Civic Intelligence

Valencia College Foundation Inc

990 • Fiscal year 2019 • EIN 23-7442785

Apr 01, 2018 to Mar 31, 2019 • Filed on Aug 07, 2019

1768 Park Center DriveOrlando, FL 32835

(407) 582-3150

Siviq Scores

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

Liabilities / Assets

14th percentile

0.03x

Higher debt load relative to assets than 14% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2019

Liabilities / Revenue

30th percentile

0.24x

Higher debt load relative to revenue than 30% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2019

Net Margin

71st percentile

13%

Higher net margin than 71% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2019

Top Officer Pay

28th percentile

$306,806

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2019

Asset Growth

29th percentile

0.4%

Faster asset growth than 29% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

8th percentile

-28%

Faster revenue growth than 8% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Assets

Up

$101,454,924

Up $412,438 (+0.4%) from 2018

Net Assets

Down

$98,799,356

Down $1,644,166 (-1.6%) from 2018

Liabilities

Up

$2,655,568

Up $2,056,604 (+343%) from 2018

Revenue

Down

$11,083,098

Down $4,396,709 (-28%) from 2018

Expenses

Up

$9,697,116

Up $4,217,646 (+77%) from 2018

Net Income

Down

$1,385,982

Down $8,614,355 (-86%) from 2018

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2011: $67,248,113Liabilities 2011: $951,477Net Assets 2011: $66,296,6362011Assets 2013: $68,335,994Liabilities 2013: $375,809Net Assets 2013: $67,960,1852013Assets 2014: $75,913,050Liabilities 2014: $870,263Net Assets 2014: $75,042,7872014Assets 2015: $83,081,838Liabilities 2015: $471,901Net Assets 2015: $82,609,9372015Assets 2016: $81,065,594Liabilities 2016: $671,040Net Assets 2016: $80,394,5542016Assets 2017: $90,310,040Liabilities 2017: $1,332,076Net Assets 2017: $88,977,9642017Assets 2018: $101,042,486Liabilities 2018: $598,964Net Assets 2018: $100,443,5222018Assets 2019: $101,454,924Liabilities 2019: $2,655,568Net Assets 2019: $98,799,3562019Assets 2020: $87,164,947Liabilities 2020: $596,991Net Assets 2020: $86,567,9562020Assets 2021: $107,630,454Liabilities 2021: $603,122Net Assets 2021: $107,027,3322021Assets 2022: $112,984,075Liabilities 2022: $1,587,503Net Assets 2022: $111,396,5722022Assets 2023: $108,236,547Liabilities 2023: $1,984,906Net Assets 2023: $106,251,6412023Assets 2024: $114,551,094Liabilities 2024: $619,936Net Assets 2024: $113,931,1582024Assets 2025: $117,634,301Liabilities 2025: $576,289Net Assets 2025: $117,058,0122025

Highlighted filing

2019

Assets$101,454,924
Liabilities$2,655,568
Net Assets$98,799,356

Operations Trend

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2011: $2,590,0322011Expenses 2013: $3,109,4892013Revenue 2014: $6,288,558Expenses 2014: $2,903,578Net Income 2014: $3,384,9802014Revenue 2015: $8,622,125Expenses 2015: $3,599,299Net Income 2015: $5,022,8262015Revenue 2016: $14,858,941Expenses 2016: $3,805,613Net Income 2016: $11,053,3282016Revenue 2017: $6,699,549Expenses 2017: $4,907,432Net Income 2017: $1,792,1172017Revenue 2018: $15,479,807Expenses 2018: $5,479,470Net Income 2018: $10,000,3372018Revenue 2019: $11,083,098Expenses 2019: $9,697,116Net Income 2019: $1,385,9822019Revenue 2020: $6,942,147Expenses 2020: $9,804,367Net Income 2020: -$2,862,2202020Revenue 2021: $6,973,273Expenses 2021: $7,831,329Net Income 2021: -$858,0562021Revenue 2022: $14,906,842Expenses 2022: $6,309,455Net Income 2022: $8,597,3872022Revenue 2023: $11,628,505Expenses 2023: $7,447,323Net Income 2023: $4,181,1822023Revenue 2024: $11,380,776Expenses 2024: $8,993,316Net Income 2024: $2,387,4602024Revenue 2025: $16,557,804Expenses 2025: $7,609,093Net Income 2025: $8,948,7112025

Highlighted filing

2019

Revenue$11,083,098
Expenses$9,697,116
Net Income$1,385,982
Jump To
Filing Snapshot
Filing Period
Apr 1, 2018 to Mar 31, 2019
Signed
Aug 7, 2019
Return Version
2018v3.1
Gross Receipts
$33,895,310
Mission and Program Overview

Mission

The mission of Valencia Foundation is to support the activities of Valencia College in order to enhance learning, workforce training and economic development in Central Florida.

To support the activities of Valencia College in order to enhance learning, workforce training and economic development in Central Florida through the support of scholarships,

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$69,152,732$66,885,747▼ $2,266,985
Investments Other Securities$5,975,122$11,066,943▲ $5,091,821
Land, Buildings, and Equipment, Net$8,625,280$8,473,951▼ $151,329
Savings and Temporary Cash Investments$5,393,346$5,538,227▲ $144,881
Prepaid Expenses and Deferred Charges$5,285,624$5,472,829▲ $187,205
Pledges and Grants Receivable$6,578,390$3,846,888▼ $2,731,502
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$101,042,486$101,454,924▲ $412,438
Other Assets Total$31,992$170,339▲ $138,347
Liabilities
Accounts Payable and Accrued Expenses$383,410$2,298,633▲ $1,915,223
Deferred Revenue$139,360$280,741▲ $141,381
Other Liabilities$76,194$76,194→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$598,964$2,655,568▲ $2,056,604
Net Assets / Fund Balance
Temporarily Rstr Net Assets$49,866,310$48,064,258▼ $1,802,052
Permanently Rstr Net Assets$34,347,062$34,509,482▲ $162,420
Unrestricted Net Assets$16,230,150$16,225,616▼ $4,534
Total Net Assets Fund Balance$100,443,522$98,799,356▼ $1,644,166
Total Liabilities and Net Assets / Fund Balance$101,042,486$101,454,924▲ $412,438

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,367,626$766,804-
Land$3,084,064--
Equipment$22,261$26,309-
Other Securities$4,218,694--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$85,369,394$5,484,955▲ $1,468,787$4,944,664$83,729,837
2017$73,961,378$8,804,902▲ $7,516,042$1,110,608$85,369,394
2016$65,757,564$3,873,016▲ $8,665,266-$73,961,378
2015$68,100,319$1,801,175▼ $554,870-$65,757,564
2014$66,180,212$1,628,551▲ $3,780,740$3,475,940$68,100,319
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Geraldine GallagherPresident & CEOFT$11,808$7,500$19,308
Sanford ShugartMember (non-voting)-$8,711-$8,711

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$6,199,865
Program Service Revenue
$456,462
Investment Income
$4,424,971
Other Revenue
$1,800
All Other Contributions
$5,949,381
Change in Net Assets
$1,385,982

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeReported AmountValuation Method
Other Non Cash Contri Table$243,175Fair Market Value (FMV)
Other Non Cash Contri Table$7,210Fair Market Value (FMV)
Total Noncash Contributions$250,385-

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,755,717
Revenue Not Reported on Financial Statements
$327,381
Revenue Not Reported on Form 990
$-2,652,254
Other Revenue Adjustments
$327,381
Total Revenue per Audited Statements
$8,103,463
Total Revenue per Form 990
$11,083,098
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$7,511,868
Other Expenses$1,183,022
Salaries, Compensation, and Employee Benefits$1,002,226
Total Fundraising Expense$535,358
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$7,476,327--$7,476,327
Current Officers, Directors, Trustees, and Key Employees$48,764$142,936$206,565$398,265
Other Salaries and Wages$67,058$216,689$109,481$393,228
Conferences and Meetings$210,452$137,050-$347,502
Fees for Service Investment Mgmnt Fees-$327,381-$327,381
Depreciation Depletion$25,382$58,697$74,561$158,640
Pension Plan Contributions$10,189$34,583$34,717$79,489
Other Employee Benefits$14,540$42,158$17,891$74,589
Payroll Taxes$8,404$26,103$22,148$56,655
Office Expenses-$35,563-$35,563
Grants to Domestic Individuals$35,541--$35,541
Fees for Services Accounting-$32,050-$32,050
Travel-$14,621-$14,621
Information Technology-$13,817-$13,817
Fees for Services Other-$10,372-$10,372
Insurance$1,262$2,918$3,707$7,887
Other Expenses$108,649$4,821$66,288$4,821
Advertising-$189-$189
Total Functional Expenses$8,026,578$1,135,180$535,358$9,697,116

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$9,747,629
Expenses per Audited Statements$9,697,116
Total Expenses per Form 990$9,697,116
Expenses Not Reported on Form 990$50,513
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Valencia CollegeOrlando, FLGovernmentSee Part Iv$7,218,753
Florida Prepaid College FoundationTallahassee, FL501(c)(3)See Part Iv$192,632
University of Central FloridaOrlando, FLGovernmentScholarships$51,329
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$43,850
Fundraising Direct Expenses$42,050
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Crew Golf Tourn$42,050$42,050$42,050$0
Alumni Homecomi$1,800$1,800-$1,800
Total Events$43,850$43,850$42,050$1,800
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Liability to Trust Beneficiary$76,194
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

The Form 990 is reviewed by the CEO and CFO, and then reviewed by the audit committee with the CPA firm.

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

The Organization regularly and consistently monitors and enforces compliance with the conflict of interest policy by distributing the policy for review to the board of directors annually. Each member completes an individual conflict of interest statement that is reviewed by the CEO and, if needed, the executive committee. Board members are not eligible to participate in any proposal requests for services such as investments, auditing, etc. If a conflict arises, then that member notes their conflict and does not participate in any discussion and/or vote. If necessary, a board member may be required to resign.

Form 990, Part VI, Section B, Line 15

The compensation of the Foundation's principal officer is reviewed by the executive committee when an increase above what is approved by the college for all employees is being considered. Then the committee would review requested compensation recommendations from the board of directors. Additionally they would consider the salaries of comparable positions in the industry to provide guidance on an appropriate compensation range. The final compensation amount is approved by the executive committee and the president of Valencia College.

Filing and Contact Details

Filer

Filer Name
Valencia College Foundation Inc
EIN
23-7442785
In Care Of
% GERALDINE GALLAGHER
Phone
4075823150
Address
1768 Park Center Drive, Orlando, FL 32835

Signing Officer

Name
Geraldine Gallagher
Title
President and CEO
Phone
4075823150
Signed
2019-08-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Geraldine Gallagher
Formed
1974
Legal Domicile
Fl
Voting Board Members
41
Independent Board Members
41
Employees
1
Volunteers
44

Preparer

Firm
Bdo USA Llp
Address
201 S Orange Ave Suite 800, Orlando, FL 32801
Preparer
Tara Miller
Phone
4078416930
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1

Teaching chairs, programs and buildings for valencia college.

Form 990, Part IX, Statement of Functional Expenses (lines 5-10)

Contributed services from Valencia College for Foundation staff salaries and benefits equated to $377,894. This amount has been reduced from the amounts reported on the Statement of Functional Expenses.

Form 990, Part XI, Line 9

Change in value of Florida Prepaid Tuition Scholarships: $-108,213 Change in value of Split Interest Agreements: $-22,800 Total Part XI, Line 9: $-131,013

Financial Statement Notes

Part V, Line 4:

The foundation's principle function is to receive, hold, invest and administer charitable contributions for Valencia College. Funds classified as permanently restricted represent the nonexpendable portion of the funds that are invested in perpetuity.

Part X, Line 2:

The Foundation identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more-likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the Statement of Financial Position. The Foundation has not recognized a liability for uncertain tax positions. If there were an undrecognized tax benefit, the Foundation would recognize interest accrued related to undrecognized tax benefits in interest expense and penalties in operating expenses. The Foundation's tax years subject to examination by the Internal Revenue Service generally remain open for three years from the date of filing.

Part XI, Line 2D - Other Adjustments:

Change in value of Florida Prepaid Tuition Scholarships: $-108,213 Change in value of Split Interest Agreements: $-22,800 Total Part XI, Line 2D: $-131,013

Part XI, Line 4B - Other Adjustments:

Expenses included with revenue on form 990: $327,381

Part XII, Line 2D - Other Adjustments:

Expenses included with revenue on form 990: -$327,381

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IRS990/Desc0The Foundation supports the activities of Valencia College by making direct contributions and providing a building to the college. The Foundation's guiding principles include the following: (1) To steward the resources entrusted to our care (2) To make enhancement of student learning the center of our work (3) To provide opportunities to individuals who might not otherwise be able to attend college (4) To invest wisely and conservatively (5) To partner with the college to meet its mission in the community (6) To communicate openly, frequently and honestly with our constituents (7) To honor the privacy of our donors and friends (8) To value diversity in all its forms and respect the dignity of the individual (9) To ensure we meet both the letter and spirit of the laws that govern our work. During the year, the foundation disbursed $7.5 million in support of student scholarships, teaching chairs and various college programs and initiatives. Program funding highlights include $1 million to support Valencia Colleges nursing program, $830,000 for the culinary arts and hospitality program, $439,000 for the Horizon Scholars program, and $120,000 for the Peace and Justice Institute.
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt440
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt450
IRS990/Form990PartVIISectionAGrp/PersonNm0Jess Bailes
IRS990/Form990PartVIISectionAGrp/PersonNm1David Berelsman
IRS990/Form990PartVIISectionAGrp/PersonNm2Patrick Buffa
IRS990/Form990PartVIISectionAGrp/PersonNm3Brian Butler
IRS990/Form990PartVIISectionAGrp/PersonNm4Alan Byrd
IRS990/Form990PartVIISectionAGrp/PersonNm5Debbie Clements
IRS990/Form990PartVIISectionAGrp/PersonNm6Dave Collier
IRS990/Form990PartVIISectionAGrp/PersonNm7Carol Davis
IRS990/Form990PartVIISectionAGrp/PersonNm8Steven Davis
IRS990/Form990PartVIISectionAGrp/PersonNm9Carolyn Fennell
IRS990/Form990PartVIISectionAGrp/PersonNm10K Sue Foreman
IRS990/Form990PartVIISectionAGrp/PersonNm11Darren Hinshaw
IRS990/Form990PartVIISectionAGrp/PersonNm12Jonni Kimberly
IRS990/Form990PartVIISectionAGrp/PersonNm13Lisa Macon
IRS990/Form990PartVIISectionAGrp/PersonNm14Julio Martinez
IRS990/Form990PartVIISectionAGrp/PersonNm15Richard McCree
IRS990/Form990PartVIISectionAGrp/PersonNm16Deborah Mears
IRS990/Form990PartVIISectionAGrp/PersonNm17Edward Moore
IRS990/Form990PartVIISectionAGrp/PersonNm18Joshua Murdock
IRS990/Form990PartVIISectionAGrp/PersonNm19Brock Nicholas
IRS990/Form990PartVIISectionAGrp/PersonNm20Rosemary O'Shea
IRS990/Form990PartVIISectionAGrp/PersonNm21Bradley Pierce
IRS990/Form990PartVIISectionAGrp/PersonNm22Reginald Riley
IRS990/Form990PartVIISectionAGrp/PersonNm23Charles Rogers
IRS990/Form990PartVIISectionAGrp/PersonNm24Cheryl Schoolfield
IRS990/Form990PartVIISectionAGrp/PersonNm25Sanford Shugart
IRS990/Form990PartVIISectionAGrp/PersonNm26Toufic Simaan
IRS990/Form990PartVIISectionAGrp/PersonNm27Jo Thacker
IRS990/Form990PartVIISectionAGrp/PersonNm28Larry Walker
IRS990/Form990PartVIISectionAGrp/PersonNm29Brian Weber
IRS990/Form990PartVIISectionAGrp/PersonNm30Chris Whitney
IRS990/Form990PartVIISectionAGrp/PersonNm31Emmy Torres
IRS990/Form990PartVIISectionAGrp/PersonNm32Diane O'Dell
IRS990/Form990PartVIISectionAGrp/PersonNm33HAMID ANGHAIE
IRS990/Form990PartVIISectionAGrp/PersonNm34LINH DANG
IRS990/Form990PartVIISectionAGrp/PersonNm35PATRICIA ENGFER
IRS990/Form990PartVIISectionAGrp/PersonNm36PAUL JESSEN
IRS990/Form990PartVIISectionAGrp/PersonNm37JEFF MOCK
IRS990/Form990PartVIISectionAGrp/PersonNm38PAUL C PERKINS
IRS990/Form990PartVIISectionAGrp/PersonNm39S KAMRAN QADRI
IRS990/Form990PartVIISectionAGrp/PersonNm40LOUIS ROBBINS
IRS990/Form990PartVIISectionAGrp/PersonNm41BETH SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm42LENNON TATUM
IRS990/Form990PartVIISectionAGrp/PersonNm43SHERRI TORRIS
IRS990/Form990PartVIISectionAGrp/PersonNm44Geraldine Gallagher
IRS990/Form990PartVIISectionAGrp/PersonNm45Michelle Matis
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt230
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt240

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$118$0.58$117$16.6$7.61$8.95
2024Detailed filing. Detailed filing data is available for this year.$115$0.62$114$11.4$8.99$2.39
2023Detailed filing. Detailed filing data is available for this year.$108$1.98$106$11.6$7.45$4.18
2022Detailed filing. Detailed filing data is available for this year.$113$1.59$111$14.9$6.31$8.60
2021Detailed filing. Detailed filing data is available for this year.$108$0.60$107$6.97$7.83$0.86
2020Detailed filing. Detailed filing data is available for this year.$87.2$0.60$86.6$6.94$9.80$2.86
2019Detailed filing. Detailed filing data is available for this year.$101$2.66$98.8$11.1$9.70$1.39
2018Detailed filing. Detailed filing data is available for this year.$101$0.60$100$15.5$5.48$10.0
2017Detailed filing. Detailed filing data is available for this year.$90.3$1.33$89.0$6.70$4.91$1.79
2016Detailed filing. Detailed filing data is available for this year.$81.1$0.67$80.4$14.9$3.81$11.1
2015Detailed filing. Detailed filing data is available for this year.$83.1$0.47$82.6$8.62$3.60$5.02
2014Detailed filing. Detailed filing data is available for this year.$75.9$0.87$75.0$6.29$2.90$3.38
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.3$0.38$68.0$3.11
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$67.2$0.95$66.3$2.59