Civic Intelligence

Lynn Colbert Charitable Foundation

990 • Fiscal year 2020 • EIN 73-6131373

Jul 01, 2019 to Jun 30, 2020 • Filed on Oct 07, 2020

Bancfirst PO Box 1468Duncan, OK 73534

(580) 251-7027

Siviq Scores

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

Liabilities / Assets

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

76th percentile

19%

Higher net margin than 76% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

53rd percentile

$259,343

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 6.6% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

34th percentile

2.2%

Faster asset growth than 34% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

7th percentile

-46%

Faster revenue growth than 7% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Assets

Up

$33,756,231

Up $735,533 (+2.2%) from 2019

Net Assets

Up

$33,756,231

Up $735,533 (+2.2%) from 2019

Liabilities

Flat

$0

Flat from 2019

Revenue

Down

$3,949,757

Down $3,365,358 (-46%) from 2019

Expenses

Up

$3,214,224

Up $103,021 (+3.3%) from 2019

Net Income

Down

$735,533

Down $3,468,379 (-83%) from 2019

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2012: $1,920,914Liabilities 2012: $0Net Assets 2012: $1,920,9142012Assets 2013: $1,926,358Liabilities 2013: $0Net Assets 2013: $1,926,3582013Assets 2014: $4,937,751Liabilities 2014: $0Net Assets 2014: $4,937,7512014Assets 2015: $9,250,034Liabilities 2015: $0Net Assets 2015: $9,250,0342015Assets 2016: $12,023,340Liabilities 2016: $0Net Assets 2016: $12,023,3402016Assets 2017: $17,915,215Liabilities 2017: $0Net Assets 2017: $17,915,2152017Assets 2018: $28,816,786Liabilities 2018: $0Net Assets 2018: $28,816,7862018Assets 2019: $33,020,698Liabilities 2019: $0Net Assets 2019: $33,020,6982019Assets 2020: $33,756,231Liabilities 2020: $0Net Assets 2020: $33,756,2312020Assets 2021: $37,205,747Liabilities 2021: $0Net Assets 2021: $37,205,7472021Assets 2022: $46,761,274Liabilities 2022: $0Net Assets 2022: $46,761,2742022Assets 2023: $50,330,146Liabilities 2023: $0Net Assets 2023: $50,330,1462023Assets 2024: $51,023,067Liabilities 2024: $0Net Assets 2024: $51,023,0672024

Highlighted filing

2020

Assets$33,756,231
Liabilities$0
Net Assets$33,756,231

Operations Trend

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

$15M$10M$5.0M$0Revenue 2012: $231,312Expenses 2012: $134,077Net Income 2012: $97,2352012Revenue 2013: $144,836Expenses 2013: $139,392Net Income 2013: $5,4442013Revenue 2014: $3,350,914Expenses 2014: $339,521Net Income 2014: $3,011,3932014Revenue 2015: $4,929,845Expenses 2015: $617,562Net Income 2015: $4,312,2832015Revenue 2016: $3,927,664Expenses 2016: $1,154,358Net Income 2016: $2,773,3062016Revenue 2017: $7,804,385Expenses 2017: $1,912,510Net Income 2017: $5,891,8752017Revenue 2018: $13,807,024Expenses 2018: $2,905,453Net Income 2018: $10,901,5712018Revenue 2019: $7,315,115Expenses 2019: $3,111,203Net Income 2019: $4,203,9122019Revenue 2020: $3,949,757Expenses 2020: $3,214,224Net Income 2020: $735,5332020Revenue 2021: $6,896,327Expenses 2021: $3,446,811Net Income 2021: $3,449,5162021Revenue 2022: $13,887,455Expenses 2022: $4,331,928Net Income 2022: $9,555,5272022Revenue 2023: $8,187,894Expenses 2023: $4,619,022Net Income 2023: $3,568,8722023Revenue 2024: $5,198,830Expenses 2024: $4,505,909Net Income 2024: $692,9212024

Highlighted filing

2020

Revenue$3,949,757
Expenses$3,214,224
Net Income$735,533
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Oct 7, 2020
Return Version
2019v5.1
Gross Receipts
$13,087,736
Mission and Program Overview

Mission

Grant scholarships to students attending murray state college and supplement operational funds for murray state college.

Grant scholarships to students attending Murray State College and supplemental operational funds for Murray STATE COLLEGE.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$32,247,770$33,144,356▲ $896,586
Savings and Temporary Cash Investments$733,815$572,762▼ $161,053
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$33,020,698$33,756,231▲ $735,533
Other Assets Total$39,113$39,113→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$33,020,698$33,756,231▲ $735,533
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$33,020,698$33,756,231▲ $735,533
Total Liabilities and Net Assets / Fund Balance$33,020,698$33,756,231▲ $735,533
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
BancFirstCo-Trustee$259,343-$259,343
Justin CellumCo-Trustee-$85,937$85,937
Alana LedfordCo-Trustee-$48,254$48,254

Board Members and Trustees

NameTitle
Joy McDanielCo-Trustee
Steven JollyCo-Trustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$916,749
Other Revenue
$3,033,008
Change in Net Assets
$735,533
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,487,829
Other Expenses$467,052
Salaries, Compensation, and Employee Benefits$259,343
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,487,829--$2,487,829
Depreciation Depletion-$463,398-$463,398
Current Officers, Directors, Trustees, and Key Employees-$259,343-$259,343
Fees for Services Accounting-$3,150-$3,150
Fees for Services Legal-$504-$504
Total Functional Expenses$2,487,829$726,395$0$3,214,224
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Murray State CollegeTishomingo, OKState of OKCollege Scholarships$2,487,829
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990 Part VI Section A Line 3

Bancfirst, acting in the capacity of a corporate trustee, handles the daily activity associated with investment management and custody of the foundation's assets.

Form 990 Part VI Section A Line 7A

The trust agreement provides that there shall be five trustees, three of whom are elected by the governing body of murray state college, the fourth is bancfirst, a corporate trustee, and the fifth trustee is a resident of stephens county, oklahoma, who is appointed by the remaining trustees.

Form 990 Part VI Section B Line 11B

Bancfirst, corporate trustee, engages a third party paid preparer experienced in the preparation of form 990 to prepare the return. The trustee works closely with the paid preparer to address any questions or issues related to the return. Bancfirst will review the return and provide copies of the return to all trustees prior to filing.

Form 990 Part VI Section C Line 19

These documents are considered confidential and are not made available to the public.

Filing and Contact Details

Filer

Filer Name
Lynn Colbert Charitable Foundation
EIN
73-6131373
In Care Of
% GEOFF JOHNSON BANCFIRST
Phone
5802517027
Address
BANCFIRST PO BOX 1468, DUNCAN, OK 73534

Signing Officer

Name
Geoff Johnson
Title
Trust Officer
Phone
5802517027
Signed
2020-10-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Geoff Johnson
Formed
1971
Legal Domicile
Ok
Voting Board Members
5
Independent Board Members
1
Employees
0
Volunteers
1

Preparer

Firm
Kpmg Llp
Address
1225 17TH STREET, DENVER, CO 80202
Preparer
Holly K Moen
Phone
3032962323
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE SUPPORTED ORGANIZATION, MURRAY STATE COLLEGE, IS A STATE UNIVERSITY AND THEREFORE NOT REQUIRED TO OBTAIN RECOGNITION OF ITS PUBLIC CHARITY STATUS.
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION'S PRIMARY PURPOSE IS TO GRANT SCHOLARSHIPS TO STUDENTS ATTENDING MURRAY STATE COLLEGE. THE FOLLOWING ARE THE PROCEDURES FOR GRANTING SCHOLARSHIPS: 1. THE MURRAY STATE COLLEGE FINANCIAL ASSISTANCE COMMITTEE (FAC) WILL DETERMINE THE AMOUNT AND NUMBER OF SCHOLARSHIPS TO BE AWARDED. THERE WILL BE TWO TYPES OF SCHOLARSHIPS: ONE FOR TUITION, FEES, AND BOOKS, AND ONE FOR ON-CAMPUS HOUSING. PREFERENCE WILL BE GIVEN TO APPLICANTS FROM STEPHENS COUNTY. SCHOLARSHIP AWARDS FOR RESIDENTS OF ON-CAMPUS HOUSING WILL BE AVAILABLE IN AMOUNTS UP TO THE COST OF ROOM AND BOARD. THIS SCHOLARSHIP, WHEN COMBINED WITH OTHER TYPES OF AID, MAY NOT EXCEED THE STUDENT'S COST OF ATTENDANCE. FUNDS WILL BE UTILIZED FOR ADMINISTRATION COSTS, RECREATION AND PROMOTION, AND SCHOLARSHIPS. 2. THE FAC SUBCOMMITTEE CONSISTS OF THE CHAIR/FINANCIAL AID DIRECTOR, ONE ADDITIONAL MEMBER OF THE FAC, AND ONE LYNN COLBERT CHARITABLE FOUNDATION TRUSTEE. THE SUBCOMMITTEE WILL BE RESPONSIBLE FOR REVIEWING THE APPLICATIONS AND SELECTING SCHOLARSHIP RECIPIENTS. THE REVIEW WILL NEED TO BE COMPLETED AS SOON AS POSSIBLE AFTER THE APRIL 15 PRIORITY DEADLINE AS SCHOOL AWARDS ASSEMBLIES TAKE PLACE IN LATE APRIL AND EARLY MAY. THE SUBCOMMITTEE WILL TAKE INTO CONSIDERATION THE FOLLOWING CRITERIA WHEN SELECTING RECIPIENTS: A. THE NEED OF THE APPLICANT. B. THE CHARACTER OF THE APPLICANT. C. THE SCHOLASTIC RECORD AND INTELLIGENCE OF THE APPLICANT (GPA AND ACT/SAT SCORES). D. PREFERENCE WILL BE GIVEN TO APPLICANTS FROM STEPHENS COUNTY. E. PREFERENCE WILL BE GIVEN TO RETURNING STUDENTS. 3. MURRAY STATE COLLEGE HAS DEVELOPED AN APPLICATION AND A BROCHURE TO PROMOTE THE SCHOLARSHIP. MURRAY STATE COLLEGE DISTRIBUTES THESE TO HIGH SCHOOL COUNSELORS. 4. ELIGIBILITY AND RETENTION CRITERIA WILL BE CONSISTENT WITH THAT OF THE ELIGIBILITY CRITERIA IN THE MURRAY STATE COLLEGE SCHOLARSHIP POLICIES AND PROCEDURES. STUDENTS MUST REAPPLY FOR THE SCHOLARSHIP ANNUALLY. 5. MURRAY STATE COLLEGE WILL BE RESPONSIBLE FOR NOTIFYING THE STUDENT OF THE SCHOLARSHIP AND PROVIDING A CERTIFICATE TO BE PRESENTED AT AWARDS ASSEMBLIES.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BANCFIRST, ACTING IN THE CAPACITY OF A CORPORATE TRUSTEE, HANDLES THE DAILY ACTIVITY ASSOCIATED WITH INVESTMENT MANAGEMENT AND CUSTODY OF THE FOUNDATION'S ASSETS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE TRUST AGREEMENT PROVIDES THAT THERE SHALL BE FIVE TRUSTEES, THREE OF WHOM ARE ELECTED BY THE GOVERNING BODY OF MURRAY STATE COLLEGE, THE FOURTH IS BANCFIRST, A CORPORATE TRUSTEE, AND THE FIFTH TRUSTEE IS A RESIDENT OF STEPHENS COUNTY, OKLAHOMA, WHO IS APPOINTED BY THE REMAINING TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BANCFIRST, CORPORATE TRUSTEE, ENGAGES A THIRD PARTY PAID PREPARER EXPERIENCED IN THE PREPARATION OF FORM 990 TO PREPARE THE RETURN. THE TRUSTEE WORKS CLOSELY WITH THE PAID PREPARER TO ADDRESS ANY QUESTIONS OR ISSUES RELATED TO THE RETURN. BANCFIRST WILL REVIEW THE RETURN AND PROVIDE COPIES OF THE RETURN TO ALL TRUSTEES PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THESE DOCUMENTS ARE CONSIDERED CONFIDENTIAL AND ARE NOT MADE AVAILABLE TO THE PUBLIC.
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