Lakeland Foundation
- Assets
- $11.0m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Kirtland, OH
- Founding
- 09/1982
- Data as of
- 06/2023
- EIN
- 34-1369714
Organization Overview
Lakeland Foundation is located in Kirtland, OH. The organization was established in 1982. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakeland Foundation 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, Lakeland Foundation generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 19.9% each year . All expenses for the organization totaled $1.1m during the year ending 06/2023. While expenses have increased by 2.2% 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
THE LAKELAND FOUNDATION CREATES RELATIONSHIPS AND SOLICITS RESOURCES THROUGHOUT NORTHEAST OHIO AND FOCUSES THEM ON SUPPORTING LAKELAND COMMUNITY COLLEGE'S MISSION "TO PROVIDE QUALITY LEARNING OPPORTUNITIES TO MEET THE SOCIAL AND ECONOMIC NEEDS OF THE COMMUNITY." THE FOUNDATION HAS SUPPORTED THE COLLEGE IN THE AREAS OF 1) STUDENT SCHOLARSHIPS AND GRANTS, 2) FACULTY DEVELOPMENT AND TEACHING ENHANCEMENT PROGRAMS, AND 3) TECHNOLOGY UPGRADES AND SUPPORT TO BENEFIT STUDENTS AND/OR FACULTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALTHOUGH PROGRAM EXPENSES ARE COMBINED, THE FOUNDATION HAS SUCCESSFULLY SUPPORTED THE COLLEGE IN THE THREE AREAS DESCRIBED BELOW:1) STUDENT SCHOLARSHIPS AND GRANTS - THE FOUNDATION'S GOAL IS TO ENSURE THAT NO AREA STUDENT IS DEPRIVED OF A LAKELAND COMMUNITY COLLEGE EDUCATION FOR FINANCIAL REASONS. WHILE THERE ARE A NUMBER OF GOVERNMENT GRANTS AND LOANS AVAILABLE TO STUDENTS, THIS ASSISTANCE IS NOT AVAILABLE TO ALL STUDENTS AND ALMOST NEVER PAYS THE FULL COST OF AN EDUCATION. MANY OF LCC'S STUDENTS ARE OFTEN ALREADY WORKING BUT SIMPLY, NO MATTER HOW HARD THEY TRY, LACK SUFFICIENT RESOURCES TO PAY THE ENTIRE COST OF TUITION AND BOOKS. THE FOUNDATION PROVIDES SCHOLARSHIP ASSISTANCE TO THESE STUDENTS TO BRIDGE THE GAP. 2) FACULTY DEVELOPMENT AND TEACHING ENHANCEMENT PROGRAMS - A DISTINGUISHING MARK OF LCC'S FACULTY IS THE QUALITY OF THEIR TEACHING AND COMMITMENT TO INNOVATION IN THE CLASSROOM AND COMMUNITY. THE FOUNDATION SUPPORTS THESE EFFORTS BY AWARDING FACULTY GRANTS FOR NEW COURSE/PROJECT DEVELOPMENT, COLLABORATIONS WITH COMMUNITY AND PROFESSIONAL ORGANIZATIONS, AND PROFESSIONAL DEVELOPMENT.3) TECHNOLOGY UPGRADES AND SUPPORT TO BENEFIT FACULTY AND/OR STUDENTS - TRAINING AND DEVELOPING STUDENTS FOR THE "KNOWLEDGE ECONOMY" CANNOT TAKE PLACE WITHOUT REGULAR ACCESS TO STATE-OF-THE-ART EQUIPMENT, SOFTWARE AND THE INTERNET. STUDENTS WHO CAN BARELY AFFORD TUITION OFTEN DO NOT HAVE RESOURCES FOR A COMPUTER THAT IS REQUIRED FOR CLASSWORK, ESPECIALLY ONLINE COURSES. THE FOUNDATION AWARDS STUDENT GRANTS TO HELP THEM PURCHASE EQUIPMENT, SOFTWARE, AND MAINTAIN INTERNET CONNECTIONS. THE FOUNDATION ALSO PROVIDES FUNDING FOR CLASSROOM TECHNOLOGY UPGRADES SO THAT STUDENTS AND FACULTY HAVE ACCESS TO AND EXPERIENCE ON STATE-OF-THE-ART EQUIPMENT SPECIFIC TO THE MANY PROGRAMS OF INSTRUCTION THE COLLEGE OFFERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ka-Pi Hoh PHD Board Chairperson | OfficerTrustee | 2 | $0 |
Jon J Snyder Vice Chairperson | OfficerTrustee | 1 | $0 |
Tina Barnauskas Board Member | Trustee | 1 | $0 |
Thomas W Benda Board Member | Trustee | 1 | $0 |
Morris W Beverage Jr Edm Board Member | Trustee | 2 | $0 |
William M Bowers Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $37,917 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,661,223 |
| Noncash contributions included in lines 1a–1f | $35,947 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,699,140 |
| Total Program Service Revenue | $0 |
| Investment income | $175,128 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $280,377 |
| Net Income from Fundraising Events | -$33,328 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,121,317 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $292,574 |
| Grants and other assistance to domestic individuals. | $552,360 |
| 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 | $20,451 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,300 |
| Fees for services: Other | $67,072 |
| Advertising and promotion | $1,211 |
| Office expenses | $5,381 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,182 |
| Travel | $12,596 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,472 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,096,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $393,097 |
| Savings and temporary cash investments | $144,382 |
| Pledges and grants receivable | $488,708 |
| Accounts receivable, net | $134,407 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $35,539 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,568 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $9,776,911 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $480 |
| Total assets | $10,975,092 |
| Accounts payable and accrued expenses | $32,433 |
| Grants payable | $0 |
| Deferred revenue | $38,750 |
| 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 | $71,183 |
| Net assets without donor restrictions | $254,230 |
| Net assets with donor restrictions | $10,649,679 |
| 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 | $10,975,092 |