Midland College Foundation Inc
- Assets
- $75.4m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Midland, TX
- Founding
- 10/1973
- Data as of
- 12/2021
- EIN
- 23-7315067
Organization Overview
Midland College Foundation Inc is located in Midland, TX. The organization was established in 1973. 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. Midland 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 12/2021, Midland College Foundation Inc generated $5.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $3.7m during the year ending 12/2021. 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
MIDLAND COLLEGE FOUNDATION, INC. IS A NON-PROFIT ORGANIZATION ESTABLISHED TO PROVIDE SUPPORT FOR THE EDUCATIONAL GOALS OF MIDLAND COLLEGE AND ITS STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAYMENTS MADE TO MIDLAND COLLEGE FOR THE OPERATING BUDGET AND FUND MIDLAND COLLEGE SCHOLARSHIPS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe DE Compiegne President | OfficerTrustee | 1 | $0 |
Cadell Liedtke Vice President | OfficerTrustee | 1 | $0 |
Richard Coats Treasurer | OfficerTrustee | 1 | $0 |
Linda Cowden Secretary | OfficerTrustee | 1 | $0 |
Bj Beal Director | Trustee | 1 | $0 |
Arnulfo Carrasco MD Director | Trustee | 1 | $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 | $2,936,848 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,936,848 |
| Total Program Service Revenue | $0 |
| Investment income | $1,847,006 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $629,784 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,413,638 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,548,626 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $16,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $538,494 |
| Fees for services: Other | $25,520 |
| Advertising and promotion | $6,532 |
| Office expenses | $3,391 |
| 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 | $459,272 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $125,265 |
| Total functional expenses | $3,723,600 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,738,168 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,936 |
| 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 | $58,500 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $70,541,044 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,649 |
| Total assets | $75,368,297 |
| Accounts payable and accrued expenses | $60,380 |
| Grants payable | $643,839 |
| 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 | $0 |
| Total liabilities | $704,219 |
| Net assets without donor restrictions | $24,660,218 |
| Net assets with donor restrictions | $50,003,860 |
| 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 | $75,368,297 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Midland College Foundation Inc has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Grafa Family Foundation Inc Midland, TX PURPOSE: GENERAL FUND | $1,000 |
Endowment Analysis
| Beg. Balance | $40,927,365 |
| Earnings | $7,450,156 |
| Admin Expense | $515,937 |
| Net Contributions | $1,437,985 |
| Grants | $1,691,418 |
| Ending Balance | $47,608,151 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Louisiana At Lafayette Foundation Lafayette, LA | $292,703,277 | $46,235,918 |
Louisiana Tech University Foundation Inc Ruston, LA | $117,962,998 | $18,845,072 |
New Mexico State University Foundation Inc Las Cruces, NM | $355,498,587 | $111,307,691 |
America Can Cars For Kids Dallas, TX | $4,240,577 | $12,374,341 |
Friends Of Imagine International Academy Of North Texas Mckinney, TX | $32,038,501 | $13,231,420 |
Cynthia & Geo Mitchell Foundation The Woodlands, TX | $379,261,425 | $375,406 |
University Of Texas Law School Foundation Austin, TX | $263,458,115 | $22,437,207 |
Dallas Seminary Foundation Dallas, TX | $76,216,359 | $8,000,736 |
Sul Ross State University Foundation Alpine, TX | $1,687,998 | $1,230,429 |
University Of New Orleans Foundation New Orleans, LA | $129,213,862 | $21,783,517 |
Grambling High Foundation Grambling, LA | $36,491,619 | $11,923,300 |
University Of Houston Foundation Houston, TX | $176,095,945 | $16,062,659 |