Rochester Community & Technical College Foundation
- Assets
- $8.0m
- Revenue
- $826.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Rochester, MN
- Founding
- 11/1996
- Data as of
- 06/2023
- EIN
- 41-1535213
Organization Overview
Rochester Community & Technical College Foundation is located in Rochester, MN. The organization was established in 1996. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., 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. Rochester Community & 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 06/2023, Rochester Community & Technical College Foundation generated $826.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $410.8k during the year ending 06/2023. While expenses have increased by 0.8% 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
RCTC FOUNDATION IMPROVES LIVES WITH THE SUPPORT OF QUALITY, AFFORDABLE, ACCESSIBLE HIGHER EDUCATION. WE RAISE FUNDS TO SUPPORT SCHOLARSHIPS, STUDENT BASIC NEEDS, ENHANCE QUALITY ACADEMICS, ENRICH CAMPUS LIFE WITH ATHLETICS AND ARTS, AND MAKE STRATEGIC INVESTMENTS IN OUR STUDENTS AND COLLEGE. THROUGH ACTIVE, ONGOING CAMPAIGNS TO PROMOTE PHILANTHROPY IN THE COMMUNITY, THE FOUNDATION AIMS TO GROW A DIVERSE POOL OF RESOURCES SUFFICIENT TO PROVIDE AFFORDABLE EDUCATION FOR ALL STUDENTS, ADD VALUE AND EXCELLENCE TO THE PROGRAMS OFFERED AT RCTC AND HELP INSULATE THE INSTITUTION FROM FUTURE ECONOMIC AND POLITICAL FORCES BY HELPING TO FILL GAPS IN STATE FUNDING. THE FOUNDATION BELIEVES THAT NO STUDENT SHOULD BE TURNED AWAY FROM RCTC DUE TO AN INABILITY TO PAY TUITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROCHESTER COMMUNITY AND TECHNICAL COLLEGE FOUNDATION OFFERS A SCHOLARSHIP PROGRAM. THIS PROGRAM WORKS WITH NUMEROUS DONORS TO PROVIDE SCHOLARSHIPS FOR NEW, RETURNING AND GRADUATING RCTC STUDENTS. DURING THE 2023 FISCAL YEAR SCHOLARSHIPS WERE DISBURSED TO APPROXIMATELY 300 STUDENTS.
ROCHESTER COMMUNITY AND TECHNICAL COLLEGE FOUNDATION PROVIDES SUPPORT TO STUDENT CLUBS. FUNDS ARE ALLOCATED TO VARIOUS STUDENT CLUBS ON CAMPUS TO ASSIST IN THE COSTS OF THE ACTIVITIES.
ROCHESTER COMMUNITY AND TECHNICAL COLLEGE FOUNDATION PROVIDES STUDENT HANDS ON LEARNING. GIFTS-IN-KIND OF PROGRAM EQUIPMENT AND SUPPLIES ARE ALLOCATED TO DIFFERENT DEPARTMENTS AND PROGRAMS TO ASSIST STUDENTS IN HANDS-ON LEARNING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Horace Director (end 6/30/23) | Trustee | 0.5 | $0 |
Opal Richards Director | Trustee | 0.5 | $0 |
Peggy Vevang Director (end 4/30/23) | Trustee | 0.5 | $0 |
Paulette Teigen Director | Trustee | 0.5 | $0 |
Ally Hanten Ebert Director | Trustee | 0.5 | $0 |
Katie Becker Director (end 9/6/22) | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $30,398 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $574,561 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $604,959 |
| Total Program Service Revenue | $0 |
| Investment income | $231,537 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$10,204 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $826,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,142 |
| Grants and other assistance to domestic individuals. | $321,594 |
| 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 | $26,712 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,572 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,320 |
| Office expenses | $14,262 |
| Information technology | $13,888 |
| 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 | $730 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,476 |
| All other expenses | $152 |
| Total functional expenses | $410,848 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $437,520 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $16,873 |
| 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 | $43,966 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $7,510,408 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,569 |
| Total assets | $8,023,336 |
| Accounts payable and accrued expenses | $6,294 |
| 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 | $142,015 |
| Total liabilities | $148,309 |
| Net assets without donor restrictions | $77,918 |
| Net assets with donor restrictions | $7,797,109 |
| 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 | $8,023,336 |