Civic Intelligence

Mountain Gateway Community College Educational Foundation

990 • Fiscal year 2023 • EIN 54-1547596

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 12, 2024

Organization ProfileWWW.MGCC.EDU/FOUNDATION
1000 College DriveClifton Forge, VA 24422-3310

(540) 863-2837

Siviq Scores

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

Liabilities / Assets

16th percentile

0.01x

Higher debt load relative to assets than 16% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

40th percentile

0.11x

Higher debt load relative to revenue than 40% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

7th percentile

-53%

Higher net margin than 7% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

77th percentile

$208,319

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 48.0% of source-year revenue.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

50th percentile

5.3%

Faster asset growth than 50% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

4th percentile

-64%

Faster revenue growth than 4% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets16th percentile

Assets

Up

$9,295,899

Up $471,367 (+5.3%) from 2022

Net Assets

Up

$9,247,349

Up $566,171 (+6.5%) from 2022

Liabilities

Down

$48,550

Down $94,804 (-66%) from 2022

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin7th percentile

Revenue

Down

$433,611

Down $772,807 (-64%) from 2022

Expenses

Down

$664,145

Down $134,549 (-17%) from 2022

Net Income

Down

-$230,534

Down $638,258 (-157%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth50th 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

2023

Assets$9,295,899
Liabilities$48,550
Net Assets$9,247,349
Open 2023 Filing

Operations Trend

Revenue Growth4th 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

2023

Revenue$433,611
Expenses$664,145
Net Income-$230,534
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 12, 2024
Return Version
2023v5.1
Gross Receipts
$1,023,984
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$7,736,598$8,683,938▲ $947,340
Savings and Temporary Cash Investments$518,062$335,484▼ $182,578
Cash and Non-Interest-Bearing Accounts$539,680$246,284▼ $293,396
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$8,824,532$9,295,899▲ $471,367
Other Assets Total$30,192$30,193▲ $1
Liabilities
Other Liabilities$143,354$48,550▼ $94,804
Total Liabilities$143,354$48,550▼ $94,804
Net Assets / Fund Balance
Net Assets With Donor Restrictions$7,291,868$8,258,338▲ $966,470
Net Assets Without Donor Restrictions$1,389,310$989,011▼ $400,299
Total Net Assets Fund Balance$8,681,178$9,247,349▲ $566,171
Total Liabilities and Net Assets / Fund Balance$8,824,532$9,295,899▲ $471,367

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$5,345$5,345

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$6,940,771$21,895▲ $1,038,639$160,615$7,647,819
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
Compensation and Service Providers
Top Officer Pay77th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Amy PhillipsExecutive DirectorPT$98,756$98,756

Board Members and Trustees

NameTitle
Dr John RainoneBoard Secretary/college President
Nick MogaPast President
John StonePresident
Lois Switzer1st Vice President
Donna Beirne2nd Vice President
Deborah WeddleBoard Member
Donna VaughnBoard Member
Elaine NelsonBoard Member
Helen E KostelBoard Member
Jeffrey LingerfeltBoard Member
Julie GoyetteBoard Member
Margaret BurksBoard Member
Nicole Gumm-grosecloseBoard Member
Pamela MadisonBoard Member
Ray LipesBoard Member
Rebecca JohnsonBoard Member
Steve VaughnBoard Member
Susan FriskiBoard Member
Tammy Scruggs DuncanBoard Member
William T WilsonBoard Member
Kathy BryantTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$235,127
Program Service Revenue
$0
Investment Income
$200,658
Other Revenue
$-2,174
All Other Contributions
$208,827
Change in Net Assets
$-230,534

Audited Revenue Reconciliation

Revenue per Audited Statements
$400,625
Revenue Not Reported on Financial Statements
$32,986
Revenue Not Reported on Form 990
$818,635
Total Revenue per Audited Statements
$1,219,260
Total Revenue per Form 990
$433,611
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$366,397
Other Expenses$297,748
Total Fundraising Expense$40,957
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$126,840$29,271$39,028$195,139
Grants to Domestic Orgs$186,958--$186,958
Grants to Domestic Individuals$179,439--$179,439
Fees for Service Investment Mgmnt Fees-$32,986-$32,986
Fees for Services Accounting-$30,500-$30,500
Advertising-$15,000-$15,000
Other Expenses$6,751$2,852$67$2,919
Conferences and Meetings-$1,131$1,038$2,169
Travel-$810$824$1,634
Insurance-$1,090-$1,090
Total Functional Expenses$509,548$113,640$40,957$664,145

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$664,145
Total Expenses per Audited Statements$653,089
Expenses per Audited Statements$631,159
Expenses Not Reported on Financial Statements$32,986
Expenses Not Reported on Form 990$21,930
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Mountain Gateway Community CollegeClifton Forge, VA115Support Mgcc Program$186,958
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$8,253
Fundraising Gross Income$3,565
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Bubbles, Bands and Brunch$29,865$3,565$2,974$591
Total Events$29,865$3,565$8,253$-4,688
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$48,550
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, Part VI, Section B, 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, Part VI, Section B, Line 12C

“Periodic reviews by the finance and investment committee.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Mountain Gateway Community
EIN
54-1547596
Phone
5408632837
Address
1000 COLLEGE DRIVE, CLIFTON FORGE, VA 24422-3310

Signing Officer

Name
Amy Phillips
Title
Executive Director
Phone
5408632837
Signed
2024-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Amy Phillips
Formed
1980
Legal Domicile
Va
Voting Board Members
21
Independent Board Members
19
Employees
0
Volunteers
21

Preparer

Firm
Brown Edwards & Company Llp
Address
105 ARBOR DR NE 3RD FLOOR, CHRISTIANSBURG, VA 24073
Preparer
Mark Woolwine
Phone
5404433606
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“There were no changes to the process from the prior year.”

Financial Statement Notes

PART V, LINE 4:

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

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IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD SECRETARY/COLLEGE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt21ST VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt32ND VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5PAST PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt20BOARD MEMBER
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IRS990/FSAuditedInd01
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IRS990/FundraisingDirectExpensesAmt08253
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IRS990/GrantsToOrganizationsInd01
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IRS990/GrossReceiptsAmt01023984
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt019
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
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IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt01090
IRS990/InsuranceGrp/TotalAmt01090
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IRS990/LandBldgEquipCostOrOtherBssAmt05345
IRS990/LegalDomicileStateCd0VA
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt0582120
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt08681178
IRS990/NetAssetsOrFundBalancesEOYAmt09247349
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-88762
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-88762
IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt0-4688
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt0-4688
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0796705
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt01389310
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0989011
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt030192
IRS990/OtherAssetsTotalGrp/EOYAmt030193
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IRS990/OtherExpensesGrp/Desc0DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc1SOFTWARE EXPENSES
IRS990/OtherExpensesGrp/Desc2OTHER EXPENSES
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt02852
IRS990/OtherExpensesGrp/ProgramServicesAmt09560
IRS990/OtherExpensesGrp/ProgramServicesAmt16751
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IRS990/OtherExpensesGrp/TotalAmt16751
IRS990/OtherExpensesGrp/TotalAmt22919
IRS990/OtherLiabilitiesGrp/BOYAmt0143354
IRS990/OtherLiabilitiesGrp/EOYAmt048550
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt02514
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0AMY PHILLIPS
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0971413
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IRS990/PYTotalExpensesAmt0798694
IRS990/PYTotalProfFndrsngExpnsAmt00
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IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-230534
IRS990/RegularMonitoringEnfrcInd01
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IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
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IRS990/ReportProgramRelatedInvstInd00
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IRS990/ScheduleBRequiredInd01

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,295,899
Liabilities
$48,550
Net assets
$9,247,349
Revenue
$433,611
Expenses
$664,145
Net income
-$230,534
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