Polk State College Foundation Inc
- Assets
- $40.3m
- Revenue
- -$1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Winter Haven, FL
- Founding
- 06/1983
- Data as of
- 12/2022
- EIN
- 59-1819213
Organization Overview
Polk State College Foundation Inc is located in Winter Haven, FL. 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. Polk State 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
POLK STATE COLLEGE FOUNDATION WORKS IN TANDEM WITH POLK STATE COLLEGE TO HELP IT MEET ITS HALLMARKS AND COMMITMENT TO THE COMMUNITY OF ACCESS AND AFFORDABILITY TO HIGHER EDUCATION. SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE POLK STATE COLLEGE FOUNDATION ASSISTS MORE THAN 1,000 STUDENTS ANNUALLY THROUGHAWARDING MORE THAN $1 MILLION IN SCHOLARSHIPS. THE MAJORITY OF SCHOLARSHIP AWARDSARE DONOR DIRECTED AND HELP LIFT UP STUDENTS THROUGHOUT THE COLLEGE POPULATION. FIRST GENERATION, ALLIED HEALTH, PUBLIC SAFETY, ATHLETICS, THE ARTS AND EMERGENCY SCHOLARSHIPS ARE A FEW EXAMPLES OF DONOR DESIGNATIONS. IN ADDITION TO TRADITIONAL AND NON-TRADITIONAL SCHOLARSHIP AWARDS, THE FOUNDATION HAS A POPULAR ELEMENTARY SCHOLARSHIP PROGRAM, WHERE AT LEAST ONE GRADUATE OF EVERY ELEMENTARY SCHOOL IN POLK COUNTY IS AWARDED A SCHOLARSHIP TO ATTEND POLK STATE UPON GRADUATION FROM HIGH SCHOOL.THE FOUNDATION ALSO HELPS TO ELEVATE THE COLLEGE THROUGH AN ENDOWED TEACHING CHAIRPROGRAM THAT HONORS DISTINGUISHED FACULTY. (CONTINUED ON SCHEDULE O)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Summer Roth Board Member | Trustee | 0.25 | $0 |
Christine Samuel Board Member | Trustee | 0.5 | $0 |
Wendy Ventors Board Member | Trustee | 0.5 | $0 |
Kathleen Munson Board Member | Trustee | 0.25 | $0 |
Jason Penrod Board Member | Trustee | 0.25 | $0 |
Nick Plott 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 | $3,129,046 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,780 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,144,826 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,234,897 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$1,090,071 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,294,198 |
| 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 | $52,439 |
| Fees for services: Lobbying | $120,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $356,882 |
| Fees for services: Other | $91,841 |
| Advertising and promotion | $2,363 |
| Office expenses | $95,143 |
| Information technology | $59,392 |
| 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 | $23,923 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,096,181 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,381,248 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,095 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $173,012 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $35,483,906 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,237,230 |
| Total assets | $40,305,491 |
| Accounts payable and accrued expenses | $747,436 |
| 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 | $747,436 |
| Net assets without donor restrictions | $1,708,025 |
| Net assets with donor restrictions | $37,850,030 |
| 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 | $40,305,491 |