Delta College Foundation

“The entire foundation board of directors reviews the quarterly financial statements throughout the year and the audited financial statements at the end of the year at their regularly scheduled board meetings. Form 990 is distributed only to members of the board who serve on the finance committee. They independently review the form 990 to prepare for a meeting with the executive director, the treasurer and the accountant who prepares the form 990. This meeting provides them with an opportunity to ask questions, make amendments and approve the form 990 content prior to filing it with the irs. The finance committee members follow up by updating the full board of directors at their next scheduled meeting”

“The conflict of interest policy is distributed each year to the entire foundation board of directors. They are asked to independently review the policy and complete a disclosure statement, which is reviewed by the executive director for potential conflicts. If any issues are identified, the executive director brings them to the attention of the board chair and the college president who serves as an officer on the foundation board of directors. They would determine an appropriate course of action to resolve the situation.”

“Requests for foundation policies, audited financial statements and form 990 are provided within three business days of receiving the request. Requests can be sent to delta college foundation, 1961 delta road, university center, mi 48710. A condensed version of the foundation statements is included in the delta college audited financial statements and can be viewed online at www.delta.edu/transparency.”

“During the year ended june 30, 2024, management of the foundation and the college determined that it was the intent of the foundation to have the college manage the endowment fund but not to transfer ownership of the endowment fund to the college. Prior to this determination, the college was reporting the endowment fund in their financial statements. During fiscal year 2024, the reporting was corrected and the ownership of the endowment fund is now properly being reported in the foundation's financial statements. The correction is reported on part xi as a prior period adjustment.”

“Endowment fund expenditures consisted of cash transfers to delta college for investment into the college endowment fund. This year one new fund was established and many donors contributed to previously existing funds. The endowment fund generated over 1.04 million in distributions that supported scholarships, achievement awards and several educational programs. Approximately 600,000 was distributed to delta college for student scholarships and awards which provided about 600 scholarships. The largest single distribution of 110,700 which supports the possible dream program. Another large distribution of 104,900 supports a traveling stem classroom that provides memorable learning experiences. This outreach program is housed in a stateoftheart bus that traveled throughout the great lakes bay region to numerous schools and events during the year. Endowment fund distributions also provided support to the college's public broadcasting stations, speaker series funding and several teaching chair awards.”

“Educational expenditures included purchases of supplies for classroom use, transfers of cash for nonendowed scholarships and transfers of donated equipment for instructional purposes. Supplies purchased included medical equipment and dental hygiene consumables. Donated equipment included diesel engines and 10 engines, 3 transmission, a vehicle, and a robot for technical trades & manufacturing division. Other items donated included a photobooth for chocolate affair, parking lot for the saginaw center, and folk art for the foundation. The foundation also published two issues of a magazine, "journeys", that highlights educational programs at delta college, special events and personal success stories. It was mailed to approximately 55,000 households in the great lakes bay region. These expenditures benefitted students and staff in the college community and residents who live in the surrounding area.”

“Form 990 part v, line 7h the foundation received an automobile donation from a local dealership. Form 1098-c was not issued for the donation as it was not required because the vehicle was part of their sales inventory in their ordinary course of business; and therefore not a qualified vehicle. The vehicle was transferred to the technical trades and manufacturing division at delta college for automotive service training.”

“Adj for donated services 14,750 agency adjustment -858,073 adj for donated services -14,750 special events adjustment 3,961 total -854,112”