Civic Intelligence

Palomar College Foundation

990 • Fiscal year 2018 • EIN 95-6094128

Jan 01, 2018 to Dec 31, 2018 • Filed on Jul 18, 2019

1140 W Mission RoadSan Marcos, CA 92069

(760) 744-1150

Siviq Scores

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

Liabilities / Assets

15th percentile

0.01x

Higher debt load relative to assets than 15% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

14th percentile

0.02x

Higher debt load relative to revenue than 14% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Net Margin

54th percentile

4.1%

Higher net margin than 54% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

56th percentile

$135,439

Higher top officer pay than 56% of similar nonprofits.

Top officer pay equals 5.3% of source-year revenue.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Asset Growth

18th percentile

-5.9%

Faster asset growth than 18% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

77th percentile

21%

Faster revenue growth than 77% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Assets

Down

$7,978,665

Down $500,242 (-5.9%) from 2017

Net Assets

Down

$7,930,047

Down $481,386 (-5.7%) from 2017

Liabilities

Down

$48,618

Down $18,856 (-28%) from 2017

Revenue

Up

$2,578,552

Up $452,321 (+21%) from 2017

Expenses

Up

$2,471,894

Up $444,145 (+22%) from 2017

Net Income

Up

$106,658

Up $8,176 (+8.3%) from 2017

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2011: $5,636,252Liabilities 2011: $63,138Net Assets 2011: $5,573,1142011Assets 2012: $6,030,403Liabilities 2012: $129,168Net Assets 2012: $5,901,2352012Assets 2013: $6,519,113Liabilities 2013: $96,900Net Assets 2013: $6,422,2132013Assets 2014: $6,603,729Liabilities 2014: $80,009Net Assets 2014: $6,523,7202014Assets 2015: $7,317,151Liabilities 2015: $63,954Net Assets 2015: $7,253,1972015Assets 2016: $7,649,963Liabilities 2016: $57,195Net Assets 2016: $7,592,7682016Assets 2017: $8,478,907Liabilities 2017: $67,474Net Assets 2017: $8,411,4332017Assets 2018: $7,978,665Liabilities 2018: $48,618Net Assets 2018: $7,930,0472018Assets 2019: $9,116,295Liabilities 2019: $53,496Net Assets 2019: $9,062,7992019Assets 2020: $11,810,754Liabilities 2020: $46,585Net Assets 2020: $11,764,1692020Assets 2021: $16,154,201Liabilities 2021: $43,208Net Assets 2021: $16,110,9932021Assets 2022: $24,083,180Liabilities 2022: $39,092Net Assets 2022: $24,044,0882022Assets 2023: $27,199,789Liabilities 2023: $23,056Net Assets 2023: $27,176,7332023Assets 2024: $29,974,397Liabilities 2024: $20,046Net Assets 2024: $29,954,3512024

Highlighted filing

2018

Assets$7,978,665
Liabilities$48,618
Net Assets$7,930,047

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2011: $1,718,230Expenses 2011: $1,584,843Net Income 2011: $133,3872011Revenue 2012: $1,405,495Expenses 2012: $1,384,017Net Income 2012: $21,4782012Revenue 2013: $1,538,151Expenses 2013: $1,296,479Net Income 2013: $241,6722013Revenue 2014: $1,579,037Expenses 2014: $1,623,615Net Income 2014: -$44,5782014Revenue 2015: $2,475,144Expenses 2015: $1,544,606Net Income 2015: $930,5382015Revenue 2016: $1,795,988Expenses 2016: $1,796,425Net Income 2016: -$4372016Revenue 2017: $2,126,231Expenses 2017: $2,027,749Net Income 2017: $98,4822017Revenue 2018: $2,578,552Expenses 2018: $2,471,894Net Income 2018: $106,6582018Revenue 2019: $1,546,196Expenses 2019: $1,365,495Net Income 2019: $180,7012019Revenue 2020: $3,195,141Expenses 2020: $1,134,513Net Income 2020: $2,060,6282020Revenue 2021: $4,338,323Expenses 2021: $945,650Net Income 2021: $3,392,6732021Revenue 2022: $12,040,496Expenses 2022: $1,170,577Net Income 2022: $10,869,9192022Revenue 2023: $1,681,886Expenses 2023: $1,047,021Net Income 2023: $634,8652023Revenue 2024: $1,856,961Expenses 2024: $1,926,607Net Income 2024: -$69,6462024

Highlighted filing

2018

Revenue$2,578,552
Expenses$2,471,894
Net Income$106,658
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Jul 18, 2019
Return Version
2018v3.1
Gross Receipts
$2,662,187
Mission and Program Overview

Mission

The palomar college foundation, with the support of the community, secures supplemental funding, other resources, and provides program support for the benefit of palomar community college and its students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,114,161$5,607,948▼ $506,213
Savings and Temporary Cash Investments$1,929,215$1,957,488▲ $28,273
Cash and Non-Interest-Bearing Accounts$192,101$294,953▲ $102,852
Pledges and Grants Receivable$196,814$98,181▼ $98,633
Accounts Receivable$43,838$18,714▼ $25,124
Land, Buildings, and Equipment, Net$2,135$889▼ $1,246
Prepaid Expenses and Deferred Charges$643$492▼ $151
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-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$8,478,907$7,978,665▼ $500,242
Other Assets Total-$0-
Liabilities
Other Liabilities$53,034$48,618▼ $4,416
Accounts Payable and Accrued Expenses$14,440--
Total Liabilities$67,474$48,618▼ $18,856
Net Assets / Fund Balance
Permanently Rstr Net Assets$3,837,234$6,726,007▲ $2,888,773
Temporarily Rstr Net Assets$3,039,187--
Unrestricted Net Assets$1,535,012$1,204,040▼ $330,972
Total Net Assets Fund Balance$8,411,433$7,930,047▼ $481,386
Total Liabilities and Net Assets / Fund Balance$8,478,907$7,978,665▼ $500,242

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$889$21,718$22,607
Equipment-$11,801$11,801

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$3,975,888$336,289▼ $157,279$55,088$4,030,245
2017$3,434,644$357,434▲ $359,334$82,314$3,975,888
2016$3,398,967$138,651▲ $130,057$12,224$3,434,644
2015$3,206,856$355,160▼ $6,541$66,205$3,398,967
2014$2,591,212$578,920▲ $155,538$9,624$3,206,856
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Stacy RungaitisExecutive DirectorFT$135,439$135,439
Debbie KingAssistant Director-$131,428$131,428
Kim Kress HartwellDevelopment Officer-$89,314$89,314
Pauline RileyFoundation Accountant-$83,035$83,035
Linda MoynanDevelopment Officer-$68,943$68,943

Board Members and Trustees

NameTitle
John MassonPresident
Pete RogersVice President
David MorelockDirector
Dr Luene CorwinDirector
Judge Anthony BrandenburgDirector
Rebecca MooreDirector
Dr Li TianSecretary
Linda BaileyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,343,026
Program Service Revenue
$0
Investment Income
$210,837
Other Revenue
$24,689
All Other Contributions
$2,136,790
Change in Net Assets
$106,658

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,578,552
Total Revenue per Audited Statements
$2,578,552
Total Revenue per Form 990
$2,578,552
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,091,782
Other Expenses$380,112
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$2,091,782--$2,091,782
All Other Expenses$30,794$5,756-$36,550
Fees for Services Management$26,950$6,737-$33,687
Fees for Service Investment Mgmnt Fees-$24,961-$24,961
Conferences and Meetings$19,178$4,795-$23,973
Other Expenses$14,595$12,450-$12,450
Office Expenses-$9,871-$9,871
Travel$5,298$1,325-$6,623
Insurance-$3,645-$3,645
Depreciation Depletion-$1,246-$1,246
Fees for Services Legal-$665-$665
Total Functional Expenses$2,387,074$84,820$0$2,471,894

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,471,894
Total Expenses per Audited Statements$2,471,894
Total Expenses per Form 990$2,471,894
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$108,324
Fundraising Direct Expenses$83,635
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf 2018$232,738$86,842$23,631$63,211
Monster 5k$63,479$18,034$9,134$8,900
Total Events$314,560$108,324$83,635$24,689
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payable to Beneficiaries$48,618
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
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, Part VI, Line 11B: Form 990 Review Process

The tax return is prepared by an independent cpa firm utilizing audited financial information and is reviewed by foundation management and designated commitee board members prior to filing.

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

Conflict of interest policy is addressed for all transactions, grants, and scholarships presented to the board on a monthly basis.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

Top management salaries are paid through palomar college as a related organization. Annual salary increases are approved by the governing board and palomar college on an annual basis.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

Other officers and key employees are paid through palomar college as a related organization. Annual salary increases are approved by the governing board and palomar college on an annual basis.

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

The foundation's audited financial statements, policies, and other pertinent documents are made available upon request and are disclosed in the annual report and through its website.

Filing and Contact Details

Filer

Filer Name
Palomar College Foundation
EIN
95-6094128
Phone
7607441150
Address
1140 W MISSION ROAD, SAN MARCOS, CA 92069

Signing Officer

Name
Stacy Rungaitis
Title
Executive Director
Signed
2019-07-18
Discuss with paid preparer
Yes

Organization Details

Formed
1959
Legal Domicile
CA
Voting Board Members
9
Independent Board Members
8
Employees
0
Volunteers
11

Preparer

Firm
Wilkinson Hadley King Co LLP
Address
218 W Douglas Ave, El Cajon, CA 92020
Preparer
P Robert Wilkinson
Phone
6194476700
Supplemental Narrative

Financial Statement Notes

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

Scholarships and assistance to the students of palomar college

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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt9FOUNDATION ACCOUNTANT
IRS990/Form990PartVIISectionAGrp/TitleTxt10DEVELOPMENT OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt11DEVELOPMENT OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt12ASSISTANT DIRECTOR
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IRS990/MissionDesc0THE PALOMAR COLLEGE FOUNDATION, WITH THE SUPPORT OF THE COMMUNITY, SECURES SUPPLEMENTAL FUNDING, OTHER RESOURCES, AND PROVIDES PROGRAM SUPPORT FOR THE BENEFIT OF PALOMAR COMMUNITY COLLEGE AND ITS STUDENTS.
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0169622
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0180782
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IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
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IRS990ScheduleA/PublicSupportPY170Pct00.92020
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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.$30.0$0.02$30.0$1.86$1.93$0.07
2023Detailed filing. Detailed filing data is available for this year.$27.2$0.02$27.2$1.68$1.05$0.63
2022Detailed filing. Detailed filing data is available for this year.$24.1$0.04$24.0$12.0$1.17$10.9
2021Detailed filing. Detailed filing data is available for this year.$16.2$0.04$16.1$4.34$0.95$3.39
2020Detailed filing. Detailed filing data is available for this year.$11.8$0.05$11.8$3.20$1.13$2.06
2019Detailed filing. Detailed filing data is available for this year.$9.12$0.05$9.06$1.55$1.37$0.18
2018Detailed filing. Detailed filing data is available for this year.$7.98$0.05$7.93$2.58$2.47$0.11
2017Detailed filing. Detailed filing data is available for this year.$8.48$0.07$8.41$2.13$2.03$0.10
2016Detailed filing. Detailed filing data is available for this year.$7.65$0.06$7.59$1.80$1.80$0.00
2015Summary only. Only limited summary data is available for this year.$7.32$0.06$7.25$2.48$1.54$0.93
2014Summary only. Only limited summary data is available for this year.$6.60$0.08$6.52$1.58$1.62$0.04
2013Summary only. Only limited summary data is available for this year.$6.52$0.10$6.42$1.54$1.30$0.24
2012Summary only. Only limited summary data is available for this year.$6.03$0.13$5.90$1.41$1.38$0.02
2011Summary only. Only limited summary data is available for this year.$5.64$0.06$5.57$1.72$1.58$0.13