Civic Intelligence

Gordon State College Foundation Inc.

990 • Fiscal year 2017 • EIN 23-7271047

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 15, 2018

419 College DriveBarnesville, GA 30204

(678) 359-5124

Siviq Scores

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

Liabilities / Assets

80th percentile

0.70x

Higher debt load relative to assets than 80% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

98th percentile

14.05x

Higher debt load relative to revenue than 98% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Net Margin

74th percentile

15%

Higher net margin than 74% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

8th percentile

$119,111

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 4.2% of source-year revenue.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Asset Growth

25th percentile

-0.0%

Faster asset growth than 25% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

95th percentile

126%

Faster revenue growth than 95% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Assets

Down

$57,262,564

Down $20,416 (-0.0%) from 2016

Net Assets

Up

$17,067,329

Up $3,061,352 (+22%) from 2016

Liabilities

Down

$40,195,235

Down $3,081,768 (-7.1%) from 2016

Revenue

Up

$2,860,394

Up $1,596,490 (+126%) from 2016

Expenses

Up

$2,428,630

Up $1,922,479 (+380%) from 2016

Net Income

Down

$431,764

Down $325,989 (-43%) from 2016

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2015: $71,378,744Liabilities 2015: $58,149,508Net Assets 2015: $13,229,2362015Assets 2016: $57,282,980Liabilities 2016: $43,277,003Net Assets 2016: $14,005,9772016Assets 2017: $57,262,564Liabilities 2017: $40,195,235Net Assets 2017: $17,067,3292017Assets 2018: $25,027,476Liabilities 2018: $11,740,222Net Assets 2018: $13,287,2542018Assets 2019: $26,937,876Liabilities 2019: $11,485,156Net Assets 2019: $15,452,7202019Assets 2020: $28,451,982Liabilities 2020: $11,205,788Net Assets 2020: $17,246,1942020Assets 2021: $30,327,682Liabilities 2021: $10,921,875Net Assets 2021: $19,405,8072021Assets 2022: $27,088,474Liabilities 2022: $10,629,443Net Assets 2022: $16,459,0312022Assets 2023: $29,402,823Liabilities 2023: $10,248,993Net Assets 2023: $19,153,8302023Assets 2024: $30,758,822Liabilities 2024: $9,928,340Net Assets 2024: $20,830,4822024

Highlighted filing

2017

Assets$57,262,564
Liabilities$40,195,235
Net Assets$17,067,329

Operations Trend

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

$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2015: $803,228Expenses 2015: $362,135Net Income 2015: $441,0932015Revenue 2016: $1,263,904Expenses 2016: $506,151Net Income 2016: $757,7532016Revenue 2017: $2,860,394Expenses 2017: $2,428,630Net Income 2017: $431,7642017Revenue 2018: -$1,138,342Expenses 2018: $1,709,825Net Income 2018: -$2,848,1672018Revenue 2019: $1,628,257Expenses 2019: $1,132,577Net Income 2019: $495,6802019Revenue 2020: $2,038,712Expenses 2020: $1,074,640Net Income 2020: $964,0722020Revenue 2021: $2,619,693Expenses 2021: $1,293,144Net Income 2021: $1,326,5492021Revenue 2022: $1,370,562Expenses 2022: $1,138,846Net Income 2022: $231,7162022Revenue 2023: $2,776,574Expenses 2023: $1,613,687Net Income 2023: $1,162,8872023Revenue 2024: $2,458,416Expenses 2024: $1,279,963Net Income 2024: $1,178,4532024

Highlighted filing

2017

Revenue$2,860,394
Expenses$2,428,630
Net Income$431,764
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 15, 2018
Return Version
2017v2.3
Gross Receipts
$6,521,405
Mission and Program Overview

Mission

To support the college in all endeavors that are not supported but sanctioned by the board of regents to include but not limited to the following:-support the college with our visible attendance on campus and in our individual communities;-support the college by continuing to give to and raise funds for the foundation;-support the college with prudent management of the foundations' assets which allows the trustees to:1) fund scholarships to deserving students;2) acquire property for the college;3) construct buildings, if finacially rewarding;4) contribute to faculty development and support;5) fund any necessary or deserving request or activity for the benefit of the college if approved by a majority of the trustees.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$43,036,902$40,706,498▼ $2,330,404
Investments in Publicly Traded Securities$10,273,675$10,338,124▲ $64,449
Savings and Temporary Cash Investments$4,299,842$5,682,923▲ $1,383,081
Cash and Non-Interest-Bearing Accounts$497,053$535,019▲ $37,966
Accounts Receivable$6,407--
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$58,113,879$57,262,564▼ $851,315
Liabilities
Tax Exempt Bond Liabilities$40,602,036$39,580,233▼ $1,021,803
Deferred Revenue$1,395,801--
Accounts Payable and Accrued Expenses$575,742$615,002▲ $39,260
Total Liabilities$42,573,579$40,195,235▼ $2,378,344
Net Assets / Fund Balance
Unrestricted Net Assets$11,800,403$12,813,657▲ $1,013,254
Permanently Rstr Net Assets$3,009,488$3,185,384▲ $175,896
Temporarily Rstr Net Assets$730,409$1,068,288▲ $337,879
Total Net Assets Fund Balance$15,540,300$17,067,329▲ $1,527,029
Total Liabilities and Net Assets / Fund Balance$58,113,879$57,262,564▼ $851,315

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$20,882$20,882

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$9,141,230$243,746▲ $1,369,418-$10,372,891
2016$8,949,998$256,469▲ $568,467-$9,141,230
2015$8,780,973$373,652▼ $10,603-$8,949,998
2014$8,531,774$425,704▲ $662,993-$9,180,854
2013$7,323,069$197,107▲ $1,148,433-$8,531,744
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rhonda ToonExecutive DirectorPT$102,964$16,147$119,111
Revenue and Support

Revenue Composition

Contributions and Grants
$268,980
Program Service Revenue
$2,126,494
Investment Income
$464,269
Other Revenue
$651
All Other Contributions
$227,078
Change in Net Assets
$431,764
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,118,973
Grants and Similar Amounts Paid$309,657
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,956,060--$1,956,060
Grants to Domestic Individuals$309,657--$309,657
Fees for Service Investment Mgmnt Fees-$72,476-$72,476
Fees for Services Accounting-$36,000-$36,000
Conferences and Meetings-$12,582-$12,582
Information Technology-$10,273-$10,273
Office Expenses-$8,127-$8,127
Other Expenses$4,752$8,615-$4,752
Fees for Services Other-$800-$800
Advertising-$408-$408
Total Functional Expenses$2,270,469$158,161$0$2,428,630
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$11,164
Fundraising Gross Income$11,164
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
FOUNDER'S DAY$53,066$11,164$11,164$0
Total Events$53,066$11,164$11,164$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
BBarnesville-lamar Co Ind2016-12-01$19,285,000To finance the cost of construction of student housing
ABarnesville-lamar Co Ind2004-08-01$16,135,000To finance the cost of construction of student housing
CBarnesville-lamar Co Ind2013-12-19$12,830,000To finance the cost of construction of student activity and recreation cente

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$19,285,000-$895,000$1,001,810
A$16,135,000-$5,660,000$634,363
C$12,830,000-$765,000$343,835

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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 A, Line 2

A family and business relationship exists between james j. Edwards and john w. Edwards, jr.

Form 990, Part VI, Section B, Line 11B

The form 990 is given to each member of the foundation's finance committee to review and approve. Additional copies are then sent to all members of the board.

Form 990, Part VI, Section B, Line 12C

Each year before the october meeting, each trustee is sent a copy of the conflict of interest policy and a statement to sign which states that they have read and will adhere to the policy. Trustees who have business with the foundation disclose that business on the form. Trustees who do not return forms are presented with forms to sign at the october meeting. Statements are kept on file in the office.

Form 990, Part VI, Section B, Line 15

No compensation is paid by the foundation.

Form 990, Part VI, Section C, Line 19

The foundation makes its governing documents, policies, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Gordon State College Foundation Inc
EIN
23-7271047
Phone
6783595124
Address
419 COLLEGE DRIVE, BARNESVILLE, GA 30204

Signing Officer

Name
Phillip Bell
Title
Chairman
Phone
6783595124
Signed
2018-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Phillip Bell
Formed
1972
Legal Domicile
Ga
Voting Board Members
30
Independent Board Members
29
Employees
0
Volunteers
33

Preparer

Firm
Mauldin & Jenkins LLC
Address
200 GALLERIA PKWY SE STE 1700, ATLANTA, GA 30339-5946
Preparer
Aleisa Howell
Phone
7709558600
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The organization selected a new auditor for the year 2017.

Financial Statement Notes

PART X, LINE 2:

The foundation qualifies as a tax-exempt organization as described in internal revenue code section 501(c)(3) and has been classified by the internal revenue service as a publicly supported organization and not as a private foundation. However, income from certain activities not directly related to the foundation's tax-exempt purpose is subject to taxation as unrelated business income. Gsc foundation properties, llc, gsc foundation properties ii, llc, and gsc foundation properties iii, llc are treated as a single member llcs for federal and state income tax purposes. Since the foundation is the sole member, all income, losses, and credits are reported on the foundation's income tax returns. The foundation follows the statutory requirements for its income tax accounting and generally avoids risks associated with potentially problematic tax positions that may be challenged upon examination. Management believes any liability resulting from taxing authorities imposing additional income taxes from activities deemed to be unrelated to the foundation's tax-exempt status would not have a material effect on the foundation's consolidated financial statements.

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IRS990/Form990PartVIISectionAGrp/PersonNm19TERRY KILLINGSWORTH
IRS990/Form990PartVIISectionAGrp/PersonNm20DERRICK R LEWIS
IRS990/Form990PartVIISectionAGrp/PersonNm21WILLIAM K MALONE
IRS990/Form990PartVIISectionAGrp/PersonNm22JEFFERY D MANLEY
IRS990/Form990PartVIISectionAGrp/PersonNm23CHARLES MCDANIEL
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IRS990/Form990PartVIISectionAGrp/PersonNm25DONALD F NEUNER
IRS990/Form990PartVIISectionAGrp/PersonNm26JESSE E EDDIE ROGERS
IRS990/Form990PartVIISectionAGrp/PersonNm27KIKE SEDA
IRS990/Form990PartVIISectionAGrp/PersonNm28DANIEL C WHITE
IRS990/Form990PartVIISectionAGrp/PersonNm29E VIRGINIA JENNIE WOODLEE
IRS990/Form990PartVIISectionAGrp/PersonNm30RHONDA TOON
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IRS990/MissionDesc0TO SUPPORT THE COLLEGE IN ALL ENDEAVORS THAT ARE NOT SUPPORTED BUT SANCTIONED BY THE BOARD OF REGENTS TO INCLUDE BUT NOT LIMITED TO THE FOLLOWING:-SUPPORT THE COLLEGE WITH OUR VISIBLE ATTENDANCE ON CAMPUS AND IN OUR INDIVIDUAL COMMUNITIES;-SUPPORT THE COLLEGE BY CONTINUING TO GIVE TO AND RAISE FUNDS FOR THE FOUNDATION;-SUPPORT THE COLLEGE WITH PRUDENT MANAGEMENT OF THE FOUNDATIONS' ASSETS WHICH ALLOWS THE TRUSTEES TO:1) FUND SCHOLARSHIPS TO DESERVING STUDENTS;2) ACQUIRE PROPERTY FOR THE COLLEGE;3) CONSTRUCT BUILDINGS, IF FINACIALLY REWARDING;4) CONTRIBUTE TO FACULTY DEVELOPMENT AND SUPPORT;5) FUND ANY NECESSARY OR DESERVING REQUEST OR ACTIVITY FOR THE BENEFIT OF THE COLLEGE IF APPROVED BY A MAJORITY OF THE TRUSTEES.
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