Civic Intelligence

Itasca Community College Foundation

990 • Fiscal year 2019 • EIN 41-0991901

Jul 01, 2018 to Jun 30, 2019 • Filed on Feb 05, 2020

Organization ProfileWWW.ICCFOUNDATION.ORG
PO Box 539Grand Rapids, MN 55744

(218) 322-2451

Siviq Scores

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

Liabilities / Assets

10th percentile

0.00x

Higher debt load relative to assets than 10% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

11th percentile

0.01x

Higher debt load relative to revenue than 11% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

92nd percentile

53%

Higher net margin than 92% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

29th percentile

$72,100

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 8.5% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

65th percentile

8.2%

Faster asset growth than 65% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

21st percentile

-10%

Faster revenue growth than 21% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$5,971,590

Up $452,228 (+8.2%) from 2018

Net Assets

Up

$5,965,196

Up $448,822 (+8.1%) from 2018

Liabilities

Up

$6,394

Up $3,406 (+114%) from 2018

Revenue And Expenses
Liabilities / Revenue11th percentileNet Margin92nd percentile

Revenue

Down

$848,822

Down $97,693 (-10%) from 2018

Expenses

Up

$400,000

Up $40,988 (+11%) from 2018

Net Income

Down

$448,822

Down $138,681 (-24%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth65th percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $4,034,554Liabilities 2011: $1,085Net Assets 2011: $4,033,4692011Assets 2012: $3,827,790Liabilities 2012: $10,537Net Assets 2012: $3,817,2532012Assets 2013: $4,191,653Liabilities 2013: $1,335Net Assets 2013: $4,190,3182013Assets 2014: $4,754,597Liabilities 2014: $1,473Net Assets 2014: $4,753,1242014Assets 2015: $4,702,565Liabilities 2015: $0Net Assets 2015: $4,702,5652015Assets 2016: $4,385,736Liabilities 2016: $1,602Net Assets 2016: $4,384,1342016Assets 2017: $4,932,130Liabilities 2017: $3,259Net Assets 2017: $4,928,8712017Assets 2018: $5,519,362Liabilities 2018: $2,988Net Assets 2018: $5,516,3742018Assets 2019: $5,971,590Liabilities 2019: $6,394Net Assets 2019: $5,965,1962019Assets 2020: $5,592,088Liabilities 2020: $2,061Net Assets 2020: $5,590,0272020Assets 2021: $5,564,379Liabilities 2021: $1,425Net Assets 2021: $5,562,9542021Assets 2022: $4,845,985Liabilities 2022: $3,353Net Assets 2022: $4,842,6322022Assets 2023: $5,277,046Liabilities 2023: $30,023Net Assets 2023: $5,247,0232023Assets 2024: $5,852,843Liabilities 2024: $15,856Net Assets 2024: $5,836,9872024

Highlighted filing

2019

Assets$5,971,590
Liabilities$6,394
Net Assets$5,965,196
Open 2019 Filing

Operations Trend

Revenue Growth21st percentile

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

$4.0M$2.0M$0-$2.0MExpenses 2011: $248,1372011Expenses 2012: $299,7682012Revenue 2013: $277,718Expenses 2013: $332,414Net Income 2013: -$54,6962013Revenue 2014: $362,227Expenses 2014: $388,090Net Income 2014: -$25,8632014Revenue 2015: $462,982Expenses 2015: $483,896Net Income 2015: -$20,9142015Revenue 2016: $28,443Expenses 2016: $346,874Net Income 2016: -$318,4312016Revenue 2017: $1,140,084Expenses 2017: $324,671Net Income 2017: $815,4132017Revenue 2018: $946,515Expenses 2018: $359,012Net Income 2018: $587,5032018Revenue 2019: $848,822Expenses 2019: $400,000Net Income 2019: $448,8222019Revenue 2020: $3,235,707Expenses 2020: $3,566,078Net Income 2020: -$330,3712020Revenue 2021: $931,890Expenses 2021: $2,099,045Net Income 2021: -$1,167,1552021Revenue 2022: -$301,295Expenses 2022: $419,027Net Income 2022: -$720,3222022Revenue 2023: $488,996Expenses 2023: $454,710Net Income 2023: $34,2862023Revenue 2024: $696,604Expenses 2024: $410,978Net Income 2024: $285,6262024

Highlighted filing

2019

Revenue$848,822
Expenses$400,000
Net Income$448,822
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Feb 5, 2020
Return Version
2018v3.2
Gross Receipts
$848,822
Mission and Program Overview

Mission

The ICC Foundation supports and benefits students and the college by encouraging and facilitating financial contributions from alumni and friends of the college.

To secure and facilitate voluntary support from the independent sector to fund student assistance and special programs in response to unique educational needs and opportunities in the area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$5,302,731$5,469,373▲ $166,642
Savings and Temporary Cash Investments$780$395,255▲ $394,475
Cash and Non-Interest-Bearing Accounts$180,835$85,188▼ $95,647
Investments Other Securities$12,632$12,832▲ $200
Accounts Receivable$1,438$1,499▲ $61
Total Assets$5,519,362$5,971,590▲ $452,228
Other Assets Total$20,946$7,443▼ $13,503
Liabilities
Accounts Payable and Accrued Expenses$2,988$6,394▲ $3,406
Total Liabilities$2,988$6,394▲ $3,406
Net Assets / Fund Balance
Permanently Rstr Net Assets$2,958,538$2,997,017▲ $38,479
Temporarily Rstr Net Assets$1,762,086$2,195,528▲ $433,442
Unrestricted Net Assets$795,750$772,651▼ $23,099
Total Net Assets Fund Balance$5,516,374$5,965,196▲ $448,822
Total Liabilities and Net Assets / Fund Balance$5,519,362$5,971,590▲ $452,228
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Susan LynchFoundation DFT$70,000$2,100$72,100

Board Members and Trustees

NameTitle
Peter BirkeyChair
Ron OleheiserPast Chair
Tom McbrideVice-chair
Alie McinerneyDirector
Dan GillmanDirector
Donna AndersonDirector
Janice KangasDirector
Kevin OttDirector
Kris FerraroDirector
Maggie SkeltonDirector
Cindy FeyderSecretary
Kirk AdamsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$596,909
Program Service Revenue
$0
Investment Income
$251,913
Other Revenue
$0
All Other Contributions
$596,909
Change in Net Assets
$448,822

Audited Revenue Reconciliation

Revenue per Audited Statements
$848,822
Revenue Not Reported on Form 990
$13,085
Total Revenue per Audited Statements
$861,907
Total Revenue per Form 990
$848,822
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$185,982
Grants and Similar Amounts Paid$130,271
Salaries, Compensation, and Employee Benefits$83,747
Total Fundraising Expense$80,216
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$130,271--$130,271
Current Officers, Directors, Trustees, and Key Employees$23,793$24,514$23,793$72,100
All Other Expenses$22,102$5,229$5,075$32,406
Other Expenses$21,284$18,092$41,359$18,092
Other Salaries and Wages-$6,101-$6,101
Payroll Taxes$1,628$2,290$1,628$5,546
Advertising--$5,300$5,300
Office Expenses$713$713$1,624$3,050
Travel--$1,437$1,437
Total Functional Expenses$243,813$75,971$80,216$400,000

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$413,085
Expenses per Audited Statements$400,000
Total Expenses per Form 990$400,000
Expenses Not Reported on Form 990$13,085
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
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
Yes
Other officer compensation reviewed
No
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, Page 6, Part VI, Line 11B

“Return provided electronically to the board of directors for review and comment prior to filing”

Form 990, Page 6, Part VI, Line 15A

“The executive/development directors compensation is reviewed and determined by the board of directors on an annual basis”

Form 990, Page 6, Part VI, Line 19

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Itasca Community College Foundation
EIN
41-0991901
Phone
2183222451
Address
PO BOX 539, GRAND RAPIDS, MN 55744
Doing Business As
Itasca Community College Foundation

Signing Officer

Name
Susan Lynch
Title
Foundation Director
Phone
2183222450
Signed
2020-02-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Susan Lynch
Formed
1988
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
1

Preparer

Firm
Sholom R Blake CPA
Address
16 NE 3RD ST, GRAND RAPIDS, MN 55744-2726
Preparer
Sholom R Blake CPA
Phone
2183262879
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0106
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE ITASCA COMMUNITY COLLEGE FOUNDATION PROVIDES GRANTS AND SCHOLARSHIPS TO INDIVIDUAL STUDENTS ATTENDING THE COLLEGE IN ORDER TO MAKE COLLEGE MORE AFFORDABLE. SCHOLARSHIPS ARE AWARDED BASED ON FACTORS DETERMINED BY THE INDIVIDUAL SCHOLARSHIP FUND AND MAY INCLUDE ITEMS SUCH AS FIELD OF STUDY, GEOGRAPHIC AREA, NEED AND ACADEMIC ACHIEVEMENT. THE NUMBER OF SCHOLARSHIPS AWARDED ON AN ANNUAL BASIS VARIES BASED ON THE FUNDS AVAILABLE AND THE NUMBER OF APPLICANTS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0RETURN PROVIDED ELECTRONICALLY TO THE BOARD OF DIRECTORS FOR REVIEW AND COMMENT PRIOR TO FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE EXECUTIVE/DEVELOPMENT DIRECTORS COMPENSATION IS REVIEWED AND DETERMINED BY THE BOARD OF DIRECTORS ON AN ANNUAL BASIS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AVAILABLE UPON REQUEST
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ReturnHeader/FilingSecurityInformation/IPTm012:32:46

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,971,590
Liabilities
$6,394
Net assets
$5,965,196
Revenue
$848,822
Expenses
$400,000
Net income
$448,822
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.85$0.02$5.84$0.70$0.41$0.29
2023Detailed filing. Detailed filing data is available for this year.$5.28$0.03$5.25$0.49$0.45$0.03
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.85$0.00$4.84$0.30$0.42$0.72
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.56$0.00$5.56$0.93$2.10$1.17
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.59$0.00$5.59$3.24$3.57$0.33
2019Detailed filing. Detailed filing data is available for this year.$5.97$0.01$5.97$0.85$0.40$0.45
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.52$0.00$5.52$0.95$0.36$0.59
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.93$0.00$4.93$1.14$0.32$0.82
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.39$0.00$4.38$0.03$0.35$0.32
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.70$0.00$4.70$0.46$0.48$0.02
2014Detailed filing. Detailed filing data is available for this year.$4.75$0.00$4.75$0.36$0.39$0.03
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$4.19$0.00$4.19$0.28$0.33$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.83$0.01$3.82$0.30
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.03$0.00$4.03$0.25
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • $5M-$10M nonprofits