Tompkins Cortland Community College Foundation
- Assets
- $60.6m
- Revenue
- $8.7m
- Investments
- $23.1k
- Employees
- 46
- Location
- Dryden, NY
- Founding
- 04/1971
- Data as of
- 08/2021
- EIN
- 23-7083038
Organization Overview
Tompkins Cortland Community College Foundation is located in Dryden, NY. The organization was established in 1971. According to its NTEE Classification (X99) the organization is classified as: Religion-Related N.E.C., under the broad grouping of Religion-Related and related organizations. As of 08/2021, Tompkins Cortland Community College Foundation employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tompkins Cortland 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 08/2021, Tompkins Cortland Community College Foundation generated $8.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.5%) each year. All expenses for the organization totaled $9.3m during the year ending 08/2021. As we would expect to see with falling revenues, expenses have declined by (3.9%) per year over the past 6 years. 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
TOMPKINS CORTLAND COMMUNITY COLLEGE FOUNDATION, INC., A COMPONENT UNIT OF TOMPKINS CORTLAND COMMUNITY COLLEGE, IS A NOT-FOR-PROFIT CHARITABLE CORPORATION THAT WAS ESTABLISHED TO SECURE RESOURCES TO ENHANCE THE LEARNING OPPORTUNITIES FOR STUDENTS OF THE COLLEGE. THE FOUNDATION PROVIDES STUDENT HOUSING AND RECEIVES CONTRIBUTIONS AND AWARDS SCHOLARSHIPS TO DESERVING STUDENTS IN ORDER TO ENABLE THEM TO ATTEND THE COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS ARE AWARDED TO STUDENTS ATTENDING TOMPKINS CORTLAND COMMUNITY COLLEGE BASED ON ACADEMIC ACHIEVEMENTS. IN ADDITION, GRANTS ARE GIVEN TO PURCHASE EQUIPMENT AND FACILITIES FOR TOMPKINS CORTLAND COMMUNITY COLLEGE. APPROXIMATELY 221 STUDENTS RECEIVED SCHOLARSHIPS.
STUDENT HOUSING IS PROVIDED FOR THE USE OF TOMPKINS CORTLAND COMMUNITY COLLEGE.
TC3 BISTRO, LLC D/B/A COLTIVARE (TC3 BISTRO) IS A WHOLLY-OWNED SUBSIDIARY CREATED FOR THE PURPOSE OF SUPPORTING THE COLLEGE'S ACADEMIC PROGRAMS IN CULINARY ARTS, WINE MARKETING, AND HOTEL AND RESTAURANT MANAGEMENT. TC3 BISTRO'S RESTAURANT, FULL SERVICE BAR, EVENT SPACE, AND CATERING SERVICES PROVIDE STUDENTS WITH A REAL-LIFE SETTING FOR THEIR ACADEMIC LAB ENVIRONMENT.
CLASSROOM AND OFFICE SPACE IS LEASED TO TOMPKINS CORTLAND COMMUNITY COLLEGE. TC3 FARM, LLC IS A WHOLLY-OWNED SUBSIDIARY CREATED FOR THE PURPOSE OF SUPPORTING THE COLLEGE'S ACADEMIC PROGRAMS IN CULINARY ARTS BY GROWING FRESH PRODUCE FOR SALE TO THE PUBLIC AS WELL AS FOR USE AT COLTIVARE. INVESTMENTS ARE MANAGED BY THE FOUNDATION TO GENERATE INCOME TO SUPPORT SCHOLARSHIPS AND GRANTS TO TOMPKINS CORTLAND COMMUNITY COLLEGE AND ITS STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Vanderzee Chair | OfficerTrustee | 1 | $0 |
Mutale Sokoni Chief Financial Officer | Officer | 40 | $0 |
Julie Gerg Executive Director | Officer | 40 | $0 |
Dale Davis Director | Trustee | 1 | $0 |
Leslie Danks Burke Director | Trustee | 1 | $0 |
Brian Fuller Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Challenge Industries Supported Employment | 8/30/19 | $174,511 |
Ruffalo Noel Levitz Fundraising Management | 8/30/19 | $114,600 |
Bh Cleaning Services Inc Cleaning | 8/30/19 | $101,524 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $191,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,735,023 |
| Noncash contributions included in lines 1a–1f | $10,802 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,926,023 |
| Total Program Service Revenue | $3,943,934 |
| Investment income | $353,330 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $11,372 |
| Net Gain/Loss on Asset Sales | $445,541 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,680,534 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,300 |
| Grants and other assistance to domestic individuals. | $914,864 |
| 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 | $608,236 |
| Pension plan accruals and contributions | $19,293 |
| Other employee benefits | $40,709 |
| Payroll taxes | $84,443 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $125,267 |
| Fees for services: Accounting | $33,774 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,823 |
| Fees for services: Other | $506,839 |
| Advertising and promotion | $27,164 |
| Office expenses | $224,638 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $723,055 |
| Travel | $298 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,100 |
| Interest | $1,980,124 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,660,888 |
| Insurance | $155,731 |
| All other expenses | $103,068 |
| Total functional expenses | $9,334,854 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $744,614 |
| Savings and temporary cash investments | $11,222,114 |
| Pledges and grants receivable | $34,840 |
| Accounts receivable, net | $218,289 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,706 |
| Inventories for sale or use | $33,660 |
| Prepaid expenses and deferred charges | $2,958 |
| Net Land, buildings, and equipment | $22,744,329 |
| Investments—publicly traded securities | $21,051,950 |
| Investments—other securities | $23,072 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,472,773 |
| Total assets | $60,556,305 |
| Accounts payable and accrued expenses | $254,674 |
| Grants payable | $0 |
| Deferred revenue | $835,857 |
| Tax-exempt bond liabilities | $37,381,134 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,468,110 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,542,648 |
| Total liabilities | $49,482,423 |
| Net assets without donor restrictions | -$17,567,670 |
| Net assets with donor restrictions | $28,641,552 |
| 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 | $60,556,305 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Tompkins Cortland Community College Foundation has recieved totaling $340,800.
| Awarding Organization | Amount |
|---|---|
Park Foundation Inc Ithaca, NY PURPOSE: TOMPKINS HARVEST | $180,000 |
Park Foundation Inc Ithaca, NY PURPOSE: TOMPKINS CORTLAND FIRST RESPONDERS FUND | $42,000 |
Park Foundation Inc Ithaca, NY PURPOSE: ITHACA CHEMICAL DEPENDENCY COUNSELORS OF COLOR | $33,700 |
Park Foundation Inc Ithaca, NY PURPOSE: SCHOOL FOOD CHEF'S ACADEMY AND OTHER QUALITY SCHOOL FOOD SUPPORTS SUMMER AND SCHOOL YEAR 2021/2022 | $33,500 |
Central New York Community Foundation Inc Syracuse, NY PURPOSE: SCHOLARSHIP SUPPORT | $27,500 |
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $10,000 |
Endowment Analysis
| Beg. Balance | $17,870,246 |
| Earnings | $3,885,448 |
| Admin Expense | $33,435 |
| Other Expense | $748,395 |
| Ending Balance | $20,973,864 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lutheran Center At Poughkeepsie Inc Scarsdale, NY | $12,784,565 | $22,238,039 |
Redeemer City To City New York, NY | $39,118,134 | $27,107,452 |
Catholic Cemeteries Of The Roman Westbury, NY | $88,272,871 | $14,740,911 |
Liberation Programs Inc Norwalk, CT | $5,758,645 | $12,035,919 |
Public Relations Society Of America Inc New York, NY | $7,935,177 | $9,278,462 |
Tompkins Cortland Community College Foundation Dryden, NY | $60,556,305 | $8,680,534 |
The Lutheran Home At Kane Kane, PA | $8,299,845 | $10,193,303 |
Little Servant Sisters Woodbridge, NJ | $7,631,243 | $7,029,222 |
Little Sisters Of The Poor Of The City And County Of Philadelphia Philadelphia, PA | $10,759,268 | $7,956,134 |
International Service Fellowship Usa Upper Darby, PA | $20,365,794 | $7,523,822 |
Heritage Aflame Inc Bolivar, NY | $1,304,768 | $4,768,942 |
Society Of St Vincent De Paul Central Council Of Pittsburgh Pittsburgh, PA | $5,352,791 | $6,782,578 |