Civic Intelligence

Central Lakes College Foundation

990 • Fiscal year 2019 • EIN 23-7007111

Jul 01, 2018 to Jun 30, 2019 • Filed on Oct 02, 2019

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

44th percentile

0.15x

Higher debt load relative to assets than 44% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

79th percentile

0.92x

Higher debt load relative to revenue than 79% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

50th percentile

3.2%

Higher net margin than 50% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

13th percentile

$0

Higher top officer pay than 13% of similar nonprofits.

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

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

42nd percentile

1.7%

Faster asset growth than 42% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

29th percentile

-3.1%

Faster revenue growth than 29% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets44th percentile

Assets

Up

$10,804,225

Up $181,092 (+1.7%) from 2018

Net Assets

Up

$9,234,557

Up $278,638 (+3.1%) from 2018

Liabilities

Down

$1,569,668

Down $97,546 (-5.9%) from 2018

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin50th percentile

Revenue

Down

$1,702,454

Down $54,085 (-3.1%) from 2018

Expenses

Up

$1,648,531

Up $79,046 (+5.0%) from 2018

Net Income

Down

$53,923

Down $133,131 (-71%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth42nd 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

2019

Assets$10,804,225
Liabilities$1,569,668
Net Assets$9,234,557
Open 2019 Filing

Operations Trend

Revenue Growth29th 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

2019

Revenue$1,702,454
Expenses$1,648,531
Net Income$53,923
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Oct 2, 2019
Return Version
2018v3.1
Gross Receipts
$1,722,904
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 organization provides scholarships and housing to students attending central lakes college

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$8,332,991$8,095,906▼ $237,085
Land, Buildings, and Equipment, Net$2,135,960$2,586,791▲ $450,831
Cash and Non-Interest-Bearing Accounts$93,964$53,279▼ $40,685
Accounts Receivable$44,093$31,304▼ $12,789
Prepaid Expenses and Deferred Charges$5,896$27,276▲ $21,380
Intangible Assets$10,229$9,669▼ $560
Total Assets$10,623,133$10,804,225▲ $181,092
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,595,320$1,529,122▼ $66,198
Accounts Payable and Accrued Expenses$36,180$33,294▼ $2,886
Other Liabilities$33,319$7,252▼ $26,067
Deferred Revenue$2,395--
Total Liabilities$1,667,214$1,569,668▼ $97,546
Net Assets / Fund Balance
Permanently Rstr Net Assets$6,924,540$7,082,727▲ $158,187
Unrestricted Net Assets$1,434,354$1,528,273▲ $93,919
Temporarily Rstr Net Assets$597,025$623,557▲ $26,532
Total Net Assets Fund Balance$8,955,919$9,234,557▲ $278,638
Total Liabilities and Net Assets / Fund Balance$10,623,133$10,804,225▲ $181,092

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,203,607$133,192$2,336,799
Land$363,400-$363,400
Equipment$19,784$30,431$50,215

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$6,924,540$158,187--$7,082,727
2017$6,737,124$187,416--$6,924,540
2016$6,338,611$398,513--$6,737,124
2015$6,204,695$133,916--$6,338,611
2014$6,049,021$155,674--$6,204,695
Compensation and Service Providers
Top Officer Pay13th percentile

Board Members and Trustees

NameTitle
J Bradley PersonPresident
Beth GruberDirector
Brad ChapulisDirector
Dustin GoslinDirector
Jennifer BergmanDirector
Jim BensonDirector
John OhlinDirector
Joy BodinDirector
Kari ChristiansenDirector
Kevin DonnayDirector
Richard BreenDirector
Sherrie ChristensenDirector
Steve WenzelDirector
Tracie McfarlinDirector
Barbara AndersonSecretary
Lisa WigandTreasurer
Nathan HamiltonVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$1,036,310
Program Service Revenue
$0
Investment Income
$180,582
Other Revenue
$485,562
All Other Contributions
$1,036,310
Change in Net Assets
$53,923

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 Table22$446,480Expert Opinion
Other Non Cash Contri Table58$109,754Expert and Comparable
Other Non Cash Contri Table11$37,277Expert Opinion
Clothing and Household Goods-$13,107Comparable Sales
Other Non Cash Contri Table7$10,257Expert Opinion
Drugs and Medical Supplies2$289Comparable Sales
Total Noncash Contributions100$617,164-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,702,454
Revenue Not Reported on Form 990
$245,165
Total Revenue per Audited Statements
$1,947,619
Total Revenue per Form 990
$1,702,454
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,175,790
Other Expenses$472,741
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,175,790--$1,175,790
All Other Expenses$61,434$11,364-$72,798
Depreciation Depletion$59,838--$59,838
Interest$47,411--$47,411
Other Expenses$39,524--$39,524
Fees for Services Management$23,133$10,000-$33,133
Fees for Services Accounting$15,209$6,980-$22,189
Insurance$11,244$548-$11,792
Office Expenses$4,054$1,891-$5,945
Travel-$4,386-$4,386
Advertising$3,616$615-$4,231
Total Functional Expenses$1,612,747$35,784$0$1,648,531

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,668,981
Expenses per Audited Statements$1,648,531
Total Expenses per Form 990$1,648,531
Expenses Not Reported on Form 990$20,450
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Central Lakes CollegeBrainerd, MN-Funding for Scholars$558,626
Central Lakes CollegeBrainerd, MN-Funding for College-
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$20,450
Fundraising Gross Income$20,427
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Event$20,427$20,427$20,450$-23
Total Events$20,427$20,427$20,450$-23
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$4,595
Accrued Interest$2,657
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 9

“J. Bradley person 124 n 6th street brainerd, mn 56401 nathan hamilton 523 north third street brainerd, mn 56401 barbara anderson 14 second street se crosby, mn 56441 lisa wigand 12379 lower sylvan rd sw pillager, mn 56473”

Form 990, Page 6, Part VI, Line 11B

“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, Page 6, Part VI, Line 12C

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

Form 990, Page 6, Part VI, Line 19

“The organization makes is governance documents and financial statements available 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
Lisa Wigand
Title
Treasurer
Phone
2188558129
Signed
2019-10-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
J Bradley Person
Formed
1968
Legal Domicile
Mn
Voting Board Members
17
Independent Board Members
17
Employees
0
Volunteers
50

Preparer

Firm
Justin Clasen & Company Ltd
Address
PO BOX 90, PEQUOT LAKES, MN 56472-0090
Preparer
Aaron a Stegner
Phone
2185685242
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Addback fundraising expense 20,450 subtract fundraising expense -20,450”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“Investment earnings from endowment funds are used to provide scholarships to students attending central lakes college.”

Schedule D, Page 3, Part X

“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 year. The foundation files internal revenue service form 990 annually with the federal government.”

Schedule D, Page 4, Part XI, Line 2D

“Addback fundraising expense 20,450”

Schedule D, Page 4, Part XII, Line 2D

“Subtract fundraising expense 20,450”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INVESTMENT EARNINGS FROM ENDOWMENT FUNDS ARE USED TO PROVIDE SCHOLARSHIPS TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE 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 YEAR. THE FOUNDATION FILES INTERNAL REVENUE SERVICE FORM 990 ANNUALLY WITH THE FEDERAL GOVERNMENT.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3SUBTRACT FUNDRAISING EXPENSE 20,450
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 2D
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,804,225
Liabilities
$1,569,668
Net assets
$9,234,557
Revenue
$1,702,454
Expenses
$1,648,531
Net income
$53,923
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