Lamar Institute Of Technology Foundation

Organization Overview

Lamar Institute Of Technology Foundation is located in Beaumont, TX. The organization was established in 2000. According to its NTEE Classification (B42) the organization is classified as: Undergraduate 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. Lamar Institute Of Technology Foundation 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 08/2023, Lamar Institute Of Technology Foundation generated $644.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $426.5k during the year ending 08/2023. While expenses have increased by 11.8% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

MANAGEMENT OF THE ENDOWMENT FUNDS WHICH HAVE BEEN ESTABLISHED TO PROVIDE SCHOLARSHIPS FOR STUDENTS AT LAMAR INSTITUTE OF TECHNOLOGY. SERVE AS AN ADVISORY BOARD FOR THE INSTITUTE, A SOUNDING BOARD AND BOARD OF REVIEW. LISTEN TO THE LAMAR INSTITUTE OF TECHNOLOGY'S PLANS AND PROVIDE THEM WITH SUGGESTIONS ON HOW TO IMPROVE THE TRAINING THEY PROVIDE IN THIS REGION

Describe the Organization's Program Activity:

Part 3 - Line 4a

MANAGE THE ENDOWMENT FUNDS WHICH HAVE BEEN ESTABLISHED TO PROVIDE SCHOLARSHIPS FOR STUDENTS AT LAMAR INSTITUTE OF TECHNOLOGY


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Board, Officers & Key Employees

Name (title)Compensation
Rod Carroll
President
$0
Tim Sudela
Vice Preside
$0
Gisela Houseman
Exec Comm-Au
$0
Jerry Vandervoort
Treasurer
$0
Eddie Arnold
Exec Comm-De
$0
Raymond Polk
Exec Comm-Sc
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$433,525
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$185,563
Noncash contributions included in lines 1a–1f $25,662
Total Revenue from Contributions, Gifts, Grants & Similar$619,088
Total Program Service Revenue$0
Investment income $185,628
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$62,250
Net Income from Fundraising Events -$98,390
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $644,076

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