Civic Intelligence

Wake Technical Community College Foundation Inc.

990 • Fiscal year 2019 • EIN 23-7017752

Jul 01, 2018 to Jun 30, 2019 • Filed on May 12, 2020

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

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

7th percentile

0.00x

Higher debt load relative to revenue than 7% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Source year 2019

Net Margin

86th percentile

25%

Higher net margin than 86% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

88th percentile

$321,991

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 13.1% of source-year revenue.

2019 filings • NTEE B • $10M-$25M nonprofits • Source year 2019

Asset Growth

66th percentile

9.1%

Faster asset growth than 66% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

6th percentile

-38%

Faster revenue growth than 6% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Up

$17,998,405

Up $1,494,125 (+9.1%) from 2018

Net Assets

Up

$17,992,178

Up $1,496,401 (+9.1%) from 2018

Liabilities

Down

$6,227

Down $2,276 (-27%) from 2018

Revenue

Down

$2,448,857

Down $1,501,722 (-38%) from 2018

Expenses

Up

$1,837,534

Up $281,062 (+18%) from 2018

Net Income

Down

$611,323

Down $1,782,784 (-74%) from 2018

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

2019

Assets$17,998,405
Liabilities$6,227
Net Assets$17,992,178

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

2019

Revenue$2,448,857
Expenses$1,837,534
Net Income$611,323
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 12, 2020
Return Version
2018v3.2
Gross Receipts
$4,071,438
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$11,254,648$12,059,015▲ $804,367
Cash and Non-Interest-Bearing Accounts$1,402,182$2,039,646▲ $637,464
Pledges and Grants Receivable$962,565$1,076,952▲ $114,387
Total Assets$16,504,280$17,998,405▲ $1,494,125
Other Assets Total$2,884,885$2,822,792▼ $62,093
Liabilities
Accounts Payable and Accrued Expenses$8,503$6,227▼ $2,276
Total Liabilities$8,503$6,227▼ $2,276
Net Assets / Fund Balance
Permanently Rstr Net Assets$5,151,068$6,100,972▲ $949,904
Temporarily Rstr Net Assets$5,814,855$5,963,598▲ $148,743
Unrestricted Net Assets$5,529,854$5,927,608▲ $397,754
Total Net Assets Fund Balance$16,495,777$17,992,178▲ $1,496,401
Total Liabilities and Net Assets / Fund Balance$16,504,280$17,998,405▲ $1,494,125

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$128,319$128,319
Other Assets Org$-78,082--
Other Securities$12,059,015--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$7,465,868$441,751▲ $332,976-$8,240,595
2017$5,086,970$2,427,116▲ $92,874$-141,092$7,465,868
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew SmithExecutive DiPT$10,000$160,185$170,185
John SaparilasDirector--$128,063$128,063
Matthew SmithExecutive Director-$10,000-$10,000

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$2,585,799
Program Service Revenue
$20,074
Investment Income
$-177,924
Other Revenue
$20,908
All Other Contributions
$2,565,740
Change in Net Assets
$611,323

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 Table1$75,822Fair Market Value (FMV)
Other Non Cash Contri Table2$71,590Fair Market Value (FMV)
Other Non Cash Contri Table76$36,289Fair Market Value (FMV)
Cars and Other Vehicles3$5,300Fair Market Value (FMV)
Total Noncash Contributions82$189,001-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,409,711
Revenue Not Reported on Financial Statements
$39,146
Revenue Not Reported on Form 990
$3,767,266
Other Revenue Adjustments
$-4,971
Total Revenue per Audited Statements
$6,176,977
Total Revenue per Form 990
$2,448,857
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$913,682
Grants and Similar Amounts Paid$770,364
Salaries, Compensation, and Employee Benefits$153,488
Total Fundraising Expense$72,566
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$770,364--$770,364
Office Expenses$188,915$12,428$1,054$202,397
Other Salaries and Wages$117,152$36,261$75$153,488
All Other Expenses$70,918$31,826$8,695$111,439
Other Expenses$36,580$780$40,598$77,958
Fees for Service Investment Mgmnt Fees-$44,117-$44,117
Fees for Services Other$7,056$33,258-$40,314
Travel$23,923$639$1,658$26,220
Fees for Services Accounting-$15,031-$15,031
Total Functional Expenses$1,473,583$291,385$72,566$1,837,534

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,686,430
Expenses Not Reported on Form 990$2,893,013
Total Expenses per Form 990$1,837,534
Expenses per Audited Statements$1,793,417
Expenses Not Reported on Financial Statements$44,117
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$4,971
Fundraising Gross Income$4,971
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$19,526$2,940$2,940$0
Bakers Row of C$5,504$2,031$2,031$0
Total Events$25,030$4,971$4,971-
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
Backup withholding compliance
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 compensation policy of its related organization, wake technical community college, as the college handles all payroll, benefits, and retirement contributions for the organization.

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.

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.

Form 990, Part VII

Dr. Stephen scott, secretary, retired in the spring of 2019. Dr. Scott ralls, board member, became the president of wake technical community college (a related entity) on april 11, 2019. Dr. Ralls did not receive a w-2 for 2018 and therefore is not reporting any compensation on part vii. The foundation paid the former executive director consulting fees for services rendered of 8,994 during the year ended june 30, 2019.

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 Smith
Title
Executive Director
Phone
9196623443
Signed
2020-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew 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 -10,946

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 year ended june 30, 2019, 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 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 year ended june 30, 2019, there were no interest or penalties recorded or included in the consolidated financial statements.

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

Intercompany income eliminated on consolidation -16,800

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

Fundraising expenses netted with revenue -4,971

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

Fundraising expenses netted with revenue 4,971

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IRS990/Form990PartVIISectionAGrp/PersonNm21GREG WINKLER
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IRS990/Form990PartVIISectionAGrp/PersonNm23TIM BURGESS
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IRS990/Form990PartVIISectionAGrp/PersonNm25ARNIE MORRIS
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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/OtherExpensesGrp/Desc0GENERAL PROGRAM SUPPORT
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IRS990/OtherExpensesGrp/Desc2EVENT EXPENSES
IRS990/OtherExpensesGrp/Desc3SUPPORT AND TRAINING
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IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM REVENUE
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IRS990/ProgSrvcAccomActy2Grp/Desc0FOSTERING BRIGHT FUTURES (FBF) 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 FBF 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 WAKE TECH FACULTY AND STAFF TO STAY CURRENT 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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