Lakeshore Technical College Foundation Inc
- Assets
- $4.9m
- Revenue
- $852.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Cleveland, WI
- Founding
- 05/1977
- Data as of
- 06/2023
- EIN
- 39-1269078
Organization Overview
Lakeshore Technical College Foundation Inc is located in Cleveland, WI. The organization was established in 1977. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakeshore Technical 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, Lakeshore Technical College Foundation Inc generated $852.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $3.0m 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 PROVIDE PRIVATE SCHOLARSHIPS AND ASSISTANCE TO STUDENTS FOR EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT OF INSTRUCTIONAL PROGRAMS/SERVICES: THIS PROGRAM IS TO PROVIDE ADDITIONAL SUPPORT TO THE INSTRUCTIONAL PROGRAMS AND/OR SERVICES OF LAKESHORE TECHNICAL COLLEGE, INCLUDING PROJECT GRILL. THE CENTER FOR HEALTHCARE EXCELLENCE BUILDING EXPANSION WAS THE FOCUS FOR FY22-23 WITH A TOTAL OF $2,400,000.
STUDENT SUPPORT: THROUGH BOARD-APPROVED APPROPRIATIONS, MONETARY SUPPORT WAS PROVIDED TO STUDENTS IN AMOUNTS RANGING FROM $25 TO $500 TO DISLOCATED WORKERS AND OTHER STUDENTS WHO HAVE EXHAUSTED OTHER MEANS OF FINANCIAL AID. STUDENT SUPPORT WAS AWARDED TO 80 STUDENTS TO ASSIST WITH UTILITIES, MORTGAGE OR RENT PAYMENTS, VEHICLE REPAIRS, AND OTHER SCHOOL EXPENSES.
STUDENT SCHOLARSHIPS: PROVIDED SCHOLARSHIP SUPPORT TO STUDENTS AT LAKESHORE TECHNICAL COLLEGE TO ENCOURAGE ENROLLMENT AND RETENTION IN ASSOCIATE DEGREE AND TECHNICAL DIPLOMA PROGRAMS AT THE COLLEGE. AWARD DISBURSEMENTS ARE COORDINATED WITH FINANCIAL AID. SCHOLARSHIPS WERE AWARDED TO 585 STUDENTS.
PROPERTY DONATIONS TO THE COLLEGE: THE DONOR-ASSIGNED VALUE OF EQUIPMENT RECEIVED AND TRANSFERRED TO THE COLLEGE. THIS PROGRAM ALLOWS THE COLLEGE TO UPGRADE OR OBTAIN EQUIPMENT FOR INSTRUCTION AND TO REDUCE THE COLLEGE BUDGET REQUIRED FOR SUCH EXPENSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ross Niemi President | OfficerTrustee | 0.5 | $0 |
Mike Mrdjenovich Past President | OfficerTrustee | 0.5 | $0 |
Bob Fitzgerald Treasurer/secretary | OfficerTrustee | 0.5 | $0 |
Paul Carlsen Ex Officio | Trustee | 0.5 | $0 |
Lynn Coady Director | Trustee | 0.5 | $0 |
Paul Weaver Director | Trustee | 0.5 | $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 | $694,869 |
| Noncash contributions included in lines 1a–1f | $76,349 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $694,869 |
| Total Program Service Revenue | $46,354 |
| Investment income | $104,827 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$32,577 |
| Net Income from Fundraising Events | $38,607 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $852,080 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $299,659 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $36,704 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $48,328 |
| 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 | $21,786 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,922 |
| All other expenses | $0 |
| Total functional expenses | $2,963,371 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $653,570 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,020,492 |
| 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 | $5,230 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,224,484 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,903,776 |
| Accounts payable and accrued expenses | $12,557 |
| 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 | $870,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $882,557 |
| Net assets without donor restrictions | $866,851 |
| Net assets with donor restrictions | $3,154,368 |
| 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 | $4,903,776 |