Civic Intelligence

Wake Technical Community College Foundation Inc.

990 • Fiscal year 2015 • EIN 23-7017752

Jul 01, 2014 to Jun 30, 2015 • Filed on Feb 10, 2016

Refreshing map…

9101 Fayetteville RoadRaleigh, NC 27603

(919) 886-6250

Siviq Scores

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

Liabilities / Assets

6th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

5th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Net Margin

89th percentile

37%

Higher net margin than 89% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

92nd percentile

$361,899

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 12.4% of source-year revenue.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Asset Growth

64th percentile

6.0%

Faster asset growth than 64% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

11th percentile

-24%

Faster revenue growth than 11% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2014 to 2015

Assets

Up

$12,593,699

Up $717,380 (+6.0%) from 2014

Net Assets

Up

$12,593,699

Up $717,380 (+6.0%) from 2014

Liabilities

Flat

$0

Flat from 2014

Revenue

Down

$2,928,008

Down $924,919 (-24%) from 2014

Expenses

Up

$1,857,690

Up $47,591 (+2.6%) from 2014

Net Income

Down

$1,070,318

Down $972,510 (-48%) from 2014

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2013: $9,368,716Liabilities 2013: $2,964Net Assets 2013: $9,365,7522013Assets 2014: $11,876,319Liabilities 2014: $0Net Assets 2014: $11,876,3192014Assets 2015: $12,593,699Liabilities 2015: $0Net Assets 2015: $12,593,6992015Assets 2016: $12,764,504Liabilities 2016: $67Net Assets 2016: $12,764,4372016Assets 2017: $14,074,294Liabilities 2017: $0Net Assets 2017: $14,074,2942017Assets 2018: $16,504,280Liabilities 2018: $8,503Net Assets 2018: $16,495,7772018Assets 2019: $17,998,405Liabilities 2019: $6,227Net Assets 2019: $17,992,1782019Assets 2021: $25,733,334Liabilities 2021: $0Net Assets 2021: $25,733,3342021Assets 2022: $24,851,874Liabilities 2022: $65,420Net Assets 2022: $24,786,4542022

Highlighted filing

2015

Assets$12,593,699
Liabilities$0
Net Assets$12,593,699

Operations Trend

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

$6.0M$4.0M$2.0M$0Expenses 2013: $1,938,9802013Revenue 2014: $3,852,927Expenses 2014: $1,810,099Net Income 2014: $2,042,8282014Revenue 2015: $2,928,008Expenses 2015: $1,857,690Net Income 2015: $1,070,3182015Revenue 2016: $2,009,455Expenses 2016: $1,724,104Net Income 2016: $285,3512016Revenue 2017: $2,903,514Expenses 2017: $1,853,568Net Income 2017: $1,049,9462017Revenue 2018: $3,950,579Expenses 2018: $1,556,472Net Income 2018: $2,394,1072018Revenue 2019: $2,448,857Expenses 2019: $1,837,534Net Income 2019: $611,3232019Revenue 2021: $5,200,249Expenses 2021: $1,810,528Net Income 2021: $3,389,7212021Revenue 2022: $5,743,743Expenses 2022: $2,826,779Net Income 2022: $2,916,9642022

Highlighted filing

2015

Revenue$2,928,008
Expenses$1,857,690
Net Income$1,070,318
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Feb 10, 2016
Return Version
2014v6.0
Gross Receipts
$8,439,038
Mission and Program Overview

Mission

The wake tech foundation partners with private entities and individuals to raise awareness, financial resources, and other assets in support of wake technical community college's mission, goals, and funding priorities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities-$7,159,964-
Savings and Temporary Cash Investments$6,959,886--
Cash and Non-Interest-Bearing Accounts$706,701$1,091,622▲ $384,921
Pledges and Grants Receivable$1,308,638$859,621▼ $449,017
Accounts Receivable$8,759$573,896▲ $565,137
Other Notes and Loans Receivable, Net$403,687--
Total Assets$11,876,319$12,593,699▲ $717,380
Other Assets Total$2,488,648$2,908,596▲ $419,948
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Temporarily Rstr Net Assets$5,390,176$5,452,645▲ $62,469
Permanently Rstr Net Assets$3,060,886$3,583,856▲ $522,970
Unrestricted Net Assets$3,425,257$3,557,198▲ $131,941
Total Net Assets Fund Balance$11,876,319$12,593,699▲ $717,380
Total Liabilities and Net Assets / Fund Balance$11,876,319$12,593,699▲ $717,380

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$128,319$128,319
Other Assets Org$-61,146--
Other Securities$7,159,964--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$8,451,062$566,168▲ $502,993$-539,665$3,991,885
2013$6,432,645$3,360,020▲ $324,141-$8,451,062
2012$3,901,982$4,475,937▲ $143,031-$6,432,645
2011$3,271,124$3,066,250▲ $321,948-$3,901,982
2010$2,641,057$1,349,006▲ $600,564-$3,271,124
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
O Morton CongletonExecutive DiPT$180,097$180,097

Board Members and Trustees

NameTitle
Cesar MerlosVice Chair
Allin FoulkrodDirector
Arne MorrisDirector
Clyde Holt IiiDirector
Clymer CeaseDirector
David CampbellDirector
Douglas BallDirector
James PenryDirector
Jill Wells HeathDirector
Joan MyersDirector
John SaparilasDirector
John WojcikDirector
Judy FourieDirector
Karen BraswellDirector
Kent ThompsonDirector
Lawrence HamiltonDirector
Linda ColemanDirector
Matthew SmithDirector
Mike DesmondDirector
Nathan BeckerDirector
Pam WilliamsDirector
Patricia PoeDirector
Rep Thomas MurryDirector
Wyatt CogginsDirector
O Morton CongletonExecutive Director
Dr Stephen ScottSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,348,405
Program Service Revenue
$24,297
Investment Income
$477,232
Other Revenue
$78,074
All Other Contributions
$2,337,381
Change in Net Assets
$1,070,318

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 Table-$440,400Fair Market Value (FMV)
Real Estate Commercial1$290,000Fair Market Value (FMV)
Other Non Cash Contri Table1$114,076Fair Market Value (FMV)
Other Non Cash Contri Table2$25,000Fair Market Value (FMV)
Securities Miscellaneous1$10,795Fair Market Value (FMV)
Cars and Other Vehicles3$3,500Fair Market Value (FMV)
Total Noncash Contributions8$883,771-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,010,963
Revenue Not Reported on Financial Statements
$-82,955
Revenue Not Reported on Form 990
$1,617,863
Other Revenue Adjustments
$-120,193
Total Revenue per Audited Statements
$4,628,826
Total Revenue per Form 990
$2,928,008
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,359,426
Grants and Similar Amounts Paid$429,690
Total Fundraising Expense$290,821
Salaries, Compensation, and Employee Benefits$68,574
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$429,690--$429,690
Office Expenses$409,864$2,134$319$412,317
Travel$90,176$849-$91,025
Fees for Services Other$28,932$35,000-$63,932
Other Salaries and Wages$41,151$12,023-$53,174
All Other Expenses$29,940$11,823$5,610$47,373
Fees for Service Investment Mgmnt Fees-$37,238-$37,238
Other Expenses$16,275$7,292$1,701$23,567
Current Officers, Directors, Trustees, and Key Employees$11,918$3,482-$15,400
Fees for Services Accounting-$8,200-$8,200
Fees for Services Legal$207$3,485-$3,692
Total Functional Expenses$1,258,052$308,817$290,821$1,857,690

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,911,446
Expenses Not Reported on Form 990$2,090,994
Total Expenses per Form 990$1,857,690
Expenses per Audited Statements$1,820,452
Expenses Not Reported on Financial Statements$37,238
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$4,217
Fundraising Gross Income$4,217
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$15,241$4,217$4,217$0
Total Events$15,241$4,217$4,217-
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
Yes
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
Yes
Other officer compensation reviewed
Yes
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 11B

The form 990 is reviewed by the audit committee before it is filed.

Form 990, Page 6, Part VI, Line 12C

Each director has the affirmative responsibility to report to the board president or to the executive director any and all knowledge of any action or conduct that appears to be contrary to foundation conflict of interest policy.

Form 990, Page 6, Part VI, Line 15A

The organization adheres to the following compensation policy of it's related organization, wake technical community college, as the college handles all payroll for the organization. The compensation committee meets at the beginning of the fiscal year to assess and recommend the executive director's salary for the new year (july-june). Factors including performance evaluation, significant accomplishments and college growth are taken into consideration in determining the appropriate amount. Once the committee agrees on a figure, it is taken to the entire board of trustees for consideration and approval at their next meeting.

Form 990, Page 6, Part VI, Line 15B

The organization adheres to the following compensation policy of it's related organization, wake technical community college, as the college handles all payroll for the organization. The compensation committee meets at the beginning of the fiscal year to assess and recommend salaries for the new year (july-june). Factors including performance evaluation, significant accomplishments and college growth are taken into consideration in determining the appropriate amount. Once the committee agrees on a figure, it is taken to the entire board of trustees for consideration and approval at their next meeting.

Form 990, Page 6, Part VI, Line 19

The written conflict of interest policy and the organization's governing documents are available to the public upon request. The financial statements are available on the organization's website.

Filing and Contact Details

Filer

Filer Name
Wake Technical Community College
EIN
23-7017752
Phone
9198866250
Address
9101 FAYETTEVILLE ROAD, RALEIGH, NC 27603

Signing Officer

Name
O Morton Congleton
Title
Executive Director
Phone
9198866250
Signed
2016-02-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
O Morton Congleton
Formed
1968
Legal Domicile
Nc
Voting Board Members
26
Independent Board Members
24
Employees
0
Volunteers
26

Preparer

Firm
Langdon & Company Llp
Address
223 US HIGHWAY 70 EAST SUITE 100, GARNER, NC 27529-4051
Preparer
Susan Dean
Phone
9196621001
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

Program support is a broad classification that includes faculty and staff innovations, professional development, travel, instructional technology and equipment, classroom supplies, student success initiatives all of which program support provided benefit both curriculum and continuing education programs.

Form 990, Part XI, Line 9

Fundraising expenses netted with revenue 4,217 lab manual cogs netted with revenue 115,976 lab manual cogs netted with revenue -115,976 fundraising expenses netted with revenue -4,217

Form 990, Page 12, Part XII, Line 2C

The organization has an audit committee that selects an independent auditor to audit the financial statements. The audit committee reviews and approves the financial statements.

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The intended use of organizations endowment funds is for scholarships, curriculum, building and grounds and the fostering bright futures fellowship.

Schedule D, Page 3, Part X

The foundation is exempt from income taxes as a not-for-profit organization under internal revenue service (irs) code section 501(c)(3). During years ended june 30, 2015 and 2014, the foundation reported no unrelated business taxable income which is defined by the irs as gross income derived from any unrelated trade or business that is not substantially related to the organization's tax-exempt purpose. Accordingly, no provision for income taxes has been recorded. The foundation has adopted the provisions of fasb asc 740-10-25 as it relates to accounting for uncertainty in income taxes. Under this provision, an organization must recognize the tax benefit associated with tax taken for tax return purposes when it is more likely than not the position will be sustained. The implementation had no impact on the foundation's consolidated financial statements. The foundation does not believe there are any material uncertain tax positions and, accordingly, no liability for unrecognized tax benefits will be recorded.

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

Fundraising expenses netted with revenue -4,217 lab manual cogs netted with revenue -115,976

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

Lab manual cogs netted with revenue 115,976 fundraising expenses netted with revenue 4,217

Schedule D, Page 4, Part XIII

Part v - endowment funds a one-time reconciliation adjustment has been made on line 1f, administrative expenses, to report the proper endowment fund balance as of 6/30/15. The current year activity and end-of-year balance accurately reports the endowment funds, as reported in the audited financial statements.

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IRS990/MissionDesc0THE WAKE TECH FOUNDATION PARTNERS WITH PRIVATE ENTITIES AND INDIVIDUALS TO RAISE AWARENESS, FINANCIAL RESOURCES, AND OTHER ASSETS IN SUPPORT OF WAKE TECHNICAL COMMUNITY COLLEGE'S MISSION, GOALS, AND FUNDING PRIORITIES.
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IRS990/ProgSrvcAccomActy2Grp/Desc0FOSTERING BRIGHT FUTURES FELLOWSHIP (FBFF) PROGRAM IS A PUBLIC-PRIVATE PARTNERSHIP THAT ADDRESSES THE OVERWHELMING NEED FOR A COMPREHENSIVE SUPPORT STRUCTURE TO ASSIST FOSTER YOUTHS IN MAKING THE TRANSITION FROM THE WAKE COUNTY FOSTER CARE SYSTEM TO INDEPENDENT YOUNG ADULTHOOD. THE OBJECTIVE OF THE FBFF PROGRAM IS TO ELIMINATE THE BARRIERS THAT WOULD TYPICALLY DERAIL THOSE GRADUATES FROM MEETING EDUCATIONAL AND LIFE GOALS. BY PROVIDING, FINANCIAL, ACADEMIC, AND SOCIAL SUPPORT. FUNDING IS PROVIDED BY CORPORATIONS, INDIVIDUALS, CIVIC CLUBS, GRANTS AND FOUNDATIONS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0TUITION ASSISTANCE PROGRAM ALLOWS FACULTY AND STAFF TO STAY AHEAD OF THE CURVE AND PURSUE ADVANCED DEGREES, CAREER CREDENTIALS, AND PROFESSIONAL DEVELOPMENT. LEADERSHIP DEVELOPMENT GRANTS FOSTER COLLABORATION AND ENCOURAGE CREATIVE IDEAS. EMPLOYEES MUST SUBMIT AN APPLICATION FOR PRE- APPROVAL PRIOR TO THE SEMESTER/TERM OF ENROLLMENT.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0PROGRAM SUPPORT IS A BROAD CLASSIFICATION THAT INCLUDES FACULTY AND STAFF INNOVATIONS, PROFESSIONAL DEVELOPMENT, TRAVEL, INSTRUCTIONAL TECHNOLOGY AND EQUIPMENT, CLASSROOM SUPPLIES, STUDENT SUCCESS INITIATIVES ALL OF WHICH PROGRAM SUPPORT PROVIDED BENEFIT BOTH CURRICULUM AND CONTINUING EDUCATION PROGRAMS.
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