Lakeland College Foundation Inc
- Assets
- $17.3m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Mattoon, IL
- Founding
- 03/1971
- Data as of
- 06/2023
- 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 06/2023, Lakeland College Foundation Inc generated $3.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $2.8m during the year ending 06/2023. 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
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 INDIVIDUIALS, BUSINESSES, AND ORGANIZATIONS, THE FOUNDATION AWARDED $606,020 IN SCHOLARSHIPS TO ABOUT 496 DESERVING STUDENTS. THESE SCHOLARSHIPS VARY IN AMOUNTS AWARDED AND CRITERIA. FIRST ACCOMPLISHMENT FOR AWARDING, IS BASED ON THE DONOR'S WISHES AND/OR GUIDELINES ESTABLISHED BY THE LAKE LAND COLLEGE FOUNDATION BOARD OF DIRECTORS. DONORS WHO REACH A SPECIFIED LEVEL OF LIFETIME GIVING ARE RECOGNIZED ON AN ANNUAL BASIS AND ALSO HAVE THE OPPORTUNITY TO MEET THEIR SCHOLARSHIP RECIPIENT(S) AT AN ANNUAL RECEPTION.DONORS REPRESENT A DIVERSE BACKGROUND FROM THE 4,000 SQUARE MILE DISTRICT. MANY DONORS HAVE BEEN DEDICATED TO HELPING STUDENTS FOR MORE THAN TWO DECATES. THEY BELIEVE IN THE COMMUNITY COLLEGE AND ARE COMMITTED TO ENSURING THAT THE REGION HAS A TRAINED WORKFORCE TO MEET THE NEEDS OF LOCAL BUSINESS AND INDUSTRY. DONORS ARE ALSO EXPANDING THEIR SUPPORT BY PROVIDING ADDITIONAL RESOURCES FOR THE UNMET FINANCIAL NEEDS OF THE COLLEGE DUE TO DECLINING STATE SUPPORT AND A SLUGGISH LOCAL PROPERTY TAX BASE.OTHER FOUNDATION ACTIVITIES INCLUDE AN ANNUAL GOLF OUTING WHICH RAISES MONIES THAT ARE USED FOR THE OPERATIONS OF THE FOUNDATION. VOLUNTEEERS AND GOLFERS FROM THROUGHOUT THE DISTRICT RETURN EACH YEAR TO HELP PLAN AND SUPPORT THE GOLF OUTING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debra Sandercock Director | Trustee | 1 | $0 |
Denice Bence Director | Trustee | 1 | $0 |
Rudy Huber Director | Trustee | 1 | $0 |
Meg Yargus Steward Finance & Investment Chair | Trustee | 1 | $0 |
Kathleen Anderson Director | Trustee | 1 | $0 |
Amanda Martin Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $57,602 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,042,772 |
| Noncash contributions included in lines 1a–1f | $1,669,186 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,100,374 |
| Total Program Service Revenue | $0 |
| Investment income | $297,791 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $41,748 |
| Net Gain/Loss on Asset Sales | -$211,277 |
| Net Income from Fundraising Events | -$9,206 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,437,842 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $606,020 |
| 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 | $193,083 |
| 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 | $6,300 |
| 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 | $9,088 |
| Travel | $15,167 |
| 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 | $19,114 |
| Insurance | $0 |
| All other expenses | $15,635 |
| Total functional expenses | $2,838,915 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $244,869 |
| 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 | $3,059,932 |
| Investments—publicly traded securities | $14,037,448 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $17,342,249 |
| 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 | $602,211 |
| Total liabilities | $602,211 |
| Net assets without donor restrictions | $2,314,089 |
| Net assets with donor restrictions | $14,425,949 |
| 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 | $17,342,249 |