Chesapeake College Foundation Inc
- Assets
- $8.8m
- Revenue
- $868.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Wye Mills, MD
- Founding
- 08/1981
- Data as of
- 06/2023
- EIN
- 52-1104909
Organization Overview
Chesapeake College Foundation Inc is located in Wye Mills, MD. The organization was established in 1981. 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. Chesapeake 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, Chesapeake College Foundation Inc generated $868.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.9%) each year. All expenses for the organization totaled $693.8k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (11.5%) per year over the past 8 years. 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
CHARITABLE AND EDUCATIONAL PURPOSES TO BENEFIT THE STUDENTS AND FACULTY OF CHESAPEAKE COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED DONOR CONTRIBUTIONS AND EARNINGS FROM ENDOWMENTS TO FUND ACADEMIC AWARDS, GRANTED BY CHESAPEAKE COLLEGE TO STUDENTS WHO MEET DONOR-IMPOSED REQUIREMENTS. THROUGH DONOR CONTRIBUTIONS, EVENTS, AND EARNINGS FROM ENDOWMENTS, THE FOUNDATION WAS ABLE TO GIVE BACK $828,124 TO CHESAPEAKE COLLEGE. THESE CONTRIBUTIONS WERE USED TO SUPPORT STUDENT SCHOLARSHIPS, INNOVATIVE TEACHING FOR FACULTY, ALUMNI PROGRAMMING AND RECOGNITION, AND STUDENT LEARNING OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Milton Nagel Member | Trustee | 1 | $0 |
Dewey Blades Member | Trustee | 1 | $0 |
Robby Sheehan President | OfficerTrustee | 1 | $0 |
Bruce Armistead Member | Trustee | 1 | $0 |
Passion Bolden-Tilghman Member | Trustee | 1 | $0 |
Dr Cliff Coppersmith Member/chesapeake College | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $3,835 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $538,385 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $542,220 |
| Total Program Service Revenue | $0 |
| Investment income | $224,653 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $101,488 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $868,361 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $631,934 |
| 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 | $0 |
| Fees for services: Other | $25,624 |
| Advertising and promotion | $0 |
| Office expenses | $4,651 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $29 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $693,824 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $428,972 |
| Pledges and grants receivable | $7,733 |
| 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 | $158 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,372,956 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,000 |
| Total assets | $8,815,819 |
| Accounts payable and accrued expenses | $465,724 |
| 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 | $465,724 |
| Net assets without donor restrictions | $723,437 |
| Net assets with donor restrictions | $7,626,658 |
| 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 | $8,815,819 |