Detroit Lakes Area College Foundation
- Assets
- $290.7k
- Revenue
- $131.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit Lakes, MN
- Founding
- Data as of
- 06/2016
- EIN
- 41-1407214
Organization Overview
Detroit Lakes Area College Foundation is located in Detroit Lakes, MN. Detroit Lakes Area 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2016
Describe the Organization's Mission:
Part 3 - Line 1
RAISE FUNDS FOR STUDENT SCHOLARSHIPS AND PROVIDE RESOURCES FOR ACADEMIC PROGRAMS AT MINNESOTA STATE COMMUNITY AND TECHNICAL COLLEGE (MSCTC)- DETROIT LAKES, MN CAMPUS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACADEMIC PROGRAM SUPPORT - PROVIDED SUPPORT TO 5 MSCTC-DETROIT LAKES ACADEMIC PROGRAMS THROUGH DONATIONS OF EDUCATIONAL TRAINING EQUIPMENT AND MATERIALS.
SCHOLARSHIPS - THE FOUNDATION PROVIDED SCHOLARSHIPS TO 23 MSCTC-DETROIT LAKES STUDENTS DURING THE FISCAL YEAR.
OTHER COLLEGE SUPPORT - THE FOUNDATION PROVIDED SUPPORT TO THE COLLEGE FOR VARIOUS OTHER OPERATIONAL AND PROMOTIONAL PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ashley Mcnally Chairman | OfficerTrustee | 2 | $0 |
Chris Thorson Vice Chair | OfficerTrustee | 2 | $0 |
Carmen Mccullough Secretary | OfficerTrustee | 2 | $0 |
Natalie Bly Board Member | Trustee | 1 | $0 |
Lynette Price Board Member | Trustee | 1 | $0 |
Peggy Kennedy Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $132,507 |
| Investment income | $5,983 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$7,974 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $131,516 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $20,800 |
| 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 | $2,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,428 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $234 |
| Information technology | $5,508 |
| 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 | $8 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,025 |
| All other expenses | $0 |
| Total functional expenses | $140,204 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,131 |
| Savings and temporary cash investments | $8,602 |
| Pledges and grants receivable | $835 |
| 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 | $0 |
| Investments—publicly traded securities | $243,084 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $290,652 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $189,817 |
| Net assets with donor restrictions | $835 |
| Capital stock or trust principal, or current funds | $100,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $290,652 |
Endowment Analysis
| Beg. Balance | $15,000 |
| Ending Balance | $15,000 |
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