Civic Intelligence

Midlands Technical College Foundation Inc.

990 • Fiscal year 2024 • EIN 23-7085753

Jul 01, 2023 to Jun 30, 2024 • Filed on Sep 12, 2024

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

15th percentile

0.01x

Higher debt load relative to assets than 15% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

19th percentile

0.05x

Higher debt load relative to revenue than 19% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

92nd percentile

60%

Higher net margin than 92% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

84th percentile

$361,529

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 9.5% of source-year revenue.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

80th percentile

19%

Faster asset growth than 80% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

15th percentile

-16%

Faster revenue growth than 15% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets15th percentile

Assets

Up

$20,549,993

Up $3,273,571 (+19%) from 2023

Net Assets

Up

$20,364,538

Up $3,183,394 (+19%) from 2023

Liabilities

Up

$185,455

Up $90,177 (+95%) from 2023

Revenue And Expenses
Liabilities / Revenue19th percentileNet Margin92nd percentile

Revenue

Down

$3,800,252

Down $712,253 (-16%) from 2023

Expenses

Down

$1,517,911

Down $819,836 (-35%) from 2023

Net Income

Up

$2,282,341

Up $107,583 (+4.9%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth80th 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

2024

Assets$20,549,993
Liabilities$185,455
Net Assets$20,364,538
Open 2024 Filing

Operations Trend

Revenue Growth15th 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

2024

Revenue$3,800,252
Expenses$1,517,911
Net Income$2,282,341
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Sep 12, 2024
Return Version
2023v5.0
Gross Receipts
$7,553,827
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$15,906,399$17,806,380▲ $1,899,981
Pledges and Grants Receivable$759,617$1,820,463▲ $1,060,846
Savings and Temporary Cash Investments$576,571$862,042▲ $285,471
Accounts Receivable$28,835$40,108▲ $11,273
Land, Buildings, and Equipment, Net$5,000$5,000→ $0
Total Assets$17,276,422$20,549,993▲ $3,273,571
Other Assets Total-$16,000-
Liabilities
Accounts Payable and Accrued Expenses$95,278$185,455▲ $90,177
Total Liabilities$95,278$185,455▲ $90,177
Net Assets / Fund Balance
Net Assets With Donor Restrictions$16,454,121$19,561,836▲ $3,107,715
Net Assets Without Donor Restrictions$727,023$802,702▲ $75,679
Total Net Assets Fund Balance$17,181,144$20,364,538▲ $3,183,394
Total Liabilities and Net Assets / Fund Balance$17,276,422$20,549,993▲ $3,273,571

Asset Categories

AssetBook ValueDepreciationBasis
Land$5,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$12,929,079$747,847▲ $1,442,017$398,566$14,720,377
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
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleBaseOtherTotal
Dr Ronald L RhamesPres. Mid Te$135,132$226,397$361,529
Dr Ronald L RhamesPres. Mid Tech Coll$135,132-$135,132

Board Members and Trustees

NameTitle
James L BraunChair
Angelle LabordeTrustee
Cheryl HollandTrustee
Chris ZimmerTrustee
Dan BruinsmaTrustee
David E DubberlyTrustee
Derek RaperTrustee
Jeffrey GriffinTrustee
John Griggs IiiTrustee
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
Sandra J JacksonCommission C
Debbie WalkerEx Officio
Christian Stormer CPATreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,676,079
Program Service Revenue
$0
Investment Income
$926,919
Other Revenue
$197,254
All Other Contributions
$2,611,021
Change in Net Assets
$2,282,341

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
Works of Art11$22,000
Other Non Cash Contri Table8$7,586
Total Noncash Contributions19$29,586

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,800,252
Revenue Not Reported on Form 990
$924,787
Total Revenue per Audited Statements
$4,725,039
Total Revenue per Form 990
$3,800,252
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$646,568
Grants and Similar Amounts Paid$507,111
Salaries, Compensation, and Employee Benefits$364,232
Total Fundraising Expense$126,090
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$507,111--$507,111
Fees for Services Other$265,742$9,916$2,390$278,048
Other Salaries and Wages$105,400-$123,700$229,100
Current Officers, Directors, Trustees, and Key Employees$135,132--$135,132
Fees for Service Investment Mgmnt Fees-$99,248-$99,248
Fees for Services Lobbying$75,312--$75,312
All Other Expenses$12,928$23,474-$36,402
Other Expenses$10,197--$10,197
Advertising$10,000$16-$10,016
Fees for Services Accounting-$7,150-$7,150
Fees for Services Management-$3,000-$3,000
Insurance-$2,402-$2,402
Office Expenses-$1,778-$1,778
Total Functional Expenses$1,244,837$146,984$126,090$1,517,911

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,541,645
Expenses per Audited Statements$1,517,911
Total Expenses per Form 990$1,517,911
Expenses Not Reported on Form 990$23,734
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$220,987
Fundraising Direct Expenses$23,734
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$220,987$220,987$23,734$197,253
Total Events$220,987$220,987$23,734$197,253
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
8038223278
Signed
2024-09-12

Organization Details

Principal Officer
Nancy L Mckinney
Formed
1970
Legal Domicile
Sc
Voting Board Members
21
Independent Board Members
22
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 9,916 0 direct mail services 0 0 2,390 division support 253,804 0 0 theater - hospitality service 11,938 0 0 total 265,742 9,916 2,390”

Form 990, Part XI, Line 9

“Fundraising expenditures to part viii 23,734 fundraising expenditures to part viii -23,734”

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 23,734”

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

“Fundraising expenditures to part viii 23,734”

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IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11COMMISSION C
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IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE EMER
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE EMER
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$20,549,993
Liabilities
$185,455
Net assets
$20,364,538
Revenue
$3,800,252
Expenses
$1,517,911
Net income
$2,282,341
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