Southwest Virginia Community College Educational Foundation Inc
- Assets
- $41.0m
- Revenue
- $5.3m
- Investments
- $2.9m
- Employees
- 0
- Location
- Richlands, VA
- Founding
- 08/1981
- Data as of
- 06/2023
- EIN
- 54-1168575
Organization Overview
Southwest Virginia Community College Educational Foundation Inc is located in Richlands, VA. The organization was established in 1981. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. Southwest Virginia 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 06/2023, Southwest Virginia Community College Educational Foundation Inc generated $5.3m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 26.1% each year . All expenses for the organization totaled $2.8m during the year ending 06/2023. While expenses have increased by 12.2% per year over the past 4 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SCHOLARSHIPS TO STUDENTS AND SUPPORT THE COLLEGE AND VIRGINIA COMMUNITY COLLEGE SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOUTHWEST VIRGINIA COMMUNITY COLLEGE EDUCATIONAL FOUNDATION, INC. PURPOSE IS TO SUPPORT THE MISSION OF THE SWCC COLLEGE AND TO HELP MEET THE NEEDS OF AND PROVIDE OPPORTUNITIES FOR STUDENTS, FACULTY AND STAFF BY STRIVING TO PROVIDE ECONOMIC STABILITY BY ASSISTING THE SWCC COLLEGE IN MEETING THE NEEDS OF TODAY AND THE CHALLENGES OF TOMORROW. EXPENSES HAVE BEEN ALLOCATED TO THE SWCC COLLEGE IF THEY ARE CORRELATED OR DIRECTLY PAID FOR THE SWCC COLLEGE'S ASSETS, ACTIVITIES, INCLUDING STAFF, STUDENTS, CLUBS, AND DIRECT OVERALL SUPPORT.
THE FOUNDATION'S PROGRAM ACTIVITIES RELATE TO ITS DIRECTLY RELATED EXPENSES. THIS INCLUDES THE FOUNDATION'S OPERATIONS, INCLUDING PAYROLL AND OVERALL SUPPORT OF ITS OWN ASSETS AND ACTIVITIES. A MAJORITY OF THESE EXPENSES ARE FOR THE ACTIVITIES ON THE GRUNDY BOOTH CENTER AND THE APPALACHIAN ARTS CENTER, INCLUDING THE ALLOCATION OF DEPRECIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Butcher Board Chair | OfficerTrustee | 0.5 | $0 |
Marco Warner Board Vice-Chair | OfficerTrustee | 0.5 | $0 |
Jim Boyd Board Member | Trustee | 0.5 | $0 |
Andy Hrovatic Board Member | Trustee | 0.5 | $0 |
Lynn Keene Board Member | Trustee | 0.5 | $0 |
Fran Minton Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $240,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,852,699 |
| Noncash contributions included in lines 1a–1f | $2,555 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,092,699 |
| Total Program Service Revenue | $0 |
| Investment income | $551,617 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $96,635 |
| Net Gain/Loss on Asset Sales | $455,570 |
| Net Income from Fundraising Events | $6,420 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,257,626 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,800,173 |
| 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. | $31,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $265,909 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,176 |
| Fees for services: Accounting | $28,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $63,851 |
| Fees for services: Other | $18,615 |
| Advertising and promotion | $3,102 |
| Office expenses | $35,164 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,624 |
| Travel | $5,020 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $60,219 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $243,908 |
| Insurance | $22,797 |
| All other expenses | $1,912 |
| Total functional expenses | $2,814,358 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $259,382 |
| Savings and temporary cash investments | $153,974 |
| Pledges and grants receivable | $633,728 |
| 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 | $39,615 |
| Net Land, buildings, and equipment | $8,536,887 |
| Investments—publicly traded securities | $28,368,895 |
| Investments—other securities | $2,931,641 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,400 |
| Total assets | $40,977,522 |
| Accounts payable and accrued expenses | $339,705 |
| 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 | $3,469,029 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $53,400 |
| Total liabilities | $3,862,134 |
| Net assets without donor restrictions | $25,334,023 |
| Net assets with donor restrictions | $11,781,365 |
| 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 | $40,977,522 |