Civic Intelligence

Guilford Technical Community College Foundation Inc.

990 • Fiscal year 2023 • EIN 56-6085391

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 07, 2024

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

11th percentile

0.00x

Higher debt load relative to assets than 11% of similar nonprofits.

2023 filings • NTEE B • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

18th percentile

0.05x

Higher debt load relative to revenue than 18% of similar nonprofits.

2023 filings • NTEE B • $10M-$25M nonprofits • Source year 2023

Net Margin

88th percentile

34%

Higher net margin than 88% of similar nonprofits.

2023 filings • NTEE B • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

81st percentile

$277,312

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 19.8% of source-year revenue.

2023 filings • NTEE B • $10M-$25M nonprofits • Source year 2023

Asset Growth

54th percentile

7.0%

Faster asset growth than 54% of similar nonprofits.

2023 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

9th percentile

-30%

Faster revenue growth than 9% of similar nonprofits.

2023 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets11th percentile

Assets

Up

$17,735,199

Up $1,167,006 (+7.0%) from 2022

Net Assets

Up

$17,668,888

Up $1,393,193 (+8.6%) from 2022

Liabilities

Down

$66,311

Down $226,187 (-77%) from 2022

Revenue And Expenses
Liabilities / Revenue18th percentileNet Margin88th percentile

Revenue

Down

$1,403,977

Down $603,432 (-30%) from 2022

Expenses

Down

$931,451

Down $23,610 (-2.5%) from 2022

Net Income

Down

$472,526

Down $579,822 (-55%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth54th 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

2023

Assets$17,735,199
Liabilities$66,311
Net Assets$17,668,888
Open 2023 Filing

Operations Trend

Revenue Growth9th 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

2023

Revenue$1,403,977
Expenses$931,451
Net Income$472,526
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 7, 2024
Return Version
2022v5.0
Gross Receipts
$1,428,315
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$13,892,736$15,398,873▲ $1,506,137
Land, Buildings, and Equipment, Net$1,564,540$1,604,153▲ $39,613
Pledges and Grants Receivable$253,154$221,704▼ $31,450
Cash and Non-Interest-Bearing Accounts$384,539$75,002▼ $309,537
Accounts Receivable$59,209$13,374▼ $45,835
Inventories for Sale or Use-$7,664-
Prepaid Expenses and Deferred Charges$75$285▲ $210
Total Assets$16,568,193$17,735,199▲ $1,167,006
Other Assets Total$413,940$414,144▲ $204
Liabilities
Accounts Payable and Accrued Expenses$282,030$65,011▼ $217,019
Deferred Revenue$10,468$1,300▼ $9,168
Total Liabilities$292,498$66,311▼ $226,187
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,569,894$9,206,691▲ $636,797
Net Assets With Donor Restrictions$7,705,801$8,462,197▲ $756,396
Total Net Assets Fund Balance$16,275,695$17,668,888▲ $1,393,193
Total Liabilities and Net Assets / Fund Balance$16,568,193$17,735,199▲ $1,167,006

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,604,153-$1,604,153
Investment Program Related Org$568,205--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$5,198,711$309,467▲ $475,172$7,133$5,844,364
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
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleOtherTotal
Nancy SollosiFormer Treas$191,874$191,874

Board Members and Trustees

NameTitle
George JordanChair
Sara MillardVice-chair
Adrian SmithDirector
Charles GreeneDirector
Chris TreveyDirector
Christoher HarrillDirector
Don WebbDirector
Doug CopelandDirector
Dr Donald CameronDirector
Dr Jim HoesktraDirector
James WhiteDirector
Jeff DowdenDirector
Kourtney PayneDirector
Leslye TuckDirector
Marc CutcherDirector
Marshall EdwardsDirector
Michael GodwinDirector
Rhonda AndersonDirector
Rich RamseyDirector
Robert AllisonDirector
Scott SaylorDirector
Nancy SollosiFormer Treasurer
Dr Anthony ClarkeSecretary
Angela CarterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$914,663
Program Service Revenue
$0
Investment Income
$507,466
Other Revenue
$-18,152
All Other Contributions
$883,763
Change in Net Assets
$472,526

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
Drugs and Medical Supplies2$20,434-
Other Non Cash Contri Table5$16,072Fair Market Value (FMV)
Other Non Cash Contri Table3$6,260Fair Market Value (FMV)
Cars and Other Vehicles1$6,125Fair Market Value (FMV)
Total Noncash Contributions11$48,891-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,403,977
Revenue Not Reported on Form 990
$1,138,687
Total Revenue per Audited Statements
$2,542,664
Total Revenue per Form 990
$1,403,977
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$474,057
Other Expenses$457,394
Total Fundraising Expense$33,120
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$474,057--$474,057
Travel$78,347$1,783$18,350$98,480
Fees for Services Other$54,717$28,163-$82,880
Office Expenses$716$21,513$14,351$36,580
Fees for Service Investment Mgmnt Fees-$35,060-$35,060
Advertising$23,251-$419$23,670
Fees for Services Accounting-$13,305-$13,305
Conferences and Meetings$10,680$604-$11,284
Fees for Services Legal-$745-$745
Other Expenses$33,770$-16,731-$-16,731
Total Functional Expenses$813,839$84,492$33,120$931,451

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,149,471
Expenses per Audited Statements$931,451
Total Expenses per Form 990$931,451
Expenses Not Reported on Form 990$218,020
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$24,338
Fundraising Gross Income$950
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$31,850$950$7,204$-6,254
Total Events$31,850$950$24,338$-23,388
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
Backup withholding compliance
No
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
Angela Carter
Title
Treasurer
Phone
3363344822
Signed
2024-02-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Angela Carter
Formed
1966
Legal Domicile
Nc
Voting Board Members
22
Independent Board Members
21
Employees
0

Preparer

Firm
Sharpe Patel CPA
Address
325 ARLINGTON AVE STE 630, CHARLOTTE, NC 28203
Preparer
Megan a Ridgley 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, Page 5, Part V, Line 3B

“Unrelated business income is only -352 from an investment in grubb which is below the 1,000 threshhold so 990-t is not needed.”

Form 990, Part XI, Line 9

“Fundraising events revenue reported net 24,338 investment income adj to match k-1 40,072 change in beneficial interest in charitable remainder trus -13,605 direct event expenses -24,338 prior year tax adj 52,643 total 79,110”

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 2019. As of june 30, 2023 and 2022, 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

“Fundraising events revenue reported net 24,338 investment income adj to match k-1 40,072 change in beneficial interest in charitable remainder trus -13,605”

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

“Direct event expenses 24,338 prior year tax adj -52,643”

Raw XML AppendixShowing 400 of 716 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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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$17,735,199
Liabilities
$66,311
Net assets
$17,668,888
Revenue
$1,403,977
Expenses
$931,451
Net income
$472,526
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