Tompkins Cortland Community College Foundation
- Assets
- $50.7m
- Revenue
- $6.4m
- Investments
- $23.6k
- Employees
- 47
- Location
- Dryden, NY
- Founding
- 04/1971
- Data as of
- 08/2023
- 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 08/2023, Tompkins Cortland Community College Foundation employed 47 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 08/2023, Tompkins Cortland Community College Foundation generated $6.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (9.1%) each year. All expenses for the organization totaled $9.8m during the year ending 08/2023. As we would expect to see with falling revenues, expenses have declined by (2.4%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
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. 291 STUDENTS RECEIVED SCHOLARSHIPS.
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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Vanderzee Chair | OfficerTrustee | 1 | $0 |
Leslie Danks Burke Director | Trustee | 1 | $0 |
Dale Davis Director | Trustee | 1 | $0 |
Clint Brooks Director | Trustee | 1 | $0 |
Richard Cunningham Director | Trustee | 1 | $0 |
Robert Haight Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bh Cleaning Services Inc Janitorial Services | 8/30/23 | $248,353 |
John H Cook Jr Painting Contractor Painting | 8/30/23 | $203,506 |
Cks Flooring Floor Repairs | 8/30/23 | $164,838 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $126,394 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,540,811 |
| Noncash contributions included in lines 1a–1f | $40,668 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,667,205 |
| Total Program Service Revenue | $4,286,874 |
| Investment income | $504,383 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$48,333 |
| Net Gain/Loss on Asset Sales | $32,921 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,443,050 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $863,922 |
| Grants and other assistance to domestic individuals. | $531,051 |
| 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 | $802,743 |
| Pension plan accruals and contributions | $14,350 |
| Other employee benefits | $33,087 |
| Payroll taxes | $94,279 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,382 |
| Fees for services: Accounting | $29,563 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $84,998 |
| Fees for services: Other | $662,728 |
| Advertising and promotion | $39,996 |
| Office expenses | $195,347 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $970,669 |
| Travel | $477 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $756 |
| Interest | $1,825,745 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,488,733 |
| Insurance | $178,664 |
| All other expenses | $0 |
| Total functional expenses | $9,765,514 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $965,259 |
| Savings and temporary cash investments | $8,862,560 |
| Pledges and grants receivable | $21,840 |
| Accounts receivable, net | $33,950 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,153 |
| Inventories for sale or use | $39,708 |
| Prepaid expenses and deferred charges | $2,733 |
| Net Land, buildings, and equipment | $17,595,962 |
| Investments—publicly traded securities | $21,179,411 |
| Investments—other securities | $23,648 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,947,755 |
| Total assets | $50,674,979 |
| Accounts payable and accrued expenses | $72,902 |
| Grants payable | $0 |
| Deferred revenue | $50,367 |
| Tax-exempt bond liabilities | $37,237,304 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,149,930 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,774,442 |
| Total liabilities | $48,284,945 |
| Net assets without donor restrictions | -$23,437,278 |
| Net assets with donor restrictions | $25,827,312 |
| 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 | $50,674,979 |