Civic Intelligence

Lake Sumter State College Foundation Inc.

990 • Fiscal year 2018 • EIN 59-1990323

Jan 01, 2018 to Dec 31, 2018 • Filed on Sep 12, 2019

9501 US Hwy 441Leesburg, FL 34788

(352) 365-3518

Siviq Scores

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

Liabilities / Assets

35th percentile

0.09x

Higher debt load relative to assets than 35% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

78th percentile

0.92x

Higher debt load relative to revenue than 78% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

11th percentile

-17%

Higher net margin than 11% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

78th percentile

$294,896

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 15.1% of source-year revenue.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

14th percentile

-7.2%

Faster asset growth than 14% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

9th percentile

-29%

Faster revenue growth than 9% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Assets

Down

$19,295,067

Down $1,503,337 (-7.2%) from 2017

Net Assets

Down

$17,503,377

Down $2,056,459 (-11%) from 2017

Liabilities

Up

$1,791,690

Up $553,122 (+45%) from 2017

Revenue

Down

$1,948,455

Down $781,147 (-29%) from 2017

Expenses

Up

$2,285,914

Up $1,476,026 (+182%) from 2017

Net Income

Down

-$337,459

Down $2,257,173 (-118%) from 2017

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2010: $11,977,103Liabilities 2010: $656,835Net Assets 2010: $11,320,2682010Assets 2011: $12,649,359Liabilities 2011: $692,907Net Assets 2011: $11,956,4522011Assets 2012: $13,799,446Liabilities 2012: $880,523Net Assets 2012: $12,918,9232012Assets 2013: $15,861,769Liabilities 2013: $894,474Net Assets 2013: $14,967,2952013Assets 2014: $16,922,632Liabilities 2014: $815,857Net Assets 2014: $16,106,7752014Assets 2015: $16,061,515Liabilities 2015: $217,901Net Assets 2015: $15,843,6142015Assets 2016: $16,671,096Liabilities 2016: $272,602Net Assets 2016: $16,398,4942016Assets 2017: $20,798,404Liabilities 2017: $1,238,568Net Assets 2017: $19,559,8362017Assets 2018: $19,295,067Liabilities 2018: $1,791,690Net Assets 2018: $17,503,3772018Assets 2019: $22,362,126Liabilities 2019: $1,295,021Net Assets 2019: $21,067,1052019Assets 2020: $25,555,929Liabilities 2020: $1,471,509Net Assets 2020: $24,084,4202020Assets 2021: $29,003,418Liabilities 2021: $1,590,016Net Assets 2021: $27,413,4022021Assets 2022: $25,955,910Liabilities 2022: $1,437,863Net Assets 2022: $24,518,0472022Assets 2023: $30,852,386Liabilities 2023: $2,591,476Net Assets 2023: $28,260,9102023Assets 2024: $34,929,156Liabilities 2024: $1,988,810Net Assets 2024: $32,940,3462024

Highlighted filing

2018

Assets$19,295,067
Liabilities$1,791,690
Net Assets$17,503,377

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,292,8452010Expenses 2011: $887,9992011Expenses 2012: $1,002,1082012Revenue 2013: $2,123,253Expenses 2013: $1,492,957Net Income 2013: $630,2962013Revenue 2014: $2,549,682Expenses 2014: $1,332,903Net Income 2014: $1,216,7792014Revenue 2015: $2,092,033Expenses 2015: $1,820,563Net Income 2015: $271,4702015Revenue 2016: $1,601,189Expenses 2016: $1,363,214Net Income 2016: $237,9752016Revenue 2017: $2,729,602Expenses 2017: $809,888Net Income 2017: $1,919,7142017Revenue 2018: $1,948,455Expenses 2018: $2,285,914Net Income 2018: -$337,4592018Revenue 2019: $2,163,206Expenses 2019: $1,258,091Net Income 2019: $905,1152019Revenue 2020: $2,695,048Expenses 2020: $1,295,926Net Income 2020: $1,399,1222020Revenue 2021: $3,590,083Expenses 2021: $1,480,998Net Income 2021: $2,109,0852021Revenue 2022: $3,506,837Expenses 2022: $1,916,573Net Income 2022: $1,590,2642022Revenue 2023: $4,073,247Expenses 2023: $2,411,918Net Income 2023: $1,661,3292023Revenue 2024: $5,518,258Expenses 2024: $2,492,102Net Income 2024: $3,026,1562024

Highlighted filing

2018

Revenue$1,948,455
Expenses$2,285,914
Net Income-$337,459
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Sep 12, 2019
Return Version
2018v3.1
Gross Receipts
$10,290,120
Mission and Program Overview

Mission

The lake-sumter state college foundation, inc. Is a direct support organization whose mission is to provide excellence in education, service to the community, and financial assistance to qualified students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$14,760,949$15,663,067▲ $902,118
Savings and Temporary Cash Investments$4,212,429$2,538,146▼ $1,674,283
Land, Buildings, and Equipment, Net$636,054--
Pledges and Grants Receivable$15,000$16,402▲ $1,402
Prepaid Expenses and Deferred Charges$11,000$13,500▲ $2,500
Total Assets$20,798,404$19,295,067▼ $1,503,337
Other Assets Total$1,162,972$1,063,952▼ $99,020
Liabilities
Deferred Revenue$1,237,622$1,134,774▼ $102,848
Accounts Payable and Accrued Expenses-$655,970-
Other Liabilities$946$946→ $0
Total Liabilities$1,238,568$1,791,690▲ $553,122
Net Assets / Fund Balance
Temporarily Rstr Net Assets$12,387,129$9,924,344▼ $2,462,785
Permanently Rstr Net Assets$6,595,425$6,620,425▲ $25,000
Unrestricted Net Assets$577,282$958,608▲ $381,326
Total Net Assets Fund Balance$19,559,836$17,503,377▼ $2,056,459
Total Liabilities and Net Assets / Fund Balance$20,798,404$19,295,067▼ $1,503,337

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1,063,952--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$18,982,554$1,123,063▼ $785,465$712,004$16,544,769
2017$15,836,209$1,751,606▲ $2,341,155$250,839$18,982,554
2016$15,312,832$1,410,182▲ $653,179$264,658$15,836,209
2015$15,942,288$926,667▼ $105,919$876,890$15,886,146
2014$5,109,145$41,540▲ $50,371-$5,201,056
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Dr Stanley SidorLssc Preside-$294,896$294,896
Dr Laura ByrdExecutive DiFT$117,851$117,851
Jeremy NortonFaculty Liai-$72,140$72,140

Board Members and Trustees

NameTitle
Dr Stanley SidorLssc President
Josh GonzalesPresident
Michael HollandPresident El
Ben BoylstonBoard Member
Clare GarnerBoard Member
Debbie BoggusBoard Member
Dr Isaac DeasBoard Member
Harry HackneyBoard Member
Jenna EmersonBoard Member
Jerry MillerBoard Member
Kim CouchBoard Member
Kris PoliquinBoard Member
Lelayne N FranceBoard Member
Lynn KirmanBoard Member
Mary Beth MorrisBoard Member
Matthew BlackBoard Member
Michelle MichnoffBoard Member
Mike DegrawBoard Member
Peyton GrinnellBoard Member
Phyllis BaumBoard Member
Sandra StephensonBoard Member
Shannon HerreraBoard Member
Vicki WynnsBoard Member
Emily LeeBoard of Tr.
Lindsay HoltPast Preside
Carl SpecciTreasurer
David JordanVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$933,843
Program Service Revenue
$0
Investment Income
$917,428
Other Revenue
$97,184
All Other Contributions
$819,725
Change in Net Assets
$-337,459

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,129,494
Revenue Not Reported on Financial Statements
$-181,039
Revenue Not Reported on Form 990
$-1,419,543
Other Revenue Adjustments
$-181,039
Total Revenue per Audited Statements
$709,951
Total Revenue per Form 990
$1,948,455
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,868,728
Other Expenses$417,186
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,293,359--$1,293,359
Grants to Domestic Individuals$575,369--$575,369
Fees for Service Investment Mgmnt Fees-$133,515-$133,515
Office Expenses-$102,429-$102,429
Fees for Services Other-$43,107-$43,107
Occupancy-$29,234-$29,234
Advertising-$19,233-$19,233
Fees for Services Accounting-$18,600-$18,600
Travel-$14,502-$14,502
Conferences and Meetings-$10,965-$10,965
All Other Expenses-$6,982-$6,982
Other Expenses-$3,229-$3,229
Insurance-$1,945-$1,945
Total Functional Expenses$1,868,728$417,186$0$2,285,914

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,766,410
Expenses per Audited Statements$2,285,914
Total Expenses per Form 990$2,285,914
Expenses Not Reported on Form 990$480,496
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Lake Sumter State CollegeLeesburg, FLGovProgram Support$657,305
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$275,621
Fundraising Direct Expenses$181,040
Gaming Gross Income$2,603
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Performing Arts$180,460$167,379$25,026$142,353
Gala$108,817$93,817$41,984$51,833
Total Events$386,409$272,941$173,649$99,292
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Other$946
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

Staff and board review form 990 draft, and any changes required are discussed with cpa prior to filing of form 990.

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

Board reviews potential conflicts of interest on an annual basis.

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

The foundation's executive directer is an employee of lake-sumter state college (lssc). All salaries, benefits and payroll taxes are paid through lssc and the foundation is not expected to reimburse lssc for such donated operating support. Salaries paid by lssc are assigned by pay grades that are averaged through the industry and competitive in the central florida area. All salaries are approved by the lssc board of trustees.

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

The foundation staff members are employees of lake-sumter state college (lssc). All salaries, benefits and payroll taxes are paid through lssc and the foundation is not expected to reimburse lssc for such donated operating support. Salaries paid by lssc are assigned by pay grades that are averaged through the industry and competitive in the central florida area. All salaries are approved by the lssc board of trustees.

Form 990, Page 6, Part VI, Line 19

Governing documents, policies, and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Lake-sumter State College
EIN
59-1990323
Phone
3523653518
Address
9501 US HWY 441, LEESBURG, FL 34788

Signing Officer

Name
Josh Gonzales
Title
President
Phone
3523653518
Signed
2019-09-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Josh Gonzales
Formed
1980
Legal Domicile
Fl
Voting Board Members
28
Independent Board Members
26
Employees
0
Volunteers
200

Preparer

Firm
Purvis Gray & Company Llp
Address
2347 SE 17TH STREET, OCALA, FL 34471
Preparer
Mark a White CPA
Phone
3527323872
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Fundraising expenses 181,039 fundraising expenses -181,039

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

Restricted nonexpendable - representing the principal portion of endowment funds that are subject to donor, grantor, or other outside party restrictions as to use for the benefit of various programs at the college. Earnings on endowment funds are included in expendable funds for expenditure. Restricted expendable - representing funds that are subject to donor, grantor, or other outside party restrictions as to use for the benefit of various programs at the college, including the unspent earnings of endowment funds.

Schedule D, Page 3, Part X

The internal revenue service has recognized lake-sumter state college foundation, inc. As a tax-exempt organization under section 501(c)(3) of the internal revenue code. Accordingly, income earned in furtherance of the foundations tax-exempt purpose is exempt from federal and state income taxes and, therefore, these financial statements include no provision or liability for income taxes. As of december 31, 2018, the foundation had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. Generally, the irs may review the returns for the past three years.

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

Fundraising expenses -181,039

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

Fundraising expenses 181,039

Schedule D, Page 4, Part XIII

Part v - endowment funds columns (b) through (d) (2017-2015) have been corrected to include temporarily restricted endowment funds and their related activity. The information necessary to report temporarily restricted endowment funds and related activity for 2014 is not available and as such, column (e) has not been adjusted. The ending balance for 12/31/15 (column (d)) does not agree to the beginning balance for 2016 in column (c) due to a prior period adjustment to temporarily restricted endowment funds of 573,314.

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$34.9$1.99$32.9$5.52$2.49$3.03
2023Detailed filing. Detailed filing data is available for this year.$30.9$2.59$28.3$4.07$2.41$1.66
2022Detailed filing. Detailed filing data is available for this year.$26.0$1.44$24.5$3.51$1.92$1.59
2021Detailed filing. Detailed filing data is available for this year.$29.0$1.59$27.4$3.59$1.48$2.11
2020Detailed filing. Detailed filing data is available for this year.$25.6$1.47$24.1$2.70$1.30$1.40
2019Detailed filing. Detailed filing data is available for this year.$22.4$1.30$21.1$2.16$1.26$0.91
2018Detailed filing. Detailed filing data is available for this year.$19.3$1.79$17.5$1.95$2.29$0.34
2017Detailed filing. Detailed filing data is available for this year.$20.8$1.24$19.6$2.73$0.81$1.92
2016Detailed filing. Detailed filing data is available for this year.$16.7$0.27$16.4$1.60$1.36$0.24
2015Detailed filing. Detailed filing data is available for this year.$16.1$0.22$15.8$2.09$1.82$0.27
2014Detailed filing. Detailed filing data is available for this year.$16.9$0.82$16.1$2.55$1.33$1.22
2013Detailed filing. Detailed filing data is available for this year.$15.9$0.89$15.0$2.12$1.49$0.63
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.8$0.88$12.9$1.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.6$0.69$12.0$0.89
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.0$0.66$11.3$2.29