Garrett Community College Foundation Inc
- Assets
- $13.0m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Mchenry, MD
- Founding
- 03/1993
- Data as of
- 06/2021
- EIN
- 52-1270802
Organization Overview
Garrett Community College Foundation Inc, operating under the name Garrett College Foundation, is located in Mchenry, MD. The organization was established in 1993. 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. Garrett 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 06/2021, Garrett College Foundation generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 20.5% each year . All expenses for the organization totaled $949.6k during the year ending 06/2021. While expenses have increased by 2.5% per year over the past 6 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.
Since 2015, Garrett College Foundation has awarded 42 individual grants totaling $670,124. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SCHOLARSHIPS TO STUDENTS AND SUPPORT TO GARRETT COLLEGE
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS TO STUDENTS IN SUPPORT OF CONTINUING POST-SECONDARY EDUCATION AT GARRETT COLLEGE.
OWN STUDENT HOUSING FACILITY LEASED TO AFFILIATED COLLEGE AND SERVICE DEBT ASSOCIATED WITH CONSTRUCTION INDEBTEDNESS.
FACILITIES AND MAINTENANCE FUND TO USED TO IMPROVE THE CAMPUS FOR THE STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cherie Krug Executive Director | Officer | 40 | $69,013 |
Walter Malecki Treasurer | OfficerTrustee | 5 | $0 |
Carissa Rodeheaver Vice Chairperson | OfficerTrustee | 5 | $0 |
Susie Crawford Chairperson | OfficerTrustee | 5 | $0 |
Julia Hoffman Secretary | OfficerTrustee | 5 | $0 |
Bartlett Naylor Member At Large | 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 | $1,200,364 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,200,364 |
| Total Program Service Revenue | $241,164 |
| Investment income | $148,507 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $562,930 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,152,965 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $99,471 |
| Grants and other assistance to domestic individuals. | $205,455 |
| 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 | $934 |
| Fees for services: Accounting | $34,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $581 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,885 |
| Travel | $35 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,317 |
| Interest | $351,547 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $173,201 |
| Insurance | $1,141 |
| All other expenses | $468 |
| Total functional expenses | $949,613 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $87,917 |
| Savings and temporary cash investments | $544,209 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $247,435 |
| 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 | $348 |
| Net Land, buildings, and equipment | $3,914,084 |
| Investments—publicly traded securities | $8,133,320 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $68,359 |
| Total assets | $12,995,672 |
| Accounts payable and accrued expenses | $3,500 |
| 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 | $6,246,415 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $178,615 |
| Total liabilities | $6,428,530 |
| Net assets without donor restrictions | -$2,140,034 |
| Net assets with donor restrictions | $8,707,176 |
| 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 | $12,995,672 |
Grants Awarded
Over the last fiscal year, Garrett Community College Foundation Inc has awarded $99,471 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
GARRETT COLLEGE PURPOSE: MISC PROGRAM SUPPORT | $94,885 |
GARRETT COLLEGE PURPOSE: SUPPORT LOCAL STUDENT FOOD PANTRY | $2,088 |
GARRETT COLLEGE PURPOSE: CONTINING EDUCATION/WORKFORCE DEVELOPMENT | $1,000 |
GARRETT COLLEGE PURPOSE: EMPLOYEE EMERGENCY FUND | $600 |
GARRETT COLLEGE PURPOSE: ADVENTURE SPORTS STUDENT FUND | $467 |
GARRETT COLLEGE PURPOSE: VETERANS FUND | $356 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Garrett Community College Foundation Inc has recieved totaling $122,711.
| Awarding Organization | Amount |
|---|---|
The Community Trust Foundation Inc Cumberland, MD PURPOSE: PROJECT SUPPORT | $107,711 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: EDUCATION | $15,000 |
Endowment Analysis
| Beg. Balance | $6,486,146 |
| Earnings | $1,388,444 |
| Admin Expense | $14,082 |
| Net Contributions | $1,190,437 |
| Other Expense | $89,713 |
| Grants | $254,056 |
| Ending Balance | $8,707,176 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mount Aloysius College Cresson, PA | $187,396,444 | $41,178,883 |
Southern Virginia University Buena Vista, VA | $37,155,964 | $26,776,085 |
Lackawanna College Scranton, PA | $71,721,039 | $37,550,402 |
Keystone College La Plume, PA | $35,973,065 | $32,307,027 |
Northampton County Area Community College Foundation Bethlehem, PA | $90,958,462 | $10,129,172 |
Montgomery College Foundation Inc Rockville, MD | $114,232,820 | $9,502,498 |
Rural Regional College Of Northern Pennsylvania Warren, PA | $5,615,741 | $6,853,923 |
Howard Community College Educational Foundation Inc Columbia, MD | $15,584,506 | $3,702,279 |
Allegany Community College Foundation Inc Cumberland, MD | $23,769,965 | $2,588,071 |
The Harrisburg Area Community College Foundation Harrisburg, PA | $39,552,563 | $3,281,824 |
Virginia Western Community College Educational Founation Inc Roanoke, VA | $30,928,944 | $10,106,195 |
Montgomery County Community College Foundation Blue Bell, PA | $19,265,870 | $2,851,675 |