Allegany Community College Foundation Inc
- Assets
- $23.8m
- Revenue
- $2.6m
- Investments
- $19.0m
- Employees
- 0
- Location
- Cumberland, MD
- Founding
- 10/1983
- Data as of
- 06/2022
- EIN
- 52-1308479
Organization Overview
Allegany Community College Foundation Inc is located in Cumberland, 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. Allegany Community 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 06/2022, Allegany Community College Foundation Inc generated $2.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $2.9m during the year ending 06/2022. 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 PURPOSE OF THE FOUNDATION IS TO ACCUMULATE, INVEST, REINVEST, AND EXPEND FUNDS, BY WAY OF ENDOWMENT OR OTHERWISE TO USE EITHER THE PRINCIPAL OR INCOME THEREOF FOR SCHOLARSHIPS OR FOR SPECIAL PROGRAMS OR PROJECTS AND TO FOSTER, ENCOURAGE, AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF ALLEGANY COLLEGE OF MARYLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FOSTER, ENCOURAGE, AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF ALLEGANY COLLEGE OF MARYLAND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Audie G Klingler President | OfficerTrustee | 1 | $0 |
Carl O Belt Jr Vice President | OfficerTrustee | 1 | $0 |
Robert J Martin Jr Treasurer | OfficerTrustee | 1 | $0 |
Dixie L Pownall Secretary | OfficerTrustee | 1 | $0 |
David R Jones Executive Director | Officer | 5 | $0 |
David N Aydelotte Sr Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $425,637 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,465,734 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,891,371 |
| Total Program Service Revenue | $1,725,179 |
| Investment income | -$1,035,954 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,750 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,588,071 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $163,578 |
| Grants and other assistance to domestic individuals. | $1,092,617 |
| 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 | $208,001 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $1,440,444 |
| Total functional expenses | $2,904,640 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $181,031 |
| Investments—other securities | $19,036,653 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,552,281 |
| Total assets | $23,769,965 |
| Accounts payable and accrued expenses | $6,560 |
| 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 | $1,636 |
| Total liabilities | $8,196 |
| Net assets without donor restrictions | $6,616,562 |
| Net assets with donor restrictions | $17,145,207 |
| 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 | $23,769,965 |
Grants Awarded
Over the last fiscal year, Allegany Community College Foundation Inc has awarded $192,086 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Somerset, PA PURPOSE: TO TRANSFER PROPERTY | $140,207 |
ALLEGANY COLLEGE OF MARYLAND PURPOSE: TO SUPPORT ACM | $51,879 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Allegany Community College Foundation Inc has recieved totaling $110,129.
| Awarding Organization | Amount |
|---|---|
T Rowe Price Program For Charitable Giving Inc Baltimore, MD PURPOSE: ENDOWMENT | $100,000 |
Pittsburgh Foundation Pittsburgh, PA PURPOSE: EDUCATION | $5,300 |
Northrop Grumman Foundation Falls Church, VA PURPOSE: GENERAL OPERATING GRANTS & MATCHING GIFTS. | $2,500 |
Verizon Foundation Basking Ridge, NJ PURPOSE: MIP PAYOUT FOR 12/03/21 | $1,809 |
Northrop Grumman Foundation Falls Church, VA PURPOSE: GENERAL OPERATING GRANTS & MATCHING GIFTS. | $500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $20 |
Endowment Analysis
| Beg. Balance | $18,169,593 |
| Earnings | $239,962 |
| Net Contributions | $1,056,260 |
| Other Expense | $156,874 |
| Grants | -$405,003 |
| Ending Balance | $19,713,944 |