Lorain County Community College Foundation
- Assets
- $56.3m
- Revenue
- $5.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Elyria, OH
- Founding
- 09/1975
- Data as of
- 06/2022
- EIN
- 51-0146485
Organization Overview
Lorain County Community College Foundation is located in Elyria, OH. The organization was established in 1975. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Lorain County Community 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, Lorain County Community College Foundation generated $5.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $2.9m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (6.9%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Lorain County Community College Foundation has awarded 182 individual grants totaling $11,755,898. 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
LORAIN COUNTY COMMUNITY COLLEGE FOUNDATION ASSEMBLES AND UTILIZES RESOURCES TO SUPPORT THE MISSION AND VISION OF LORAIN COUNTY COMMUNITY COLLEGE (LCCC). WE ENHANCE OUR COMMUNITY'S QUALITY OF LIFE BY INVESTING IN KEY LCCC PRIORITIES THAT PRESENT THE GREATEST IMPACT AND GROWTH OPPORTUNITIES FOR THE PEOPLE OF THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LCCC AND LCCC UNIVERSITY PARTNERSHIP SCHOLARSHIP PROGRAM:THE LCCC FOUNDATION PROVIDED SCHOLARSHIPS TO STUDENTS OF THE LORAIN COUNTY COMMUNITY COLLEGE AND/OR THE LCCC UNIVERSITY PARTNERSHIP PROGRAM. AWARDS ARE MADE BASED ON ACADEMIC SUCCESS, NEED, AND/OR TALENT.
OTHER SUPPORT FOR LORAIN COUNTY COMMUNITY COLLEGE
RICHARD DESICH SMART COMMERCIALIZATION CENTER FOR MICROSYSTEMS:THE LCCC FOUNDATION PROVIDED FINANCIAL SUPPORT FOR THE FURTHER DEVELOPMENT AND OPERATIONS OF THE RICHARD DESICH SMART COMMERCIALIZATION CENTER FOR MICROSYSTEMS AT THE LCCC CAMPUS. SMART IS A WORLD CLASS MEMS DEVELOPMENT FOUNDRY THAT PROVIDES COST-EFFECTIVE TECHNICAL, FACILITY, AND EQUIPMENT RESOURCES TO STARTUPS, INDUSTRY/ACADEMIC RESEARCHERS, AND FEDERAL AGENCIES THAT ARE DEVELOPING MEMS-BASED SENSOR PRODUCTS.
THE CITIZENS FOR LCCC:THE LCCC FOUNDATION PROVIDED FINANCIAL SUPPORT TO THE CITIZENS FOR LCCC IN THEIR EFFORTS TO PROMOTE THE COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Giardini Director | Trustee | 0.5 | $0 |
Barry Smith Director | Trustee | 0.5 | $0 |
William D Hudnutt Director | Trustee | 0.5 | $0 |
Brian Hoagland Director | Trustee | 0.5 | $0 |
Bruce E Stevens Director | Trustee | 0.5 | $0 |
Sanford Washington Jr Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $98,903 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,887,229 |
| Noncash contributions included in lines 1a–1f | $57,605 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,986,132 |
| Total Program Service Revenue | $358,304 |
| Investment income | $2,358,478 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$520,471 |
| Net Income from Fundraising Events | -$34,513 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,147,930 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $633,804 |
| Grants and other assistance to domestic individuals. | $1,211,718 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $299,988 |
| Compensation of current officers, directors, key employees. | $137,686 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $192,644 |
| Pension plan accruals and contributions | $26,373 |
| Other employee benefits | $35,922 |
| Payroll taxes | $1,410 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,341 |
| Fees for services: Accounting | $20,261 |
| Fees for services: Lobbying | $150,000 |
| Fees for services: Fundraising | $22,500 |
| Fees for services: Investment Management | $97,913 |
| Fees for services: Other | $6,965 |
| Advertising and promotion | $2,000 |
| Office expenses | $47,686 |
| Information technology | $70,000 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $128 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,145 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,088 |
| Insurance | $6,629 |
| All other expenses | $18,667 |
| Total functional expenses | $2,931,609 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,817,484 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,447,609 |
| 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 | $16,131 |
| Net Land, buildings, and equipment | $11,181 |
| Investments—publicly traded securities | $52,013,071 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $56,305,476 |
| Accounts payable and accrued expenses | $258,611 |
| Grants payable | $0 |
| Deferred revenue | $37,525 |
| 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 | $296,136 |
| Net assets without donor restrictions | $3,504,229 |
| Net assets with donor restrictions | $52,505,111 |
| 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 | $56,305,476 |
Grants Awarded
Over the last fiscal year, Lorain County Community College Foundation has awarded $522,265 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
LORAIN COUNTY COMMUNITY COLLEGE PURPOSE: SEE PART IV | $472,265 |
CORE NUTRITIONAL PLANNING LLC PURPOSE: SEE PART IV | $37,500 |
NEO EX SYSTEMS INC PURPOSE: SEE PART IV | $12,500 |