St Petersburg College Foundation Inc
- Assets
- $77.7m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Saint Petersburg, FL
- Founding
- 09/1980
- Data as of
- 03/2023
- EIN
- 59-1954362
Organization Overview
St Petersburg College Foundation Inc is located in Saint Petersburg, FL. The organization was established in 1980. 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. St Petersburg 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 03/2023, St Petersburg College Foundation Inc generated $8.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $6.1m during the year ending 03/2023. While expenses have increased by 5.2% per year over the past 8 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.
Since 2016, St Petersburg College Foundation Inc has awarded 34 individual grants totaling $28,510,456. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION PROMOTES THE PRACTICE OF PHILANTHROPY THROUGH PARTNERSHIPS WITH THE COMMUNITY FOR THE ADVOCACY OF HIGHER EDUCATION IN GENERAL AND SPECIFICALLY AT ST. PETERSBURG COLLEGE (SPC).
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION HAS OVER 282 NAMED SCHOLARSHIP FUNDS THAT PROVIDE FINANCIAL ASSISTANCE TO SPC STUDENTS. THROUGH THE GENEROSITY OF OUR DONORS, WE HAVE SPECIFIC SCHOLARSHIPS AVAILABLE FOR EVERY AREA OF STUDY INCLUDING (BUT NOT LIMITED TO), NURSING, EDUCATION, STUDY ABROAD PROGRAMS AND FINANCIAL ASSISTANCE FOR OUR RETURNING VETERANS. EACH SCHOLARSHIP HAS UNIQUE AWARDING CRITERIA WHICH MAY INCLUDE FINANCIAL NEED AND/OR ACADEMIC ACHIEVEMENT. COLLEGE EXPENSES HAVE RISEN NEARLY 40% OVER THE LAST DECADE, MAKING THIS THE MOST DIFFICULT TIME IN HISTORY FOR YOUNG PEOPLE TO PAY FOR A COLLEGE EDUCATION, ACCORDING TO THE US DEPARTMENT OF EDUCATION. WITHOUT THE HELP OF FINANCIAL ASSISTANCE, MANY OF OUR STUDENTS WOULD NOT OTHERWISE HAVE THE OPPORTUNITY TO ATTEND COLLEGE. DURING 2022-23, THE FOUNDATION PROVIDED FINANCIAL ASSISTANCE TO MORE THAN 4,046 STUDENTS. THE AVERAGE SCHOLARSHIP AWARD WAS APPROXIMATELY 620. TOTAL AMOUNT OF SCHOLARSHIPS AWARDED WAS APPROXIMATELY 2.5 MILLION.
THE FOUNDATION PROVIDED FUNDING TO ST. PETERSBURG COLLEGE FOR PROGRAM SUPPORT AS WELL AS CAPITAL FACILITY PROJECTS. THE FOUNDATION PROVIDED FINANCIAL SUPPORT FOR THE ARTS BY RAISING FUNDS FOR THE PALLADIUM THEATRE AT ST. PETERSBURG COLLEGE. IN ADDITION, THE FOUNDATION PROVIDED FINANCIAL SUPPORT FOR NUMEROUS COLLEGE DEPARTMENTS, SUCH AS NURSING, EDUCATION, ENGINEERING, BUSINESS AND TECHNOLOGY, ATHLETICS, COLLEGIATE HIGH SCHOOL AND FINE ARTS. ADDITIONALLY, THE FOUNDATION PROVIDED GRANTS TO FACULTY AND STAFF TO IMPLEMENT PROGRAMS THAT BROADEN THE SCOPE OF THE CURRICULUM AND IMPROVE STUDENT SUCCESS. FOUNDATION FUNDING PROVIDED SUPPORT FOR PROGRAMS SUCH AS WOMEN ON THE WAY AND MALE INITIATIVES. AS THE COLLEGE IDENTIFIED A GAP IN ACHIEVEMENT FOR AFRICAN AMERICAN MALE STUDENTS, THE FOUNDATION PROVIDED SIGNIFICANT SUPPORT TO CLOSE THE GAP AND INCREASE THE GRADUATION SUCCESS RATE FOR AFRICAN AMERICAN MALES. ST. PETERSBURG COLLEGE IS EXPERIENCING DECLINES IN SUPPORT FROM THE STATE OF FLORIDA. ACCORDINGLY, PRIVATE SUPPORT IS AN INCREASINGLY IMPORTANT COMPONENT OF REVENUE TO THE VARIOUS CAMPUSES/DEPARTMENTS. THE FOUNDATION ANTICIPATES A HIGHER RATE OF USE OF FOUNDATION HELD FUNDS IN THE FUTURE AS A RESULT OF DECREASED RESOURCES PROVIDED BY THE STATE. THE FOUNDATION SUPPORTED VARIOUS COLLEGE DEPARTMENTS AND PROGRAMS IN THE AMOUNT OF 1.74 MILLION DURING 2022-23.
PROVIDE MANAGEMENT OF INVESTMENT ASSETS OF THE FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joshua Bomstein Chairman | OfficerTrustee | 1 | $0 |
Jaclyn Ballard Vice Chair | OfficerTrustee | 1 | $0 |
Mike Meigs Treasurer | OfficerTrustee | 1 | $0 |
Jesse Turtle Secretary | OfficerTrustee | 40 | $0 |
Steven Shepard Past Chair | Trustee | 1 | $0 |
Joseph Blanton Director | Trustee | 1 | $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 | $5,968,405 |
| Noncash contributions included in lines 1a–1f | $247,598 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,968,405 |
| Total Program Service Revenue | $672,002 |
| Investment income | $1,660,815 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$331,171 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,970,051 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,881,842 |
| Grants and other assistance to domestic individuals. | $2,448,554 |
| 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 | $30,000 |
| Fees for services: Lobbying | $92,947 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $575,367 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $19,840 |
| Information technology | $37,364 |
| 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 | $25,757 |
| All other expenses | $2,727 |
| Total functional expenses | $6,109,549 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,223,216 |
| Savings and temporary cash investments | $1,287,092 |
| Pledges and grants receivable | $1,113,696 |
| 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 | $27,649 |
| Investments—publicly traded securities | $74,091,597 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $77,743,250 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $5,143,899 |
| Net assets with donor restrictions | $72,599,351 |
| 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 | $77,743,250 |
Grants Awarded
Over the last fiscal year, St Petersburg College Foundation Inc has awarded $1,881,842 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ST PETERSBURG COLLEGE PURPOSE: PROGRAM SUPPORT | $1,740,743 |
ST PETERSBURG COLLEGE - PALLADIUM PURPOSE: PROGRAM SUPPORT | $141,099 |