Lakeland College Foundation Inc
- Assets
- $16.0m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Mattoon, IL
- Founding
- 03/1971
- Data as of
- 06/2022
- EIN
- 23-7100515
Organization Overview
Lakeland College Foundation Inc is located in Mattoon, IL. The organization was established in 1971. According to its NTEE Classification (B41) the organization is classified as: Two-Year 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. Lakeland 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 06/2022, Lakeland College Foundation Inc generated $4.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 11.4% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LAKE LAND COLLEGE FOUNDATION WAS ESTABLISHED TO ASSIST LAKE LAND COLLEGE IN DEVELOPING AND ENHANCING THE EDUCATIONAL OPPORTUNITIES AND SERVICES TO ITS STUDENTS, ALUMNI, AND CITIZENS OF THE DISTRICT. THE MISSION OF THE FOUNDATION IS TO PROVIDE STUDENT SCHOLARSHIPS THROUGH FUNDS CONTRIBUTED BY INDIVIDUALS, AGENCIES, AND CORPORATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LAKE LAND COLLEGE FOUNDATION WAS ORGANIZED AND OPERATES EXCLUSIVELY FOR EDUCATION AND CHARITABLE PURPOSES DESIGNED TO PROMOTE THE WELFARE OF LAKE LAND COLLEGE, MATTOON, ILLINOIS, AND ITS STUDENTS. THE MAJOR THRUST OF THE FOUNDATION IS TO PROVIDE SCHOLARSHIPS TO LAKE LAND COLLEGE STUDENTS. DURING THE PAST YEAR, THROUGH THE GENEROUS DONATIONS OF AREA INDIVIDUALS, BUSINESSES, AND ORGANIZATIONS, THE FOUNDATION AWARDED $436,981 IN SCHOLARSHIPS TO ABOUT 331 DESERVING STUDENTS. THESE SCHOLARSHIPS VARY IN AMOUNTS AWARDED AND CRITERIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Madge Shoot Treasurer | Officer | 2 | $4,000 |
Renee Huckstead Secretary | OfficerTrustee | 1 | $0 |
Rich Hartke Vice President | OfficerTrustee | 1 | $0 |
Deacon Patient President | OfficerTrustee | 1 | $0 |
Christi Donsbach Executive Director | Officer | 40 | $0 |
Debra Sandercock Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $47,605 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,598,327 |
| Noncash contributions included in lines 1a–1f | $133,237 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,645,932 |
| Total Program Service Revenue | $0 |
| Investment income | $339,525 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $42,329 |
| Net Gain/Loss on Asset Sales | $594,375 |
| Net Income from Fundraising Events | -$7,652 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,733,091 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $436,981 |
| 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 | $73,553 |
| 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 | $6,265 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $99,819 |
| Travel | $19,538 |
| 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 | $16,916 |
| Insurance | $0 |
| All other expenses | $8,739 |
| Total functional expenses | $1,142,062 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $567,541 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $3,079,046 |
| Investments—publicly traded securities | $12,375,457 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $16,022,044 |
| 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 | $814,047 |
| Total liabilities | $814,047 |
| Net assets without donor restrictions | $2,317,066 |
| Net assets with donor restrictions | $12,890,931 |
| 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 | $16,022,044 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lakeland College Foundation Inc has recieved totaling $20,071.
| Awarding Organization | Amount |
|---|---|
Fuqua Foundation Charleston, IL PURPOSE: student scholarships | $19,800 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $271 |
Endowment Analysis
| Beg. Balance | $4,943,046 |
| Earnings | $561,021 |
| Admin Expense | $203 |
| Net Contributions | $2,174,522 |
| Other Expense | $153,367 |
| Grants | $502,932 |
| Ending Balance | $7,022,087 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Augustine College Chicago, IL | $15,853,961 | $18,146,895 |
Ancilla Domini College Plymouth, IN | $0 | $14,414,276 |
Pierce Mortuary Colleges Inc Broadview, IL | $14,603,316 | $16,634,477 |
College Of The Menominee Nation Keshena, WI | $15,783,806 | $11,637,458 |
Lac Courte Oreilles Ojibwe College Hayward, WI | $16,000,980 | $10,229,989 |
The Metropolitan Community College Foundation Kansas City, MO | $16,663,239 | $3,405,477 |
Kirkwood Community College Foundation Cedar Rapids, IA | $43,540,342 | $11,748,704 |
Southeastern Community College Foundation West Burlington, IA | $16,375,654 | $3,936,639 |
Indian Hills Community College Foundation Ottumwa, IA | $33,459,627 | $8,575,991 |
Morrison Institute Of Technology Morrison, IL | $3,310,964 | $2,173,933 |
Oakton Community College Educational Foundation Des Plaines, IL | $17,956,754 | $4,276,971 |
Missouri Community College Association Jefferson City, MO | $590,069 | $1,604,920 |