College Of Lake County Foundation
- Assets
- $11.7m
- Revenue
- $6.9m
- Investments
- $5.3m
- Employees
- 0
- Location
- Grayslake, IL
- Founding
- 04/2015
- Data as of
- 06/2022
- EIN
- 36-2852334
Organization Overview
College Of Lake County Foundation is located in Grayslake, IL. The organization was established in 2015. According to its NTEE Classification (B42) the organization is classified as: Undergraduate 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. College Of Lake County 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 06/2022, College Of Lake County Foundation generated $6.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.6% each year . All expenses for the organization totaled $2.2m during the year ending 06/2022. While expenses have increased by 6.6% per year over the past 7 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.
Since 2015, College Of Lake County Foundation has awarded 17 individual grants totaling $9,254,868. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE COLLEGE OF LAKE COUNTY FOUNDATION SEEKS TO BE LAKE COUNTY'S FIRST CHOICE EDUCATIONAL FOUNDATION. OUR PHILANTHROPIC PARTNERSHIPS SUPPORT THE COLLEGE'S MISSION TO DELIVER HIGH QUALITY, ACCESSIBLE LEARNING OPPORTUNITIES, ADVANCE STUDENT SUCCESS AND STRENGTHEN THE DIVERSE LAKE COUNTY COMMUNITIES IT SERVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAYMENTS TO THE COLLEGE OF LAKE COUNTY, OTHER ORGANIZATIONS AND STUDENTS TO BE USED FOR GRANTS AND SCHOLARSHIPS APPLICABLE TO STUDENT TUITION AND FEES.
GRANTS TO AND ON BEHALF OF COLLEGE OF LAKE COUNTY AND OTHER ORGANIZATIONS FOR ENHANCEMENT OF INSTRUCTIONAL PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kurt Peterson Executive Dir. | Officer | 40 | $180,540 |
David Galla Director | Trustee | 0.6 | $0 |
Glenda Abbott Director | Trustee | 0.6 | $0 |
Judith A Haga Director | Trustee | 0.6 | $0 |
Kenneth C Gotsch Treas-Exofficio | OfficerTrustee | 0.6 | $0 |
Paul Diamond Director | Trustee | 0.6 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,322,759 |
| Investment income | $142,120 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $366,160 |
| Net Income from Fundraising Events | $93,133 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,924,172 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $32,570 |
| 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 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 | $0 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,711 |
| 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 | $0 |
| Total functional expenses | $2,150,617 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,691,296 |
| Pledges and grants receivable | $280,352 |
| 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 | $302 |
| Investments—publicly traded securities | $502,049 |
| Investments—other securities | $5,271,135 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,745,134 |
| Accounts payable and accrued expenses | $194 |
| Grants payable | $0 |
| Deferred revenue | $7,600 |
| 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 | $7,794 |
| Net assets without donor restrictions | $1,063,293 |
| Net assets with donor restrictions | $10,674,047 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $11,737,340 |
Grants Awarded
Over the last fiscal year, College Of Lake County Foundation has awarded $2,109,159 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COLLEGE OF LAKE COUNTY PURPOSE: General support | $26,838 |
COLLEGE OF LAKE COUNTY PURPOSE: Grants and scholarships | $2,082,321 |