Civic Intelligence

Davenport University Foundation

990 • Fiscal year 2015 • EIN 38-2434184

Jul 01, 2014 to Jun 30, 2015 • Filed on Apr 01, 2016

6191 Kraft Ave SEGrand Rapids, MI 49512

(616) 451-3511

Siviq Scores

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

Liabilities / Assets

8th percentile

0.01x

Higher debt load relative to assets than 8% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

7th percentile

0.02x

Higher debt load relative to revenue than 7% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

95th percentile

68%

Higher net margin than 95% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

89th percentile

$697,040

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 8.9% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

82nd percentile

15%

Faster asset growth than 82% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

95th percentile

106%

Faster revenue growth than 95% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Assets

Up

$29,559,782

Up $3,771,507 (+15%) from 2014

Net Assets

Up

$29,390,021

Up $4,002,443 (+16%) from 2014

Liabilities

Down

$169,761

Down $230,936 (-58%) from 2014

Revenue

Up

$7,826,911

Up $4,030,849 (+106%) from 2014

Expenses

Up

$2,502,679

Up $328,227 (+15%) from 2014

Net Income

Up

$5,324,232

Up $3,702,622 (+228%) from 2014

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2010: $17,152,303Liabilities 2010: $144,449Net Assets 2010: $17,007,8542010Assets 2011: $20,451,813Liabilities 2011: $132,017Net Assets 2011: $20,319,7962011Assets 2012: $20,336,942Liabilities 2012: $233,066Net Assets 2012: $20,103,8762012Assets 2013: $22,322,542Liabilities 2013: $143,605Net Assets 2013: $22,178,9372013Assets 2014: $25,788,275Liabilities 2014: $400,697Net Assets 2014: $25,387,5782014Assets 2015: $29,559,782Liabilities 2015: $169,761Net Assets 2015: $29,390,0212015Assets 2016: $29,170,149Liabilities 2016: $246,157Net Assets 2016: $28,923,9922016Assets 2017: $29,533,547Liabilities 2017: $295,724Net Assets 2017: $29,237,8232017Assets 2018: $31,623,123Liabilities 2018: $333,542Net Assets 2018: $31,289,5812018Assets 2019: $32,275,058Liabilities 2019: $149,575Net Assets 2019: $32,125,4832019Assets 2020: $32,713,129Liabilities 2020: $438,232Net Assets 2020: $32,274,8972020Assets 2021: $38,322,868Liabilities 2021: $331,415Net Assets 2021: $37,991,4532021Assets 2022: $36,303,700Liabilities 2022: $107,342Net Assets 2022: $36,196,3582022Assets 2023: $34,936,508Liabilities 2023: $61,955Net Assets 2023: $34,874,5532023Assets 2024: $37,121,266Liabilities 2024: $104,058Net Assets 2024: $37,017,2082024Assets 2025: $38,168,900Liabilities 2025: $190,674Net Assets 2025: $37,978,2262025

Highlighted filing

2015

Assets$29,559,782
Liabilities$169,761
Net Assets$29,390,021

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2010: $863,8572010Expenses 2011: $892,0992011Revenue 2012: $2,145,500Expenses 2012: $983,233Net Income 2012: $1,162,2672012Revenue 2013: $2,415,325Expenses 2013: $1,017,433Net Income 2013: $1,397,8922013Revenue 2014: $3,796,062Expenses 2014: $2,174,452Net Income 2014: $1,621,6102014Revenue 2015: $7,826,911Expenses 2015: $2,502,679Net Income 2015: $5,324,2322015Revenue 2016: $1,854,432Expenses 2016: $1,418,156Net Income 2016: $436,2762016Revenue 2017: $2,649,750Expenses 2017: $3,116,031Net Income 2017: -$466,2812017Revenue 2018: $3,870,237Expenses 2018: $1,401,675Net Income 2018: $2,468,5622018Revenue 2019: $1,912,889Expenses 2019: $1,641,377Net Income 2019: $271,5122019Revenue 2020: $2,369,564Expenses 2020: $1,552,045Net Income 2020: $817,5192020Revenue 2021: $4,144,742Expenses 2021: $1,255,478Net Income 2021: $2,889,2642021Revenue 2022: $6,158,659Expenses 2022: $1,715,428Net Income 2022: $4,443,2312022Revenue 2023: $2,423,738Expenses 2023: $5,062,254Net Income 2023: -$2,638,5162023Revenue 2024: $2,672,537Expenses 2024: $3,056,491Net Income 2024: -$383,9542024Revenue 2025: $3,751,094Expenses 2025: $3,445,480Net Income 2025: $305,6142025

Highlighted filing

2015

Revenue$7,826,911
Expenses$2,502,679
Net Income$5,324,232
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Apr 1, 2016
Return Version
2014v6.0
Gross Receipts
$26,093,885
Mission and Program Overview

Mission

To secure financial support for the purpose of growing the university foundation endowment, student scholarships, and the development of needed programs and capital projects.

Provide fundraising for davenport university

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$22,661,456$20,519,077▼ $2,142,379
Pledges and Grants Receivable$1,558,228$6,532,607▲ $4,974,379
Savings and Temporary Cash Investments$650,373$755,787▲ $105,414
Cash and Non-Interest-Bearing Accounts$64,936$145,251▲ $80,315
Total Assets$25,788,275$29,559,782▲ $3,771,507
Other Assets Total$853,282$1,607,060▲ $753,778
Liabilities
Other Liabilities$227,280$0▼ $227,280
Accounts Payable and Accrued Expenses$173,417$169,761▼ $3,656
Total Liabilities$400,697$169,761▼ $230,936
Net Assets / Fund Balance
Permanently Rstr Net Assets$14,475,188$19,775,919▲ $5,300,731
Temporarily Rstr Net Assets$7,868,749$7,231,015▼ $637,734
Unrestricted Net Assets$3,043,641$2,383,087▼ $660,554
Total Net Assets Fund Balance$25,387,578$29,390,021▲ $4,002,443
Total Liabilities and Net Assets / Fund Balance$25,788,275$29,559,782▲ $3,771,507

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$901,188--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$20,825,016$5,300,731▲ $542,290$922,528$25,745,509
2014$17,888,347$601,101▲ $2,669,278$333,710$20,825,016
2013$16,130,394$303,505▲ $1,729,750$275,302$17,888,347
2012$16,166,065$228,628▼ $264,299-$16,130,394
2011$12,940,133$400,423▲ $2,825,509-$16,166,065
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$5,996,004
Program Service Revenue
$0
Investment Income
$2,009,009
Other Revenue
$-178,102
All Other Contributions
$5,679,220
Change in Net Assets
$5,324,232

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,991,982
Revenue Not Reported on Financial Statements
$-165,071
Revenue Not Reported on Form 990
$-675,829
Other Revenue Adjustments
$-259,366
Total Revenue per Audited Statements
$7,316,153
Total Revenue per Form 990
$7,826,911
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,242,114
Other Expenses$260,565
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,242,114--$2,242,114
Other Expenses$117,208--$117,208
Fees for Service Investment Mgmnt Fees$94,295--$94,295
Insurance$47,628--$47,628
Interest$1,434--$1,434
Total Functional Expenses$2,502,679$0$0$2,502,679

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,313,710
Total Expenses per Form 990$2,502,679
Expenses per Audited Statements$2,289,742
Expenses Not Reported on Form 990$1,023,968
Expenses Not Reported on Financial Statements$212,937
Other Expense Adjustments$118,642
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Davenport UniversityGrand Rapids, MI501(c)(3)Tuition Scholarships$2,242,114
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$261,366
Fundraising Gross Income$83,264
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Scholarship Golf Classic$134,592$58,518$53,575$4,943
Excellence in Business Dinner$265,456$24,746$207,791$-183,045
Total Events$400,048$83,264$261,366$-178,102
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Wilbur lettinga and william lettinga, board trustees, have a family relationship.

Form 990, Part VI, Section A, Line 6

The sole corporate member of davenport university foundation is davenport university.

Form 990, Part VI, Section A, Line 7A

The davenport university foundation governing body has established a nominating committee. This committee nominates new trustees to serve on the davenport university foundation governing body. Appointments to the davenport university foundation governing body are subject to the approval of the davenport university governing body.

Form 990, Part VI, Section A, Line 7B

Davenport university, as the sole corporate member of davenport university foundation, has certain reserve powers under state law. All decisions made by the davenport university foundation governing body are ratified by the davenport university governing body.

Form 990, Part VI, Section B, Line 11

The form 990 is reviewed by the audit and finance committee of the university prior to filing. A copy of the form 990 is also provided to all foundation board members prior to filing.

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

Annual disclosure statements are filed with the university, and reviewed by the cfo/executive vp for finance. If a conflict arises, the board member would stay in the room, not partake in conversation unless asked, and abstain from voting.

Form 990, Part VI, Section B, Line 15

No compensation is paid from the foundation.

Form 990, Part VI, Section C, Line 19

Davenport university foundation makes documents available to the public in accordance with state and federal law.

Filing and Contact Details

Filer

Filer Name
Davenport University Foundation
EIN
38-2434184
Phone
6164513511
Address
6191 KRAFT AVE SE, GRAND RAPIDS, MI 49512

Signing Officer

Name
Michael S Volk
Title
Executive VP for Finance and CFO
Phone
6164513511
Signed
2016-04-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael S Volk
Formed
1982
Legal Domicile
Mi
Voting Board Members
18
Independent Board Members
15
Employees
0
Volunteers
15

Preparer

Firm
Plante & Moran Pllc
Address
750 TRADE CENTRE WAY STE 300, PORTAGE, MI 49002
Preparer
Vicki L Vandenberg CPA
Phone
2695674500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in cash surrender value of life insurance 54,448.

FORM 990, PART XII, LINE 2C:

There has been no change in process from the prior year.

Financial Statement Notes

PART V, LINE 4:

In support of davenport university student scholarships

PART X, LINE 2:

The internal revenue service has ruled that the foundation and its supporting organizations are public charities, as described in section 509(a)(1), 509(a)(3), and 170(b)(1)(a)(vi) of the internal revenue code. Consequently, the foundation is exempt from federal income tax and certain excise taxes imposed on private foundations. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the foundation and recognize a tax liability if the foundation has taken an uncertain position that more likely than not would not be sustained upon examination by the irs or other applicable taxing authorities. Management has analyzed the tax positions taken by the foundation and has concluded that as of june 30, 2015 and 2014, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to june 30, 2012.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of cash surrender value of life insurance 54,448. Bad debt expense netted on financial statements -117,208. Interest expense netted on financial statements -1,434.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Special event expense -261,366. Non-cash contribution 2,000.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Special event expense 259,366.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Bad debt expense netted on financial statements 117,208. Interest expense netted on financial statements 1,434.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DUE FROM DAVENPORT UNIVERSITY

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$38.2$0.19$38.0$3.75$3.45$0.31
2024Detailed filing. Detailed filing data is available for this year.$37.1$0.10$37.0$2.67$3.06$0.38
2023Detailed filing. Detailed filing data is available for this year.$34.9$0.06$34.9$2.42$5.06$2.64
2022Detailed filing. Detailed filing data is available for this year.$36.3$0.11$36.2$6.16$1.72$4.44
2021Detailed filing. Detailed filing data is available for this year.$38.3$0.33$38.0$4.14$1.26$2.89
2020Detailed filing. Detailed filing data is available for this year.$32.7$0.44$32.3$2.37$1.55$0.82
2019Detailed filing. Detailed filing data is available for this year.$32.3$0.15$32.1$1.91$1.64$0.27
2018Detailed filing. Detailed filing data is available for this year.$31.6$0.33$31.3$3.87$1.40$2.47
2017Detailed filing. Detailed filing data is available for this year.$29.5$0.30$29.2$2.65$3.12$0.47
2016Detailed filing. Detailed filing data is available for this year.$29.2$0.25$28.9$1.85$1.42$0.44
2015Detailed filing. Detailed filing data is available for this year.$29.6$0.17$29.4$7.83$2.50$5.32
2014Detailed filing. Detailed filing data is available for this year.$25.8$0.40$25.4$3.80$2.17$1.62
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.3$0.14$22.2$2.42$1.02$1.40
2012Summary only. Only limited summary data is available for this year.$20.3$0.23$20.1$2.15$0.98$1.16
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.5$0.13$20.3$0.89
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.2$0.14$17.0$0.86
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2015 filings • 501(c)3 • $25M-$50M nonprofits