Laurel Ridge Community College Educational Foundation Inc
- Assets
- $35.0m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Middletown, VA
- Founding
- 04/1980
- Data as of
- 12/2022
- EIN
- 51-0247624
Organization Overview
Laurel Ridge Community College Educational Foundation Inc is located in Middletown, VA. The organization was established in 1980. 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. Laurel Ridge Community College Educational 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 12/2022, Laurel Ridge Community College Educational Foundation Inc generated $4.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $2.6m during the year ending 12/2022. While expenses have increased by 10.2% 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 MISSION OF LAUREL RIDGE COMMUNITY COLLEGE IS TO PROVIDE A POSITIVE, CARING AND DYNAMIC LEARNING ENVIRONMENT THAT INSPIRES STUDENT SUCCESS, VALUES DIVERSITY AND PROMOTES COMMUNITY VITALITY. IN SUPPORT OF THAT MISSION, THE LAUREL RIDGE COMMUNITY COLLEGE EDUCATIONAL FOUNDATION SEEKS FUNDING TO SUPPORT THE COLLEGE, ITS STUDENTS, AND ITS FACULTY AND STAFF.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION AWARDS SCHOLARSHIPS TO ASSIST STUDENTS WITH TUITION, BOOKS, AND/OR FEES. THE SCHOLARSHIPS ARE AWARDED BASED ON NEED AND MERIT AS DETERMINED BY THE SCHOLARSHIP CRITERIA. THE SCHOLARSHIP PROGRAM REDUCES THE NUMBER OF STUDENTS WHOSE FINANCIAL NEED PREVENTS ENROLLMENT IN THE LFCC ACADEMIC PROGRAMS.
THE FOUNDATION PROVIDES FUNDS FOR ACADEMIC PROGRAMS, FACULTY SALARIES, FACULTY UPGRADES, EQUIPMENT, FACILITY, AND PROFESSIONAL DEVELOPMENT FOR LFCC EMPLOYEES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debbie Donehey Chair | OfficerTrustee | 2 | $0 |
Jim Watkins Vice Chair | OfficerTrustee | 2 | $0 |
Craig Short Treasurer | OfficerTrustee | 2 | $0 |
Kimberly Blosser Secretary | OfficerTrustee | 2 | $0 |
Paul Adam Member | Trustee | 1 | $0 |
Joel Barkman Member | Trustee | 1 | $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 | $3,128,354 |
| Noncash contributions included in lines 1a–1f | $1,012,498 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,128,354 |
| Total Program Service Revenue | $810,000 |
| Investment income | $257,636 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,343 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,273,625 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $427,428 |
| 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 | $177,772 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,136 |
| Fees for services: Accounting | $26,555 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $48,216 |
| Fees for services: Other | $0 |
| Advertising and promotion | $48,159 |
| Office expenses | $1,395 |
| 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 | $51 |
| Interest | $363,631 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $409,198 |
| Insurance | $15,262 |
| All other expenses | $4,432 |
| Total functional expenses | $2,553,148 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $586,067 |
| Savings and temporary cash investments | $8,482,337 |
| Pledges and grants receivable | $457,489 |
| 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 |
| Net Land, buildings, and equipment | $17,463,222 |
| Investments—publicly traded securities | $6,865,057 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,149,083 |
| Total assets | $35,003,255 |
| Accounts payable and accrued expenses | $634,522 |
| Grants payable | $0 |
| Deferred revenue | $810,000 |
| Tax-exempt bond liabilities | $5,118,752 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,555,187 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $41,512 |
| Total liabilities | $11,159,973 |
| Net assets without donor restrictions | $11,917,469 |
| Net assets with donor restrictions | $11,925,813 |
| 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 | $35,003,255 |