Lake Sumter State College Foundation Inc
- Assets
- $29.0m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Leesburg, FL
- Founding
- 03/1981
- Data as of
- 12/2021
- EIN
- 59-1990323
Organization Overview
Lake Sumter State College Foundation Inc is located in Leesburg, FL. The organization was established in 1981. 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. Lake Sumter 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.
For the year ending 12/2021, Lake Sumter State College Foundation Inc generated $3.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE LAKE-SUMTER STATE COLLEGE FOUNDATION, INC. IS A DIRECT SUPPORT ORGANIZATION WHOSE MISSION IS TO PROVIDE EXCELLENCE IN EDUCATION, SERVICE TO THE COMMUNITY, AND FINANCIAL ASSISTANCE TO QUALIFIED STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LAKE-SUMTER STATE COLLEGE FOUNDATION ENABLES AND ENHANCES THE LIVES OF LAKE-SUMTER STATE COLLEGE STUDENTS, FACULTY, AND STAFF THROUGH SCHOLARSHIPS, PROGRAM ENHANCEMENTS, SPECIAL EVENTS, AND FACILITIES SUPPORT. THE FOUNDATION CULTIVATES AND ASSISTS PRIVATE DONORS WHO WISH TO SUPPORT ITS MISSION OF IMPROVING HIGHER EDUCATION IN OUR LOCAL COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Morrell President El | OfficerTrustee | 2 | $0 |
Tim Morris Trustee Lias | OfficerTrustee | 2 | $0 |
Lori Davis President | OfficerTrustee | 2 | $0 |
Sandra Stephenson Vice Preside | OfficerTrustee | 2 | $0 |
Sarah Uhrik Treasurer | OfficerTrustee | 2 | $0 |
Dr Laura Byrd Exec Directo | Officer | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $60,400 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,194,052 |
| Noncash contributions included in lines 1a–1f | $289,676 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,254,452 |
| Total Program Service Revenue | $0 |
| Investment income | $490,192 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,722,543 |
| Net Income from Fundraising Events | $121,045 |
| Net Income from Gaming Activities | $1,851 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,590,083 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $125,351 |
| Grants and other assistance to domestic individuals. | $994,390 |
| 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 | $10,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $179,549 |
| Fees for services: Other | $54,771 |
| Advertising and promotion | $1,570 |
| Office expenses | $47,894 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $5,578 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,760 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,944 |
| All other expenses | $3,728 |
| Total functional expenses | $1,480,998 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,999,967 |
| Pledges and grants receivable | $15,710 |
| 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 | $3,270 |
| Net Land, buildings, and equipment | $13,900 |
| Investments—publicly traded securities | $25,457,338 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,513,233 |
| Total assets | $29,003,418 |
| Accounts payable and accrued expenses | $51,700 |
| Grants payable | $0 |
| Deferred revenue | $1,538,316 |
| 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 | $1,590,016 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,260,800 |
| Paid-in or capital surplus, or land, building, or equipment fund | $13,900 |
| Retained earnings, endowment, accumulated income, or other funds | $25,138,702 |
| Total liabilities and net assets/fund balances | $29,003,418 |
Grants Awarded
Over the last fiscal year, Lake Sumter State College Foundation Inc has awarded $53,394 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LAKE SUMTER STATE COLLEGE PURPOSE: PROGRAM SUPPORT | $33,394 |
West Palm Beach, FL PURPOSE: GENERAL OPERATING | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Sumter State College Foundation Inc has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
The Charles B Mclin And Mary M Mclin Foundation Mount Dora, FL PURPOSE: DIAGNOSTIC MEDICAL SONOGRAPHY & CARDIOVASCULAR TECH PROGRAMS | $30,000 |
Endowment Analysis
| Beg. Balance | $22,399,247 |
| Earnings | $3,091,563 |
| Admin Expense | $38,333 |
| Net Contributions | $1,237,811 |
| Other Expense | $426,484 |
| Grants | $1,111,202 |
| Ending Balance | $25,152,602 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Andrew College Cuthbert, GA | $29,741,190 | $11,623,662 |
College Of Central Florida Foundation Inc Ocala, FL | $126,335,396 | $16,814,104 |
Abraham Baldwin Agricultural College Foundation Inc Tifton, GA | $42,241,656 | $6,873,276 |
Eastern Florida State College Foundation Inc Cocoa, FL | $24,855,477 | $1,758,149 |
Lake Sumter State College Foundation Inc Leesburg, FL | $29,003,418 | $3,590,083 |
The Foundation For Florida Gateway College Inc Lake City, FL | $23,198,675 | $1,045,345 |
Georgia Highlands College Foundation Inc Rome, GA | $18,630,392 | $928,746 |
Shelton State Community College Foundation Inc Tuscaloosa, AL | $4,269,385 | $401,067 |
Jefferson State Community College Foundation Inc-Jefferson County Trussville, AL | $1,775,746 | $1,400,342 |
Schindler Family Foundation Inc Miami, FL | $115,413 | $3,220 |
Alabama Southern Community College Foundation Monroeville, AL | $379,917 | $0 |