Civic Intelligence

Galveston College Foundation

EIN 76-0512266 • 501(c)3 • Galveston, TX

Profile

To support and enhance the ability of Galveston College to achieve its mission of advancing people's lives through lifelong learning.

4015 Avenue QGalveston, TX 77550

www.gc.edu/give

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

9th percentile

0.01x

Higher debt load relative to revenue than 9% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

89th percentile

49%

Higher net margin than 89% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

80th percentile

18%

Faster asset growth than 80% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

97th percentile

203%

Faster revenue growth than 97% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets7th percentile

Assets

Up

$28,413,500

Up $4,290,970 (+18%) from 2023

Liabilities

Up

$47,134

Up $46,004 (+4071%) from 2023

Net Assets

Up

$28,366,366

Up $4,244,966 (+18%) from 2023

Operations
Liabilities / Revenue9th percentileNet Margin89th percentile

Revenue

Up

$3,262,568

Up $2,184,899 (+203%) from 2023

Expenses

Up

$1,668,416

Up $1,134,870 (+213%) from 2023

Net Income

Up

$1,594,152

Up $1,050,029 (+193%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth80th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2011: $5,334,747Liabilities 2011: $142,410Net Assets 2011: $5,192,3372011Assets 2012: $5,296,927Liabilities 2012: $37,952Net Assets 2012: $5,258,9752012Assets 2013: $5,297,009Liabilities 2013: $0Net Assets 2013: $5,297,0092013Assets 2014: $7,808,357Liabilities 2014: $0Net Assets 2014: $7,808,3572014Assets 2015: $10,578,629Liabilities 2015: $21,379Net Assets 2015: $10,557,2502015Assets 2016: $11,457,408Liabilities 2016: $2,230Net Assets 2016: $11,455,1782016Assets 2017: $13,415,616Liabilities 2017: $43,902Net Assets 2017: $13,371,7142017Assets 2018: $17,469,533Liabilities 2018: $0Net Assets 2018: $17,469,5332018Assets 2019: $15,333,544Liabilities 2019: $4,961Net Assets 2019: $15,328,5832019Assets 2020: $16,609,784Liabilities 2020: $1,484Net Assets 2020: $16,608,3002020Assets 2021: $20,425,906Liabilities 2021: $25,197Net Assets 2021: $20,400,7092021Assets 2022: $22,851,553Liabilities 2022: $74,793Net Assets 2022: $22,776,7602022Assets 2023: $24,122,530Liabilities 2023: $1,130Net Assets 2023: $24,121,4002023Assets 2024: $28,413,500Liabilities 2024: $47,134Net Assets 2024: $28,366,3662024

Highlighted filing

2024

Assets$28,413,500
Liabilities$47,134
Net Assets$28,366,366
Open 2024 Filing

Operations Trend

Revenue Growth97th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2011: $407,705Expenses 2011: $735,947Net Income 2011: -$328,2422011Revenue 2012: $365,775Expenses 2012: $375,493Net Income 2012: -$9,7182012Revenue 2013: $460,421Expenses 2013: $402,072Net Income 2013: $58,3492013Revenue 2014: $2,568,490Expenses 2014: $323,274Net Income 2014: $2,245,2162014Revenue 2015: $3,642,022Expenses 2015: $342,631Net Income 2015: $3,299,3912015Revenue 2016: $813,192Expenses 2016: $275,187Net Income 2016: $538,0052016Revenue 2017: $1,499,679Expenses 2017: $321,494Net Income 2017: $1,178,1852017Revenue 2018: $4,021,972Expenses 2018: $399,172Net Income 2018: $3,622,8002018Revenue 2019: $965,202Expenses 2019: $2,756,961Net Income 2019: -$1,791,7592019Revenue 2020: $769,158Expenses 2020: $423,582Net Income 2020: $345,5762020Revenue 2021: $1,761,845Expenses 2021: $409,755Net Income 2021: $1,352,0902021Revenue 2022: $7,009,018Expenses 2022: $460,680Net Income 2022: $6,548,3382022Revenue 2023: $1,077,669Expenses 2023: $533,546Net Income 2023: $544,1232023Revenue 2024: $3,262,568Expenses 2024: $1,668,416Net Income 2024: $1,594,1522024

Highlighted filing

2024

Revenue$3,262,568
Expenses$1,668,416
Net Income$1,594,152
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$28,413,500
Liabilities
$47,134
Net assets
$28,366,366
Revenue
$3,262,568
Expenses
$1,668,416
Net income
$1,594,152
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$28.4$0.05$28.4$3.26$1.67$1.59
2023Detailed filing. Detailed filing data is available for this year.$24.1$0.00$24.1$1.08$0.53$0.54
2022Detailed filing. Detailed filing data is available for this year.$22.9$0.07$22.8$7.01$0.46$6.55
2021Detailed filing. Detailed filing data is available for this year.$20.4$0.03$20.4$1.76$0.41$1.35
2020Detailed filing. Detailed filing data is available for this year.$16.6$0.00$16.6$0.77$0.42$0.35
2019Detailed filing. Detailed filing data is available for this year.$15.3$0.00$15.3$0.97$2.76$1.79
2018Detailed filing. Detailed filing data is available for this year.$17.5$0.00$17.5$4.02$0.40$3.62
2017Detailed filing. Detailed filing data is available for this year.$13.4$0.04$13.4$1.50$0.32$1.18
2016Detailed filing. Detailed filing data is available for this year.$11.5$0.00$11.5$0.81$0.28$0.54
2015Summary only. Only limited summary data is available for this year.$10.6$0.02$10.6$3.64$0.34$3.30
2014Detailed filing. Detailed filing data is available for this year.$7.81$0.00$7.81$2.57$0.32$2.25
2013Summary only. Only limited summary data is available for this year.$5.30$0.00$5.30$0.46$0.40$0.06
2012Summary only. Only limited summary data is available for this year.$5.30$0.04$5.26$0.37$0.38$0.01
2011Summary only. Only limited summary data is available for this year.$5.33$0.14$5.19$0.41$0.74$0.33
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Sep 1, 2023 to Aug 31, 2024
Signed
Jun 24, 2025
Return Version
2023v6.0
Gross Receipts
$6,788,668
Mission and Program Overview

Mission

Exists to support and enhance the ability of galveston college to achieve its mission of advancing people's lives through lifelong learning.

To support Galveston College's mission of advancing people's lives through lifelong learning.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$23,838,568$27,773,119▲ $3,934,551
Pledges and Grants Receivable$273,205$598,018▲ $324,813
Cash and Non-Interest-Bearing Accounts$10,757$42,363▲ $31,606
Total Assets$24,122,530$28,413,500▲ $4,290,970
Liabilities
Accounts Payable and Accrued Expenses$1,130$47,134▲ $46,004
Total Liabilities$1,130$47,134▲ $46,004
Net Assets / Fund Balance
Net Assets With Donor Restrictions$23,967,664$28,185,954▲ $4,218,290
Net Assets Without Donor Restrictions$153,736$180,412▲ $26,676
Total Net Assets Fund Balance$24,121,400$28,366,366▲ $4,244,966
Total Liabilities and Net Assets / Fund Balance$24,122,530$28,413,500▲ $4,290,970

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$21,133,071$489,882▲ $3,671,082-$24,787,430
2022$19,859,372$357,967▲ $1,292,021-$21,133,071
2021$20,208,488$2,871,115▼ $2,892,384-$19,859,372
2020$16,457,337$253,184▲ $3,785,462-$20,208,488
2019$15,172,955$206,520▲ $1,385,202-$16,457,337
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Keith McFatridgeChair
Thomas SchwenkVice Chair
Anna HyattMember
Betty MasseyMember
Cynda MullikinMember
Cynthia SmithMember
Elizabeth Lawhorn CryderMember
Harris Kempner JrMember
James ClarkMember
Jason HardcastleMember
John Paul GaidoMember
Kyle McFatridgeMember
Melanie BuckMember
Michael CordrayMember
Philesha EvansMember
Reid NelsonMember
Walter J Meyer IIIMember
Carol A HodgesSecretary
S Benjamin ShabotTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,850,502
Program Service Revenue
$0
Investment Income
$1,424,553
Other Revenue
$-12,487
All Other Contributions
$1,823,165
Change in Net Assets
$1,594,152

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,123,441
Revenue Not Reported on Financial Statements
$139,127
Revenue Not Reported on Form 990
$2,714,957
Total Revenue per Audited Statements
$5,838,398
Total Revenue per Form 990
$3,262,568
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,466,399
Other Expenses$202,017
Total Fundraising Expense$6,701
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,466,399--$1,466,399
Fees for Service Investment Mgmnt Fees-$139,127-$139,127
Fees for Services Accounting-$46,809-$46,809
Office Expenses$3,018$5,121$6,701$14,840
Insurance-$1,241-$1,241
Total Functional Expenses$1,469,417$192,298$6,701$1,668,416

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,668,416
Total Expenses per Audited Statements$1,593,432
Expenses per Audited Statements$1,529,289
Expenses Not Reported on Financial Statements$139,127
Expenses Not Reported on Form 990$64,143
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Galveston CollegeGalveston, TX501(c)(3)Scholarships$1,466,399
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$26,014
Fundraising Gross Income$13,527
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Ffc 2023-hsec$36,218$13,527$11,294$2,233
Total Events$36,218$13,527$26,014$-12,487
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 2

“Keith McFatridge and Kyle McFatridge have a family relationship.”

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

“Form 990 is reviewed by the Executive Committee. The entire board receives a copy before filing.”

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

“Each Galveston College Foundation board member must read and sign a copy of the Conflict of Interest Policy annually. The signature is to acknowledge that the signer (1) has received a copy of the policy, (2) has read and understands the policy, (3) agrees to comply with the policy, and (4) understands that the Foundation is charitable and to maintain its classification as such, it must engage primarily in activities accomplishing its charitable purposes. The Foundation reviews these forms to determine if any conflicts exist. If so, directors perceived to have a conflict of interest are required to recuse or be inactive from the Board until the conflict of interest no longer exists.”

Form 990, Part VI, Section C, line 19

“Governing documents disclosure explanation is available on the website.”

Filing and Contact Details

Filer

Filer Name
Galveston College Foundation
EIN
76-0512266
Phone
4099441303
Address
4015 Avenue Q, Galveston, TX 77550

Signing Officer

Name
S Benjamin Shabot
Title
Treasurer
Phone
4099441303
Signed
2025-06-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Schwenk
Formed
1996
Legal Domicile
TX
Voting Board Members
19
Independent Board Members
19
Employees
0
Volunteers
19

Preparer

Firm
Blazek & Vetterling
Address
2900 Weslayan Suite 200, Houston, TX 77027
Preparer
Barbara Murphy
Phone
7134395739
Supplemental Narrative

Financial Statement Notes

Part V, Line 4:

“The Foundation's endowments consist of donor-restricted funds established to provide scholarships and support the College.”

Raw XML AppendixShowing 400 of 512 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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IRS990/Form990PartVIISectionAGrp/PersonNm0Keith McFatridge
IRS990/Form990PartVIISectionAGrp/PersonNm1Thomas Schwenk
IRS990/Form990PartVIISectionAGrp/PersonNm2S Benjamin Shabot
IRS990/Form990PartVIISectionAGrp/PersonNm3Carol A Hodges
IRS990/Form990PartVIISectionAGrp/PersonNm4Melanie Buck
IRS990/Form990PartVIISectionAGrp/PersonNm5James Clark
IRS990/Form990PartVIISectionAGrp/PersonNm6Michael Cordray
IRS990/Form990PartVIISectionAGrp/PersonNm7Elizabeth Lawhorn Cryder
IRS990/Form990PartVIISectionAGrp/PersonNm8Philesha Evans
IRS990/Form990PartVIISectionAGrp/PersonNm9John Paul Gaido
IRS990/Form990PartVIISectionAGrp/PersonNm10Jason Hardcastle
IRS990/Form990PartVIISectionAGrp/PersonNm11Anna Hyatt
IRS990/Form990PartVIISectionAGrp/PersonNm12Harris Kempner Jr
IRS990/Form990PartVIISectionAGrp/PersonNm13Betty Massey
IRS990/Form990PartVIISectionAGrp/PersonNm14Kyle McFatridge
IRS990/Form990PartVIISectionAGrp/PersonNm15Walter J Meyer III
IRS990/Form990PartVIISectionAGrp/PersonNm16Cynda Mullikin
IRS990/Form990PartVIISectionAGrp/PersonNm17Reid Nelson
IRS990/Form990PartVIISectionAGrp/PersonNm18Cynthia Smith
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IRS990ScheduleA/FactsAndCircumstancesTestTxt0Galveston College Foundation (the Foundation) submits that throughout its existence to date and in the future, it qualifies as a public charity under Internal Revenue Code 509(a)(1) by satisfying the requirements of Regulation 1.1709A-9(f)(3) as follows: (i) Ten Percent Test: The Foundation has historically and normally can be expected in the future to receive over 10% of its total support from the general public.(ii) Attraction of Public Support: The Foundation provides students in the greater Galveston area access to higher education. Because of its commitment to educating local students who will stay in the area, it has attracted gifts from individuals, corporations, and foundations with ties to the community. The Foundation's annual appeals reach a broad constituency of approximately 3,800 donors. The Foundation continues to engage and attract new donors to a capital campaign to assist Galveston College (GC) in constructing a new Health Sciences Education Center (HSEC). The HSEC, a three-story, 64,000-square-foot facility, is a beacon of innovation and opportunity. Designed to meet the growing demand for skilled healthcare workers, the center has cutting-edge technology and modern learning spaces to provide students with the hands-on training needed to excel in various healthcare professions. In addition to the capital campaign, the Foundation launched "White Caps Day" as a unique way to promote the College and the Foundation in our community. It also continues to seek funding to support students through Emergency Student Scholarships, endowed scholarships, and targeted appeals to Galveston College alumni. (iii) Sources of Support: The Foundation historically has received support from a broad representative number of foundations and individuals rather than almost all of its support from the members of a single family or small group of individuals. During the fiscal year ending 8/31/2024, the Foundation received contributions from 206 unique donors.(iv) Representative Governing Body: The Foundation's governing body comprises 19 area civic and business leaders. The majority of the board members are not significant donors or disqualified persons.(v) Availability of Facilities or Services and Public Participation: The Foundation's programs impact the students of the Galveston community and surrounding areas. Approximately 605 students received financial assistance from the Foundation during the fiscal year ending 8/31/2024. The increase in awards over the prior year resulted from a Foundation initiative to expand scholarship eligibility. Universal Access (UA) changes proposed by the Foundation on April 27, 2023: 1. Removed the 18-month time frame following high school graduation to allow students who took time off before entering college to use their UA eligibility and complete their studies without changing the individual student's lifetime limit. 2. Created a two-year trial program for students pursuing a bachelor's degree at Galveston College to create a UA scholarship for juniors and seniors and UA scholarships that help students complete their associate degrees.3. Created a two-year trial program for students pursuing advanced technology certificates. For example, CT and MRI certificates are above and beyond the two-year radiology degree. Similar to the bachelor's trial program, additional UA scholarship funds are available for these students. 4. The Foundation created a two-year trial program for dual credit students. This, like other UA programs, will be the last money. We believe this trial program will fill in the gaps between the Career Connect Funding provided by the Moody Foundation, the funds we expect to see from the new dual credit scholarships provided through state appropriations, and what we are doing as a College. 5. Created a two-year trial program for non-island residents who have attended and graduated from Ball High School and who were treated like GC students while in high school to have the opportunity
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Foundation's endowments consist of donor-restricted funds established to provide scholarships and support the College.
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