Civic Intelligence

Mcdowell Technical Community College Foundation Incorporated

990 • Fiscal year 2023 • EIN 59-1743773

Jul 01, 2022 to Jun 30, 2023 • Filed on Oct 13, 2023

Organization ProfileWWW.MCDOWELLTECH.EDU
54 College DriveMarion, NC 28752

(828) 652-0636

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$783,097

Down $11,137 (-1.4%) from 2022

Net Assets

Down

$783,097

Down $11,137 (-1.4%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses

Revenue

Down

$126,356

Down $70,852 (-36%) from 2022

Expenses

Up

$159,252

Up $140,920 (+769%) from 2022

Net Income

Down

-$32,896

Down $211,772 (-118%) from 2022

Historical Trend

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2011: $320,298Liabilities 2011: $2,740Net Assets 2011: $317,5582011Assets 2012: $310,530Liabilities 2012: $163Net Assets 2012: $310,3672012Assets 2013: $290,786Liabilities 2013: $0Net Assets 2013: $290,7862013Assets 2014: $470,452Liabilities 2014: $0Net Assets 2014: $470,4522014Assets 2015: $491,052Liabilities 2015: $0Net Assets 2015: $491,0522015Assets 2016: $576,633Liabilities 2016: $3,895Net Assets 2016: $572,7382016Assets 2017: $664,418Liabilities 2017: $500Net Assets 2017: $663,9182017Assets 2018: $557,075Liabilities 2018: $0Net Assets 2018: $557,0752018Assets 2019: $565,323Liabilities 2019: $0Net Assets 2019: $565,3232019Assets 2020: $580,856Liabilities 2020: $0Net Assets 2020: $580,8562020Assets 2021: $711,685Liabilities 2021: $0Net Assets 2021: $711,6852021Assets 2022: $794,234Liabilities 2022: $0Net Assets 2022: $794,2342022Assets 2023: $783,097Liabilities 2023: $0Net Assets 2023: $783,0972023Assets 2024: $1,379,949Liabilities 2024: $0Net Assets 2024: $1,379,9492024Assets 2025: $1,638,373Liabilities 2025: $0Net Assets 2025: $1,638,3732025

Highlighted filing

2023

Assets$783,097
Liabilities$0
Net Assets$783,097
Open 2023 Filing

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2011: $5,849Expenses 2011: $11,311Net Income 2011: -$5,4622011Revenue 2012: $9,001Expenses 2012: $16,281Net Income 2012: -$7,2802012Expenses 2013: $34,5952013Revenue 2014: $181,410Expenses 2014: $19,095Net Income 2014: $162,3152014Revenue 2015: $137,339Expenses 2015: $111,705Net Income 2015: $25,6342015Revenue 2016: $181,257Expenses 2016: $86,728Net Income 2016: $94,5292016Revenue 2017: $134,338Expenses 2017: $64,076Net Income 2017: $70,2622017Revenue 2018: $41,942Expenses 2018: $158,363Net Income 2018: -$116,4212018Revenue 2019: $31,253Expenses 2019: $25,217Net Income 2019: $6,0362019Revenue 2020: $147,252Expenses 2020: $120,187Net Income 2020: $27,0652020Revenue 2021: $66,448Expenses 2021: $31,125Net Income 2021: $35,3232021Revenue 2022: $197,208Expenses 2022: $18,332Net Income 2022: $178,8762022Revenue 2023: $126,356Expenses 2023: $159,252Net Income 2023: -$32,8962023Revenue 2024: $764,001Expenses 2024: $205,895Net Income 2024: $558,1062024Revenue 2025: $655,164Expenses 2025: $456,748Net Income 2025: $198,4162025

Highlighted filing

2023

Revenue$126,356
Expenses$159,252
Net Income-$32,896
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Oct 13, 2023
Return Version
2022v5.0
Gross Receipts
$126,356
Mission and Program Overview

Mission

To promote, develop and encourage public support of mcdowell technical community college. To seek and raise funds and gifts to provide to the college in order to advance the mission and goals of the college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$523,418$544,175▲ $20,757
Savings and Temporary Cash Investments$269,580$237,686▼ $31,894
Cash and Non-Interest-Bearing Accounts$1,236$1,236→ $0
Total Assets$794,234$783,097▼ $11,137
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$785,049$771,614▼ $13,435
Net Assets Without Donor Restrictions$9,185$11,483▲ $2,298
Total Net Assets Fund Balance$794,234$783,097▼ $11,137
Total Liabilities and Net Assets / Fund Balance$794,234$783,097▼ $11,137

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$544,175--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$794,234$113,970▲ $22,661$2,066$771,613
2021$700,001$164,197▼ $60,482-$794,234
2020$565,231$29,594▲ $108,832-$700,001
2019$493,893$83,677▼ $989-$565,231
2018$446,030$38,705▲ $12,283-$493,893
Compensation and Service Providers

Employees

NameTitleOtherTotal
Brian MerrittMtcc President/ Executive Secretary to Foundation$185,000$185,000
Ryan GarrisonMtcc VP for Admin and Fina$127,500$127,500

Board Members and Trustees

NameTitle
Walt BagwellChairman
Brian MerrittMtcc President/ Executive Secretary
Wes ShellyVice Chair
Bob BoyetteBoard Member
Bobbie YoungBoard Member
Jan GoodsonBoard Member
Johnnie DavisBoard Member
Linda HamrickBoard Member
Marion BakerBoard Member
Paula AveryBoard Member
Sarah WashburnBoard Member
Sharon ParkerBoard Member
Steve JonesBoard Member
Steve McmahanBoard Member
William HollifieldBoard Member
Marsh DarkDirector
Nancy HunterDirector
Ray MckessonDirector
Penny CrossMtcc Director for Student
Madalyn GaitoMtcc Director of Developme
Lisa ByrdMtcc Director of Financial
Revenue and Support

Revenue Composition

Contributions and Grants
$113,970
Program Service Revenue
$0
Investment Income
$12,386
Other Revenue
$0
All Other Contributions
$113,970
Change in Net Assets
$-32,896

Audited Revenue Reconciliation

Revenue per Audited Statements
$126,356
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$59,422
Total Revenue per Audited Statements
$185,778
Total Revenue per Form 990
$126,356
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$151,819
Other Expenses$7,433
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$151,819--$151,819
Fees for Services Accounting-$5,000-$5,000
Other Expenses$2,066$367-$367
Total Functional Expenses$153,885$5,367$0$159,252

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$196,916
Expenses per Audited Statements$159,252
Total Expenses per Form 990$159,252
Expenses Not Reported on Form 990$37,664
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Mcdowell Technical Community CollegeMarion, NC-To Provide Scholarships and General Support of the College and Its Activities$151,819
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
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 A, Line 8B

“There are no other committees with authority to act on behalf of the governing board.”

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

“A copy of form 990 is maintained at the foundation's office for review by the board prior to filing”

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

“Any possible conflict of interest shall be disclosed to the board by the person concerned. If deemed to be a conflict of interest, the said person shall not participate in the matter. The official minutes of the board shall reflect that the conflict of interest was disclosed and that the interested person did not participate in the matter.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Mcdowell Technical Community
EIN
59-1743773
Phone
8286520636
Address
54 COLLEGE DRIVE, MARION, NC 28752

Signing Officer

Name
Ryan Garrison
Title
Treasurer
Phone
8286520627
Signed
2023-10-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Madalyn Gaito
Formed
1977
Legal Domicile
Nc
Voting Board Members
21
Independent Board Members
21
Employees
0
Volunteers
0

Preparer

Firm
Lowdermilk Church & Co Llp
Address
121 NORTH STERLING STREET, MORGANTON, NC 28655
Preparer
Phillip E Church
Phone
8284331226
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“ROUNDING 1.”

Financial Statement Notes

PART V, LINE 4:

“Part v, line 4: the foundation's endowment funds are either temporarily or permanently restricted funds earmarked by the donor for specific purposes. Permanently restricted net assets represent contributions by donors who have indicated that the assets are to remain in perpetuity as permanent endowments of the foundation.”

PART X, LINE 2:

“Fasb asc 740-10, accounting for uncertainty in income taxes, clarifies the accounting for uncertainty in income tax positions. Based on an evaluation of uncertain tax positions, management is required to measure potential tax liabilities that could have a risk of greater than a 50% likelihood of being realized upon settlement. As of june 30, 2023, management has determined that the foundation has no such risk and therefore no liabilities have been recorded for uncertain tax positions. The foundation is exempt from federal income taxes under section 501(c)(3) of the internal revenue code, except on net income derived from unrelated business activities. The foundation believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions material to the financial statements.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Contributed non financial assets 37,664.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Contributed non financial resources 37,664.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17MTCC VP FOR ADMIN AND FINA
IRS990/Form990PartVIISectionAGrp/TitleTxt18MTCC PRESIDENT/ EXECUTIVE SECRETARY TO FOUNDATION
IRS990/Form990PartVIISectionAGrp/TitleTxt19MTCC DIRECTOR OF DEVELOPME
IRS990/Form990PartVIISectionAGrp/TitleTxt20MTCC DIRECTOR FOR STUDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt21MTCC DIRECTOR OF FINANCIAL
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IRS990/MissionDesc0TO PROMOTE, DEVELOP AND ENCOURAGE PUBLIC SUPPORT OF MCDOWELL TECHNICAL COMMUNITY COLLEGE. TO SEEK AND RAISE FUNDS AND GIFTS TO PROVIDE TO THE COLLEGE IN ORDER TO ADVANCE THE MISSION AND GOALS OF THE COLLEGE.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt06491
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/Desc0COLLEGE SUPPORT
IRS990/OtherExpensesGrp/Desc1MISCELLANEOUS EXPENSES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0367
IRS990/OtherExpensesGrp/ProgramServicesAmt02066
IRS990/OtherExpensesGrp/TotalAmt02066
IRS990/OtherExpensesGrp/TotalAmt1367
IRS990/PartialLiquidationInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0MADALYN GAITO
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
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IRS990/PYExcessBenefitTransInd00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0132889
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt020735
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IRS990ScheduleA/PublicOrganization170Ind0X
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0132889
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt020735
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0491260
IRS990ScheduleA/TotalSupportAmt0514017
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/CYEndwmtFundGrp/AdministrativeExpensesAmt05367
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt0794234
IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt0113970
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0771613
IRS990ScheduleD/CYEndwmtFundGrp/GrantsOrScholarshipsAmt0151819
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt022661
IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt02066
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/AdministrativeExpensesAmt03591
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt0700001
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt0164197
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt0794234
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/GrantsOrScholarshipsAmt05891
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-60482
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/AdministrativeExpensesAmt03656
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt0565231
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt029594
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt0700001
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0108832
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/AdministrativeExpensesAmt03093
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt0493893
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt083677
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IRS990ScheduleD/DisclosedForCharitablePrpsInd01
IRS990ScheduleD/DisclosedOrgLegCtrlInd01
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd01
IRS990ScheduleD/ExpensesNotReportedAmt037664
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0159252
IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherExpensesIncludedAmt037664
IRS990ScheduleD/OtherRevenueAmt037664
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt0544175
IRS990ScheduleD/OtherSecuritiesGrp/Desc0CFWNC
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/RevenueNotReportedAmt059422
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0126356
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PART V, LINE 4: THE FOUNDATION'S ENDOWMENT FUNDS ARE EITHER TEMPORARILY OR PERMANENTLY RESTRICTED FUNDS EARMARKED BY THE DONOR FOR SPECIFIC PURPOSES. PERMANENTLY RESTRICTED NET ASSETS REPRESENT CONTRIBUTIONS BY DONORS WHO HAVE INDICATED THAT THE ASSETS ARE TO REMAIN IN PERPETUITY AS PERMANENT ENDOWMENTS OF THE FOUNDATION.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FASB ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAX POSITIONS. BASED ON AN EVALUATION OF UNCERTAIN TAX POSITIONS, MANAGEMENT IS REQUIRED TO MEASURE POTENTIAL TAX LIABILITIES THAT COULD HAVE A RISK OF GREATER THAN A 50% LIKELIHOOD OF BEING REALIZED UPON SETTLEMENT. AS OF JUNE 30, 2023, MANAGEMENT HAS DETERMINED THAT THE FOUNDATION HAS NO SUCH RISK AND THEREFORE NO LIABILITIES HAVE BEEN RECORDED FOR UNCERTAIN TAX POSITIONS. THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. THE FOUNDATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS MATERIAL TO THE FINANCIAL STATEMENTS.

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Filings

Displayed year

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

Open filing
Assets
$783,097
Liabilities
$0
Net assets
$783,097
Revenue
$126,356
Expenses
$159,252
Net income
-$32,896
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.64$0.00$1.64$0.66$0.46$0.20
2024Detailed filing. Detailed filing data is available for this year.$1.38$0.00$1.38$0.76$0.21$0.56
2023Detailed filing. Detailed filing data is available for this year.$0.78$0.00$0.78$0.13$0.16$0.03
2022Detailed filing. Detailed filing data is available for this year.$0.79$0.00$0.79$0.20$0.02$0.18
2021Detailed filing. Detailed filing data is available for this year.$0.71$0.00$0.71$0.07$0.03$0.04
2020Detailed filing. Detailed filing data is available for this year.$0.58$0.00$0.58$0.15$0.12$0.03
2019Detailed filing. Detailed filing data is available for this year.$0.57$0.00$0.57$0.03$0.03$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.56$0.00$0.56$0.04$0.16$0.12
2017Detailed filing. Detailed filing data is available for this year.$0.66$0.00$0.66$0.13$0.06$0.07
2016Detailed filing. Detailed filing data is available for this year.$0.58$0.00$0.57$0.18$0.09$0.09
2015Detailed filing. Detailed filing data is available for this year.$0.49$0.00$0.49$0.14$0.11$0.03
2014Detailed filing. Detailed filing data is available for this year.$0.47$0.00$0.47$0.18$0.02$0.16
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.29$0.00$0.29$0.03
2012Summary only. Only limited summary data is available for this year.$0.31$0.00$0.31$0.01$0.02$0.01
2011Summary only. Only limited summary data is available for this year.$0.32$0.00$0.32$0.01$0.01$0.01