Civic Intelligence

Wake Technical Community College Foundation Inc.

990 • Fiscal year 2017 • EIN 23-7017752

Jul 01, 2016 to Jun 30, 2017 • Filed on Mar 13, 2018

Organization ProfileFOUNDATION.WAKETECH.EDU

Refreshing map…

9101 Fayetteville RoadRaleigh, NC 27603

(919) 866-5924

Siviq Scores

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

Liabilities / Assets

4th percentile

0.00x

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

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

4th percentile

0.00x

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

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

87th percentile

36%

Higher net margin than 87% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2017

Asset Growth

69th percentile

10%

Faster asset growth than 69% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

86th percentile

44%

Faster revenue growth than 86% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets4th percentile

Assets

Up

$14,074,294

Up $1,309,790 (+10%) from 2016

Net Assets

Up

$14,074,294

Up $1,309,857 (+10%) from 2016

Liabilities

Down

$0

Down $67 (-100%) from 2016

Revenue And Expenses
Liabilities / Revenue4th percentileNet Margin87th percentile

Revenue

Up

$2,903,514

Up $894,059 (+44%) from 2016

Expenses

Up

$1,853,568

Up $129,464 (+7.5%) from 2016

Net Income

Up

$1,049,946

Up $764,595 (+268%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth69th percentile

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

2017

Assets$14,074,294
Liabilities$0
Net Assets$14,074,294
Open 2017 Filing

Operations Trend

Revenue Growth86th percentile

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

2017

Revenue$2,903,514
Expenses$1,853,568
Net Income$1,049,946
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Mar 13, 2018
Return Version
2016v3.1
Gross Receipts
$3,165,771
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$7,340,325$9,389,618▲ $2,049,293
Cash and Non-Interest-Bearing Accounts$1,963,642$1,285,377▼ $678,265
Pledges and Grants Receivable$531,717$490,690▼ $41,027
Total Assets$12,764,504$14,074,294▲ $1,309,790
Other Assets Total$2,928,820$2,908,609▼ $20,211
Liabilities
Accounts Payable and Accrued Expenses$67--
Total Liabilities$67$0▼ $67
Net Assets / Fund Balance
Temporarily Rstr Net Assets$5,546,779$5,870,354▲ $323,575
Permanently Rstr Net Assets$3,760,824$4,163,651▲ $402,827
Unrestricted Net Assets$3,456,834$4,040,289▲ $583,455
Total Net Assets Fund Balance$12,764,437$14,074,294▲ $1,309,857
Total Liabilities and Net Assets / Fund Balance$12,764,504$14,074,294▲ $1,309,790

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$128,319$128,319
Other Assets Org$-66,252--
Other Securities$9,389,618--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$4,302,618$843,092▲ $376,065$-434,805$5,086,970
2015$3,991,885$753,899▼ $18,248$-424,918$4,302,618
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
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeOtherTotal
Matthew B SmithExecutive DiPT$146,975$146,975
John SaparilasDirector-$125,248$125,248

Board Members and Trustees

NameTitle
Allin FoulkrodDirector
Andy PenryDirector
Arne MorrisDirector
Clymer CeaseDirector
David BrownleeDirector
David CampbellDirector
Douglas BallDirector
Jill HeathDirector
Joan MyersDirector
Joe TraboccoDirector
Judy FourieDirector
Kent ThompsonDirector
Kirk MaderDirector
Larry HamiltonDirector
Linda ColemanDirector
Mary-ann BaldwinDirector
Mike ConlonDirector
Mike DesmondDirector
Nathan BeckerDirector
Pam WilliamsDirector
Pat PoeDirector
Samantha HatemDirector
Thomas ClineDirector
Thomas O MurryDirector
Walt TippettDirector
Dr Stephen ScottSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,114,787
Program Service Revenue
$18,133
Investment Income
$634,069
Other Revenue
$136,525
All Other Contributions
$2,107,697
Change in Net Assets
$1,049,946

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-$525,305Fair Market Value (FMV)
Other Non Cash Contri Table1$61,806Fair Market Value (FMV)
Cars and Other Vehicles9$22,482Fair Market Value (FMV)
Securities Miscellaneous1$6,487Fair Market Value (FMV)
Other Non Cash Contri Table-$5,495Fair Market Value (FMV)
Total Noncash Contributions11$621,575-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,870,357
Revenue Not Reported on Financial Statements
$33,157
Revenue Not Reported on Form 990
$2,182,688
Other Revenue Adjustments
$-7,669
Total Revenue per Audited Statements
$5,053,045
Total Revenue per Form 990
$2,903,514
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,143,509
Grants and Similar Amounts Paid$565,835
Salaries, Compensation, and Employee Benefits$144,224
Total Fundraising Expense$126,753
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$565,835--$565,835
Office Expenses$192,133$3,563$272$195,968
Other Salaries and Wages$126,774$14,650$2,800$144,224
Fees for Services Other$50,182$7,586-$57,768
All Other Expenses$29,740$13,926$1,626$45,292
Fees for Service Investment Mgmnt Fees-$40,826-$40,826
Travel$38,016$710-$38,726
Other Expenses$23,749$5,486$21,561$29,235
Fees for Services Accounting-$10,300-$10,300
Fees for Services Legal-$222-$222
Total Functional Expenses$1,518,577$208,238$126,753$1,853,568

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,746,470
Expenses Not Reported on Form 990$1,933,728
Total Expenses per Form 990$1,853,568
Expenses per Audited Statements$1,812,742
Expenses Not Reported on Financial Statements$40,826
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$8,194
Fundraising Gross Income$8,194
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$15,284$8,194$8,194$0
Total Events$15,284$8,194$8,194-
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. This policy was updated in 2017.”

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

“The organization adheres to the compensation policy of its related organization, wake technical community college, as the college handles all payroll, benefits, and retirement contributions 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 compensation policy of its related organization, wake technical community college, as the college handles all payroll, benefits, and retirement contributions 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
9198665924
Address
9101 FAYETTEVILLE ROAD, RALEIGH, NC 27603

Signing Officer

Name
Matthew B Smith
Title
Executive Director
Phone
9196623443
Signed
2018-03-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew B Smith
Formed
1968
Legal Domicile
Nc
Voting Board Members
28
Independent Board Members
25
Employees
0
Volunteers
28

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

“Intercompany consolidated eliminations -16,823 prior year management fees -3,646 total -20,469”

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 nonprofit organization under internal revenue service (irs) code section 501(c)(3). During the years ended june 30, 2017 and 2016, 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 related 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 foundation does not believe there are any material uncertain tax positions and, accordingly, no liability for unrecognized tax benefits will be recorded. The foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax years in progress. For the years ended june 30, 2017 and 2016, there were no interest or penalties recorded or included in its consolidated financial statements.”

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

“Intercompany income eliminated on consolidation -19,075”

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

“Fundraising expenses netted with revenue -8,194 lab manual cogs netted with revenue -108 recovered bad debt 633”

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

“Lab manual cogs netted with revenue 108 fundraising expenses netted with revenue 8,194 recovered bad debt -633 accrued mgmt overhead allocation to sub 4,676”

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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$14,074,294
Liabilities
$0
Net assets
$14,074,294
Revenue
$2,903,514
Expenses
$1,853,568
Net income
$1,049,946
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.9$0.07$24.8$5.74$2.83$2.92
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$25.7$0.00$25.7$5.20$1.81$3.39
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.0$0.01$18.0$2.45$1.84$0.61
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.5$0.01$16.5$3.95$1.56$2.39
2017Detailed filing. Detailed filing data is available for this year.$14.1$0.00$14.1$2.90$1.85$1.05
2016Detailed filing. Detailed filing data is available for this year.$12.8$0.00$12.8$2.01$1.72$0.29
2015Detailed filing. Detailed filing data is available for this year.$12.6$0.00$12.6$2.93$1.86$1.07
2014Detailed filing. Detailed filing data is available for this year.$11.9$0.00$11.9$3.85$1.81$2.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.37$0.00$9.37$1.94