Civic Intelligence

Central Lakes College Foundation

990 • Fiscal year 2015 • EIN 23-7007111

Jul 01, 2014 to Jun 30, 2015 • Filed on Nov 03, 2015

Organization ProfileCLCMN.EDU/SCHOLARSHIPS
501 West College DriveBrainerd, MN 56401

(218) 855-8129

Siviq Scores

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

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

20th percentile

0.05x

Higher debt load relative to revenue than 20% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Net Margin

11th percentile

-23%

Higher net margin than 11% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Asset Growth

35th percentile

-2.0%

Faster asset growth than 35% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

10th percentile

-30%

Faster revenue growth than 10% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets12th percentile

Assets

Down

$7,275,312

Down $148,853 (-2.0%) from 2014

Net Assets

Down

$7,247,886

Down $137,914 (-1.9%) from 2014

Liabilities

Down

$27,426

Down $10,939 (-29%) from 2014

Revenue And Expenses
Liabilities / Revenue20th percentileNet Margin11th percentile

Revenue

Down

$603,324

Down $254,958 (-30%) from 2014

Expenses

Up

$739,687

Up $237,796 (+47%) from 2014

Net Income

Down

-$136,363

Down $492,754 (-138%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth35th percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $5,511,892Liabilities 2011: $2,500Net Assets 2011: $5,509,3922011Assets 2012: $6,091,568Liabilities 2012: $41,681Net Assets 2012: $6,049,8872012Assets 2013: $6,590,488Liabilities 2013: $547Net Assets 2013: $6,589,9412013Assets 2014: $7,424,165Liabilities 2014: $38,365Net Assets 2014: $7,385,8002014Assets 2015: $7,275,312Liabilities 2015: $27,426Net Assets 2015: $7,247,8862015Assets 2016: $7,113,820Liabilities 2016: $2,907Net Assets 2016: $7,110,9132016Assets 2017: $9,984,439Liabilities 2017: $1,741,740Net Assets 2017: $8,242,6992017Assets 2018: $10,623,133Liabilities 2018: $1,667,214Net Assets 2018: $8,955,9192018Assets 2019: $10,804,225Liabilities 2019: $1,569,668Net Assets 2019: $9,234,5572019Assets 2020: $11,027,469Liabilities 2020: $1,548,207Net Assets 2020: $9,479,2622020Assets 2021: $13,221,977Liabilities 2021: $1,470,993Net Assets 2021: $11,750,9842021Assets 2022: $11,958,499Liabilities 2022: $1,394,871Net Assets 2022: $10,563,6282022Assets 2023: $12,795,464Liabilities 2023: $1,311,635Net Assets 2023: $11,483,8292023Assets 2024: $14,403,531Liabilities 2024: $1,497,383Net Assets 2024: $12,906,1482024Assets 2025: $15,698,314Liabilities 2025: $1,192,152Net Assets 2025: $14,506,1622025

Highlighted filing

2015

Assets$7,275,312
Liabilities$27,426
Net Assets$7,247,886
Open 2015 Filing

Operations Trend

Revenue Growth10th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $327,8062011Expenses 2012: $412,0342012Expenses 2013: $497,3282013Revenue 2014: $858,282Expenses 2014: $501,891Net Income 2014: $356,3912014Revenue 2015: $603,324Expenses 2015: $739,687Net Income 2015: -$136,3632015Revenue 2016: $611,699Expenses 2016: $522,064Net Income 2016: $89,6352016Revenue 2017: $1,450,898Expenses 2017: $1,189,749Net Income 2017: $261,1492017Revenue 2018: $1,756,539Expenses 2018: $1,569,485Net Income 2018: $187,0542018Revenue 2019: $1,702,454Expenses 2019: $1,648,531Net Income 2019: $53,9232019Revenue 2020: $1,912,333Expenses 2020: $1,792,502Net Income 2020: $119,8312020Revenue 2021: $2,774,706Expenses 2021: $2,086,349Net Income 2021: $688,3572021Revenue 2022: $3,188,442Expenses 2022: $1,916,730Net Income 2022: $1,271,7122022Revenue 2023: $2,652,455Expenses 2023: $2,754,138Net Income 2023: -$101,6832023Revenue 2024: $3,002,200Expenses 2024: $2,596,566Net Income 2024: $405,6342024Revenue 2025: $3,669,250Expenses 2025: $3,011,679Net Income 2025: $657,5712025

Highlighted filing

2015

Revenue$603,324
Expenses$739,687
Net Income-$136,363
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Nov 3, 2015
Return Version
2014v5.0
Gross Receipts
$603,324
Mission and Program Overview

Mission

To promote clc student success by addressing financial barriers to pursuing higher education - through scholarships, strong alumni and donor relationships, affordable student housing, and other appropriate assistance.

The orgainization provides scholarships to students attending central lakes college

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$7,318,291$7,264,503▼ $53,788
Prepaid Expenses and Deferred Charges$31,640$0▼ $31,640
Savings and Temporary Cash Investments$68,176$6,822▼ $61,354
Pledges and Grants Receivable$5,400$3,550▼ $1,850
Land, Buildings, and Equipment, Net$53$3,125▲ $3,072
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Cash and Non-Interest-Bearing Accounts$605$-2,688▼ $3,293
Total Assets$7,424,165$7,275,312▼ $148,853
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$38,365$27,426▼ $10,939
Total Liabilities$38,365$27,426▼ $10,939
Net Assets / Fund Balance
Permanently Rstr Net Assets$6,049,021$6,204,695▲ $155,674
Unrestricted Net Assets$977,816$731,753▼ $246,063
Temporarily Rstr Net Assets$358,963$311,438▼ $47,525
Total Net Assets Fund Balance$7,385,800$7,247,886▼ $137,914
Total Liabilities and Net Assets / Fund Balance$7,424,165$7,275,312▼ $148,853

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,125$16,185$19,310

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$6,049,021$155,674--$6,204,695
2013$5,943,788$105,233--$6,049,021
2012$5,838,453$105,335--$5,943,788
2011$5,237,165$601,288--$5,838,453
2010$4,216,592$1,020,573--$5,237,165
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Barbara AndersonPresident
Pam O'RourkeVice President
Brian KirkpatrickDirector
Dick BreenDirector
Jeff WigDirector
Jim BensonDirector
John OhlinDirector
Kevin DonnayDirector
Larry LundbladDirector
Nathan HamiltonDirector
Richard FannemelDirector
Ronda HopkinsDirector
Sherrie ChristensenDirector
Steve WenzelDirector
Terry McColloughDirector
Tom ReekDirector
Pam ThomsenExecutive Director
Bradley PersonSecretary
Tracie McFarlinTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$443,605
Program Service Revenue
$0
Investment Income
$159,719
Other Revenue
$0
All Other Contributions
$443,605
Change in Net Assets
$-136,363

Audited Revenue Reconciliation

Revenue per Audited Statements
$603,324
Total Revenue per Audited Statements
$603,324
Total Revenue per Form 990
$603,324
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$739,687
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees-$45,836-$45,836
Advertising$12,682--$12,682
All Other Expenses$2,771$6,764-$9,535
Fees for Services Accounting-$7,866-$7,866
Other Expenses$47,912$6,993-$6,993
Conferences and Meetings-$3,645-$3,645
Office Expenses$1,349$337-$1,686
Depreciation Depletion-$1,428-$1,428
Insurance-$1,397-$1,397
Fees for Services Other-$405-$405
Total Functional Expenses$665,016$74,671$0$739,687

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$739,687
Total Expenses per Audited Statements$739,687
Total Expenses per Form 990$739,687
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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, Line 9: Officer, Director, Trustee, Key Employee Mailing Address

“Tracie mcfarlin18650 country road 24brainerd, mn 56401barbara anderson523 north third streetbrainerd, mn 56401brad person510 laurel streetbrainerd, mn 56401pam o'rourke14275 golf course drive ste 120baxter, mn 56425”

Form 990, Part VI, Line 11B: Form 990 Review Process

“The treasurer of the organization reviews the form 990 with the finance committee and makes a copy of the form 990 available to the board of directors and to the public upon request”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Monitoring of compliance with conflict of interest policies is done on an annual basis.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization makes its governance documents and financial statements avaiable to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Central Lakes College Foundation
EIN
23-7007111
Phone
2188558129
Address
501 West College Drive, Brainerd, MN 56401

Signing Officer

Name
Tracie McFarlin
Title
Treasurer
Signed
2015-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tracie McFarlin
Formed
1968
Legal Domicile
Mn
Voting Board Members
16
Independent Board Members
16
Employees
0
Volunteers
21

Preparer

Firm
Mathias C Justin Ltd
Address
4325 W Woodman St Box 90, Pequot Lakes, MN 56472
Preparer
Mathias C Justin
Phone
2185685242
Supplemental Narrative

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

“Investment earnings from endowment funds are used to provide scholarships to students attending Central Lakes College.”

Part X : FIN48 Footnote

“The Foundation is a nonprofit organization and is exempt from federal and state income taxes under Internal Revenue Code Section 501(c)(3) and related state statutes. The Foundation is not a private foundation and had no unrelated business income during the current year. The Foundation files Internal Revenue Service Form 990 annually with the federal government and revenues for the past three and one-half years are open to examination.”

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IRS990/Form990PartVIISectionAGrp/PersonNm2Dick Breen
IRS990/Form990PartVIISectionAGrp/PersonNm3Sherrie Christensen
IRS990/Form990PartVIISectionAGrp/PersonNm4Kevin Donnay
IRS990/Form990PartVIISectionAGrp/PersonNm5Nathan Hamilton
IRS990/Form990PartVIISectionAGrp/PersonNm6Ronda Hopkins
IRS990/Form990PartVIISectionAGrp/PersonNm7Brian Kirkpatrick
IRS990/Form990PartVIISectionAGrp/PersonNm8Larry Lundblad
IRS990/Form990PartVIISectionAGrp/PersonNm9Terry McCollough
IRS990/Form990PartVIISectionAGrp/PersonNm10Tracie McFarlin
IRS990/Form990PartVIISectionAGrp/PersonNm11Pam O'Rourke
IRS990/Form990PartVIISectionAGrp/PersonNm12John Ohlin
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IRS990/Form990PartVIISectionAGrp/PersonNm17Richard Fannemel
IRS990/Form990PartVIISectionAGrp/PersonNm18Pam Thomsen
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt11Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Executive Dir.
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0120038

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,275,312
Liabilities
$27,426
Net assets
$7,247,886
Revenue
$603,324
Expenses
$739,687
Net income
-$136,363
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$15.7$1.19$14.5$3.67$3.01$0.66
2024Detailed filing. Detailed filing data is available for this year.$14.4$1.50$12.9$3.00$2.60$0.41
2023Detailed filing. Detailed filing data is available for this year.$12.8$1.31$11.5$2.65$2.75$0.10
2022Detailed filing. Detailed filing data is available for this year.$12.0$1.39$10.6$3.19$1.92$1.27
2021Detailed filing. Detailed filing data is available for this year.$13.2$1.47$11.8$2.77$2.09$0.69
2020Detailed filing. Detailed filing data is available for this year.$11.0$1.55$9.48$1.91$1.79$0.12
2019Detailed filing. Detailed filing data is available for this year.$10.8$1.57$9.23$1.70$1.65$0.05
2018Detailed filing. Detailed filing data is available for this year.$10.6$1.67$8.96$1.76$1.57$0.19
2017Detailed filing. Detailed filing data is available for this year.$9.98$1.74$8.24$1.45$1.19$0.26
2016Detailed filing. Detailed filing data is available for this year.$7.11$0.00$7.11$0.61$0.52$0.09
2015Detailed filing. Detailed filing data is available for this year.$7.28$0.03$7.25$0.60$0.74$0.14
2014Detailed filing. Detailed filing data is available for this year.$7.42$0.04$7.39$0.86$0.50$0.36
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.59$0.00$6.59$0.50
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.09$0.04$6.05$0.41
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.51$0.00$5.51$0.33