Technical College Of The Lowcountry Foundation Incorporated
- Assets
- $8.4m
- Revenue
- $451.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Beaufort, SC
- Founding
- 04/1984
- Data as of
- 06/2024
- EIN
- 57-0767384
Organization Overview
Technical College Of The Lowcountry Foundation Incorporated is located in Beaufort, SC. The organization was established in 1984. 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. Technical College Of The Lowcountry Foundation Incorporated 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, Technical College Of The Lowcountry Foundation Incorporated generated $451.6k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $388.5k during the year ending 06/2024. While expenses have increased by 3.5% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE TCL FOUNDATION IS TO FOSTER ENDURING RELATIONSHIPS THAT BUILD ADVOCACY AND SUPPORT FOR VARIOUS COLLEGE PROGRAMS AND SERVICES TO ADVANCE ALL CONSTITUENCIES WITHIN THE SERVICE DISTRICT. THE TCL FOUNDATION SUPPORTS THE TECHNICAL COLLEGE OF THE LOWCOUNTRY IN A VARIETY OF AREAS. RAISING FUNDS FOR STUDENT ASSISTENCE INCLUDING TUITION AND BOOKS, AIDING THE COLLEGE IN MAINTAINING STATE-OF-THE-ART INSTRUCTIONAL EQUIPMENT, AND FUNDING SPECIAL CAPITAL PORJECTS. RAISING FUNDS FOR SPECIAL PROJECTS INCLUDES NEW PROGRAM DEVELOPMENT, WHICH PROMOTES A BETTER UNDERSTANDING OF THE COLLEGE, ITS MISSION, AND VALUE TO THE LOWCOUNTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SCHOLARSHIPS TO STUDENTS TO ATTEND THE TECHNICAL COLLEGE OF THE LOWCOUNTRY.
TO PROVIDE GRANTS AND SCHOLARSHIPS TO STUDENTS TO ATTEND THE TECHNICAL COLLEGE OF THE LOW COUNTRY
TO PROVIDE DIRECT ASSISTANCE TO THE TECHNICAL COLLEGE OF THE LOWCOUNTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lex Bomar Member | Trustee | 2 | $0 |
Kesia Brown Member | Trustee | 2 | $0 |
David Burke Member | Trustee | 2 | $0 |
Ali Cadmus Member | Trustee | 2 | $0 |
John Chiacchiero Vice Chairma | Trustee | 2 | $0 |
Jim Coleman Member | Trustee | 2 | $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 | $309,752 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $309,752 |
| Total Program Service Revenue | $0 |
| Investment income | $25,179 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $116,670 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $451,601 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $68,226 |
| Grants and other assistance to domestic individuals. | $230,600 |
| 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 | $45,447 |
| 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 | $14,935 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,191 |
| Advertising and promotion | $0 |
| Office expenses | $1,673 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $7,212 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,687 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,548 |
| All other expenses | $0 |
| Total functional expenses | $388,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,083,221 |
| Savings and temporary cash investments | $1,684,154 |
| Pledges and grants receivable | $76,400 |
| Accounts receivable, net | $38,200 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,409,846 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,121,707 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,413,528 |
| Accounts payable and accrued expenses | $13,691 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $5,094,000 |
| 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 | $5,107,691 |
| Net assets without donor restrictions | $337,588 |
| Net assets with donor restrictions | $2,968,249 |
| 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 | $8,413,528 |