Civic Intelligence

Chesapeake College Foundation Inc.

990 • Fiscal year 2021 • EIN 52-1104909

Jul 01, 2020 to Jun 30, 2021 • Filed on Sep 16, 2021

Organization ProfileWWW.CHESAPEAKE.EDU/FOUNDATION
PO Box 8Wye Mills, MD 21679

(410) 827-5816

Siviq Scores

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

Liabilities / Assets

35th percentile

0.05x

Higher debt load relative to assets than 35% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

74th percentile

0.53x

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

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

16th percentile

-5.6%

Higher net margin than 16% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

80th percentile

$217,137

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 25.7% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

75th percentile

24%

Faster asset growth than 75% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

5th percentile

-48%

Faster revenue growth than 5% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets35th percentile

Assets

Up

$8,892,682

Up $1,716,746 (+24%) from 2020

Net Assets

Up

$8,446,199

Up $1,456,362 (+21%) from 2020

Liabilities

Up

$446,483

Up $260,384 (+140%) from 2020

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin16th percentile

Revenue

Down

$843,810

Down $787,402 (-48%) from 2020

Expenses

Up

$891,382

Up $195,485 (+28%) from 2020

Net Income

Down

-$47,572

Down $982,887 (-105%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

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

$15M$10M$5.0M$0Assets 2011: $3,107,425Liabilities 2011: $58,759Net Assets 2011: $3,048,6662011Assets 2012: $3,048,870Liabilities 2012: $31,879Net Assets 2012: $3,016,9912012Assets 2013: $3,393,271Liabilities 2013: $22,813Net Assets 2013: $3,370,4582013Assets 2014: $4,236,430Liabilities 2014: $6,730Net Assets 2014: $4,229,7002014Assets 2015: $4,659,720Liabilities 2015: $6,444Net Assets 2015: $4,653,2762015Assets 2016: $4,546,257Liabilities 2016: $610Net Assets 2016: $4,545,6472016Assets 2017: $5,531,632Liabilities 2017: $1,882Net Assets 2017: $5,529,7502017Assets 2018: $5,994,740Liabilities 2018: $140,473Net Assets 2018: $5,854,2672018Assets 2019: $6,205,430Liabilities 2019: $155,163Net Assets 2019: $6,050,2672019Assets 2020: $7,175,936Liabilities 2020: $186,099Net Assets 2020: $6,989,8372020Assets 2021: $8,892,682Liabilities 2021: $446,483Net Assets 2021: $8,446,1992021Assets 2022: $8,084,053Liabilities 2022: $276,736Net Assets 2022: $7,807,3172022Assets 2023: $8,815,819Liabilities 2023: $465,724Net Assets 2023: $8,350,0952023Assets 2025: $11,161,100Liabilities 2025: $528,139Net Assets 2025: $10,632,9612025

Highlighted filing

2021

Assets$8,892,682
Liabilities$446,483
Net Assets$8,446,199
Open 2021 Filing

Operations Trend

Revenue Growth5th percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2011: $300,567Expenses 2011: $190,922Net Income 2011: $109,6452011Expenses 2012: $259,3082012Expenses 2013: $245,9052013Revenue 2014: $928,775Expenses 2014: $231,465Net Income 2014: $697,3102014Revenue 2015: $1,365,368Expenses 2015: $606,376Net Income 2015: $758,9922015Revenue 2016: $1,828,970Expenses 2016: $1,847,680Net Income 2016: -$18,7102016Revenue 2017: $1,575,697Expenses 2017: $528,110Net Income 2017: $1,047,5872017Revenue 2018: $888,093Expenses 2018: $781,680Net Income 2018: $106,4132018Revenue 2019: $1,045,020Expenses 2019: $955,850Net Income 2019: $89,1702019Revenue 2020: $1,631,212Expenses 2020: $695,897Net Income 2020: $935,3152020Revenue 2021: $843,810Expenses 2021: $891,382Net Income 2021: -$47,5722021Revenue 2022: $1,805,836Expenses 2022: $861,260Net Income 2022: $944,5762022Revenue 2023: $868,361Expenses 2023: $693,824Net Income 2023: $174,5372023Revenue 2025: $1,461,664Expenses 2025: $1,262,779Net Income 2025: $198,8852025

Highlighted filing

2021

Revenue$843,810
Expenses$891,382
Net Income-$47,572
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Sep 16, 2021
Return Version
2020v4.1
Gross Receipts
$1,105,850
Mission and Program Overview

Mission

The foundation is organized and operated exclusively for the charitable and educational purposes of furthering the educational programs, facilities, and opportunities at chesapeake college, by providing financial resources to meet the college's goals and objectives.

Charitable and educational purposes to benefit the students and faculty of chesapeake college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,402,996$8,096,810▲ $1,693,814
Savings and Temporary Cash Investments$404,903$572,696▲ $167,793
Pledges and Grants Receivable$343,930$214,761▼ $129,169
Prepaid Expenses and Deferred Charges$18,107$2,415▼ $15,692
Total Assets$7,175,936$8,892,682▲ $1,716,746
Other Assets Total$6,000$6,000→ $0
Liabilities
Accounts Payable and Accrued Expenses$186,099$446,483▲ $260,384
Total Liabilities$186,099$446,483▲ $260,384
Net Assets / Fund Balance
Net Assets With Donor Restrictions$6,511,649$7,886,880▲ $1,375,231
Net Assets Without Donor Restrictions$478,188$559,319▲ $81,131
Total Net Assets Fund Balance$6,989,837$8,446,199▲ $1,456,362
Total Liabilities and Net Assets / Fund Balance$7,175,936$8,892,682▲ $1,716,746

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$4,442,716$28,960▲ $1,791,830$10,010$6,040,857
2019$3,940,329$410,207▲ $346,444$44,922$4,442,716
2018$3,766,621$54,279▲ $343,631$151,077$3,940,329
2017$3,491,421$206,159▲ $438,509$269,947$3,766,621
2016$3,030,482$102,114▲ $592,610$136,785$3,491,421
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleOtherTotal
Karen SmithVice President of Administrative Services$100,157$100,157
John HaasMember$90,547$90,547
Brandon HessonMember$67,557$67,557

Board Members and Trustees

NameTitle
Passion Bolden-tilghmanPresident
James VermilyeVice President
Blenda ArmisteadMember
Bruce ArmisteadMember
Dewey BladesMember
Evan MilesMember
John FosterMember
Lesley SchlessMember
Phil WebsterMember
Reza JafariMember
Richard PotterMember
Robby SheehanMember
Sam ShogeMember
Steve KonopelskiMember
Stuart BoundsMember
Tom TimbermanMember
Dr Cliff CoppersmithMember/chesapeake College
Revenue and Support

Revenue Composition

Contributions and Grants
$555,914
Program Service Revenue
$0
Investment Income
$287,896
Other Revenue
$0
All Other Contributions
$507,753
Change in Net Assets
$-47,572

Audited Revenue Reconciliation

Revenue per Audited Statements
$843,810
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$1,679,432
Total Revenue per Audited Statements
$2,523,242
Total Revenue per Form 990
$843,810
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$828,124
Other Expenses$63,258
Total Fundraising Expense$2,987
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$828,124--$828,124
Fees for Services Other-$33,143-$33,143
Office Expenses-$3,079$2,987$6,066
Other Expenses$250$138-$138
Total Functional Expenses$828,374$60,021$2,987$891,382

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,066,880
Expenses per Audited Statements$891,382
Total Expenses per Form 990$891,382
Expenses Not Reported on Form 990$175,498
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Chesapeake CollegeWye Mills, MD-To Provide Scholarships and Financial Aid to Students and to Provide Funds for the Purchases of Assets.$828,124
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$5,864
Fundraising Gross Income$5,864
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Pride of Peake$39,525$3,400$2,877$523
Golf Tournament$14,500$2,464$2,987$-523
Total Events$54,025$5,864$5,864$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
Business relationship with 35% controlled entity
No
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The foundation's management will provide the form 990 to the finance committee for their review. The form 990 is then made available to the whole board for review prior to irs submission.”

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

“Members of the board of the chesapeake college foundation in the performance of their responsibilities on behalf of the foundation desire to avoid any conflict or appearance of conflict between the interests of the chesapeake college foundation and any personal interest of a board member or officer. All board members shall submit annually a written statement to the board president acknowledging their receipt of this statement and disclosing any matter or relationship that the board member believes could constitute a conflict of interest. On any matter which comes before the board, a board member shall abstain from voting if such board member knowingly has a personal and/or financial interest whether direct or indirect. A board member shall disclose to the board president and to any appropriate board committee any actual or potential conflict of interest on a particular issue before the board or committee. A board member who has disclosed a possible conflict of interest may be counted in determining a quorum. Prior to the final discussion before a vote is taken on an issue, the board member will excuse himself/herself from the room. Minutes of the meeting shall reflect that a disclosure was made and that the board member did not participate in the voting on the issue.”

Form 990, Part VI, Section C, Line 19

“The foundation makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Chesapeake College Foundation Inc
EIN
52-1104909
Phone
4108275816
Address
PO BOX 8, WYE MILLS, MD 21679

Signing Officer

Name
Passion Bolden-tilghman
Title
President
Phone
4108275816
Signed
2021-09-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Passion Bolden-tilghman
Formed
1977
Legal Domicile
Md
Voting Board Members
19
Independent Board Members
16
Employees
0
Volunteers
0

Preparer

Firm
Pks & Company Pa
Address
1801 SWEETBAY DRIVE, SALISBURY, MD 21804
Preparer
Ashley M Stern CPA
Phone
4105465600
Supplemental Narrative

Financial Statement Notes

PART III, LINE 1A:

“Various pieces of artwork that are displayed throughout the campus enhance the educational value of the student's environment.”

PART V, LINE 4:

“The primary investment objective is to achieve a long-term total return in order to fund scholarships.”

PART X, LINE 2:

“The foundation accounts for uncertainty in income taxes using a recognition threshold of more-likely-than not to be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold is met. Management determined there were no tax uncertainties that met the recognition threshold.”

Raw XML AppendixShowing 400 of 590 raw XML fields

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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IRS990/Form990PartVIISectionAGrp/TitleTxt0MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER/CHESAPEAKE COLLEGE
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt13MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19VICE PRESIDENT OF ADMINISTRATIVE SERVICES
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IRS990/MoreThan5000KToIndividualsInd00
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IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/FundraisingAmt02987
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt03079
IRS990/OfficeExpensesGrp/TotalAmt06066
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt06000
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IRS990/OtherExpensesGrp/Desc0BANKING FEES
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1800
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2138
IRS990/OtherExpensesGrp/ProgramServicesAmt0250
IRS990/OtherExpensesGrp/TotalAmt022861
IRS990/OtherExpensesGrp/TotalAmt11050
IRS990/OtherExpensesGrp/TotalAmt2138
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02415
IRS990/PrincipalOfficerNm0PASSION BOLDEN-TILGHMAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYInvestmentIncomeAmt0337032
IRS990/PYOtherExpensesAmt069201
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0935315
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0695897
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01631212
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-47572
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
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IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
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IRS990ScheduleA/PublicSupportCY170Pct00.68610
IRS990ScheduleA/PublicSupportTotal170Amt03485357
IRS990ScheduleA/SubstantialContributorsTotAmt0791572
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
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IRS990ScheduleA/TotalSupportAmt05079934
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IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ArtPublicExhibitionAmountsGrp/AssetsIncludedAmt06000
IRS990ScheduleD/CollectionUsedPreservationInd0X
IRS990ScheduleD/CollectionUsedPubExhibitionInd0X
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IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt06040857
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,892,682
Liabilities
$446,483
Net assets
$8,446,199
Revenue
$843,810
Expenses
$891,382
Net income
-$47,572
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.2$0.53$10.6$1.46$1.26$0.20
2023Summary only. Only limited summary data is available for this year.$8.82$0.47$8.35$0.87$0.69$0.17
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.08$0.28$7.81$1.81$0.86$0.94
2021Detailed filing. Detailed filing data is available for this year.$8.89$0.45$8.45$0.84$0.89$0.05
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.18$0.19$6.99$1.63$0.70$0.94
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.21$0.16$6.05$1.05$0.96$0.09
2018Summary only. Only limited summary data is available for this year.$5.99$0.14$5.85$0.89$0.78$0.11
2017Summary only. Only limited summary data is available for this year.$5.53$0.00$5.53$1.58$0.53$1.05
2016Detailed filing. Detailed filing data is available for this year.$4.55$0.00$4.55$1.83$1.85$0.02
2015Detailed filing. Detailed filing data is available for this year.$4.66$0.01$4.65$1.37$0.61$0.76
2014Detailed filing. Detailed filing data is available for this year.$4.24$0.01$4.23$0.93$0.23$0.70
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.39$0.02$3.37$0.25
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.05$0.03$3.02$0.26
2011Summary only. Only limited summary data is available for this year.$3.11$0.06$3.05$0.30$0.19$0.11