Hagerstown Community College Foundation Inc
- Assets
- $16.8m
- Revenue
- $1.6m
- Investments
- $16.2m
- Employees
- 0
- Location
- Hagerstown, MD
- Founding
- 10/1968
- Data as of
- 06/2021
- 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 06/2021, Hagerstown Community College Foundation Inc generated $1.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $982.2k during the year ending 06/2021. While expenses have increased by 4.7% per year over the past 6 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
2021
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 FY21, THE FOUNDATION PROVIDED SCHOLARSHIPS TO 672 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 |
|---|---|---|---|
Bill Fritts President | OfficerTrustee | 2 | $0 |
David Abeles Vice President | OfficerTrustee | 1 | $0 |
Penny Pittman Secretary | OfficerTrustee | 1 | $0 |
Mary Heizer Treasurer | OfficerTrustee | 1 | $0 |
Dr Ashley Whaley Senior Director | Officer | 37.5 | $0 |
Brenda Hassinger Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $4,335 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $913,885 |
| Noncash contributions included in lines 1a–1f | $9,847 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $918,220 |
| Total Program Service Revenue | $0 |
| Investment income | $173,875 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $501,694 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,593,789 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $155,464 |
| Grants and other assistance to domestic individuals. | $687,229 |
| 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 | $600 |
| Fees for services: Accounting | $6,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $115,681 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,497 |
| Office expenses | $2,177 |
| 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 | $1,560 |
| Total functional expenses | $982,232 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $256,189 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $275,568 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $16,238,529 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $16,770,286 |
| Accounts payable and accrued expenses | $312,796 |
| Grants payable | $5,150 |
| 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 | $76,862 |
| Total liabilities | $394,808 |
| Net assets without donor restrictions | $4,648,708 |
| Net assets with donor restrictions | $11,726,770 |
| 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 | $16,770,286 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Hagerstown Community College Foundation Inc has recieved totaling $220,942.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Washington County Maryland Incorporated Hagerstown, MD PURPOSE: SCHOLARSHIPS | $195,667 |
Community Foundation Of Washington County Maryland Incorporated Hagerstown, MD PURPOSE: STUDENT FUNDING | $10,675 |
Thrivent Charitable Impact & Investing Appleton, WI PURPOSE: GENERAL SUPPORT | $6,794 |
American Endowment Foundation Hudson, OH PURPOSE: EDUCATIONAL | $6,375 |
The Manitowoc Company Foundation Milwaukee, WI PURPOSE: GENERAL SUPPORT | $1,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $431 |
Endowment Analysis
| Beg. Balance | $11,706,216 |
| Earnings | $3,152,368 |
| Net Contributions | $682,492 |
| Other Expense | $199,424 |
| Ending Balance | $15,341,652 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mount Aloysius College Cresson, PA | $187,396,444 | $41,178,883 |
Southern Virginia University Buena Vista, VA | $37,155,964 | $26,776,085 |
Lackawanna College Scranton, PA | $71,721,039 | $37,550,402 |
Keystone College La Plume, PA | $35,973,065 | $32,307,027 |
Northampton County Area Community College Foundation Bethlehem, PA | $90,958,462 | $10,129,172 |
Montgomery College Foundation Inc Rockville, MD | $114,232,820 | $9,502,498 |
Rural Regional College Of Northern Pennsylvania Warren, PA | $5,615,741 | $6,853,923 |
Howard Community College Educational Foundation Inc Columbia, MD | $15,584,506 | $3,702,279 |
Allegany Community College Foundation Inc Cumberland, MD | $23,769,965 | $2,588,071 |
The Harrisburg Area Community College Foundation Harrisburg, PA | $39,552,563 | $3,281,824 |
Virginia Western Community College Educational Founation Inc Roanoke, VA | $30,928,944 | $10,106,195 |
Montgomery County Community College Foundation Blue Bell, PA | $19,265,870 | $2,851,675 |