Civic Intelligence

Midlands Technical College Foundation Inc.

990 • Fiscal year 2023 • EIN 23-7085753

Jul 01, 2022 to Jun 30, 2023 • Filed on Sep 21, 2023

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

12th percentile

0.01x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

12th percentile

0.02x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

90th percentile

48%

Higher net margin than 90% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

81st percentile

$326,190

Higher top officer pay than 81% of similar nonprofits.

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

71st percentile

14%

Faster asset growth than 71% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

91st percentile

73%

Faster revenue growth than 91% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets12th percentile

Assets

Up

$17,276,422

Up $2,187,689 (+14%) from 2022

Net Assets

Up

$17,181,144

Up $2,269,086 (+15%) from 2022

Liabilities

Down

$95,278

Down $81,397 (-46%) from 2022

Revenue And Expenses
Liabilities / Revenue12th percentileNet Margin90th percentile

Revenue

Up

$4,512,505

Up $1,898,694 (+73%) from 2022

Expenses

Up

$2,337,747

Up $967,388 (+71%) from 2022

Net Income

Up

$2,174,758

Up $931,306 (+75%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth71st 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

2023

Assets$17,276,422
Liabilities$95,278
Net Assets$17,181,144
Open 2023 Filing

Operations Trend

Revenue Growth91st 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

2023

Revenue$4,512,505
Expenses$2,337,747
Net Income$2,174,758
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Sep 21, 2023
Return Version
2022v5.0
Gross Receipts
$7,170,135
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$14,292,516$15,906,399▲ $1,613,883
Pledges and Grants Receivable$133,766$759,617▲ $625,851
Savings and Temporary Cash Investments$630,509$576,571▼ $53,938
Accounts Receivable$26,942$28,835▲ $1,893
Land, Buildings, and Equipment, Net$5,000$5,000→ $0
Total Assets$15,088,733$17,276,422▲ $2,187,689
Liabilities
Accounts Payable and Accrued Expenses$176,675$95,278▼ $81,397
Total Liabilities$176,675$95,278▼ $81,397
Net Assets / Fund Balance
Net Assets With Donor Restrictions$14,090,980$16,454,121▲ $2,363,141
Net Assets Without Donor Restrictions$821,078$727,023▼ $94,055
Total Net Assets Fund Balance$14,912,058$17,181,144▲ $2,269,086
Total Liabilities and Net Assets / Fund Balance$15,088,733$17,276,422▲ $2,187,689

Asset Categories

AssetBook ValueDepreciationBasis
Land$5,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$11,361,322$1,094,977▲ $940,284$467,504$12,929,079
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
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleBaseOtherTotal
Dr Ronald L RhamesPres. Mid Te$117,905$208,285$326,190
Dr Ronald L RhamesPres. Mid Tech Coll$117,905-$117,905

Board Members and Trustees

NameTitle
James L BraunChair
Angelle LabordeTrustee
Cheryl HollandTrustee
Chris ZimmerTrustee
Dan BruinsmaTrustee
David E DubberlyTrustee
Derek RaperTrustee
Jeffrey GriffinTrustee
John GoffTrustee
John Griggs IiiTrustee
Judge Tomothy C EdmondTrustee
Katherine Blanchard WhittleTrustee
Kristi EidsonTrustee
Stephanie DefreeseTrustee
Vaughn K ReynoldsTrustee
Walter J JohnsonTrustee
Willis Langley IiiTrustee
James D ReynoldsTrustee Emer
Thomas E Persons SrTrustee Emer
Nancy L MckinneyCEO
L Todd SeaseCommission C
Debbie WalkerEx Officio
Carolyn R Ewing-turnerSecretary
Christian Stormer CPATreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,336,948
Program Service Revenue
$0
Investment Income
$1,118,397
Other Revenue
$57,160
All Other Contributions
$3,328,948
Change in Net Assets
$2,174,758

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$445,087
Total Noncash Contributions3$445,087

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,512,505
Revenue Not Reported on Form 990
$118,919
Total Revenue per Audited Statements
$4,631,424
Total Revenue per Form 990
$4,512,505
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,503,810
Grants and Similar Amounts Paid$549,870
Salaries, Compensation, and Employee Benefits$284,067
Total Fundraising Expense$127,011
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$717,162$19,880$3,553$740,595
Grants to Domestic Individuals$549,870--$549,870
Other Salaries and Wages$42,704-$123,458$166,162
Current Officers, Directors, Trustees, and Key Employees$117,905--$117,905
Fees for Service Investment Mgmnt Fees-$93,650-$93,650
Fees for Services Lobbying$70,312--$70,312
All Other Expenses$15,189$7,933-$23,122
Advertising$11,000--$11,000
Other Expenses$22,212$8,598-$8,598
Fees for Services Accounting-$6,900-$6,900
Fees for Services Management-$3,000-$3,000
Office Expenses$526$1,670-$2,196
Insurance-$2,138-$2,138
Total Functional Expenses$2,066,967$143,769$127,011$2,337,747

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,362,338
Expenses per Audited Statements$2,337,747
Total Expenses per Form 990$2,337,747
Expenses Not Reported on Form 990$24,591
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$81,750
Fundraising Direct Expenses$24,591
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$81,750$81,750$24,591$57,159
Total Events$81,750$81,750$24,591$57,159
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
8038223404
Signed
2023-09-21

Organization Details

Principal Officer
Nancy L Mckinney
Formed
1970
Legal Domicile
Sc
Voting Board Members
25
Independent Board Members
24
Employees
0

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 19,880 0 direct mail services 0 0 3,240 division support 707,910 0 0 theater - hospitality service 9,252 0 0 events 0 0 313 total 717,162 19,880 3,553”

Form 990, Part XI, Line 9

“Fundraising expenditures to part viii 24,591 fundraising expenditures to part viii -24,591”

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 24,591”

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

“Fundraising expenditures to part viii 24,591”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRES. MID TE
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE EMER
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20COMMISSION C
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE EMER
IRS990/Form990PartVIISectionAGrp/TitleTxt22EX OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
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IRS990/FSAuditedInd0true
IRS990/FundraisingActivitiesInd0true
IRS990/FundraisingDirectExpensesAmt024591
IRS990/FundraisingGrossIncomeAmt081750
IRS990/GainOrLossGrp/SecuritiesAmt0666896
IRS990/GamingActivitiesInd0false
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0451501
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IRS990/LandBldgEquipCostOrOtherBssAmt05000
IRS990/LegalDomicileStateCd0SC
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt02633039
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0true
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO 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.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/OperateHospitalInd0false
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IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherExpensesGrp/Desc0IN KIND GIFTS
IRS990/OtherExpensesGrp/Desc1PROFESSIONAL DEVELOPMENT
IRS990/OtherExpensesGrp/Desc2CURRICULUM DEVELOPMENT
IRS990/OtherExpensesGrp/Desc3FOUNDATION BOARD MEETING
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IRS990/PrincipalOfficerNm0NANCY L MCKINNEY
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01316739
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0341232
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0188695
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$17,276,422
Liabilities
$95,278
Net assets
$17,181,144
Revenue
$4,512,505
Expenses
$2,337,747
Net income
$2,174,758
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