Civic Intelligence

Galveston College Foundation

990 • Fiscal year 2019 • EIN 76-0512266

Sep 01, 2018 to Aug 31, 2019 • Filed on May 08, 2020

Organization Profilewww.gc.edu
4015 Avenue QGalveston, TX 77550

(409) 944-1303

Siviq Scores

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

Liabilities / Assets

6th percentile

0.00x

Higher debt load relative to assets than 6% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

7th percentile

0.01x

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

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

2nd percentile

-186%

Higher net margin than 2% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

13th percentile

$0

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

6th percentile

-12%

Faster asset growth than 6% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

2nd percentile

-76%

Faster revenue growth than 2% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets6th percentile

Assets

Down

$15,333,544

Down $2,135,989 (-12%) from 2018

Net Assets

Down

$15,328,583

Down $2,140,950 (-12%) from 2018

Liabilities

Up

$4,961

Up $4,961 from 2018

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin2nd percentile

Revenue

Down

$965,202

Down $3,056,770 (-76%) from 2018

Expenses

Up

$2,756,961

Up $2,357,789 (+591%) from 2018

Net Income

Down

-$1,791,759

Down $5,414,559 (-149%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

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

$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

2019

Assets$15,333,544
Liabilities$4,961
Net Assets$15,328,583
Open 2019 Filing

Operations Trend

Revenue Growth2nd percentile

Revenue, expenses, and net income across loaded years, with this 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

2019

Revenue$965,202
Expenses$2,756,961
Net Income-$1,791,759
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2018 to Aug 31, 2019
Signed
May 8, 2020
Return Version
2018v3.1
Gross Receipts
$7,826,630
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.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$13,926,311$14,768,631▲ $842,320
Savings and Temporary Cash Investments$1,959,844$486,742▼ $1,473,102
Cash and Non-Interest-Bearing Accounts$20,107$39,610▲ $19,503
Pledges and Grants Receivable$1,563,271$38,561▼ $1,524,710
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$17,469,533$15,333,544▼ $2,135,989
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses-$4,961-
Total Liabilities$0$4,961▲ $4,961
Net Assets / Fund Balance
Permanently Rstr Net Assets$11,294,780$10,696,148▼ $598,632
Temporarily Rstr Net Assets$5,948,405$4,476,807▼ $1,471,598
Unrestricted Net Assets$226,348$155,628▼ $70,720
Total Net Assets Fund Balance$17,469,533$15,328,583▼ $2,140,950
Total Liabilities and Net Assets / Fund Balance$17,469,533$15,333,544▼ $2,135,989

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$17,243,185$218,380▲ $317,737-$15,172,955
2017$13,134,526$3,225,409▲ $1,178,674-$17,243,185
2016$11,226,328$830,277▲ $1,336,623-$13,134,526
2015$10,328,939$706,491▲ $439,923-$11,226,328
2014$7,551,116$3,147,500▼ $369,677-$10,328,939
Compensation and Service Providers
Top Officer Pay13th percentile

Board Members and Trustees

NameTitle
Jeri KinnearChair
Donna LangVice Chair
Armin CantiniMember
Carol HodgesMember
David MarshallMember
Frank BenavidezMember
Fred RaschkeMember
Garrik AddisonMember
Keith McFatridgeMember
Paulie GaidoMember
Peaches KempnerMember
Robert LynchMember
Tikie G KriticosMember
Victor PiersonMember
Victor SierpinaMember
Lauren Suderman MilloTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$222,331
Program Service Revenue
$0
Investment Income
$742,871
Other Revenue
$0
All Other Contributions
$222,331
Change in Net Assets
$-1,791,759

Audited Revenue Reconciliation

Revenue per Audited Statements
$871,673
Revenue Not Reported on Financial Statements
$93,529
Revenue Not Reported on Form 990
$-287,357
Total Revenue per Audited Statements
$584,316
Total Revenue per Form 990
$965,202
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,587,045
Other Expenses$169,916
Total Fundraising Expense$5,540
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,321,152--$2,321,152
Grants to Domestic Individuals$265,893--$265,893
Fees for Service Investment Mgmnt Fees-$93,529-$93,529
Fees for Services Other-$63,060-$63,060
Office Expenses$5,538$2,249$5,540$13,327
Total Functional Expenses$2,592,583$158,838$5,540$2,756,961

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,756,961
Total Expenses per Audited Statements$2,725,266
Expenses per Audited Statements$2,663,432
Expenses Not Reported on Financial Statements$93,529
Expenses Not Reported on Form 990$61,834
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Galveston CollegeGalveston, TX501(c)(3)General support$2,321,152
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
Insider Transactions and Loans

Loans and Receivables

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

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
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, Line 11B: Form 990 Review Process

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

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Each board member of GCF is required to read and sign a copy of the Conflict of Interest Policy on an annual basis. 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 in order 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, and if so, directors perceived to have a conflict of interest are required to be recused or inactive from the Board until which time the conflict of interest no longer exists.Description of the process the organization uses to monitor and enforce compliance with its conflict of interest policy: Each board member of GCF is required to read and sign a copy of the Conflict of Interest Policy on an annual basis. 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 in order 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, and if so, directors perceived to have a conflict of interest are required to be recused or inactive from the Board until which time the conflict of interest no longer exists.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“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
Jeri Kinnear
Title
Board Chair
Signed
2020-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeri Kinnear
Formed
1996
Legal Domicile
TX
Voting Board Members
16
Independent Board Members
16
Employees
0
Volunteers
16

Preparer

Firm
Blazek & Vetterling
Address
2900 Weslayan Suite 200, Houston, TX 77027-5132
Preparer
Barbara Murphy
Phone
7134395739
Supplemental Narrative

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

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

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IRS990ScheduleA/FactsAndCircumstancesTestTxt0Current Year Facts and Circumstances: Galveston 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 Regulations 1.170A-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 access to higher education for students in the greater Galveston area. Because of its commitment to education of local students that will stay in the area, it has to date attracted gifts from individuals, corporations, and foundations with ties to the community. Through the Foundation's annual appeals, a broad constituency of approximately 2,700 potential donors is reached. (iii) Sources of Support: The Foundation historically has received support from a broad representative number of foundations and individuals, rather than receiving almost all of its support from the members of a single family or small group of individuals. During fiscal year 2019, the Foundation received contributions from 82 unique donors. (iv) Representative Governing Body: The Foundation's governing body is composed of 13 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. During fiscal year 2019, a total of 344 students received financial assistance from the Foundation. See Form 990, Part III and Schedule I for details. CONCLUSION: The Foundation believes it qualifies as a publicly supported charity described in IRC 509(a)(1) pursuant to the facts and circumstances test found in Treasury Regulation 1.170A-9(f)(3). The Foundation has and will continue to receive well in excess of ten percent (10%) of its total support from qualifying public sources. It serves all Galveston area high school students. The Foundation is governed by a public board and possesses all the characteristics that describe organizations that meet this test.
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,333,544
Liabilities
$4,961
Net assets
$15,328,583
Revenue
$965,202
Expenses
$2,756,961
Net income
-$1,791,759
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