Civic Intelligence

Southeastern Community College Foundation

990 • Fiscal year 2022 • EIN 42-1212111

Jul 01, 2021 to Jun 30, 2022 • Filed on Oct 17, 2022

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

48th percentile

0.16x

Higher debt load relative to assets than 48% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

74th percentile

0.67x

Higher debt load relative to revenue than 74% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

74th percentile

23%

Higher net margin than 74% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

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.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

74th percentile

13%

Faster asset growth than 74% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

89th percentile

69%

Faster revenue growth than 89% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Assets

Up

$16,375,654

Up $1,883,544 (+13%) from 2021

Net Assets

Down

$13,748,047

Down $621,441 (-4.3%) from 2021

Liabilities

Up

$2,627,607

Up $2,504,985 (+2043%) from 2021

Revenue

Up

$3,936,639

Up $1,600,978 (+69%) from 2021

Expenses

Up

$3,046,472

Up $2,417,101 (+384%) from 2021

Net Income

Down

$890,167

Down $816,123 (-48%) from 2021

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

2022

Assets$16,375,654
Liabilities$2,627,607
Net Assets$13,748,047

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

2022

Revenue$3,936,639
Expenses$3,046,472
Net Income$890,167
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Oct 17, 2022
Return Version
2021v4.0
Gross Receipts
$5,115,434
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$8,299,042$6,798,946▼ $1,500,096
Pledges and Grants Receivable$2,140,844$4,207,766▲ $2,066,922
Savings and Temporary Cash Investments$2,306,128$2,333,838▲ $27,710
Land, Buildings, and Equipment, Net$174,138$1,783,298▲ $1,609,160
Accounts Receivable$14,827$12,447▼ $2,380
Prepaid Expenses and Deferred Charges$6,784$9,810▲ $3,026
Total Assets$14,492,110$16,375,654▲ $1,883,544
Other Assets Total$1,550,347$1,229,549▼ $320,798
Liabilities
Grants Payable-$2,510,509-
Accounts Payable and Accrued Expenses$103,893$99,599▼ $4,294
Other Liabilities$18,729$17,499▼ $1,230
Total Liabilities$122,622$2,627,607▲ $2,504,985
Net Assets / Fund Balance
Net Assets With Donor Restrictions$12,822,806$13,544,160▲ $721,354
Net Assets Without Donor Restrictions$1,546,682$203,887▼ $1,342,795
Total Net Assets Fund Balance$14,369,488$13,748,047▼ $621,441
Total Liabilities and Net Assets / Fund Balance$14,492,110$16,375,654▲ $1,883,544

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,783,298-$1,783,298
Other Assets Org$30,927--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$8,460,262$112,427▼ $881,937-$7,198,858
2020$7,012,085$321,944▲ $1,498,900-$8,460,262
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
Compensation and Service Providers

Board Members and Trustees

NameTitle
Frank DelaneyChair
Barb SmidtDirector
Carlene WoodsideDirector
Cathy ZiglarDirector
Charles WalshDirector
Cristy SchmidtDirector
Dana RheinschmidtDirector
Darlys BaumDirector
Jeff EbbingDirector
Jodi CookDirector
John SchulzDirector
Mary MooreDirector
Mike GreenwaldDirector
Moudy NabulsiDirector
Nancy RoedDirector
Paul DennisonDirector
Phil HechtDirector
Robert CardoniDirector
Suzanne MesserDirector
Terri DowellDirector
Val GiannettinoExec Directo
Kevin CarrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,483,586
Program Service Revenue
$0
Investment Income
$393,925
Other Revenue
$59,128
All Other Contributions
$3,483,586
Change in Net Assets
$890,167

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,880,007
Revenue Not Reported on Financial Statements
$56,632
Revenue Not Reported on Form 990
$-1,392,510
Total Revenue per Audited Statements
$2,487,497
Total Revenue per Form 990
$3,936,639
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,849,269
Other Expenses$197,203
Total Fundraising Expense$85,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,510,667--$2,510,667
Grants to Domestic Individuals$338,602--$338,602
Fees for Services Other--$85,000$85,000
Fees for Service Investment Mgmnt Fees$56,632--$56,632
Information Technology-$23,496-$23,496
Fees for Services Accounting-$19,664-$19,664
Office Expenses-$10,152-$10,152
Insurance-$1,516-$1,516
Travel-$743-$743
Total Functional Expenses$2,905,901$55,571$85,000$3,046,472

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,108,940
Total Expenses per Form 990$3,046,472
Expenses per Audited Statements$2,989,840
Expenses Not Reported on Form 990$119,100
Expenses Not Reported on Financial Statements$56,632
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Southeastern Community CollegeWest Burlington, IAGovEquipment and Grant$65,408
Southeastern Community CollegeWest Burlington, IAGovStudent Center-
Southeastern Community CollegeWest Burlington, IAGovDonated Goods-
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$68,380
Fundraising Direct Expenses$9,252
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Great Tastes$68,380$68,380$2,105$66,275
Total Events$68,380$68,380$9,252$59,128
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
Two Rivers Bank TrustRelated BoardInvestment Mgmt FeesNo$30,932
US BankRelated BoardInvestment Mgmt FeesNo$15,841
Fm Bank TrustRelated BoardInvestment Mgmt FeesNo$7,908
Fm Bank TrustRelated BoardInvestment IncomeNo$-135,418
US BankRelated BoardInvestment IncomeNo$-223,028
Two Rivers Bank TrustRelated BoardInvestment IncomeNo$-543,182
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Charitable Remainder Annuity Trust$17,499
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
No
Business relationship with family members
No
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
2022-10-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Val Giannettino
Formed
1982
Legal Domicile
Ia
Voting Board Members
21
Independent Board Members
21
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

Yohe trust 75,000 net return on crat -6,127 net return on perpetual trusts -312,920 total -244,047

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 gain on perpetual trusts -237,920 net return gain on crat -6,128

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Document Assets

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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