FACULTY.
THE FOUNDATION ACCEPTS GIFTS AND PROVIDES FUNDING FOR THE COLLEGE'S RADIO STATION WSGE 91.7 FM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Chad Melvin Treasurer | OfficerTrustee | 0.5 | $0 |
Mr Stephen Campbell President | OfficerTrustee | 0.5 | $0 |
Ms Judith Maloney Vice President/investment | OfficerTrustee | 0.5 | $0 |
Ms Shelly Alman Assistant Treasurer | Officer | 0.5 | $0 |
Dr John Hauser Secretary | Officer | 0.5 | $0 |
Mr Luke Upchurch Executive Director | Officer | 10 | $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 | $2,917,494 |
| Noncash contributions included in lines 1a–1f | $53,408 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,917,494 |
| Total Program Service Revenue | $0 |
| Investment income | $271,532 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $352,888 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,541,914 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $479,632 |
| 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. | $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 | $12,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $47,617 |
| Fees for services: Other | $228,692 |
| Advertising and promotion | $17,296 |
| Office expenses | $24,182 |
| Information technology | $25,327 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $40 |
| 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 | $9,318 |
| All other expenses | $85,721 |
| Total functional expenses | $957,415 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,013,891 |
| Pledges and grants receivable | $2,214,022 |
| 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 | $4,543 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $10,856,514 |
| Investments—other securities | $42,701 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $14,131,671 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $3,708,535 |
| Net assets with donor restrictions | $10,423,136 |
| 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 | $14,131,671 |
Grants Awarded
Over the last fiscal year, Gaston College Foundation Inc has awarded $479,632 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
GASTON COLLEGE PURPOSE: SCHOLARSHIPS | $250,539 |
GASTON COLLEGE PURPOSE: SALARY SUPPORT | $143,565 |
GASTON COLLEGE PURPOSE: GENERAL SUPPORT | $60,000 |
GASTON COLLEGE PURPOSE: EQUIPMENT | $25,528 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Gaston College Foundation Inc has recieved totaling $1,494,024.
| Awarding Organization | Amount |
|---|---|
The David Belk Cannon Foundation Gastonia, NC PURPOSE: FIBER INNOVATION CENTER | $666,667 |
The David Belk Cannon Foundation Gastonia, NC PURPOSE: FIBER INNOVATION CENTER | $333,333 |
The@w Duke Kimbrell Family Foundation Gastonia, NC PURPOSE: TAX EXEMPT EDUCATIONAL PURPOSE OF THE ORGANIZATION | $333,333 |
Gaston Community Foundation Gastonia, NC PURPOSE: GENERAL SUPPORT | $92,200 |
Gaston Community Foundation Gastonia, NC PURPOSE: GENERAL SUPPORT | $35,000 |
The Duke Energy Foundation Charlotte, NC PURPOSE: VIBRANT ECONOMIES | $25,000 |
Endowment Analysis
| Beg. Balance | $5,724,699 |
| Earnings | $2,725 |
| Net Contributions | $71,725 |
| Ending Balance | $5,799,149 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Union University Jackson, TN | $193,669,100 | $103,290,604 |
Lenoir-Rhyne University Hickory, NC | $251,750,614 | $101,403,823 |
Randolph-Macon College Ashland, VA | $426,120,167 | $119,204,346 |
Bridgewater College Bridgewater, VA | $220,158,848 | $86,618,271 |
Trevecca Nazarene University Nashville, TN | $238,062,092 | $96,180,255 |
Hampden-Sydney College Hampdensydney, VA | $332,900,116 | $118,845,969 |
Oglethorpe University Inc Atlanta, GA | $134,446,425 | $78,800,641 |
Virginia Wesleyan University Virginia Beach, VA | $159,824,749 | $67,002,662 |
Claflin University Orangeburg, SC | $159,550,066 | $90,488,927 |
Emory & Henry College Emory, VA | $275,319,124 | $70,928,101 |
Catawba College Salisbury, NC | $404,243,208 | $275,797,439 |
Benedict College Columbia, SC | $122,453,279 | $61,010,211 |