Lenoir Community College Foundation Inc
- Assets
- $14.0m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Kinston, NC
- Founding
- 03/1974
- Data as of
- 06/2024
- EIN
- 56-1055936
Organization Overview
Lenoir Community College Foundation Inc is located in Kinston, NC. The organization was established in 1974. 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. Lenoir 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 06/2024, Lenoir Community College Foundation Inc generated $1.5m in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $949.9k during the year ending 06/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT LENOIR COMMUNITY COLLEGE BY PROVIDING STUDENT SCHOLARSHIPS, STAFF DEVELOPMENT, AND OTHER STUDENT SUPPORT SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SUPPORT FOR LENOIR COMMUNITY COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Rusty Hunt Director | Officer | $0 | |
Mrs Deborah Sutton Treasurer | Officer | 5 | $0 |
Mr Jay Cherry Director | Trustee | 0 | $0 |
Mr Edward Chisolm Director | Trustee | 0 | $0 |
Dr Shirley Dove Director | Trustee | 0 | $0 |
Mr David Edwards Chairman Dev | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $149,121 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $833,748 |
| Noncash contributions included in lines 1a–1f | $94,100 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $982,869 |
| Total Program Service Revenue | $213,609 |
| Investment income | $283,282 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $83,725 |
| Net Income from Fundraising Events | -$74,832 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,488,735 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $549,934 |
| 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. | $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 | $8,960 |
| 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 | $14,437 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $112,706 |
| 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 | $6,327 |
| Insurance | $3,045 |
| All other expenses | $4,698 |
| Total functional expenses | $949,866 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,174,173 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $97,835 |
| Accounts receivable, net | $4,157 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $19,864 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,179,531 |
| Investments—publicly traded securities | $11,476,135 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,951,695 |
| Accounts payable and accrued expenses | $2,854 |
| 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 | $0 |
| Total liabilities | $2,854 |
| Net assets without donor restrictions | $5,687,976 |
| Net assets with donor restrictions | $8,260,865 |
| 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 | $13,951,695 |
Grants Awarded
Over the last fiscal year, Lenoir Community College Foundation Inc has awarded $549,934 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LENOIR COMMUNITY COLLEGE PURPOSE: SCHOLARSHIPS | $327,126 |
LENOIR COMMUNITY COLLEGE PURPOSE: COLLEGE SUPPORT | $222,808 |