Hagerstown Community College Foundation Inc
- Assets
- $22.6m
- Revenue
- $8.4m
- Investments
- $18.5m
- Employees
- 0
- Location
- Hagerstown, MD
- Founding
- 10/1968
- Data as of
- 06/2022
- EIN
- 23-7121670
Organization Overview
Hagerstown Community College Foundation Inc is located in Hagerstown, MD. The organization was established in 1968. 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. Hagerstown Community 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, Hagerstown Community College Foundation Inc generated $8.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 33.9% each year . All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 6.4% 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
THE ASSOCIATION'S ACTIVITIES AND PROJECTS SUPPORT HAGERSTOWN COMMUNITY COLLEGE AND ITS STUDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING FY22, THE FOUNDATION PROVIDED SCHOLARSHIPS TO 812 ELIGIBLE INDIVIDUALS ATTENDING HAGERSTOWN COMMUNITY COLLEGE. THE FOUNDATION ALSO PROVIDED SUPPORT FOR THE NEEDS OF THE COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Abeles President | OfficerTrustee | 2 | $0 |
Melinda Worden Secretary, Board Development Chair | OfficerTrustee | 1 | $0 |
Mary Heizer Treasurer, Usmf Liaison | OfficerTrustee | 1 | $0 |
Julie Donat Vp, Resource Dvlpt Cmte Chair | OfficerTrustee | 1 | $0 |
Bill Fritts Past-President | OfficerTrustee | 1 | $0 |
Brenda Hassinger Alumni Rep, Scholarship Cmte Chair | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,278 |
| Fundraising events | $55,500 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,732,153 |
| Noncash contributions included in lines 1a–1f | $87,920 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,794,931 |
| Total Program Service Revenue | $0 |
| Investment income | $282,258 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,280,298 |
| Net Income from Fundraising Events | $81,344 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,438,842 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $156,787 |
| Grants and other assistance to domestic individuals. | $770,397 |
| 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 | $300 |
| Fees for services: Accounting | $6,690 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $175,964 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,626 |
| Office expenses | $13,224 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| All other expenses | $3,130 |
| Total functional expenses | $1,148,651 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $287,811 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,793,243 |
| 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 | $2,212 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $18,482,503 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $22,565,769 |
| Accounts payable and accrued expenses | $17,970 |
| Grants payable | $72,312 |
| 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 | $35,601 |
| Total liabilities | $125,883 |
| Net assets without donor restrictions | $8,565,548 |
| Net assets with donor restrictions | $13,874,338 |
| 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 | $22,565,769 |