Civic Intelligence

Wake Technical Community College Foundation Inc.

990 • Fiscal year 2021 • EIN 23-7017752

Jul 01, 2020 to Jun 30, 2021 • Filed on May 13, 2022

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

3rd percentile

0.00x

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

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

3rd percentile

0.00x

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

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Net Margin

91st percentile

65%

Higher net margin than 91% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

86th percentile

$406,745

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 7.8% of source-year revenue.

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Asset Growth

81st percentile

28%

Faster asset growth than 81% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

52nd percentile

14%

Faster revenue growth than 52% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2020 to 2021

Assets

Up

$25,733,334

Up $7,734,929 (+43%) from 2019

Net Assets

Up

$25,733,334

Up $7,741,156 (+43%) from 2019

Liabilities

Down

$0

Down $6,227 (-100%) from 2019

Revenue

Up

$5,200,249

Up $2,751,392 (+112%) from 2019

Expenses

Down

$1,810,528

Down $27,006 (-1.5%) from 2019

Net Income

Up

$3,389,721

Up $2,778,398 (+454%) from 2019

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

2021

Assets$25,733,334
Liabilities$0
Net Assets$25,733,334

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

2021

Revenue$5,200,249
Expenses$1,810,528
Net Income$3,389,721
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 13, 2022
Return Version
2020v4.2
Gross Receipts
$17,945,613
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 in Publicly Traded Securities$11,100,938$16,072,223▲ $4,971,285
Cash and Non-Interest-Bearing Accounts$2,422,033$3,943,141▲ $1,521,108
Pledges and Grants Receivable$2,162,001$2,057,434▼ $104,567
Investments Other Securities$1,511,356$991,051▼ $520,305
Other Notes and Loans Receivable, Net$120,000$0▼ $120,000
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$20,082,405$25,733,334▲ $5,650,929
Other Assets Total$2,766,077$2,669,485▼ $96,592
Liabilities
Accounts Payable and Accrued Expenses$154$0▼ $154
Total Liabilities$154$0▼ $154
Net Assets / Fund Balance
Net Assets With Donor Restrictions$14,440,202$18,701,320▲ $4,261,118
Net Assets Without Donor Restrictions$5,642,049$7,032,014▲ $1,389,965
Total Net Assets Fund Balance$20,082,251$25,733,334▲ $5,651,083
Total Liabilities and Net Assets / Fund Balance$20,082,405$25,733,334▲ $5,650,929

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$128,319$128,319
Other Assets Org$-81,030--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$9,890,505$1,389,702▲ $2,032,221$595,173$12,717,255
2019$8,240,595$1,699,904▲ $28,092$78,086$9,890,505
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
Compensation and Service Providers

Employees

NameTitleOtherTotal
Scarlet EdwardsDirector$123,128$123,128

Board Members and Trustees

NameTitle
Whitney WestbrookChair
Candis ParkerChair-elect
Alisa Wright ColopyDirector
Arne MorrisDirector
Buzz CrosbyDirector
Cheryl ParquetDirector
Creighton BlackwellDirector
Dana MartinezDirector
Douglas BallDirector
Greg BooneDirector
Kim RaynorDirector
Mary-ann BaldwinDirector
Matt SmithDirector
Mike ConlonDirector
Natalie BestDirector
Nathan BeckerDirector
Nick NeptuneDirector
Pat WilkinsDirector
Sharma VemuriDirector
Tommy LaaksoDirector
Walt TippettDirector
Will SmithDirector
PAT O'KEEFEDirector Until 8/21
Scott RallsSecretary
Tim BurgessTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,159,275
Program Service Revenue
$7,792
Investment Income
$996,938
Other Revenue
$36,244
All Other Contributions
$4,026,337
Change in Net Assets
$3,389,721

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 Table14$218,026Fair Market Value (FMV)
Drugs and Medical Supplies12$62,938Fair Market Value (FMV)
Other Non Cash Contri Table21$30,105Fair Market Value (FMV)
Other Non Cash Contri Table23$10,434Fair Market Value (FMV)
Total Noncash Contributions70$321,503-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,137,781
Revenue Not Reported on Financial Statements
$62,468
Revenue Not Reported on Form 990
$4,579,187
Other Revenue Adjustments
$5,780
Total Revenue per Audited Statements
$9,716,968
Total Revenue per Form 990
$5,200,249
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$860,938
Grants and Similar Amounts Paid$825,250
Salaries, Compensation, and Employee Benefits$124,340
Total Fundraising Expense$47,804
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$825,250--$825,250
Other Salaries and Wages$89,904$34,436-$124,340
Other Expenses$101,495$8,492$3,421$113,408
Fees for Service Investment Mgmnt Fees-$56,688-$56,688
Office Expenses$4,994$24,977$4,632$34,603
Fees for Services Other$18,500$2,671-$21,171
Fees for Services Accounting-$15,500-$15,500
All Other Expenses$1,555$6,459$4,115$12,129
Travel$5,307--$5,307
Total Functional Expenses$1,539,836$222,888$47,804$1,810,528

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,065,885
Expenses Not Reported on Form 990$2,312,045
Total Expenses per Form 990$1,810,528
Expenses per Audited Statements$1,753,840
Expenses Not Reported on Financial Statements$56,688
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$6,081
Fundraising Direct Expenses$4,195
Professional Fundraising Fees$0
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 35% controlled entity
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
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, Part VI, Section B, Line 11B

The form is reviewed by the board of directors before it is filed.

Form 990, Part VI, Section B, Line 12C

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

Form 990, Part VI, Section B, Line 15

The organization aheres 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, Part VI, Section C, Line 19

The written conflict of interest policy and the organization's governing documents are availavle 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 Smith
Title
Executive Director
Phone
9198665924
Signed
2022-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Smith
Formed
1968
Legal Domicile
Nc
Voting Board Members
25
Independent Board Members
22
Employees
0
Volunteers
22

Preparer

Firm
Rsm US Llp
Address
5444 WADE PARK BLVD STE 350, RALEIGH, NC 27607
Preparer
Tim Burgess
Phone
9197811055
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 2:

Salaries and benefits of foundation employees are donated services from related organization, wake technical community college. The college handles all payroll, benefits and retirement contributions for the organization, and accordingly files forms w2 and w3. Amounts reported on the foundation's statement of fuctional expenses are paid direcly to the college.

Financial Statement Notes

PART V, LINE 4:

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

PART X, LINE 2:

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 years ended june 30, 2021 and 2020, there were no interest or penalties recorded or included in the consolidated financial statements.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Intercompany transactions netted in consolidated -19,398.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Bad debt recovery 9,975. Fundraising events expense -4,195.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Intercompany transactions netted in consolidation -19,398. Bad debt recovery -9,975. Fundraising events expense 4,195.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR UNTIL 8/21
IRS990/Form990PartVIISectionAGrp/TitleTxt15CHAIR-ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01968
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/FundraisingDirectExpensesAmt04195
IRS990/FundraisingGrossIncomeAmt06081
IRS990/GainOrLossGrp/SecuritiesAmt0625430
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt025
IRS990/GovernmentGrantsAmt0112938
IRS990/GrantAmt085669
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IRS990/GrantsToIndividualsInd01
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt013366599
IRS990/GrossReceiptsAmt017945613
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
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IRS990/IndependentVotingMemberCnt022
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IRS990/IndoorTanningServicesInd00
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IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt01511356
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0991051
IRS990/InvestmentsPubTradedSecGrp/BOYAmt011100938
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IRS990/IRPDocumentCnt00
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IRS990/LegalDomicileStateCd0NC
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt012741169
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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/Desc0UTILIZATION OF DONATED
IRS990/OtherExpensesGrp/Desc1GENERAL PROGRAM SUPPRT
IRS990/OtherExpensesGrp/Desc2EVENTS, TRAINING, & REC
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IRS990/OtherExpensesGrp/ProgramServicesAmt2101495
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IRS990/OtherExpensesGrp/TotalAmt2113408
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0BAD DEBT RECOVERY
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IRS990/PrincipalOfficerNm0MATTHEW SMITH
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IRS990/ProgramServiceRevenueGrp/Desc0OTHER PROGRAM SERVICES
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IRS990/ProgSrvcAccomActy2Grp/Desc0SCHOLARSHIPS ARE MONETARY AWARDS TO STUDENTS AND MAY BE EARMARKED TO ASSIST DIPLOMA, CERTIFICATE, OR ASSOCIATE DEGREE STUDENTS IN ANY CURRICULUM PROGRAM OR CONTINUING EDUCATION, AND MAY BE BASED ON FINANCIAL NEED OR ACADEMIC MERIT ACCORDING TO DONOR PREFERENCE. BOTH THE CURRICULUM AND CONTINUING EDUCATION SCHOLARSHIPS ARE AWARDED THROUGH AN ONLINE SCHOLARSHIP ANONYMOUS APPLICATION PROCESS. STUDENT SCHOLARSHIPS RANGE FROM 100 - 3,000/ A YEAR AND FUNDING IS PROVIDED BY CORPORATIONS, INDIVIDUALS, GRANTS AND FOUNDATIONS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0678824
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0678824
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt00
IRS990/ProgSrvcAccomActy3Grp/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.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0101273
IRS990/ProgSrvcAccomActy3Grp/GrantAmt060757
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt032175
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt04134123
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0793231
IRS990/PYInvestmentIncomeAmt0420690
IRS990/PYOtherExpensesAmt01287988
IRS990/PYOtherRevenueAmt0-557
IRS990/PYProgramServiceRevenueAmt021353
IRS990/PYRevenuesLessExpensesAmt02431426
IRS990/PYSalariesCompEmpBnftPaidAmt062964
IRS990/PYTotalExpensesAmt02144183
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt04575609
IRS990/QuidProQuoContributionsInd00

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