Civic Intelligence

Wake Technical Community College Foundation Inc.

990 • Fiscal year 2024 • EIN 23-7017752

Jul 01, 2023 to Jun 30, 2024 • Filed on May 09, 2025

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

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

12th percentile

0.02x

Higher debt load relative to revenue than 12% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Source year 2024

Net Margin

85th percentile

43%

Higher net margin than 85% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

85th percentile

$446,055

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 8.1% of source-year revenue.

2024 filings • NTEE B • $25M-$50M nonprofits • Source year 2024

Asset Growth

73rd percentile

12%

Faster asset growth than 73% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

66th percentile

18%

Faster revenue growth than 66% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets12th percentile

Assets

Up

$31,157,263

Up $6,305,389 (+25%) from 2022

Net Assets

Up

$31,047,574

Up $6,261,120 (+25%) from 2022

Liabilities

Up

$109,689

Up $44,269 (+68%) from 2022

Revenue And Expenses
Liabilities / Revenue12th percentileNet Margin85th percentile

Revenue

Down

$5,482,946

Down $260,797 (-4.5%) from 2022

Expenses

Up

$3,106,505

Up $279,726 (+9.9%) from 2022

Net Income

Down

$2,376,441

Down $540,523 (-19%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth73rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$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 2024: $31,157,263Liabilities 2024: $109,689Net Assets 2024: $31,047,5742024

Highlighted filing

2024

Assets$31,157,263
Liabilities$109,689
Net Assets$31,047,574
Open 2024 Filing

Operations Trend

Revenue Growth66th 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 2024: $5,482,946Expenses 2024: $3,106,505Net Income 2024: $2,376,4412024

Highlighted filing

2024

Revenue$5,482,946
Expenses$3,106,505
Net Income$2,376,441
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 9, 2025
Return Version
2023v6.0
Gross Receipts
$20,060,554
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$16,081,594$19,356,391▲ $3,274,797
Cash and Non-Interest-Bearing Accounts$3,441,219$4,250,456▲ $809,237
Pledges and Grants Receivable$3,799,835$3,116,312▼ $683,523
Investments Other Securities$1,939,518$2,034,248▲ $94,730
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$27,817,529$31,157,263▲ $3,339,734
Other Assets Total$2,555,363$2,399,856▼ $155,507
Liabilities
Other Liabilities$61,280$57,395▼ $3,885
Accounts Payable and Accrued Expenses$0$52,294▲ $52,294
Total Liabilities$61,280$109,689▲ $48,409
Net Assets / Fund Balance
Net Assets With Donor Restrictions$21,929,314$24,652,038▲ $2,722,724
Net Assets Without Donor Restrictions$5,826,935$6,395,536▲ $568,601
Total Net Assets Fund Balance$27,756,249$31,047,574▲ $3,291,325
Total Liabilities and Net Assets / Fund Balance$27,817,529$31,157,263▲ $3,339,734

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$128,319$128,319
Other Assets Org$-29,234--
Other Securities$271,546--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$17,164,112$2,869,380▲ $1,408,776$1,998,664$19,443,604
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
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleOtherTotal
Scarlet EdwardsDirector$144,974$144,974

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
$3,771,061
Program Service Revenue
$6,000
Investment Income
$1,674,808
Other Revenue
$31,077
All Other Contributions
$3,721,061
Change in Net Assets
$2,376,441

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 Table174$334,639Fair Market Value (FMV)
Other Non Cash Contri Table5,183$193,313Fair Market Value (FMV)
Securities Publicly Traded297$55,600Fair Market Value (FMV)
Cars and Other Vehicles7$41,325Fair Market Value (FMV)
Other Non Cash Contri Table182$13,275Fair Market Value (FMV)
Total Noncash Contributions5,843$638,152-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,381,960
Revenue Not Reported on Financial Statements
$100,986
Revenue Not Reported on Form 990
$3,973,424
Other Revenue Adjustments
$8,000
Total Revenue per Audited Statements
$9,355,384
Total Revenue per Form 990
$5,482,946
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,768,542
Grants and Similar Amounts Paid$1,021,316
Salaries, Compensation, and Employee Benefits$316,647
Total Fundraising Expense$46,740
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,021,316--$1,021,316
Other Salaries and Wages$278,597$35,525-$314,122
Fees for Services Other$134,572$33,351-$167,923
Other Expenses$52,557$78,332$34,048$164,937
All Other Expenses$137,501$13,691$946$152,138
Fees for Service Investment Mgmnt Fees-$92,986-$92,986
Travel$67,717$22,576$802$91,095
Fees for Services Accounting-$26,950-$26,950
Office Expenses$351$2,381-$2,732
Payroll Taxes-$2,525-$2,525
Total Functional Expenses$2,692,237$367,528$46,740$3,106,505

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,064,059
Total Expenses per Form 990$3,106,505
Expenses Not Reported on Form 990$3,058,540
Expenses per Audited Statements$3,005,519
Expenses Not Reported on Financial Statements$100,986
Other Expense Adjustments$8,000
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$57,395
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 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 Smith
Title
VP of Development
Phone
9198665924
Signed
2025-05-09
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
19026 RIDGEWOOD PKWY STE 400, SAN ANTONIO, TX 78259
Preparer
Kristi Narvaiz
Phone
2108286281
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, 2024 and 2023, there were no interest or penalties recorded or included in the consolidated financial statements.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“BAD DEBT RECOVERY 8,000.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“BAD DEBT RECOVERY 8,000.”

Raw XML AppendixShowing 400 of 755 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
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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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/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/Desc2EVENT EXPENSES
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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.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt088418
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.
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IRS990/ProgSrvcAccomActy3Grp/GrantAmt027960
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IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$31,157,263
Liabilities
$109,689
Net assets
$31,047,574
Revenue
$5,482,946
Expenses
$3,106,505
Net income
$2,376,441
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$31.2$0.11$31.0$5.48$3.11$2.38
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