Mountain Gateway Community College Educational Foundation
- Assets
- $9.1m
- Revenue
- $862.2k
- Investments
- $0.0
- Employees
- 4
- Location
- Clifton Forge, VA
- Founding
- 12/1982
- Data as of
- 12/2021
- EIN
- 54-1547596
Organization Overview
Mountain Gateway Community College Educational Foundation is located in Clifton Forge, VA. The organization was established in 1982. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Mountain Gateway Community College Educational Foundation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mountain Gateway Community College Educational 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 12/2021, Mountain Gateway Community College Educational Foundation generated $862.2k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $550.8k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT DABNEY S. LANCASTER COMMUNITY COLLEGE BY HELPING TO PROVIDE AN ACCESSIBLE, QUALITY EDUCATION FOR STUDENTS IN THE SERVICE AREA OF THE COMMUNITY COLLEGE, WHILE ALSO PROVIDING FACULTY GRANTS AND PURCHASING NEW EQUIPMENT AND TECHNOLOGY FOR CLASSROOM USE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SCHOLARSHIPS, GRANTS AND PROGRAM SUPPORT TO STUDENTS, FACULTY AND ACADEMIC DEPARTMENTS OF DABNEY S. LANCASTER COMMUNITY COLLEGE. THE FOUNDATION ADMINISTERS APPROXIMATELY 75 ENDOWED AND NON-ENDOWED SCHOLARSHIP AND GRANT FUNDS. THE EXPENSE TOTALS DO NOT INCLUDE THE VALUE OF DONATED FACILITIES (18,896).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr James Cook Executive Di | Officer | 24 | $36,359 |
Michelle Austin Past Preside | OfficerTrustee | 1 | $0 |
Dr John Rainone Secretary | OfficerTrustee | 1 | $0 |
John Stone 1st VP | OfficerTrustee | 1 | $0 |
Lois Switzer 2nd VP | OfficerTrustee | 1 | $0 |
Nick Moga President | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $12,299 |
| Related organizations | $0 |
| Government grants | $25,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $233,013 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $270,812 |
| Total Program Service Revenue | $0 |
| Investment income | $238,621 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $353,017 |
| Net Income from Fundraising Events | -$278 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $862,172 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $162,522 |
| Grants and other assistance to domestic individuals. | $176,918 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $36,359 |
| Compensation of current officers, directors, key employees. | $5,454 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $53,405 |
| Pension plan accruals and contributions | $12,371 |
| Other employee benefits | $19,287 |
| Payroll taxes | $6,753 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,045 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $32,902 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,174 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,506 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $430 |
| Total functional expenses | $550,773 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $159,020 |
| Savings and temporary cash investments | $471,001 |
| Pledges and grants receivable | $23,800 |
| 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 | $8,421,678 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,312 |
| Total assets | $9,103,811 |
| Accounts payable and accrued expenses | $0 |
| 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 | $2,252 |
| Total liabilities | $2,252 |
| Net assets without donor restrictions | $997,422 |
| Net assets with donor restrictions | $8,104,137 |
| 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 | $9,103,811 |
Grants Awarded
Over the last fiscal year, Mountain Gateway Community College Educational Foundation has awarded $162,522 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DABNEY S LANCASTER COMM COLLEGE | | | $142,522 |
Vinton, VA PURPOSE: WORKFORCE DEVELOPMEN | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Mountain Gateway Community College Educational Foundation has recieved totaling $10,407.
| Awarding Organization | Amount |
|---|---|
Mightycause Charitable Foundation Marianna, FL PURPOSE: UNRESTRICTED | $10,344 |
Westrock Foundation Atlanta, GA PURPOSE: MATCHING GIFTS PROGRAM | $63 |
Endowment Analysis
| Beg. Balance | $7,146,341 |
| Earnings | $871,105 |
| Admin Expense | $192,843 |
| Net Contributions | $44,115 |
| Other Expense | $103,214 |
| Ending Balance | $7,765,504 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Greater Washington Community Foundation Washington, DC | $525,338,994 | $244,699,070 |
Christian Community Foundation Of Memphis And The Mid-South Inc Memphis, TN | $205,748,037 | $85,831,682 |
The Community Foundation Inc Richmond, VA | $859,349,771 | $152,790,051 |
The Community Foundation Of Louisville Inc Louisville, KY | $675,486,716 | $70,628,491 |
Charlottesville Area Community Foundation Charlottesville, VA | $339,690,669 | $77,610,040 |
Baltimore Community Foundation Inc Baltimore, MD | $302,066,491 | $73,158,770 |
North Carolina Community Foundation Inc Raleigh, NC | $442,779,010 | $109,848,330 |
Hampton Roads Community Foundation Norfolk, VA | $431,066,210 | $16,919,172 |
Triangle Community Foundation Durham, NC | $302,593,887 | $28,260,487 |
Chattanooga Christian Community Foundation Chattanooga, TN | $107,861,272 | $37,732,736 |
Community Foundation Of Greater Chattanooga Inc Chattanooga, TN | $242,437,300 | $52,106,763 |
East Tennessee Foundation Knoxville, TN | $333,652,631 | $23,055,951 |