Civic Intelligence

Midlands Technical College Foundation Inc.

990 • Fiscal year 2022 • EIN 23-7085753

Jul 01, 2021 to Jun 30, 2022 • Filed on Oct 11, 2022

Organization ProfileWWW.MIDLANDSTECH.EDU
Post Office Box 2408Columbia, SC 29202

(803) 732-5355

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

16th percentile

0.01x

Higher debt load relative to assets than 16% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

23rd percentile

0.07x

Higher debt load relative to revenue than 23% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

88th percentile

48%

Higher net margin than 88% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

76th percentile

$283,942

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 10.9% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

34th percentile

-4.0%

Faster asset growth than 34% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

59th percentile

9.1%

Faster revenue growth than 59% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets16th percentile

Assets

Down

$15,088,733

Down $623,174 (-4.0%) from 2021

Net Assets

Down

$14,912,058

Down $744,314 (-4.8%) from 2021

Liabilities

Up

$176,675

Up $121,140 (+218%) from 2021

Revenue And Expenses
Liabilities / Revenue23rd percentileNet Margin88th percentile

Revenue

Up

$2,613,811

Up $218,398 (+9.1%) from 2021

Expenses

Up

$1,370,359

Up $248,527 (+22%) from 2021

Net Income

Down

$1,243,452

Down $30,129 (-2.4%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth34th percentile

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

$30M$20M$10M$0Assets 2015: $9,367,475Liabilities 2015: $94,812Net Assets 2015: $9,272,6632015Assets 2016: $11,087,192Liabilities 2016: $52,892Net Assets 2016: $11,034,3002016Assets 2017: $11,414,632Liabilities 2017: $34,404Net Assets 2017: $11,380,2282017Assets 2018: $11,836,443Liabilities 2018: $80,696Net Assets 2018: $11,755,7472018Assets 2019: $12,547,554Liabilities 2019: $110,087Net Assets 2019: $12,437,4672019Assets 2020: $12,623,815Liabilities 2020: $122,688Net Assets 2020: $12,501,1272020Assets 2021: $15,711,907Liabilities 2021: $55,535Net Assets 2021: $15,656,3722021Assets 2022: $15,088,733Liabilities 2022: $176,675Net Assets 2022: $14,912,0582022Assets 2023: $17,276,422Liabilities 2023: $95,278Net Assets 2023: $17,181,1442023Assets 2024: $20,549,993Liabilities 2024: $185,455Net Assets 2024: $20,364,5382024Assets 2025: $21,358,676Liabilities 2025: $111,560Net Assets 2025: $21,247,1162025

Highlighted filing

2022

Assets$15,088,733
Liabilities$176,675
Net Assets$14,912,058
Open 2022 Filing

Operations Trend

Revenue Growth59th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0Revenue 2015: $3,871,280Expenses 2015: $934,090Net Income 2015: $2,937,1902015Revenue 2016: $2,464,554Expenses 2016: $1,168,701Net Income 2016: $1,295,8532016Revenue 2017: $1,397,871Expenses 2017: $977,791Net Income 2017: $420,0802017Revenue 2018: $1,670,283Expenses 2018: $1,158,605Net Income 2018: $511,6782018Revenue 2019: $1,793,591Expenses 2019: $958,281Net Income 2019: $835,3102019Revenue 2020: $1,074,934Expenses 2020: $1,050,534Net Income 2020: $24,4002020Revenue 2021: $2,395,413Expenses 2021: $1,121,832Net Income 2021: $1,273,5812021Revenue 2022: $2,613,811Expenses 2022: $1,370,359Net Income 2022: $1,243,4522022Revenue 2023: $4,512,505Expenses 2023: $2,337,747Net Income 2023: $2,174,7582023Revenue 2024: $3,800,252Expenses 2024: $1,517,911Net Income 2024: $2,282,3412024Revenue 2025: $1,875,978Expenses 2025: $1,835,417Net Income 2025: $40,5612025

Highlighted filing

2022

Revenue$2,613,811
Expenses$1,370,359
Net Income$1,243,452
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Oct 11, 2022
Return Version
2021v4.0
Gross Receipts
$6,583,356
Mission and Program Overview

Mission

To build meaningful relationships with donors that lead to gifts that support the mission of midlands technical college to prepare students for success in the workforce.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$15,248,025$14,292,516▼ $955,509
Savings and Temporary Cash Investments$178,095$630,509▲ $452,414
Pledges and Grants Receivable$248,378$133,766▼ $114,612
Accounts Receivable$32,409$26,942▼ $5,467
Land, Buildings, and Equipment, Net$5,000$5,000→ $0
Total Assets$15,711,907$15,088,733▼ $623,174
Liabilities
Accounts Payable and Accrued Expenses$55,535$176,675▲ $121,140
Total Liabilities$55,535$176,675▲ $121,140
Net Assets / Fund Balance
Net Assets With Donor Restrictions$14,285,148$14,090,980▼ $194,168
Net Assets Without Donor Restrictions$1,371,224$821,078▼ $550,146
Total Net Assets Fund Balance$15,656,372$14,912,058▼ $744,314
Total Liabilities and Net Assets / Fund Balance$15,711,907$15,088,733▼ $623,174

Asset Categories

AssetBook ValueDepreciationBasis
Land$5,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$11,680,405$824,030▼ $1,005,141$137,972$11,361,322
2020$9,572,924$769,027▲ $1,930,557$592,103$11,680,405
2019$9,520,400$190,225▲ $10,160$147,861$9,572,924
2018$8,923,210$105,456▲ $587,974$96,240$9,520,400
2017$8,635,751$121,904▲ $297,615$132,060$8,923,210
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleBaseOtherTotal
Dr Ronald L RhamesEx Officio$107,870$176,072$107,870

Board Members and Trustees

NameTitle
James L BraunChair
David E DubberlyTrustee
John GoffTrustee
Judge Tomothy C EdmondTrustee
Kristi EidsonTrustee
Lasenta Lewis-ellisTrustee
Solomon Jackson JrTrustee
Vaughn K ReynoldsTrustee
Walter J JohnsonTrustee
Willis Langley IiiTrustee
James D ReynoldsTrustee Emer
Thomas E Persons SrTrustee Emer
Nancy L MckinneyCEO
Debbie WalkerEx Officio
Carolyn R Ewing-turnerSecretary
Christian Stormer CPATreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,842,682
Program Service Revenue
$0
Investment Income
$692,507
Other Revenue
$78,622
All Other Contributions
$1,830,457
Change in Net Assets
$1,243,452

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 Amount
Other Non Cash Contri Table3$72,471
Other Non Cash Contri Table3$67,329
Other Non Cash Contri Table3$11,382
Total Noncash Contributions9$151,182

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,613,811
Revenue Not Reported on Form 990
$-1,959,442
Total Revenue per Audited Statements
$654,369
Total Revenue per Form 990
$2,613,811
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$619,934
Grants and Similar Amounts Paid$456,231
Salaries, Compensation, and Employee Benefits$294,194
Total Fundraising Expense$125,609
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$456,231--$456,231
Other Salaries and Wages$64,666-$121,658$186,324
Fees for Services Other$141,700$9,221$3,849$154,770
Current Officers, Directors, Trustees, and Key Employees$107,870--$107,870
Fees for Service Investment Mgmnt Fees-$98,708-$98,708
Fees for Services Lobbying$59,520--$59,520
Office Expenses$24,332$10,762$51$35,145
All Other Expenses$5,688$4,965-$10,653
Advertising$10,000-$51$10,051
Other Expenses$21,784$5,167-$5,167
Fees for Services Management-$3,000-$3,000
Fees for Services Accounting-$2,900-$2,900
Insurance-$2,138-$2,138
Travel-$811-$811
Total Functional Expenses$1,107,078$137,672$125,609$1,370,359

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,398,683
Expenses per Audited Statements$1,370,359
Total Expenses per Form 990$1,370,359
Expenses Not Reported on Form 990$28,324
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$106,945
Fundraising Direct Expenses$28,324
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$106,945$106,945$28,324$78,621
Total Events$106,945$106,945$28,324$78,621
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
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
No
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The foundation's 990 will be presented to all board members and the college's administration, and is available for public review on the foundation's website - www.midlandstech.edu/about/mtc- foundation/foundation-financials.”

Form 990, Page 6, Part VI, Line 15B

“The president of the college receives compensation from the foundation as voted on by the foundation's members as brought forward through the foundation's board meeting process. The finance and administrative committee reviews and formally approves the request, and the motion is brought forward to the full board.”

Form 990, Page 6, Part VI, Line 19

“The governing documents and financial statements of the midlands technical college foundation are made available to the public upon request. Recent 990's are also posted on the foundation's website - www.midlandstech.edu/about/mtc-foundation/foundation-financials. In addition, they are also available via the third party website "guidestar".”

Filing and Contact Details

Filer

Filer Name
Midlands Technical College
EIN
23-7085753
Phone
8037325355
Address
POST OFFICE BOX 2408, COLUMBIA, SC 29202

Signing Officer

Name
Nancy L Mckinney
Title
CEO
Phone
8038223269
Signed
2022-10-11

Organization Details

Principal Officer
Nancy L Mckinney
Formed
1970
Legal Domicile
Sc
Voting Board Members
16
Independent Board Members
16
Employees
0
Volunteers
15

Preparer

Firm
The Brittingham Group Llp
Address
PO BOX 5949, WEST COLUMBIA, SC 29171-5949
Preparer
Harry D Deloach
Phone
8037393090
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Donor relations - stewardship 0 9,221 0 general fundraising support 0 0 213 capital campaign support 0 0 897 direct mail services 0 0 1,060 fr data processing 0 0 29 division support 135,322 0 0 theater - hospitality service 6,378 0 0 events 0 0 1,650 total 141,700 9,221 3,849”

Form 990, Part XI, Line 9

“Fundraising expenditures to part viii 28,324 fundraising expenditures to part viii -28,324”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“Endowment funds in the mtc foundation are used to support scholarships for mtc students, professional development funds for faculty and staff, and support the foundation's annual operating budget.”

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

“Fundraising expenditures to part viii 28,324”

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

“Fundraising expenditures to part viii 28,324”

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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$15,088,733
Liabilities
$176,675
Net assets
$14,912,058
Revenue
$2,613,811
Expenses
$1,370,359
Net income
$1,243,452
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$21.4$0.11$21.2$1.88$1.84$0.04
2024Detailed filing. Detailed filing data is available for this year.$20.5$0.19$20.4$3.80$1.52$2.28
2023Detailed filing. Detailed filing data is available for this year.$17.3$0.10$17.2$4.51$2.34$2.17
2022Detailed filing. Detailed filing data is available for this year.$15.1$0.18$14.9$2.61$1.37$1.24
2021Detailed filing. Detailed filing data is available for this year.$15.7$0.06$15.7$2.40$1.12$1.27
2020Detailed filing. Detailed filing data is available for this year.$12.6$0.12$12.5$1.07$1.05$0.02
2019Detailed filing. Detailed filing data is available for this year.$12.5$0.11$12.4$1.79$0.96$0.84
2018Detailed filing. Detailed filing data is available for this year.$11.8$0.08$11.8$1.67$1.16$0.51
2017Detailed filing. Detailed filing data is available for this year.$11.4$0.03$11.4$1.40$0.98$0.42
2016Detailed filing. Detailed filing data is available for this year.$11.1$0.05$11.0$2.46$1.17$1.30
2015Detailed filing. Detailed filing data is available for this year.$9.37$0.09$9.27$3.87$0.93$2.94