Civic Intelligence

Mountain Gateway Community College Educational Foundation

990 • Fiscal year 2022 • EIN 54-1547596

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileWWW.MGCC.EDU/FOUNDATION.HTML
1000 College DriveClifton Forge, VA 24422

(540) 863-2837

Siviq Scores

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

Liabilities / Assets

23rd percentile

0.02x

Higher debt load relative to assets than 23% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

43rd percentile

0.12x

Higher debt load relative to revenue than 43% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

82nd percentile

34%

Higher net margin than 82% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

78th percentile

$212,000

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 17.6% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

36th percentile

-3.1%

Faster asset growth than 36% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

81st percentile

40%

Faster revenue growth than 81% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Down

$8,824,532

Down $279,279 (-3.1%) from 2021

Net Assets

Down

$8,681,178

Down $420,381 (-4.6%) from 2021

Liabilities

Up

$143,354

Up $141,102 (+6266%) from 2021

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin82nd percentile

Revenue

Up

$1,206,418

Up $344,246 (+40%) from 2021

Expenses

Up

$798,694

Up $247,921 (+45%) from 2021

Net Income

Up

$407,724

Up $96,325 (+31%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth36th percentile

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

$10M$5.0M$0Assets 2011: $4,902,323Liabilities 2011: $302Net Assets 2011: $4,902,0212011Assets 2012: $5,127,498Liabilities 2012: $2,591Net Assets 2012: $5,124,9072012Assets 2013: $5,769,051Liabilities 2013: $4,714Net Assets 2013: $5,764,3372013Assets 2014: $6,080,564Liabilities 2014: $0Net Assets 2014: $6,080,5642014Assets 2015: $6,363,743Liabilities 2015: $0Net Assets 2015: $6,363,7432015Assets 2016: $7,028,650Liabilities 2016: $0Net Assets 2016: $7,028,6502016Assets 2017: $7,655,264Liabilities 2017: $56,332Net Assets 2017: $7,598,9322017Assets 2018: $7,284,064Liabilities 2018: $0Net Assets 2018: $7,284,0642018Assets 2019: $8,344,648Liabilities 2019: $0Net Assets 2019: $8,344,6482019Assets 2020: $8,404,227Liabilities 2020: $0Net Assets 2020: $8,404,2272020Assets 2021: $9,103,811Liabilities 2021: $2,252Net Assets 2021: $9,101,5592021Assets 2022: $8,824,532Liabilities 2022: $143,354Net Assets 2022: $8,681,1782022Assets 2023: $9,295,899Liabilities 2023: $48,550Net Assets 2023: $9,247,3492023Assets 2024: $9,987,385Liabilities 2024: $4,039Net Assets 2024: $9,983,3462024

Highlighted filing

2022

Assets$8,824,532
Liabilities$143,354
Net Assets$8,681,178
Open 2022 Filing

Operations Trend

Revenue Growth81st percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $464,262Expenses 2011: $204,697Net Income 2011: $259,5652011Revenue 2012: $476,951Expenses 2012: $216,935Net Income 2012: $260,0162012Revenue 2013: $711,906Expenses 2013: $250,031Net Income 2013: $461,8752013Revenue 2014: $880,763Expenses 2014: $319,075Net Income 2014: $561,6882014Revenue 2015: $942,846Expenses 2015: $390,260Net Income 2015: $552,5862015Revenue 2016: $1,174,848Expenses 2016: $722,339Net Income 2016: $452,5092016Revenue 2017: $1,384,407Expenses 2017: $915,830Net Income 2017: $468,5772017Revenue 2018: $932,400Expenses 2018: $623,299Net Income 2018: $309,1012018Revenue 2019: $1,061,385Expenses 2019: $606,003Net Income 2019: $455,3822019Revenue 2020: $612,679Expenses 2020: $447,979Net Income 2020: $164,7002020Revenue 2021: $862,172Expenses 2021: $550,773Net Income 2021: $311,3992021Revenue 2022: $1,206,418Expenses 2022: $798,694Net Income 2022: $407,7242022Revenue 2023: $433,611Expenses 2023: $664,145Net Income 2023: -$230,5342023Revenue 2024: $856,611Expenses 2024: $626,485Net Income 2024: $230,1262024

Highlighted filing

2022

Revenue$1,206,418
Expenses$798,694
Net Income$407,724
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$1,369,969
Mission and Program Overview

Mission

To support dabney s. Lancaster community college by helping to provide an accessible, quality education for students in the service area of the community college, while also providing faculty grants and purchasing new equipment and technology for classroom use.

To support mountain gateway community college by helping to provide an accessible, quality education for students in the service area of the community college, while also providing faculty grants and purchasing new equipment and technology for classroom use.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$8,421,678$7,736,598▼ $685,080
Cash and Non-Interest-Bearing Accounts$159,020$539,680▲ $380,660
Savings and Temporary Cash Investments$471,001$518,062▲ $47,061
Pledges and Grants Receivable$23,800--
Total Assets$9,103,811$8,824,532▼ $279,279
Other Assets Total$28,312$30,192▲ $1,880
Liabilities
Other Liabilities$2,252$143,354▲ $141,102
Total Liabilities$2,252$143,354▲ $141,102
Net Assets / Fund Balance
Net Assets With Donor Restrictions$8,104,137$7,291,868▼ $812,269
Net Assets Without Donor Restrictions$997,422$1,389,310▲ $391,888
Total Net Assets Fund Balance$9,101,559$8,681,178▼ $420,381
Total Liabilities and Net Assets / Fund Balance$9,103,811$8,824,532▼ $279,279

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$5,345$5,345

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$7,765,504$104,269▼ $556,908$153,559$6,940,771
2021$7,146,341$44,115▲ $871,105$103,214$7,765,504
2020$7,096,139$139,756▲ $167,195$121,383$7,146,341
2019$6,212,737$66,220▲ $1,043,311$107,979$7,096,139
2018$6,574,571$91,764▼ $180,074$148,800$6,212,737
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph HagyExecutive DiPT$30,609$41,319$71,928
Amy PhillipsExecutive DiPT$4,673$6,063$10,736
James CookBoard MemberPT$2,859$3,282$6,141

Board Members and Trustees

NameTitle
Nick MogaPresident
Donna BeirneBoard Direct
Deborah WeddleBoard Member
Donna VaughnBoard Member
Eddie GrahamBoard Member
Elaine NelsonBoard Member
Elizabeth RamseyBoard Member
Helen KostelBoard Member
Jackie StephensonBoard Member
Margaret BurksBoard Member
Michelle AustinBoard Member
Nicole Gumm GrosecloseBoard Member
Rebecca JohnsonBoard Member
Susan FriskiBoard Member
Teenie KegleyBoard Member
William WilsonBoard Member
John Stone1st VP
Lois Switzer2nd VP
Dr John RainoneSecretary
Kathy BryantTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$971,413
Program Service Revenue
$0
Investment Income
$235,005
Other Revenue
$0
All Other Contributions
$962,946
Change in Net Assets
$407,724

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,206,418
Revenue Not Reported on Form 990
$-841,666
Total Revenue per Audited Statements
$364,752
Total Revenue per Form 990
$1,206,418
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$535,262
Salaries, Compensation, and Employee Benefits$180,469
Other Expenses$82,963
Total Fundraising Expense$38,834
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$308,976--$308,976
Grants to Domestic Individuals$226,286--$226,286
Other Salaries and Wages$52,991$12,229$16,305$81,525
Other Employee Benefits$33,530$7,738$10,317$51,585
Current Officers, Directors, Trustees, and Key Employees$24,791$5,721$7,629$38,141
Fees for Service Investment Mgmnt Fees$22,720$8,114$1,623$32,457
Fees for Services Accounting-$16,840-$16,840
Payroll Taxes$5,991$1,383$1,844$9,218
Other Expenses$1,921$1,920$960$4,801
Conferences and Meetings-$1,787-$1,787
All Other Expenses$506$117$156$779
Travel-$359-$359
Total Functional Expenses$689,924$69,936$38,834$798,694

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$798,694
Total Expenses per Audited Statements$785,133
Expenses per Audited Statements$766,237
Expenses Not Reported on Financial Statements$32,457
Other Expense Adjustments$32,457
Expenses Not Reported on Form 990$18,896
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Mountain Gateway Comm CollegeClifton Forge, VA115Support Mgcc Program$225,976
The Advancement FoundationVinton, VA501c3Workforce Developmen$83,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to College$143,354
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The 990 was provided to the executive director and to the members of the foundation's finance and executive committees for review. The executive director has the delegated authority from the board of directors to sign and file the 990 after the review process.”

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

“Periodic reviews by finance and investment committee.”

Form 990, Page 6, Part VI, Line 19

“Upon request. Also, the virginia community college system makes the information accessible on its website.”

Form 990, Part VII

“Section a, line 1: dr. John rainone is the president of mountain gateway community college (mgcc) and is compensated by the college for his services as a college employee. He is also a member of the foundation's board of directors, but he receives no compensation for his services as a board member.”

Filing and Contact Details

Filer

Filer Name
Mountain Gateway Community
EIN
54-1547596
Phone
5408632837
Address
1000 COLLEGE DRIVE, CLIFTON FORGE, VA 24422

Signing Officer

Name
Amy Phillips
Title
Executive Director
Phone
5408632837
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Amy Phillips
Voting Board Members
19
Independent Board Members
19
Employees
6
Volunteers
19

Preparer

Firm
Campbell & Lineberry Pc
Address
PO BOX 7979, ROANOKE, VA 24019
Preparer
Kristine M Bertholf
Phone
5407773770
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To support mountain gateway community college by helping to provide an accessible, quality education for students in the service area of the community college, while also providing faculty grants and purchasing new equipment and technology for classroom use.”

Form 990

“During 2022, the board of directors of dabney s. Lancaster community college elected to change the name of the college to mountain gateway community college effective july 1, 2022. The board of directors of the educational foundation elected to change the name of the dabney s. Lancaster educational foundation, inc. To mountain gateway community college educational foundation, inc. So that it agrees with the new name of the college. This change was made effective july 1, 2022.”

Form 990, Part XI, Line 9

“Investment management fee -32,457 investment management fee 32,457”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“Endowment funds are restricted to providing scholarships, faculty grants and equipment for academic purposes.”

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

“Investment management fee -32,457”

Schedule D, Page 4, Part XII, Line 4B

“Investment management fee 32,457”

Schedule D, Page 4, Part XIII

“Part xi, line 2d and part xii, line 4b: investment management fees of 32,457 were netted against investment income on the audited financial statements and were separately stated as an expense (part ix, line 11f) on the tax return.”

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,824,532
Liabilities
$143,354
Net assets
$8,681,178
Revenue
$1,206,418
Expenses
$798,694
Net income
$407,724
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.99$0.00$9.98$0.86$0.63$0.23
2023Detailed filing. Detailed filing data is available for this year.$9.30$0.05$9.25$0.43$0.66$0.23
2022Detailed filing. Detailed filing data is available for this year.$8.82$0.14$8.68$1.21$0.80$0.41
2021Detailed filing. Detailed filing data is available for this year.$9.10$0.00$9.10$0.86$0.55$0.31
2020Detailed filing. Detailed filing data is available for this year.$8.40$0.00$8.40$0.61$0.45$0.16
2019Detailed filing. Detailed filing data is available for this year.$8.34$0.00$8.34$1.06$0.61$0.46
2018Detailed filing. Detailed filing data is available for this year.$7.28$0.00$7.28$0.93$0.62$0.31
2017Detailed filing. Detailed filing data is available for this year.$7.66$0.06$7.60$1.38$0.92$0.47
2016Detailed filing. Detailed filing data is available for this year.$7.03$0.00$7.03$1.17$0.72$0.45
2015Detailed filing. Detailed filing data is available for this year.$6.36$0.00$6.36$0.94$0.39$0.55
2014Summary only. Only limited summary data is available for this year.$6.08$0.00$6.08$0.88$0.32$0.56
2013Summary only. Only limited summary data is available for this year.$5.77$0.00$5.76$0.71$0.25$0.46
2012Summary only. Only limited summary data is available for this year.$5.13$0.00$5.12$0.48$0.22$0.26
2011Summary only. Only limited summary data is available for this year.$4.90$0.00$4.90$0.46$0.20$0.26