Lake Sumter State College Foundation Inc

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 12/2023, Lake Sumter State College Foundation Inc generated $4.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $2.4m during the year ending 12/2023. While expenses have increased by 3.2% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

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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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$110,889
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$2,615,949
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,726,838
Total Program Service Revenue$0
Investment income $645,792
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $543,944
Net Income from Fundraising Events $154,401
Net Income from Gaming Activities $2,272
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,073,247

Grants Awarded

Over the last fiscal year, Lake Sumter State College Foundation Inc has awarded $53,394 in support to 2 organizations.

Grant RecipientAmount

LAKE SUMTER STATE COLLEGE

PURPOSE: PROGRAM SUPPORT

$33,394

JOHNSON SCHOLARSHIP FOUNDATION

PURPOSE: GENERAL OPERATING

$20,000
View Grant Profile

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