Somerset Community College Foundation Inc
- Assets
- $889.0k
- Revenue
- $329.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Somerset, KY
- Founding
- 03/2007
- Data as of
- 06/2023
- EIN
- 27-0137175
Organization Overview
Somerset Community College Foundation Inc is located in Somerset, KY. The organization was established in 2007. According to its NTEE Classification (B02) the organization is classified as: Management & Technical Assistance, 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. Somerset 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, Somerset Community College Foundation Inc generated $329.4k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.8% each year . All expenses for the organization totaled $459.7k 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
TO CONDUCT AND CARRY ON WORK, NOT FOR PROFIT, BUT EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC, LITERARY OR EDUCATIONAL PURPOSES AND TO STIMULATE VOLUNTARY FINANCIAL SUPPORT FOR SOMERSET COMMUNITY COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP PROGRAM IS USED TO PROVIDE SCHOLARSHIPS TO STUDENTS WHO MIGHT NOT OTHERWISE HAVE THE OPPORTUNITY TO FURTHER THEIR EDUCATION OR WHO HAVE EXHIBITED CHARACTERISTICS AND ACHIEVEMENTS IN THEIR EDUCATIONAL PROCESS THAT IS DEEMED FITTING OF RECOGNITION AND REWARD.
OTHER PROGRAM EXPENSES ARE AMOUNTS USED TO SUPPORT SOMERSET COMMUNITY COLLEGE IN A VARIETY OF GENERAL WAYS.
COMMUNITY WORKFORCE AND ECONOMIC DEVELOPMENT (CWED) AND OTHER ACADEMIC PROGRAMS IS USED TO PROVIDE TRAINING TO BUSINESS AND INDUSTRIES AND CONTINUING EDUCATION PROGRAMS FOR THE COMMUNITY AS NEEDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Delores Dalton Director | Trustee | 1 | $0 |
Donald Bloomer Secretary/treas | OfficerTrustee | 2 | $0 |
Mike Tarter Chairperson | OfficerTrustee | 2 | $0 |
Robert Parker Vice Chairperso | OfficerTrustee | 2 | $0 |
Dr Carey Castle Ex-Officio | Trustee | 1 | $0 |
Phil Smith 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 | $319,435 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $319,435 |
| Total Program Service Revenue | $0 |
| Investment income | $9,964 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $329,399 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $3,750 |
| 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 | $801 |
| 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 | $889 |
| All other expenses | $10,045 |
| Total functional expenses | $459,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $882,785 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,655 |
| 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 | $3,562 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $889,002 |
| Accounts payable and accrued expenses | $4,438 |
| 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 | $0 |
| Total liabilities | $4,438 |
| Net assets without donor restrictions | $161,415 |
| Net assets with donor restrictions | $723,149 |
| 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 | $889,002 |