Civic Intelligence

Wake Technical Community College Foundation Inc.

990 • Fiscal year 2022 • EIN 23-7017752

Jul 01, 2021 to Jun 30, 2022 • Filed on Apr 17, 2023

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

9th percentile

0.00x

Higher debt load relative to assets than 9% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

9th percentile

0.01x

Higher debt load relative to revenue than 9% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Net Margin

91st percentile

51%

Higher net margin than 91% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

95th percentile

$413,623

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 7.2% of source-year revenue.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Asset Growth

33rd percentile

-3.4%

Faster asset growth than 33% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

51st percentile

10%

Faster revenue growth than 51% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets9th percentile

Assets

Down

$24,851,874

Down $881,460 (-3.4%) from 2021

Net Assets

Down

$24,786,454

Down $946,880 (-3.7%) from 2021

Liabilities

Up

$65,420

Up $65,420 from 2021

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin91st percentile

Revenue

Up

$5,743,743

Up $543,494 (+10%) from 2021

Expenses

Up

$2,826,779

Up $1,016,251 (+56%) from 2021

Net Income

Down

$2,916,964

Down $472,757 (-14%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth33rd 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

2022

Assets$24,851,874
Liabilities$65,420
Net Assets$24,786,454
Open 2022 Filing

Operations Trend

Revenue Growth51st 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

2022

Revenue$5,743,743
Expenses$2,826,779
Net Income$2,916,964
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Apr 17, 2023
Return Version
2021v4.2
Gross Receipts
$21,518,010
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$16,072,223$15,126,795▼ $945,428
Cash and Non-Interest-Bearing Accounts$3,943,141$3,365,292▼ $577,849
Pledges and Grants Receivable$2,057,434$2,718,732▲ $661,298
Investments Other Securities$991,051$921,750▼ $69,301
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$25,733,334$24,851,874▼ $881,460
Other Assets Total$2,669,485$2,719,305▲ $49,820
Liabilities
Other Liabilities$0$65,399▲ $65,399
Accounts Payable and Accrued Expenses$0$21▲ $21
Total Liabilities$0$65,420▲ $65,420
Net Assets / Fund Balance
Net Assets With Donor Restrictions$18,701,320$19,712,558▲ $1,011,238
Net Assets Without Donor Restrictions$7,032,014$5,073,896▼ $1,958,118
Total Net Assets Fund Balance$25,733,334$24,786,454▼ $946,880
Total Liabilities and Net Assets / Fund Balance$25,733,334$24,851,874▼ $881,460

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$128,319$128,319
Other Assets Org$-76,770--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$12,717,255$1,611,101▼ $1,075,825$15,890$13,236,641
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
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleOtherTotal
Scarlet EdwardsDirector$127,088$127,088

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
Scott RallsSecretary
Tim BurgessTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,603,126
Program Service Revenue
$18,406
Investment Income
$1,029,598
Other Revenue
$92,613
All Other Contributions
$4,530,053
Change in Net Assets
$2,916,964

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 Table65$187,339Fair Market Value (FMV)
Cars and Other Vehicles2$37,203Fair Market Value (FMV)
Securities Publicly Traded100$26,835Fair Market Value (FMV)
Other Non Cash Contri Table2,023$12,519Fair Market Value (FMV)
Other Non Cash Contri Table1,243$11,200Fair Market Value (FMV)
Books and Publications-$505Fair Market Value (FMV)
Total Noncash Contributions3,433$275,601-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,610,130
Revenue Not Reported on Financial Statements
$133,613
Revenue Not Reported on Form 990
$-1,249,252
Other Revenue Adjustments
$63,782
Total Revenue per Audited Statements
$4,360,878
Total Revenue per Form 990
$5,743,743
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,770,904
Grants and Similar Amounts Paid$794,968
Salaries, Compensation, and Employee Benefits$260,907
Total Fundraising Expense$119,688
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$794,968--$794,968
Other Expenses$316,422$15,772$15,852$332,194
Other Salaries and Wages$260,891$16-$260,907
Fees for Services Other$68,215$54,762-$122,977
Fees for Service Investment Mgmnt Fees-$69,831-$69,831
Office Expenses$7,528$50,334$5,317$63,179
All Other Expenses$26,593$27,864$4,550$59,007
Travel$14,563--$14,563
Fees for Services Accounting-$13,095-$13,095
Total Functional Expenses$2,329,625$377,466$119,688$2,826,779

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,307,758
Total Expenses per Form 990$2,826,779
Expenses per Audited Statements$2,756,948
Expenses Not Reported on Form 990$2,550,810
Expenses Not Reported on Financial Statements$69,831
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$7,089
Fundraising Direct Expenses$6,003
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Charitable Split Annuity Payable$65,399
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
VP of Development
Phone
9198665924
Signed
2023-04-17
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, 2022 and 2021, 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 -19,060.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Bad debt recovery 69,785. Fundraising events expense -6,003.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Intercompany transactions netted in consolidation -19,060. Bad debt recovery -69,785. Fundraising events expense 6,003.”

Raw XML AppendixShowing 400 of 760 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm22SHARMA VEMURI
IRS990/Form990PartVIISectionAGrp/PersonNm23PAT WILKINS
IRS990/Form990PartVIISectionAGrp/PersonNm24ALISA WRIGHT COLOPY
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIR-ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
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IRS990/FormationYr01968
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IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
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IRS990/FundraisingDirectExpensesAmt06003
IRS990/FundraisingGrossIncomeAmt07089
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IRS990/GamingActivitiesInd00
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IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/LegalDomicileStateCd0NC
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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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt01086
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IRS990/NoncashContributionsAmt0742547
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IRS990/OfficeExpensesGrp/ProgramServicesAmt07528
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/Desc2GENERAL PROGRAM SUPPORT
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IRS990/OtherExpensesGrp/FundraisingAmt115852
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt125561
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt215772
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IRS990/OtherExpensesGrp/ProgramServicesAmt1300672
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IRS990/OtherExpensesGrp/TotalAmt1342085
IRS990/OtherExpensesGrp/TotalAmt2332194
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IRS990/ProgSrvcAccomActy2Grp/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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0184455
IRS990/ProgSrvcAccomActy2Grp/GrantAmt064395
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/ExpenseAmt0127883
IRS990/ProgSrvcAccomActy3Grp/GrantAmt026320
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt040148
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IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYOtherExpensesAmt0860938
IRS990/PYOtherRevenueAmt036244
IRS990/PYProgramServiceRevenueAmt07792
IRS990/PYRevenuesLessExpensesAmt03389721
IRS990/PYSalariesCompEmpBnftPaidAmt0124340
IRS990/PYTotalExpensesAmt01810528
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt05200249
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
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IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$24,851,874
Liabilities
$65,420
Net assets
$24,786,454
Revenue
$5,743,743
Expenses
$2,826,779
Net income
$2,916,964
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$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
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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