Civic Intelligence

Southeastern Community College Foundation

990 • Fiscal year 2020 • EIN 42-1212111

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 03, 2020

1500 W Agency RdWest Burlington, IA 52655

(319) 208-5065

Siviq Scores

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

Liabilities / Assets

32nd percentile

0.08x

Higher debt load relative to assets than 32% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

82nd percentile

1.24x

Higher debt load relative to revenue than 82% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

1st percentile

-951%

Higher net margin than 1% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

1st percentile

-41%

Faster asset growth than 1% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

18th percentile

-22%

Faster revenue growth than 18% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Assets

Down

$12,198,360

Down $8,406,107 (-41%) from 2019

Net Assets

Down

$11,209,822

Down $7,631,754 (-41%) from 2019

Liabilities

Down

$988,538

Down $774,353 (-44%) from 2019

Revenue

Down

$794,297

Down $223,259 (-22%) from 2019

Expenses

Up

$8,349,340

Up $7,273,732 (+676%) from 2019

Net Income

Down

-$7,555,043

Down $7,496,991 (-12914%) from 2019

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2011: $4,033,731Liabilities 2011: $5,797Net Assets 2011: $4,027,9342011Assets 2012: $4,145,921Liabilities 2012: $1,654Net Assets 2012: $4,144,2672012Assets 2013: $6,864,258Liabilities 2013: $0Net Assets 2013: $6,864,2582013Assets 2014: $7,424,546Liabilities 2014: $2,369Net Assets 2014: $7,422,1772014Assets 2015: $13,586,523Liabilities 2015: $4,147Net Assets 2015: $13,582,3762015Assets 2016: $14,984,706Liabilities 2016: $0Net Assets 2016: $14,984,7062016Assets 2017: $19,461,893Liabilities 2017: $2,007,673Net Assets 2017: $17,454,2202017Assets 2018: $24,011,314Liabilities 2018: $5,304,714Net Assets 2018: $18,706,6002018Assets 2019: $20,604,467Liabilities 2019: $1,762,891Net Assets 2019: $18,841,5762019Assets 2020: $12,198,360Liabilities 2020: $988,538Net Assets 2020: $11,209,8222020Assets 2021: $14,492,110Liabilities 2021: $122,622Net Assets 2021: $14,369,4882021Assets 2022: $16,375,654Liabilities 2022: $2,627,607Net Assets 2022: $13,748,0472022Assets 2023: $19,813,374Liabilities 2023: $5,295,142Net Assets 2023: $14,518,2322023Assets 2024: $20,982,129Liabilities 2024: $5,521,745Net Assets 2024: $15,460,3842024Assets 2025: $21,447,215Liabilities 2025: $5,548,007Net Assets 2025: $15,899,2082025

Highlighted filing

2020

Assets$12,198,360
Liabilities$988,538
Net Assets$11,209,822

Operations Trend

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

$10M$5.0M$0-$5.0M-$10MExpenses 2011: $207,1412011Expenses 2012: $150,6612012Expenses 2013: $287,6912013Revenue 2014: $525,194Expenses 2014: $318,299Net Income 2014: $206,8952014Revenue 2015: $6,664,699Expenses 2015: $320,687Net Income 2015: $6,344,0122015Revenue 2016: $1,929,384Expenses 2016: $340,383Net Income 2016: $1,589,0012016Revenue 2017: $3,767,865Expenses 2017: $1,657,326Net Income 2017: $2,110,5392017Revenue 2018: $1,753,388Expenses 2018: $584,874Net Income 2018: $1,168,5142018Revenue 2019: $1,017,556Expenses 2019: $1,075,608Net Income 2019: -$58,0522019Revenue 2020: $794,297Expenses 2020: $8,349,340Net Income 2020: -$7,555,0432020Revenue 2021: $2,335,661Expenses 2021: $629,371Net Income 2021: $1,706,2902021Revenue 2022: $3,936,639Expenses 2022: $3,046,472Net Income 2022: $890,1672022Revenue 2023: $1,068,888Expenses 2023: $709,183Net Income 2023: $359,7052023Revenue 2024: $1,351,149Expenses 2024: $1,165,160Net Income 2024: $185,9892024Revenue 2025: $1,434,571Expenses 2025: $1,527,536Net Income 2025: -$92,9652025

Highlighted filing

2020

Revenue$794,297
Expenses$8,349,340
Net Income-$7,555,043
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 3, 2020
Return Version
2019v5.0
Gross Receipts
$10,251,938
Mission and Program Overview

Mission

To attract, collect, manage and disburse contributions for the support of southeastern community college. The foundation awards grants to southeastern community college students. Approximately 300 students received scholarships,from 100 to full tuition, during the year. The foundation also accepts monetary and in-kind donations to support facilities and programming.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,172,258$6,689,875▲ $517,617
Savings and Temporary Cash Investments$1,434,026$2,229,369▲ $795,343
Pledges and Grants Receivable$3,911,515$1,897,309▼ $2,014,206
Land, Buildings, and Equipment, Net$7,850,266$150,000▼ $7,700,266
Accounts Receivable$16,524$19,869▲ $3,345
Prepaid Expenses and Deferred Charges$7,513$4,081▼ $3,432
Total Assets$20,604,467$12,198,360▼ $8,406,107
Other Assets Total$1,212,365$1,207,857▼ $4,508
Liabilities
Grants Payable$1,064,815$946,371▼ $118,444
Tax Exempt Bond Liabilities$652,442--
Accounts Payable and Accrued Expenses$25,114$22,837▼ $2,277
Other Liabilities$20,520$19,330▼ $1,190
Total Liabilities$1,762,891$988,538▼ $774,353
Net Assets / Fund Balance
Net Assets With Donor Restrictions$10,313,218$10,312,020▼ $1,198
Net Assets Without Donor Restrictions$8,528,358$897,802▼ $7,630,556
Total Net Assets Fund Balance$18,841,576$11,209,822▼ $7,631,754
Total Liabilities and Net Assets / Fund Balance$20,604,467$12,198,360▼ $8,406,107

Asset Categories

AssetBook ValueDepreciationBasis
Land$150,000-$150,000
Other Assets Org$32,536--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$6,761,205$365,626▲ $195,248-$7,012,085
2018$6,438,130$223,785▲ $421,198-$6,761,205
2017$6,142,361$365,395▲ $289,131-$6,438,130
2016$5,362,312$514,004▲ $469,382-$6,142,360
2015$5,337,441$174,249▲ $37,673-$5,362,312
Compensation and Service Providers

Board Members and Trustees

NameTitle
Frank DelaneyChair
Barb SmidtDirector
Carlene WoodsideDirector
Charles WalshDirector
Cristy SchmidtDirector
Dana RheinschmidtDirector
Darlys BaumDirector
Kari BevansDirector
Mac Coffin IiDirector
Mary MooreDirector
Michael AshDirector
Mike GreenwaldDirector
Moudy NabulsiDirector
Paul DennisonDirector
Peggy CollinsDirector
Phil HechtDirector
Robert CardoniDirector
Stacey AbellDirector
Suzanne MesserDirector
Terri DowellDirector
Tom HoltkampDirector
Val GiannettinoExec Directo
Kevin CarrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$424,304
Program Service Revenue
$0
Investment Income
$341,492
Other Revenue
$28,501
All Other Contributions
$424,304
Change in Net Assets
$-7,555,043

Audited Revenue Reconciliation

Revenue per Audited Statements
$749,014
Revenue Not Reported on Financial Statements
$45,283
Revenue Not Reported on Form 990
$28,389
Total Revenue per Audited Statements
$777,403
Total Revenue per Form 990
$794,297
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$8,058,550
Other Expenses$290,790
Total Fundraising Expense$695
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$7,579,484--$7,579,484
Grants to Domestic Individuals$479,066--$479,066
Depreciation Depletion$170,781--$170,781
Fees for Service Investment Mgmnt Fees$45,283--$45,283
Information Technology-$27,418-$27,418
Fees for Services Accounting-$25,829-$25,829
Interest-$13,096-$13,096
Office Expenses-$6,977$695$7,672
Insurance-$531-$531
Travel-$180-$180
Total Functional Expenses$8,274,614$74,031$695$8,349,340

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$8,409,157
Total Expenses per Form 990$8,349,340
Expenses per Audited Statements$8,304,057
Expenses Not Reported on Form 990$105,100
Expenses Not Reported on Financial Statements$45,283
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Southeastern Community CollegeWest Burlington, IAGovWage Reimbursement$50,000
Southeaster Community CollegeWest Burlington, IAGovGift Building-
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$30,510
Fundraising Direct Expenses$2,009
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Great Tastes$30,510$30,510$2,009$28,501
Total Events$30,510$30,510$2,009$28,501
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Great River EntertainmentRelated BoardFundraising ExpenseNo$24,529
Two Rivers Bank TrustRelated BoardInterest IncomeNo$9,121
Fm Bank TrustRelated BoardInvestment Mgmt FeesNo$6,946
Two Rivers Bank TrustRelated BoardInterest ExpenseNo$2,749
Fm Bank TrustRelated BoardInterest IncomeNo$2,356
Two Rivers Bank TrustRelated BoardInvestment Mgmt FeesNo$2,331
US BankRelated BoardInvestment Mgmt FeesNo$177
US BankRelated BoardInterest IncomeNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Charitable Remainder Annuity Trust$19,330
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
Yes
Business relationship with family members
Yes
Business relationship with organization members
Yes
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

Draft form 990 is provided to board of director's executive committee to review and approve prior to filing.

Form 990, Page 6, Part VI, Line 12C

Board member disclosures, if any, are discussed and dealt with at the board level. All potential conflicts of interest have been disclosed and board members verify decision making of these board members.

Form 990, Page 6, Part VI, Line 19

No documents available to the public

Filing and Contact Details

Filer

Filer Name
Southeastern Community College
EIN
42-1212111
Phone
3192085065
Address
1500 W AGENCY RD, WEST BURLINGTON, IA 52655

Signing Officer

Name
Val Giannettino
Title
Exec Director
Phone
3192085065
Signed
2020-12-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Val Giannettino
Formed
1982
Legal Domicile
Ia
Voting Board Members
22
Independent Board Members
22
Employees
0

Preparer

Firm
CPA Associates Pc
Address
PO BOX 547, BURLINGTON, IA 52601
Preparer
Sarah H Beckman
Phone
3197526348
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To attract, collect, manage and disburse contributions for the support of southeastern community college. The foundation awards grants to southeastern community college students. Approximately 300 students received scholarships,from 100 to full tuition, during the year. The foundation also accepts monetary and in-kind donations to support facilities and programming.

Form 990, Page 2, Part III, Line 4D

Investment income to management scholarship endowments

Form 990, Part XI, Line 9

Net return on perpetual trusts 0 net return on crat 523 net return on crat 0 net return on perpetual trusts -3,282 total -2,759

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

Funds are to be utilitized for scholarships and ongoing support of the southeastern community college

Schedule D, Page 4, Part XI, Line 2D

Net return (loss) on perpetual trusts -3,282 net return (loss) on crat 523

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$21.4$5.55$15.9$1.43$1.53$0.09
2024Detailed filing. Detailed filing data is available for this year.$21.0$5.52$15.5$1.35$1.17$0.19
2023Detailed filing. Detailed filing data is available for this year.$19.8$5.30$14.5$1.07$0.71$0.36
2022Detailed filing. Detailed filing data is available for this year.$16.4$2.63$13.7$3.94$3.05$0.89
2021Detailed filing. Detailed filing data is available for this year.$14.5$0.12$14.4$2.34$0.63$1.71
2020Detailed filing. Detailed filing data is available for this year.$12.2$0.99$11.2$0.79$8.35$7.56
2019Detailed filing. Detailed filing data is available for this year.$20.6$1.76$18.8$1.02$1.08$0.06
2018Detailed filing. Detailed filing data is available for this year.$24.0$5.30$18.7$1.75$0.58$1.17
2017Detailed filing. Detailed filing data is available for this year.$19.5$2.01$17.5$3.77$1.66$2.11
2016Detailed filing. Detailed filing data is available for this year.$15.0$0.00$15.0$1.93$0.34$1.59
2015Detailed filing. Detailed filing data is available for this year.$13.6$0.00$13.6$6.66$0.32$6.34
2014Detailed filing. Detailed filing data is available for this year.$7.42$0.00$7.42$0.53$0.32$0.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.86$0.00$6.86$0.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.15$0.00$4.14$0.15
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.03$0.01$4.03$0.21