Lake Area Technical College Foundation
- Assets
- $28.8m
- Revenue
- $15.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Watertown, SD
- Founding
- 04/1993
- Data as of
- 06/2022
- EIN
- 36-3860861
Organization Overview
Lake Area Technical College Foundation is located in Watertown, SD. The organization was established in 1993. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. Lake Area Technical College 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, Lake Area Technical College Foundation generated $15.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 32.1% each year . All expenses for the organization totaled $2.2m during the year ending 06/2022. While expenses have increased by 2.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATIONS PRIMARY PURPOSE IS TO RAISE PRIVATE SECTOR CONTRIBUTIONS FOR SCHOLARSHIPS AND IMPROVEMENTS BENEFITTING LAKE AREA TECHNICAL COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDED 1,008 SCHOLARSHIPS TO LATC STUDENTS.
FUNDING FOR LATC PROGRAM ENHANCEMENTS WHICH BENEFIT MORE THAN 2,400 FULL-TIME AND PART-TIME STUDENTS.
FUNDING FOR CAMPUS IMPROVEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Koplin President | OfficerTrustee | 5 | $0 |
Tim Walter Director | Trustee | 1 | $0 |
Jay Boomsma Director | Trustee | 1 | $0 |
Ryan Dede Director | Trustee | 1 | $0 |
Leah Stelley Director | Trustee | 1 | $0 |
Brooks Jacobsen Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,135,945 |
| Investment income | $572,281 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,628 |
| Net Income from Fundraising Events | $136,318 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,847,172 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $1,530,958 |
| 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 | $153,683 |
| 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 | $13,824 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,888 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $7,342 |
| 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 | $790 |
| All other expenses | $0 |
| Total functional expenses | $2,178,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $915,287 |
| Savings and temporary cash investments | $4,535,697 |
| Pledges and grants receivable | $3,981,475 |
| Accounts receivable, net | $219,133 |
| 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 | $0 |
| Investments—publicly traded securities | $18,569,699 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $575,554 |
| Total assets | $28,796,845 |
| Accounts payable and accrued expenses | $0 |
| 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 | $995,392 |
| Total liabilities | $995,392 |
| Net assets without donor restrictions | $1,087,109 |
| Net assets with donor restrictions | $26,714,344 |
| 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 | $27,801,453 |