Alamance Community College Foundation Inc
- Assets
- $17.9m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Graham, NC
- Founding
- 03/1983
- Data as of
- 06/2022
- EIN
- 58-1511004
Organization Overview
Alamance Community College Foundation Inc is located in Graham, NC. The organization was established in 1983. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Alamance 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, Alamance Community College Foundation Inc generated $2.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (9.0%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 4 years. 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 ACC FOUNDATION EXISTS TO AID STUDENTS WITH A DEMONTRATED FINACIAL NEED IN REACHING THEIR EDUCATIONAL GOAL WHILE SUPPORTING ACCS MISSION
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHCOLARSHIPS:IN 2021, 536 STUDENTS RECEIVED SCHOLARSHIPS THAT INCLUDED TUITION, BOOKS, AND SUPPLIES. MOST SCHOLARSHIPS ARE NEED-BASED AND A FEW ARE MERIT BASED. THE OBJECTIVE IS TO HELP ENSURE ACCESS TO COLLEGE FOR ALL QUALIFIED ALAMANCE COUNTY RESIDENTS. IN-KIND CONTRIBUTION OF $307,002 PROVIDED EXPENSES FOR SHARED EMPLOYEES WHO ARE EMPLOYED BY ALAMANCE COMMUNITY COLLEGE.
OTHER FINANCIAL AID: IN ADDITION TO SCHOLARSHIPS, ACC FOUNDATION PROVIDES FUNDS FOR ACC WORK STUDY PROGRAM AND EMERGENCY DISTRESS PROGRAM TO PREVENT MERITORIOUS STUDENTS FROM DROPPING OUT DUE TO A ONE-TIME EMERGENCY SITUATION. ACC FOUNDATION ALSO PROVIDES FUNDS FOR CHILDCARE FOR STUDENTS THAT QUALIFY FOR DEPARTMENT OF SOCIAL SERVICES FUNDS, THAT AREN'T AVAILABLE. THIS PREVENTS STUDENTS FROM DROPPING OUT DUE TO TEMPORARY LACK OF CHILDCARE. THE ACC FOUNDATION ALSO RUNS A STUDENT AMBASSADOR PROGRAM THAT PROVIDES LEADERSHIP SKILLS TO SELECTED STUDENTS AND OPPORTUNITIES TO MEET WITH COLLEGE AND COMMUNITY LEADERS. IN 2021-22, 94 STUDENTS RECIEVED NON SCHOLARSHIP FORMS OF FINANCIAL AID. THE OBJECT IS TO HELP ENSURE ACCEDD TO COLLEGE FOR ALL QUALIFIED.
EDUCATION-RELATED AND PROGRAMS FOR FACULTY AND STAFF: ACC FOUNDATION PROVIDES FUNDS TO ENHANCE THE EDUCATIONAL EXPERIENCE FOR STUDENTS. ACC FOUNDATION PROVIDES FUNDS TO FACULTY AND STAFF TO OBTAIN ADDITIONAL TRAINING AND HOLD PROFESSIONAL MEMBERSHIPS. APPROXIMATELY 200 EMPLOYEE BENEFIT AND THE OBJECTIVE IS TO ENSURE FACULTY AND STAFF ARE CURRENT IN THEIR FEILDS AND ARE BEST ABLE TO MEET THE LEARNING NEEDS OF AN EXTREMELY DIVERSE GROUP OF STUDENTS. ALSO, ACC FOUNDATION STEWARDS DONOR DESIGNATED FUNDS TO ENHANCE THE EQUIPMENT AND FACILITIES FOR PARTICULAR PROGRAMS. EXAMPLE: NURSING, MEDICAL LAB TECHNICIAN, CULINARY AND BIOTECH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry A Bailey Director | Trustee | 1 | $0 |
John R Bellingham Director | Trustee | 1 | $0 |
Charles T Canaday Immediatepastpresident | OfficerTrustee | 2 | $0 |
Ted Chandler Director | Trustee | 1 | $0 |
Christopher Clemmons Director | Trustee | 1 | $0 |
Jackie S Cole Vice President | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,543,851 |
| Investment income | $525,917 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $4,663 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,074,431 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $215,055 |
| 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 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 | $9,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,712 |
| Office expenses | $12 |
| Information technology | $19,734 |
| 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 | $0 |
| Total functional expenses | $1,213,659 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,685,185 |
| Pledges and grants receivable | $1,041,159 |
| Accounts receivable, net | $388 |
| 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 |
| Investments—publicly traded securities | $12,721,090 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,473,555 |
| Total assets | $17,921,377 |
| Accounts payable and accrued expenses | $10,435 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $186,468 |
| 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 | $196,903 |
| Net assets without donor restrictions | $839,164 |
| Net assets with donor restrictions | $16,885,310 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $17,724,474 |