Civic Intelligence

Guilford Technical Community College Foundation Inc.

990 • Fiscal year 2022 • EIN 56-6085391

Jul 01, 2021 to Jun 30, 2022 • Filed on Jan 10, 2023

Organization ProfileFOUNDATION GTCC EDU
PO Box 309Jamestown, NC 27282

(336) 334-4822

Siviq Scores

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

Liabilities / Assets

19th percentile

0.02x

Higher debt load relative to assets than 19% of similar nonprofits.

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

Liabilities / Revenue

40th percentile

0.15x

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

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

Net Margin

90th percentile

52%

Higher net margin than 90% of similar nonprofits.

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

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2022

Asset Growth

10th percentile

-15%

Faster asset growth than 10% of similar nonprofits.

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

Revenue Growth

86th percentile

52%

Faster revenue growth than 86% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets19th percentile

Assets

Down

$16,568,193

Down $3,038,657 (-15%) from 2021

Net Assets

Down

$16,275,695

Down $3,269,658 (-17%) from 2021

Liabilities

Up

$292,498

Up $231,001 (+376%) from 2021

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin90th percentile

Revenue

Up

$2,007,409

Up $683,172 (+52%) from 2021

Expenses

Up

$955,061

Up $87,716 (+10%) from 2021

Net Income

Up

$1,052,348

Up $595,456 (+130%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth10th percentile

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

$30M$20M$10M$0Assets 2010: $9,200,788Liabilities 2010: $4,156Net Assets 2010: $9,196,6322010Assets 2011: $9,739,767Liabilities 2011: $38,964Net Assets 2011: $9,700,8032011Assets 2012: $9,994,567Liabilities 2012: $6,845Net Assets 2012: $9,987,7222012Assets 2013: $11,014,858Liabilities 2013: $72,092Net Assets 2013: $10,942,7662013Assets 2014: $13,087,566Liabilities 2014: $34,484Net Assets 2014: $13,053,0822014Assets 2015: $12,977,890Liabilities 2015: $53,713Net Assets 2015: $12,924,1772015Assets 2016: $13,127,689Liabilities 2016: $7,184Net Assets 2016: $13,120,5052016Assets 2017: $14,178,215Liabilities 2017: $25,337Net Assets 2017: $14,152,8782017Assets 2018: $14,957,715Liabilities 2018: $53,886Net Assets 2018: $14,903,8292018Assets 2019: $15,302,709Liabilities 2019: $96,563Net Assets 2019: $15,206,1462019Assets 2020: $16,759,373Liabilities 2020: $58,310Net Assets 2020: $16,701,0632020Assets 2021: $19,606,850Liabilities 2021: $61,497Net Assets 2021: $19,545,3532021Assets 2022: $16,568,193Liabilities 2022: $292,498Net Assets 2022: $16,275,6952022Assets 2023: $17,735,199Liabilities 2023: $66,311Net Assets 2023: $17,668,8882023Assets 2024: $19,612,406Liabilities 2024: $78,368Net Assets 2024: $19,534,0382024Assets 2025: $21,115,700Liabilities 2025: $19,900Net Assets 2025: $21,095,8002025

Highlighted filing

2022

Assets$16,568,193
Liabilities$292,498
Net Assets$16,275,695
Open 2022 Filing

Operations Trend

Revenue Growth86th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,018,5402010Revenue 2011: $1,019,380Expenses 2011: $1,619,454Net Income 2011: -$600,0742011Expenses 2012: $924,4442012Revenue 2013: $1,895,508Expenses 2013: $1,162,944Net Income 2013: $732,5642013Revenue 2014: $2,513,280Expenses 2014: $786,715Net Income 2014: $1,726,5652014Revenue 2015: $957,000Expenses 2015: $785,571Net Income 2015: $171,4292015Revenue 2016: $1,139,204Expenses 2016: $625,949Net Income 2016: $513,2552016Revenue 2017: $981,173Expenses 2017: $718,323Net Income 2017: $262,8502017Revenue 2018: $938,639Expenses 2018: $675,213Net Income 2018: $263,4262018Revenue 2019: $1,527,717Expenses 2019: $1,277,075Net Income 2019: $250,6422019Revenue 2020: $2,191,283Expenses 2020: $833,462Net Income 2020: $1,357,8212020Revenue 2021: $1,324,237Expenses 2021: $867,345Net Income 2021: $456,8922021Revenue 2022: $2,007,409Expenses 2022: $955,061Net Income 2022: $1,052,3482022Revenue 2023: $1,403,977Expenses 2023: $931,451Net Income 2023: $472,5262023Revenue 2024: $2,153,662Expenses 2024: $1,268,019Net Income 2024: $885,6432024Revenue 2025: $2,928,708Expenses 2025: $1,744,840Net Income 2025: $1,183,8682025

Highlighted filing

2022

Revenue$2,007,409
Expenses$955,061
Net Income$1,052,348
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jan 10, 2023
Return Version
2021v4.0
Gross Receipts
$2,038,568
Mission and Program Overview

Mission

See schedule othe foundation provides financial assistance to worthy students seeking their education, and to faculty and staff in areas not covered by state funds. The foundation solicits and administers charitable gifts in accordance with the college's mission and goals.

To raise funds to supplement the financial resourses available to students, faculty, staff, and programs of guilford technical community college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$15,968,497$13,892,736▼ $2,075,761
Land, Buildings, and Equipment, Net$1,564,540$1,564,540→ $0
Cash and Non-Interest-Bearing Accounts$162,603$384,539▲ $221,936
Pledges and Grants Receivable$393,784$253,154▼ $140,630
Accounts Receivable$60,774$59,209▼ $1,565
Prepaid Expenses and Deferred Charges$279$75▼ $204
Total Assets$19,606,850$16,568,193▼ $3,038,657
Other Assets Total$1,456,373$413,940▼ $1,042,433
Liabilities
Accounts Payable and Accrued Expenses$58,997$282,030▲ $223,033
Deferred Revenue$2,500$10,468▲ $7,968
Total Liabilities$61,497$292,498▲ $231,001
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$11,020,238$8,569,894▼ $2,450,344
Net Assets With Donor Restrictions$8,525,115$7,705,801▼ $819,314
Total Net Assets Fund Balance$19,545,353$16,275,695▼ $3,269,658
Total Liabilities and Net Assets / Fund Balance$19,606,850$16,568,193▼ $3,038,657

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,564,540-$1,564,540
Investment Program Related Org$449,105--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$6,023,661$54,578▼ $740,595$4,382$5,198,711
2020$5,047,795$58,920▲ $1,047,023$5,158$6,023,661
2019$4,896,911$131,222▲ $190,000$1,446$5,047,795
2018$4,792,722$57,887▲ $211,488$28,888$4,896,911
2017$4,396,529$238,152▲ $286,571-$4,792,722
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Michael GodwinChair
Adrian SmithDirector
Charles GreeneDirector
Chris TreveyDirector
Christopher HarrillDirector
Davis MontgomeryDirector
Don WebbDirector
Donald CameronDirector
George JordanDirector
George RagsdaleDirector
James WhiteDirector
Jeff DowdenDirector
Jim HoesktraDirector
John SniderDirector
Kourtney PayneDirector
Leslye TuckDirector
Lisa StahlmannDirector
Marshall EdwardsDirector
Michael TrainorDirector
Omorlie HarrisDirector
Rick RamseyDirector
Robert AllisonDirector
Sara MillardDirector
Scott SaylorDirector
Anthony ClarkeSecretary
Nancy SollosiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$652,101
Program Service Revenue
$0
Investment Income
$762,830
Other Revenue
$592,478
All Other Contributions
$622,849
Change in Net Assets
$1,052,348

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Boats and Planes1$110,000Fair Market Value (FMV)
Other Non Cash Contri Table2$63,604Fair Market Value (FMV)
Other Non Cash Contri Table32$21,839Fair Market Value (FMV)
Other Non Cash Contri Table2$6,972Fair Market Value (FMV)
Total Noncash Contributions37$202,415-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,007,409
Revenue Not Reported on Form 990
$-3,644,833
Total Revenue per Audited Statements
$-1,637,424
Total Revenue per Form 990
$2,007,409
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$690,344
Grants and Similar Amounts Paid$264,717
Total Fundraising Expense$5,464
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Office Expenses$245,156$85,174$5,464$335,794
Grants to Domestic Individuals$264,717--$264,717
Fees for Services Other$116,125--$116,125
Travel$41,880$639-$42,519
Fees for Service Investment Mgmnt Fees-$33,430-$33,430
Other Expenses$30,444$32,030-$32,030
Fees for Services Accounting-$21,100-$21,100
Advertising$741$9,200-$9,941
Occupancy$6,952--$6,952
Conferences and Meetings$411$1,250-$1,661
Fees for Services Legal-$750-$750
Total Functional Expenses$706,426$243,171$5,464$955,061

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,632,234
Expenses per Audited Statements$955,061
Total Expenses per Form 990$955,061
Expenses Not Reported on Form 990$677,173
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$31,159
Fundraising Gross Income$1,525
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$30,777$1,525$13,568$-12,043
Total Events$30,777$1,525$31,159$-29,634
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The form 990 is reviewed by the chief financial officer. All board members are advised that the form 990 is available for their review upon request.”

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

“Officers, directors, and employees review and sign the conflict of interest policy annually. All responses are reviewed and signed by the cfo/treasurer.”

Form 990, Page 6, Part VI, Line 19

“The foundations governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Guilford Technical Community
EIN
56-6085391
Phone
3363344822
Address
PO BOX 309, JAMESTOWN, NC 27282

Signing Officer

Name
Nancy Sollosi
Title
Treasurer
Phone
3363344822
Signed
2023-01-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nancy Sollosi
Formed
1966
Legal Domicile
Nc
Voting Board Members
25
Independent Board Members
24
Employees
0

Preparer

Firm
Sharpe Patel CPA
Address
325 ARLINGTON AVE STE 510, CHARLOTTE, NC 28203-4489
Preparer
Megan Rushford CPA
Phone
7044993893
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The foundation provides financial assistance to worthy students seeking their education, and to faculty and staff in areas not covered by state funds. The foundation solicits and administers charitable gifts in accordance with the college's mission and goals.”

Form 990, Part IX, Line 11G

“Iddings house restoration 111,950 0 0 cline observatory events 1,250 0 0 physical sciences event 900 0 0 real estate services 1,650 0 0 marketing service 375 0 0 total 116,125 0 0”

Form 990, Part XI, Line 9

“Event expenses on stmt of rev 31,159 real estate revenue adjustment -1,166,277 event expenes on stmt of rev -31,159 prior year tax payments -76,684 federal ubit tax payments -221,937 adjustment for state est tax paid -54,613 total -1,519,511”

Form 990, Page 12, Part XII, Line 2C

“The process has not changed from the prior year.”

Financial Statement Notes

Schedule D, Page 3, Part X

“The foundation adopted the provisions of fasb asc 740-10-25 accounting for uncertainty in income taxes. Under this provision, an organization must recognize the tax benefit associated with tax taken for tax return purposes when it is more likely than not the position will be sustained. The implementation had no impact on the foundations financial statements. The foundation does not believe there are any material uncertain tax positions and, accordingly, it did not recognize any liability for unrecognized tax benefits. The foundation is subject to routine audits by taxing jurisdictions;however, there are currently no audits for any tax years in progress. The foundation believes it is no longer subject to income tax examinations for the years prior to 2018. As of june 30, 2022 and 2021, the foundation had no uncertain tax positions that qualify for either recognition or disclosure in the financial statements.”

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

“Event expenses on stmt of rev 31,159 real estate revenue adjustment -1,166,277”

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

“Event expenes on stmt of rev 31,159 prior year tax payments 76,684 federal ubit tax payments 221,937 adjustment for state est tax paid 54,613”

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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$16,568,193
Liabilities
$292,498
Net assets
$16,275,695
Revenue
$2,007,409
Expenses
$955,061
Net income
$1,052,348
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$21.1$0.02$21.1$2.93$1.74$1.18
2024Detailed filing. Detailed filing data is available for this year.$19.6$0.08$19.5$2.15$1.27$0.89
2023Detailed filing. Detailed filing data is available for this year.$17.7$0.07$17.7$1.40$0.93$0.47
2022Detailed filing. Detailed filing data is available for this year.$16.6$0.29$16.3$2.01$0.96$1.05
2021Detailed filing. Detailed filing data is available for this year.$19.6$0.06$19.5$1.32$0.87$0.46
2020Detailed filing. Detailed filing data is available for this year.$16.8$0.06$16.7$2.19$0.83$1.36
2019Detailed filing. Detailed filing data is available for this year.$15.3$0.10$15.2$1.53$1.28$0.25
2018Detailed filing. Detailed filing data is available for this year.$15.0$0.05$14.9$0.94$0.68$0.26
2017Detailed filing. Detailed filing data is available for this year.$14.2$0.03$14.2$0.98$0.72$0.26
2016Detailed filing. Detailed filing data is available for this year.$13.1$0.01$13.1$1.14$0.63$0.51
2015Detailed filing. Detailed filing data is available for this year.$13.0$0.05$12.9$0.96$0.79$0.17
2014Detailed filing. Detailed filing data is available for this year.$13.1$0.03$13.1$2.51$0.79$1.73
2013Summary only. Only limited summary data is available for this year.$11.0$0.07$10.9$1.90$1.16$0.73
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.99$0.01$9.99$0.92
2011Summary only. Only limited summary data is available for this year.$9.74$0.04$9.70$1.02$1.62$0.60
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.20$0.00$9.20$1.02