Civic Intelligence

Wallace State Community College Future Foundation Inc.

990 • Fiscal year 2022 • EIN 20-1438564

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

Organization ProfileN/A
801 Main Street NWHanceville, AL 35077

(256) 352-8144

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

10th percentile

0.00x

Higher debt load relative to assets than 10% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

9th percentile

0.00x

Higher debt load relative to revenue than 9% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

94th percentile

72%

Higher net margin than 94% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

65th percentile

7.6%

Faster asset growth than 65% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

95th percentile

161%

Faster revenue growth than 95% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$6,234,798

Up $438,182 (+7.6%) from 2021

Net Assets

Up

$6,230,705

Up $434,089 (+7.5%) from 2021

Liabilities

Up

$4,093

Up $4,093 from 2021

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin94th percentile

Revenue

Up

$2,491,571

Up $1,538,098 (+161%) from 2021

Expenses

Up

$703,009

Up $231,531 (+49%) from 2021

Net Income

Up

$1,788,562

Up $1,306,567 (+271%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth65th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2011: $1,751,604Liabilities 2011: $134Net Assets 2011: $1,751,4702011Assets 2012: $2,034,486Liabilities 2012: $21,938Net Assets 2012: $2,012,5482012Assets 2013: $2,104,827Liabilities 2013: $0Net Assets 2013: $2,104,8272013Assets 2014: $2,228,758Liabilities 2014: $0Net Assets 2014: $2,228,7582014Assets 2015: $2,393,803Liabilities 2015: $1,705Net Assets 2015: $2,392,0982015Assets 2016: $2,414,125Liabilities 2016: $0Net Assets 2016: $2,414,1252016Assets 2017: $2,832,725Liabilities 2017: $0Net Assets 2017: $2,832,7252017Assets 2018: $3,895,453Liabilities 2018: $0Net Assets 2018: $3,895,4532018Assets 2019: $4,374,530Liabilities 2019: $140,700Net Assets 2019: $4,233,8302019Assets 2020: $4,393,519Liabilities 2020: $0Net Assets 2020: $4,393,5192020Assets 2021: $5,796,616Liabilities 2021: $0Net Assets 2021: $5,796,6162021Assets 2022: $6,234,798Liabilities 2022: $4,093Net Assets 2022: $6,230,7052022Assets 2023: $7,458,931Liabilities 2023: $0Net Assets 2023: $7,458,9312023Assets 2024: $8,175,254Liabilities 2024: $0Net Assets 2024: $8,175,2542024

Highlighted filing

2022

Assets$6,234,798
Liabilities$4,093
Net Assets$6,230,705
Open 2022 Filing

Operations Trend

Revenue Growth95th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0Revenue 2011: $257,740Expenses 2011: $157,530Net Income 2011: $100,2102011Revenue 2012: $552,167Expenses 2012: $291,089Net Income 2012: $261,0782012Expenses 2013: $267,3062013Revenue 2014: $306,873Expenses 2014: $253,201Net Income 2014: $53,6722014Revenue 2015: $549,875Expenses 2015: $356,534Net Income 2015: $193,3412015Revenue 2016: $355,632Expenses 2016: $353,903Net Income 2016: $1,7292016Revenue 2017: $741,306Expenses 2017: $437,257Net Income 2017: $304,0492017Revenue 2018: $1,503,642Expenses 2018: $458,960Net Income 2018: $1,044,6822018Revenue 2019: $903,269Expenses 2019: $595,384Net Income 2019: $307,8852019Revenue 2020: $1,068,359Expenses 2020: $722,363Net Income 2020: $345,9962020Revenue 2021: $953,473Expenses 2021: $471,478Net Income 2021: $481,9952021Revenue 2022: $2,491,571Expenses 2022: $703,009Net Income 2022: $1,788,5622022Revenue 2023: $1,193,175Expenses 2023: $741,091Net Income 2023: $452,0842023Revenue 2024: $1,119,177Expenses 2024: $789,080Net Income 2024: $330,0972024

Highlighted filing

2022

Revenue$2,491,571
Expenses$703,009
Net Income$1,788,562
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.2
Gross Receipts
$2,546,062
Mission and Program Overview

Mission

The foundation is a not-for-profit corporation that assists wallace state community college, a public institution of higher education, in fulfilling and performing its educational purposes

To benefit the educational objectives of wallace state community college

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$5,001,421$5,300,788▲ $299,367
Pledges and Grants Receivable$99,604$646,420▲ $546,816
Cash and Non-Interest-Bearing Accounts$567,492$159,491▼ $408,001
Prepaid Expenses and Deferred Charges$699$699→ $0
Total Assets$5,796,616$6,234,798▲ $438,182
Other Assets Total$127,400$127,400→ $0
Liabilities
Accounts Payable and Accrued Expenses-$4,093-
Total Liabilities$0$4,093▲ $4,093
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,751,984$6,231,003▲ $479,019
Net Assets Without Donor Restrictions$44,632$-298▼ $44,930
Total Net Assets Fund Balance$5,796,616$6,230,705▲ $434,089
Total Liabilities and Net Assets / Fund Balance$5,796,616$6,234,798▲ $438,182

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$3,196,528$958,003▼ $682,128-$3,472,403
2020$2,815,320$381,208--$3,196,528
2019$2,537,344$277,976--$2,815,320
2018$2,494,305$43,039--$2,537,344
2017$1,631,677$862,628--$2,494,305
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Tim ComptonImmediate Past President
Bill St JohnPresident
Lisa WeeksVice President
Amy SheltonBoard Member
Ben HarrisonBoard Member
Billy JacksonBoard Member
Cheryl BaileyBoard Member
Dale GreerBoard Member
Jamie HendrixBoard Member
Jim DavisBoard Member
John RileyBoard Member
Lisa McswainBoard Member
Matthew LaneyBoard Member
Retha TinneyBoard Member
Richard PhillipsBoard Member
Scotty HooperBoard Member
Shirley QuattlebaumBoard Member
Tomesa SmithBoard Member
Will HardingBoard Member
Jason WhiteAlumni Rep
Fred CespedesEmeritus
Vicki KarolewicsEx-officio
Donna GuthrieTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,928,068
Program Service Revenue
$0
Investment Income
$576,237
Other Revenue
$-12,734
All Other Contributions
$1,813,248
Change in Net Assets
$1,788,562

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table171$72,351Items for Silent Auc
Total Noncash Contributions171$72,351-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,467,009
Revenue Not Reported on Financial Statements
$24,562
Revenue Not Reported on Form 990
$-1,341,739
Other Revenue Adjustments
$24,562
Total Revenue per Audited Statements
$1,125,270
Total Revenue per Form 990
$2,491,571
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$362,405
Other Expenses$340,604
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$362,405--$362,405
Fees for Service Investment Mgmnt Fees-$24,562-$24,562
Other Expenses$11,888$5,095-$16,983
Fees for Services Accounting$4,938$4,938-$9,876
All Other Expenses$860$7,992-$8,852
Insurance-$1,340-$1,340
Conferences and Meetings$711--$711
Office Expenses$373$248-$621
Total Functional Expenses$575,063$127,946$0$703,009

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$703,009
Total Expenses per Audited Statements$691,181
Expenses per Audited Statements$678,447
Expenses Not Reported on Financial Statements$24,562
Other Expense Adjustments$24,562
Expenses Not Reported on Form 990$12,734
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$12,734
Fundraising Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Foundation/alumni Events$106,920-$12,734-
Total Events$106,920-$12,734$-12,734
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The board and officers provide all supporting documents for preparation of the information return and the board reviews the form 990 prior to filing”

Form 990, Part VI, Section B, Line 12C

“There is no formal process set forth to monitor compliance with this policy. It is expressly known by all directors and officers that conflicts of interest are not allowed.”

Form 990, Part VI, Section C, Line 19

“All governing documents, conflict of interest policy, financial statements and form 990 are available for public inspection at the office of the organization at 801 main street nw, hanceville, al 35077.”

Filing and Contact Details

Filer

Filer Name
Wallace State Community College Future
EIN
20-1438564
Phone
2563528144
Address
801 MAIN STREET NW, HANCEVILLE, AL 35077

Signing Officer

Name
Bill St John
Title
President
Phone
2563528144
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bill St John
Formed
2004
Legal Domicile
Al
Voting Board Members
21
Independent Board Members
21
Employees
0
Volunteers
21

Preparer

Firm
Dipiazza Larocca Heeter & Co LLC
Address
P O BOX 530095, BIRMINGHAM, AL 35253-0095
Preparer
Monty S Waites CPA
Phone
2058719973
Supplemental Narrative

Financial Statement Notes

PART V, LINE 4:

“The organization intends to hold the principal amount of the endowments in perpetuity”

PART X, LINE 2:

“The foundation follows the provisions of financial accounting standards board (fasb) asc topic 740, accounting for uncertainty in income taxes. As of june 30, 2022, the foundation had no uncertain tax positions that qualify for disclosure in the financial statements. The foundation files an annual form 990 with the irs and its tax returns for previous open tax years may be subject to examination by taxing authorities.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising expenses 12,734.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“INVESTMENT FEES 24,562.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising expenses 12,734.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“INVESTMENT FEES 24,562.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6EX-OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19IMMEDIATE PAST PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt20TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt21VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt22PRESIDENT
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/OfficeExpensesGrp/ProgramServicesAmt0373
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
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IRS990/OtherExpensesGrp/Desc2SPECIAL PROJECT AND EVE
IRS990/OtherExpensesGrp/Desc3COMMUNITY OUTREACH AND
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IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd00
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IRS990/PoliticalCampaignActyInd00
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,234,798
Liabilities
$4,093
Net assets
$6,230,705
Revenue
$2,491,571
Expenses
$703,009
Net income
$1,788,562
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.18$0.00$8.18$1.12$0.79$0.33
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.46$0.00$7.46$1.19$0.74$0.45
2022Detailed filing. Detailed filing data is available for this year.$6.23$0.00$6.23$2.49$0.70$1.79
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.80$0.00$5.80$0.95$0.47$0.48
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.39$0.00$4.39$1.07$0.72$0.35
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.37$0.14$4.23$0.90$0.60$0.31
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.90$0.00$3.90$1.50$0.46$1.04
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.83$0.00$2.83$0.74$0.44$0.30
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.41$0.00$2.41$0.36$0.35$0.00
2015Detailed filing. Detailed filing data is available for this year.$2.39$0.00$2.39$0.55$0.36$0.19
2014Detailed filing. Detailed filing data is available for this year.$2.23$0.00$2.23$0.31$0.25$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.10$0.00$2.10$0.27
2012Summary only. Only limited summary data is available for this year.$2.03$0.02$2.01$0.55$0.29$0.26
2011Summary only. Only limited summary data is available for this year.$1.75$0.00$1.75$0.26$0.16$0.10