Civic Intelligence

The Palm Beach State College Fdn Inc.

990 • Fiscal year 2014 • EIN 59-1818556

Jan 01, 2014 to Dec 31, 2014 • Filed on May 14, 2015

Organization ProfileWWW.PALMBEACHSTATE.EDU/FOUNDATION
4200 Congress AvenueLake Worth, FL 33461

(561) 868-3572

Siviq Scores

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

Liabilities / Assets

10th percentile

0.01x

Higher debt load relative to assets than 10% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

13th percentile

0.06x

Higher debt load relative to revenue than 13% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

88th percentile

42%

Higher net margin than 88% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

80th percentile

$444,576

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 9.4% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

42nd percentile

2.5%

Faster asset growth than 42% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

63rd percentile

8.7%

Faster revenue growth than 63% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$32,628,962

Up $795,425 (+2.5%) from 2013

Net Assets

Up

$32,345,184

Up $674,863 (+2.1%) from 2013

Liabilities

Up

$283,778

Up $120,562 (+74%) from 2013

Revenue And Expenses
Liabilities / Revenue13th percentileNet Margin88th percentile

Revenue

Up

$4,744,682

Up $377,943 (+8.7%) from 2013

Expenses

Up

$2,750,939

Up $174,370 (+6.8%) from 2013

Net Income

Up

$1,993,743

Up $203,573 (+11%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth42nd percentile

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

$80M$60M$40M$20M$0Assets 2010: $25,089,113Liabilities 2010: $572,829Net Assets 2010: $24,516,2842010Assets 2011: $26,995,339Liabilities 2011: $418,284Net Assets 2011: $26,577,0552011Assets 2012: $27,868,867Liabilities 2012: $114,854Net Assets 2012: $27,754,0132012Assets 2013: $31,833,537Liabilities 2013: $163,216Net Assets 2013: $31,670,3212013Assets 2014: $32,628,962Liabilities 2014: $283,778Net Assets 2014: $32,345,1842014Assets 2015: $33,022,262Liabilities 2015: $302,126Net Assets 2015: $32,720,1362015Assets 2016: $34,531,577Liabilities 2016: $1,047,277Net Assets 2016: $33,484,3002016Assets 2017: $37,757,380Liabilities 2017: $1,114,826Net Assets 2017: $36,642,5542017Assets 2018: $35,537,623Liabilities 2018: $1,692,295Net Assets 2018: $33,845,3282018Assets 2019: $42,362,896Liabilities 2019: $1,289,989Net Assets 2019: $41,072,9072019Assets 2020: $55,851,195Liabilities 2020: $1,703,769Net Assets 2020: $54,147,4262020Assets 2021: $61,549,766Liabilities 2021: $868,587Net Assets 2021: $60,681,1792021Assets 2022: $55,191,409Liabilities 2022: $1,961,797Net Assets 2022: $53,229,6122022Assets 2023: $52,612,351Liabilities 2023: $903,320Net Assets 2023: $51,709,0312023Assets 2024: $62,029,100Liabilities 2024: $861,271Net Assets 2024: $61,167,8292024

Highlighted filing

2014

Assets$32,628,962
Liabilities$283,778
Net Assets$32,345,184
Open 2014 Filing

Operations Trend

Revenue Growth63rd percentile

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

$15M$10M$5.0M$0-$5.0M-$10MExpenses 2010: $6,119,1932010Expenses 2011: $5,921,4772011Expenses 2012: $5,561,3362012Revenue 2013: $4,366,739Expenses 2013: $2,576,569Net Income 2013: $1,790,1702013Revenue 2014: $4,744,682Expenses 2014: $2,750,939Net Income 2014: $1,993,7432014Revenue 2015: $4,748,358Expenses 2015: $2,948,879Net Income 2015: $1,799,4792015Revenue 2016: $3,678,789Expenses 2016: $3,212,498Net Income 2016: $466,2912016Revenue 2017: $3,743,508Expenses 2017: $3,382,238Net Income 2017: $361,2702017Revenue 2018: $4,389,728Expenses 2018: $3,671,719Net Income 2018: $718,0092018Revenue 2019: $6,496,502Expenses 2019: $3,479,797Net Income 2019: $3,016,7052019Revenue 2020: $13,934,356Expenses 2020: $3,376,456Net Income 2020: $10,557,9002020Revenue 2021: $7,498,508Expenses 2021: $2,846,933Net Income 2021: $4,651,5752021Revenue 2022: $6,305,304Expenses 2022: $4,338,465Net Income 2022: $1,966,8392022Revenue 2023: $8,054,807Expenses 2023: $13,407,715Net Income 2023: -$5,352,9082023Revenue 2024: $13,477,680Expenses 2024: $7,191,664Net Income 2024: $6,286,0162024

Highlighted filing

2014

Revenue$4,744,682
Expenses$2,750,939
Net Income$1,993,743
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 14, 2015
Return Version
2014v5.0
Gross Receipts
$16,722,970
Mission and Program Overview

Mission

To encourage, solicit, receive, and administer philanthropic gifts for the advancement of palm beach state college and its objectives of maintaining open access to higher education at affordable costs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$28,976,061$30,189,584▲ $1,213,523
Cash and Non-Interest-Bearing Accounts$2,485,115$2,269,591▼ $215,524
Pledges and Grants Receivable$355,111$124,820▼ $230,291
Prepaid Expenses and Deferred Charges$6,250$33,667▲ $27,417
Land, Buildings, and Equipment, Net$11,000--
Accounts Receivable-$300-
Total Assets$31,833,537$32,628,962▲ $795,425
Other Assets Total-$11,000-
Liabilities
Other Liabilities$130,350$235,315▲ $104,965
Accounts Payable and Accrued Expenses$32,866$48,463▲ $15,597
Total Liabilities$163,216$283,778▲ $120,562
Net Assets / Fund Balance
Permanently Rstr Net Assets$17,922,990$18,198,492▲ $275,502
Temporarily Rstr Net Assets$12,365,101$12,234,329▼ $130,772
Unrestricted Net Assets$1,382,230$1,912,363▲ $530,133
Total Net Assets Fund Balance$31,670,321$32,345,184▲ $674,863
Total Liabilities and Net Assets / Fund Balance$31,833,537$32,628,962▲ $795,425

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$31,770$31,770

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$26,130,331$1,499,264-$489,417$26,436,647
2013$23,646,171$3,515,902-$406,717$26,130,331
2012$22,508,165$2,133,424-$365,908$23,646,171
2011$21,250,045$2,091,388-$318,809$22,508,165
2010$19,753,538$2,146,851-$386,046$21,250,045
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dennis GallonCollege PresPT-$444,576$444,576
Suellen MannExecutive DiFT$6,000$109,563$115,563

Board Members and Trustees

NameTitle
Noel GuillamaChair
Dennis GallonCollege President
Antoinette TheodossakosVice Chair
Carolyn WilliamsDbot Trustee
Ashley Tullos TrippDirector
Brent FykesDirector
George ElmoreDirector
Mark HansenDirector
Ricky WadeDirector
Steve CohenDirector
William GreenmanDirector
Yvonne BoiceDirector
Trish LowryDirector - a
Dennis KanaiAudit Commit
David D DuncanFaculty Rep
Elizabeth HammaImmediate Pa
Stephen S Mathison EsqInvestment C
Vicki ChourisSecretary
Rebekah KurimskiStudent Rep.
George GentileTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,485,695
Program Service Revenue
$0
Investment Income
$3,012,203
Other Revenue
$246,784
All Other Contributions
$1,415,664
Change in Net Assets
$1,993,743

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,744,682
Revenue Not Reported on Form 990
$-782,691
Total Revenue per Audited Statements
$3,961,991
Total Revenue per Form 990
$4,744,682
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,447,942
Other Expenses$1,296,997
Total Fundraising Expense$139,822
Salaries, Compensation, and Employee Benefits$6,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,447,942--$1,447,942
All Other Expenses$212,372$20,561-$232,933
Fees for Service Investment Mgmnt Fees$110,952$42,097-$153,049
Other Expenses$102,527$2,722$138,358$105,249
Fees for Services Accounting-$26,000-$26,000
Advertising$19,886$150-$20,036
Travel$11,372$1,285-$12,657
Office Expenses$1,258$9,825$664$11,747
Conferences and Meetings-$6,378-$6,378
Other Salaries and Wages-$6,000-$6,000
Fees for Services Legal-$4,250-$4,250
Information Technology-$3,795-$3,795
Fees for Services Other-$2,160$800$2,960
Insurance-$1,648-$1,648
Total Functional Expenses$2,484,246$126,871$139,822$2,750,939

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,287,128
Expenses per Audited Statements$2,750,939
Total Expenses per Form 990$2,750,939
Expenses Not Reported on Form 990$536,189
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$246,395
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$246,395$246,395-$246,395
Total Events$246,395$246,395-$246,395
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuities Payable$235,315
Due to Pbsc-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“A draft of the information return is provided electronically to the board for review prior to filing. Written copies are provided upon request.”

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

“The organization annually sends a copy of the conflict of interest to its board members. All members are to review, detail any potential conflicts, and sign-off on the policy.”

Form 990, Page 6, Part VI, Line 15A

“Paid in accordance with palm beach state college salary schedule.”

Form 990, Page 6, Part VI, Line 15B

“Paid in accordance with palm beach state college salary schedule.”

Form 990, Page 6, Part VI, Line 19

“Form 990 is to be available on the organization's website and in writing upon request. In addition, the form 990 is available on various public websites.”

Filing and Contact Details

Filer

Filer Name
Palm Beach State College Fdn Inc
EIN
59-1818556
Phone
5618683572
Address
4200 CONGRESS AVENUE, LAKE WORTH, FL 33461

Signing Officer

Name
Suellen Mann
Title
Executive Director
Phone
5618683572
Signed
2015-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Suellen Mann Executive Director
Formed
1973
Legal Domicile
Fl
Voting Board Members
18
Independent Board Members
17
Employees
0
Volunteers
20

Preparer

Firm
Berman Hopkins Wright Laham Cpas & Assoc
Address
8035 SPYGLASS HILL RD, MELBOURNE, FL 32940
Preparer
Brian Nemeroff
Phone
3217572020
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The foundation accounts for income taxes in accordance with financial accounting standards board accounting standards codification 740 (fasb asc 740), income taxes. Fasb asc 740 requires a two-step approach to evaluate tax positions and determine if they should be recognized in the financial statements. The two-step approach involves recognizing any tax positions that are "more likely than not" to occur and then measuring those positions to determine if they are recognizable in the financial statements. Management regularly reviews and analyzes all tax positions and has determined that no uncertain tax positions requiring recognition have occurred. The foundation is no longer subject to u.s. Federal income tax examinations for years before 2009. The foundation is currently exempt from income taxes under the provisions of internal revenue code section 501(c) (3) and has been classified by the internal revenue service as an organization that is not a private foundation.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0COLLEGE PRES
IRS990/Form990PartVIISectionAGrp/TitleTxt1EXECUTIVE DI
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR - A
IRS990/Form990PartVIISectionAGrp/TitleTxt3IMMEDIATE PA
IRS990/Form990PartVIISectionAGrp/TitleTxt4SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DBOT TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt8INVESTMENT C
IRS990/Form990PartVIISectionAGrp/TitleTxt9STUDENT REP.
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14FACULTY REP
IRS990/Form990PartVIISectionAGrp/TitleTxt15TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20AUDIT COMMIT
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IRS990/InformationTechnologyGrp/TotalAmt03795
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IRS990/InvestmentsPubTradedSecGrp/EOYAmt030189584
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IRS990/LegalDomicileStateCd0FL
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt011978288
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0true
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO ENCOURAGE, SOLICIT, RECEIVE, AND ADMINISTER PHILANTHROPIC GIFTS FOR THE ADVANCEMENT OF PALM BEACH STATE COLLEGE AND ITS OBJECTIVES OF MAINTAINING OPEN ACCESS TO HIGHER EDUCATION AT AFFORDABLE COSTS.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetUnrlzdGainsLossesInvstAmt0-1318880
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IRS990/OfficeExpensesGrp/ProgramServicesAmt01258
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/EOYAmt011000
IRS990/OtherExpensesGrp/Desc0ASSISTANCE TO PBSC
IRS990/OtherExpensesGrp/Desc1CONTRACTED SERVICES
IRS990/OtherExpensesGrp/Desc2FUNDRAISING EXPENSE
IRS990/OtherExpensesGrp/Desc3HOSPITALITY
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IRS990/OtherExpensesGrp/TotalAmt1145545
IRS990/OtherExpensesGrp/TotalAmt2138358
IRS990/OtherExpensesGrp/TotalAmt3105249
IRS990/OtherLiabilitiesGrp/BOYAmt0130350
IRS990/OtherLiabilitiesGrp/EOYAmt0235315
IRS990/OtherRevenueMiscGrp/Desc0VARIOUS OTHER REVENUE
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0389
IRS990/OtherRevenueTotalAmt0389
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt06000
IRS990/OtherSalariesAndWagesGrp/TotalAmt06000
IRS990/OtherWebsiteInd0X
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt017922990
IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt018198492
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0355111
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0124820
IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt033667
IRS990/PrincipalOfficerNm0SUELLEN MANN EXECUTIVE DIRECTOR
IRS990/ProfessionalFundraisingInd0false
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IRS990/PYContributionsGrantsAmt01986088
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt01399071
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IRS990/PYOtherExpensesAmt01171498
IRS990/PYOtherRevenueAmt0182028
IRS990/PYRevenuesLessExpensesAmt01790170
IRS990/PYSalariesCompEmpBnftPaidAmt06000
IRS990/PYTotalExpensesAmt02576569
IRS990/PYTotalRevenueAmt04366739
IRS990/QuidProQuoContributionsInd0true
IRS990/QuidProQuoContriDisclInd0true
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt01993743
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0389
IRS990ScheduleA/CollegeOrganizationInd0X
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0CUMULATIVE OTHER INCOME 29,240
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt02592723
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt08480794
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$32,628,962
Liabilities
$283,778
Net assets
$32,345,184
Revenue
$4,744,682
Expenses
$2,750,939
Net income
$1,993,743
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$62.0$0.86$61.2$13.5$7.19$6.29
2023Detailed filing. Detailed filing data is available for this year.$52.6$0.90$51.7$8.05$13.4$5.35
2022Detailed filing. Detailed filing data is available for this year.$55.2$1.96$53.2$6.31$4.34$1.97
2021Detailed filing. Detailed filing data is available for this year.$61.5$0.87$60.7$7.50$2.85$4.65
2020Detailed filing. Detailed filing data is available for this year.$55.9$1.70$54.1$13.9$3.38$10.6
2019Detailed filing. Detailed filing data is available for this year.$42.4$1.29$41.1$6.50$3.48$3.02
2018Detailed filing. Detailed filing data is available for this year.$35.5$1.69$33.8$4.39$3.67$0.72
2017Detailed filing. Detailed filing data is available for this year.$37.8$1.11$36.6$3.74$3.38$0.36
2016Detailed filing. Detailed filing data is available for this year.$34.5$1.05$33.5$3.68$3.21$0.47
2015Detailed filing. Detailed filing data is available for this year.$33.0$0.30$32.7$4.75$2.95$1.80
2014Detailed filing. Detailed filing data is available for this year.$32.6$0.28$32.3$4.74$2.75$1.99
2013Detailed filing. Detailed filing data is available for this year.$31.8$0.16$31.7$4.37$2.58$1.79
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.9$0.11$27.8$5.56
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.0$0.42$26.6$5.92
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.1$0.57$24.5$6.12