Holyoke Community College Foundation Inc
- Assets
- $28.4m
- Revenue
- $9.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Holyoke, MA
- Founding
- 04/1972
- Data as of
- 06/2023
- EIN
- 23-7181691
Organization Overview
Holyoke Community College Foundation Inc is located in Holyoke, MA. The organization was established in 1972. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Holyoke 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 06/2023, Holyoke Community College Foundation Inc generated $9.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 30.1% each year . All expenses for the organization totaled $2.4m during the year ending 06/2023. While expenses have increased by 7.7% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SUPPORT FOR PROGRAMS AND ACTIVITIES WHICH ENHANCE THE QUALITY OF EDUCATION AND EXPAND THE EDUCATIONAL OPPORTUNITIES FOR STUDENTS AT HOLYOKE COMMUNITY COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OTHE PURPOSE OF THE HOLYOKE COMMUNITY COLLEGE FOUNDATION IS TO SECURE, INVEST, AND STEWARD FINANCIAL AND OTHER RESOURCES TO ENHANCE THE QUALITY OF EDUCATION AND EXPAND EDUCATIONAL OPPORTUNITIES FOR HCC STUDENTS. GOVERNED BY A BOARD OF DIRECTORS, THE HCC FOUNDATION AWARDED MORE THAN $300,000 IN SCHOLARSHIPS DURING THE YEAR ENDED JUNE 30, 2023. DURING THIS YEAR, THE HCC FOUNDATION ALSO PROVIDED DIRECT PROGRAM SUPPORT FOR ACADEMIC PROGRAMS AND STUDENT SUPPORT SERVICES ACROSS CAMPUS, INCLUDING CLASSROOM EQUIPMENT, UPGRADED TECHNOLOGY, GUEST SPEAKERS, FACILITY RENOVATIONS, AND MORE. THE FOUNDATION IS ALSO COMMITTED TO HELPING STUDENTS OVERCOME BARRIERS TO SUCCESS THROUGH THE PRESIDENT'S STUDENT EMERGENCY FUND. ALL FOUNDATION FUNDRAISING IS SUPPORTED BY MEANINGFUL STEWARDSHIP AND DONOR RELATIONS THAT CELEBRATES DONORS' CONTRIBUTIONS AND COMMITMENT TO OUR MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Corey Murphy Chairman | OfficerTrustee | 2 | $0 |
Susan Goldsmith Vice Chair | OfficerTrustee | 2 | $0 |
Deana L Mcpherson Treasurer | OfficerTrustee | 2 | $0 |
Michael Roundy Vice Treasurer | OfficerTrustee | 2 | $0 |
Nikki Burnett Director | Trustee | 2 | $0 |
John Driscoll Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,500,758 |
| Noncash contributions included in lines 1a–1f | $5,217 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,500,758 |
| Total Program Service Revenue | $0 |
| Investment income | $422,535 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $167,963 |
| Net Gain/Loss on Asset Sales | $402,778 |
| Net Income from Fundraising Events | $11,563 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,505,597 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,280,497 |
| Grants and other assistance to domestic individuals. | $250,090 |
| 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 | $0 |
| Fees for services: Accounting | $32,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $55,431 |
| Fees for services: Other | $85,463 |
| Advertising and promotion | $0 |
| Office expenses | $63,837 |
| Information technology | $44,146 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,842 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $482 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $580,258 |
| Insurance | $7,251 |
| All other expenses | $0 |
| Total functional expenses | $2,403,297 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $478,924 |
| Pledges and grants receivable | $6,860,284 |
| 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 | $58,595 |
| Net Land, buildings, and equipment | $2,894,013 |
| Investments—publicly traded securities | $17,086,361 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,016,858 |
| Total assets | $28,395,035 |
| Accounts payable and accrued expenses | $39,475 |
| Grants payable | $0 |
| Deferred revenue | $786,924 |
| 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 | $1,032,880 |
| Total liabilities | $1,859,279 |
| Net assets without donor restrictions | $3,686,390 |
| Net assets with donor restrictions | $22,849,366 |
| 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 | $28,395,035 |