Civic Intelligence

Wake Technical Community College Foundation Inc.

990 • Fiscal year 2023 • EIN 23-7017752

Jul 01, 2022 to Jun 30, 2023 • Filed on Mar 04, 2024

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.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

7th percentile

0.01x

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

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Net Margin

86th percentile

30%

Higher net margin than 86% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

88th percentile

$435,116

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 9.3% of source-year revenue.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Asset Growth

66th percentile

12%

Faster asset growth than 66% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

18th percentile

-19%

Faster revenue growth than 18% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets9th percentile

Assets

Up

$27,817,529

Up $2,965,655 (+12%) from 2022

Net Assets

Up

$27,756,249

Up $2,969,795 (+12%) from 2022

Liabilities

Down

$61,280

Down $4,140 (-6.3%) from 2022

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin86th percentile

Revenue

Down

$4,659,073

Down $1,084,670 (-19%) from 2022

Expenses

Up

$3,281,389

Up $454,610 (+16%) from 2022

Net Income

Down

$1,377,684

Down $1,539,280 (-53%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth66th 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: $24,786,4542022Assets 2023: $27,817,529Liabilities 2023: $61,280Net Assets 2023: $27,756,2492023

Highlighted filing

2023

Assets$27,817,529
Liabilities$61,280
Net Assets$27,756,249
Open 2023 Filing

Operations Trend

Revenue Growth18th 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: $2,916,9642022Revenue 2023: $4,659,073Expenses 2023: $3,281,389Net Income 2023: $1,377,6842023

Highlighted filing

2023

Revenue$4,659,073
Expenses$3,281,389
Net Income$1,377,684
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Mar 4, 2024
Return Version
2022v5.0
Gross Receipts
$14,191,678
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$15,126,795$16,081,594▲ $954,799
Pledges and Grants Receivable$2,718,732$3,799,835▲ $1,081,103
Cash and Non-Interest-Bearing Accounts$3,365,292$3,441,219▲ $75,927
Investments Other Securities$921,750$1,939,518▲ $1,017,768
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$24,851,874$27,817,529▲ $2,965,655
Other Assets Total$2,719,305$2,555,363▼ $163,942
Liabilities
Other Liabilities$65,399$61,280▼ $4,119
Accounts Payable and Accrued Expenses$21--
Total Liabilities$65,420$61,280▼ $4,140
Net Assets / Fund Balance
Net Assets With Donor Restrictions$19,712,558$21,929,314▲ $2,216,756
Net Assets Without Donor Restrictions$5,073,896$5,826,935▲ $753,039
Total Net Assets Fund Balance$24,786,454$27,756,249▲ $2,969,795
Total Liabilities and Net Assets / Fund Balance$24,851,874$27,817,529▲ $2,965,655

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$128,319$128,319
Other Assets Org$-4,451--
Other Securities$298,954--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$13,126,689$3,537,279▲ $556,181$56,037$17,164,112
2021$12,717,255$1,611,101▼ $1,185,777$15,890$13,126,689
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
Compensation and Service Providers
Top Officer Pay88th percentile

Employees

NameTitleOtherTotal
Scarlet EdwardsDirector$144,373$144,373

Board Members and Trustees

NameTitle
Candis ParkerChair
Alisa Wright ColopyDirector
Angela BoykinDirector
Anna TisonDirector
Audrea CaesarDirector
Buzz CrosbyDirector
Creighton BlackwellDirector
Dana MartinezDirector
Karen SchaeferDirector
Kevin WalkerDirector
Mari SuzukiDirector
Matt SmithDirector
Natalie BestDirector
Nick NeptuneDirector
Pat WilkinsDirector
Sharma VemuriDirector
Sophia WajnertDirector
Tomesah HarrisonDirector
Tommy LaaksoDirector
Whitney WestbrookDirector
Will SmithDirector
Scott RallsSecretary
Tim BurgessTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,895,892
Program Service Revenue
$78,320
Investment Income
$-361,398
Other Revenue
$46,259
All Other Contributions
$4,845,892
Change in Net Assets
$1,377,684

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 Table1,189$192,911Fair Market Value (FMV)
Other Non Cash Contri Table131$187,339Fair Market Value (FMV)
Cars and Other Vehicles5$39,440Fair Market Value (FMV)
Securities Publicly Traded272$17,028Fair Market Value (FMV)
Other Non Cash Contri Table56$4,668Fair Market Value (FMV)
Total Noncash Contributions1,653$441,386-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,894,436
Revenue Not Reported on Financial Statements
$-235,363
Revenue Not Reported on Form 990
$4,490,139
Other Revenue Adjustments
$-301,811
Total Revenue per Audited Statements
$9,384,575
Total Revenue per Form 990
$4,659,073
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,972,872
Grants and Similar Amounts Paid$917,665
Salaries, Compensation, and Employee Benefits$390,852
Total Fundraising Expense$11,396
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$917,665--$917,665
Other Salaries and Wages$354,257--$354,257
Fees for Services Other$173,399$11,400-$184,799
Other Expenses$612,499$81,162$10,154$81,162
Travel$63,303$4,902-$68,205
Fees for Service Investment Mgmnt Fees-$66,448-$66,448
Current Officers, Directors, Trustees, and Key Employees-$36,595-$36,595
Fees for Services Accounting-$18,825-$18,825
Office Expenses$346$1,908$1,242$3,496
Fees for Services Legal-$30-$30
Total Functional Expenses$2,722,679$547,314$11,396$3,281,389

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,093,969
Total Expenses per Form 990$3,281,389
Expenses per Audited Statements$3,195,941
Expenses Not Reported on Form 990$2,898,028
Expenses Not Reported on Financial Statements$85,448
Other Expense Adjustments$19,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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$61,280
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
2024-03-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Smith
Formed
1968
Legal Domicile
Nc
Voting Board Members
24
Independent Board Members
21
Employees
8
Volunteers
21

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, 2023 and 2022, there were no interest or penalties recorded or included in the consolidated financial statements.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Bad debt recovery 19,000. Loss on sale of fixed assets -320,811.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Bad debt recovery 19,000.”

Raw XML AppendixShowing 400 of 798 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/TitleTxt1TREASURER
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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
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IRS990/FormationYr01968
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IRS990/FSAuditedInd01
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IRS990/GainOrLossGrp/SecuritiesAmt0-780368
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt024
IRS990/GovernmentGrantsAmt050000
IRS990/GrantAmt0886939
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IRS990/GrantsToOrganizationsInd00
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IRS990/GrossReceiptsAmt014191678
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IRS990/IncludeFIN48FootnoteInd01
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IRS990/IndivRcvdGreaterThan100KCnt03
IRS990/IndoorTanningServicesInd00
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt01939518
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IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt09080369
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/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/Desc0OTHER EXPENSES
IRS990/OtherExpensesGrp/Desc1SUPPLIES & EQUIPMENT
IRS990/OtherExpensesGrp/Desc2EVENTS, TRAINING, & REC
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt116510
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IRS990/OtherExpensesGrp/TotalAmt1629009
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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/ProgSrvcAccomActy2Grp/GrantAmt00
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt097653
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/ProgSrvcAccomActy3Grp/GrantAmt030726
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IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,817,529
Liabilities
$61,280
Net assets
$27,756,249
Revenue
$4,659,073
Expenses
$3,281,389
Net income
$1,377,684
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$27.8$0.06$27.8$4.66$3.28$1.38
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
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