Montgomery College Foundation Inc

Organization Overview

Montgomery College Foundation Inc is located in Rockville, MD. The organization was established in 1983. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, 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. Montgomery 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, Montgomery College Foundation Inc generated $7.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $7.2m during the year ending 06/2023. While expenses have increased by 2.7% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

THE ORGANIZATION SUPPORTS THE EDUCATIONAL ACTIVITIES OF MONTGOMERY COLLEGE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROGRAM SERVICE 1:SCHOLARSHIPS:THIS YEAR THE MONTGOMERY COLLEGE FOUNDATION WAS ABLE TO DISTRIBUTE OVER $3.1 MILLION IN SCHOLARSHIP AID TO MORE THAN 2,200 STUDENTS. THIS WOULD NOT HAVE BEEN POSSIBLE WITHOUT THE GENEROSITY AND VISION OF OUR DONORS, WHO RECOGNIZE THAT EDUCATION IS THE KEY TO LIFTING INDIVIDUALS AND FAMILIES OUT OF POVERTY, WHICH IS THE GREATEST BARRIER TO A COLLEGE DEGREE. THROUGH THE GENEROSITY OF OUR DONORS, THE FOUNDATION HAS SUPPORTED NUMEROUS PROGRAMS INCLUDING OUR COMMUNITY-CHANGING ACHIEVING COLLEGIATE EXCELLENCE AND SUCCESS (ACES) PROGRAM, WHICH IS DESIGNED TO REACH THE MOST VULNERABLE STUDENTS IN OUR COMMUNITY - INCLUDING FIRST GENERATION, AFRICAN AMERICAN, HISPANIC, AS WELL AS THOSE WHO WILL BE THE FIRST IN THEIR FAMILY TO ATTEND COLLEGE. THIS FORWARD-THINKING PROGRAM PROVIDES COACHING SUPPORT TO STUDENTS WHO HAVE BOTH THE DESIRE AND THE CAPACITY TO PURSUE A COLLEGE DEGREE WHILE THEY ARE STILL IN AREA HIGH SCHOOLS IN ORDER TO PREPARE THEM TO ATTEND MONTGOMERY COLLEGE AND, ULTIMATELY, TO RECEIVE THEIR BACHELOR'S DEGREE. IN ADDITION, THE MONTGOMERY COLLEGE FOUNDATION PROVIDED SCHOLARSHIPS TO STUDENTS PARTICIPATING IN THE PRESIDENTIAL SCHOLARS PROGRAM. THE PRESIDENTIAL SCHOLARS PROGRAM WORKS TO INCREASE THE REPRESENTATION OF AFRICAN AMERICAN MEN IN HIGH-WAGE, HIGH-DEMAND CAREERS. THE PROGRAM IS OPEN TO STUDENTS OF ALL BACKGROUNDS WHO ARE COMMITTED TO THE PROGRAM GOALS. OUR FACULTY AND STAFF ARE DEDICATED TO ENSURING THE COLLEGE FULFILLS ITS MISSION, WHICH IS TO EMPOWER OUR STUDENTS TO CHANGE THEIR LIVES AND ENRICH THE LIFE OF OUR COMMUNITY, AND WE THANK OUR DONORS WHO MAKE THIS POSSIBLE.


PROGRAM SERVICE 2:FACILITIES EXPANSION SUPPORT:THE PURPOSE OF THE FOUNDATION IS TO RAISE FUNDS FOR THE BENEFIT OF AND TO OTHERWISE SUPPORT MONTGOMERY COLLEGE. IN ADDITION, THE FOUNDATION BORROWS FUNDS ON BEHALF OF THE COLLEGE TO PURCHASE REAL ESTATE FOR THE USE OF THE COLLEGE OR OTHERWISE IN FURTHERANCE OF THE COLLEGE'S MISSION. THE FOUNDATION HAS PROVIDED ASSISTANCE TO THE COLLEGE THROUGH A SERIES OF MUNICIPAL BOND OFFERINGS. THROUGH THESE PROJECTS, THE COLLEGE HAS BEEN ABLE TO BUILD TWO PARKING GARAGES, PURCHASE TWO BUILDINGS FOR OFFICES AND CLASSROOMS, AND REMODEL A BUILDING TO CREATE AN ART CENTER.


PROGRAM SERVICE 3:STUDENT AND FACULTY SUPPORT:THIS YEAR THE MONTGOMERY COLLEGE FOUNDATION WAS ABLE TO DISTRIBUTE OVER $1,100,000 IN GRANTS SUPPORTING A VARIETY OF ACADEMIC PROGRAMS THAT REFLECT THE TALENTS AND INTERESTS OF MONTGOMERY COLLEGE'S STUDENT BODY INCLUDING, BUT NOT LIMITED TO, OUR GLOBAL HUMANITIES INSTITUTE (GHI), OUR SOUTHERN MANAGEMENT LEADERSHIP PROGRAM AND OUR MACKLIN BUSINESS INSTITUTE (MBI). GHI WAS CREATED TO ENSURE OUR CURRICULA ARE DEVELOPED WITH A GLOBAL PERSPECTIVE IN ORDER TO PREPARE OUR STUDENTS FOR THE NEEDS OF TODAY'S EMPLOYERS. THIS PROGRAM WAS LAUNCHED AFTER WE SECURED A PRESTIGIOUS CHALLENGE GRANT FROM THE NATIONAL ENDOWMENT FOR THE HUMANITIES, WHICH LED TO THE COLLEGE EMBARKING ON A $1 MILLION FUNDRAISING CAMPAIGN. THE SOUTHERN MANAGEMENT LEADERSHIP PROGRAM IS A SCHOLARSHIP INITIATIVE DESIGNED TO EDUCATE OUR STUDENTS WHO HAVE AN INTEREST IN ENTREPRENEURSHIP AND AN ENTHUSIASM FOR STARTING A BUSINESS VENTURE OR LEADING A COMPANY. THE GOAL OF THIS INNOVATIVE PROGRAM IS TO SUPPORT, DEVELOP, AND GRADUATE ETHICAL LEADERS WHO WANT TO ENERGIZE AND GIVE BACK TO THEIR LOCAL COMMUNITIES. ADDITIONALLY, OUR MACKLIN BUSINESS INSTITUTE PROVIDES ITS BUSINESS STUDENTS WITH AN EXPERIENTIAL LEARNING PROGRAM, PROVIDING A HANDS-ON EXPERIENCE IN THE BUSINESS WORLD WITHIN OUR COMMUNITY. BY COUPLING REAL-LIFE EXPERIENCE WITH WHAT STUDENTS ARE LEARNING IN BUSINESS CLASSES, MBI STUDENTS ARE OFTEN BETTER PREPARED TO SUCCEED WHEN THEY TRANSFER TO TOP BUSINESS SCHOOLS. STUDENTS ALSO HAVE ACCESS TO THE STATE OF THE ART MACKLIN FINANCE LAB, WHERE STUDENTS CAN UTILIZE FINANCIAL SOFTWARE USED IN INVESTMENT BANKS, BROKERAGE HOUSES, AND HEDGE FUNDS ON WALL STREET. THIS EXTRAORDINARY OPPORTUNITY FOR STUDENTS IN A COMMUNITY COLLEGE SETTING WAS MADE POSSIBLE THROUGH A $1.22 MILLION DONATION FROM THE MACKLIN FOUNDATION. THE MONTGOMERY COLLEGE FOUNDATION CONTINUES TO SUPPORT STUDENT WITH EMERGENCY NEEDS. THIS YEAR MORE THAN $125,000 WAS PROVIDED IN EMERGENCY ASSISTANCE.


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Board, Officers & Key Employees

Name (title)Compensation
William C Foote
Treasurer
$0
J Stephen Mcauliffe III
Chair
$0
Mary Pat Alcus
Vice Chair
$0
Kenneth H Becker
Director
$0
Marianne H Brackney
Director
$0
Peter M Bulcavage
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$2,225
Related organizations$0
Government grants $390,097
All other contributions, gifts, grants, and similar amounts not included above$4,394,475
Noncash contributions included in lines 1a–1f $503,920
Total Revenue from Contributions, Gifts, Grants & Similar$4,786,797
Total Program Service Revenue$2,470,690
Investment income $957,133
Tax Exempt Bond Proceeds $0
Royalties $20,880
Net Rental Income $0
Net Gain/Loss on Asset Sales -$784,155
Net Income from Fundraising Events $13,013
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,471,758

Peer Organizations

Organization NameAssets
Montgomery College Foundation Inc
Rockville, MD
$7,471,758
Northampton County Area Community College Foundation
Bethlehem, PA
$8,071,390
Rural Regional College Of Northern Pennsylvania
Warren, PA
$6,345,333
Howard Community College Educational Foundation Inc
Columbia, MD
$5,486,850
Allegany Community College Foundation Inc
Cumberland, MD
$3,830,306
Piedmont Virginia Community College Educational Foundation
Charlottesville, VA
$1,718,145
Foundation For Reading Area Community College
Reading, PA
$4,212,353
Montgomery County Community College Foundation
Blue Bell, PA
$1,560,529
Virginia Western Community College Educational Founation Inc
Roanoke, VA
$1,475,010
The Harrisburg Area Community College Foundation
Harrisburg, PA
$3,362,231
Brightpoint Community College Foundation
Midlothian, VA
$2,115,077
Prince Georges Community College Foundation Inc
Largo, MD
$3,246,729
Wytheville Community College Educational Foundation Inc
Wytheville, VA
$1,799,257
Southside Virginia Communtiy College Foundation Inc
Alberta, VA
$2,113,496
Womens Institute Of Torah Seminary For Girls Inc
Baltimore, MD
$1,426,335
Wor-Wic Community College Foundation
Salisbury, MD
$1,303,109
Bucks County Community College Foundation
Newtown, PA
$1,719,361
Hagerstown Community College Foundation Inc
Hagerstown, MD
$8,438,842
Garrett Community College Foundation Inc
Mchenry, MD
$1,043,225
Delaware County Community College Educational Foundation
Media, PA
$2,337,857
Luzerne County Community College Foundation Inc
Nanticoke, PA
$1,315,428
Virginia Christian College
Dumfries, VA
$445,711
Southern West Virginia Community College Foundation
Logan, WV
$805,472
Virginia Highlands Community College Educational Foundation Inc
Abingdon, VA
$3,753,756
Bridgevalley Community & Technical College Foundation Inc
Montgomery, WV
$203,391

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