Volunteer State College Foundation
Fiscal Year
Fiscal Year Start
07/01/2024
Fiscal Year End
06/30/2025
Projected Revenue
$750,000.00
Projected Expenses
$600,000.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| Volunteer State College Foundation IRS Letter |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Revenue | $920,771.00 | $867,468.00 | |
| Total Expenses | $851,683.00 | $633,529.00 | |
| Revenue Less Expenses | ($-0.00) | $69,088.00 | $233,939.00 |
Revenue Sources
| Fiscal Year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | |
| Government - Federal | $0.00 | $0.00 | |
| Government - State | $0.00 | $0.00 | |
| Government - Local | $0.00 | $0.00 | |
| Government - Unspecified | $0.00 | $0.00 | |
| Contributions, Gifts, and Grants | $476,492.00 | $271,788.00 | |
| Indirect Public Support | $0.00 | $0.00 | |
| Earned Revenue | $67,983.00 | $67,244.00 | |
| Investment Income, Net of Losses | $92,210.00 | $318,470.00 | |
| Membership Dues | $0.00 | $0.00 | |
| Special Events | $137,040.00 | $140,582.00 | |
| Revenue In-Kind | $7,342.00 | $7,900.00 | |
| Other | $139,704.00 | $61,484.00 |
Expense Allocation
| Fiscal Year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Program Expense | $694,907.00 | $491,528.00 | |
| Administration Expense | $131,883.00 | $114,349.00 | |
| Fundraising Expense | $24,893.00 | $27,652.00 | |
| Total Revenue/Total Expenses | 108% | 137% | |
| Program Expense/Total Expenses | 82% | 78% | |
| Fundraising Expense/Contributed Revenue | 3% | 4% |
Top Funding Sources
| Fiscal Year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | $0.00 | Contributions, Gifts, and Grants $476,492.00 | Investment Income $318,470.00 |
| Second Highest Funding Source & Dollar Amount | $0.00 | Related Organizations $139,704.00 | Contributions, Gifts, and Grants $271,788.00 |
| Third Highest Funding Source & Dollar Amount | $0.00 | Fundraising Events $137,040.00 | Fundraising Events $140,582.00 |
Assets and Liabilities
| Fiscal Year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $8,636,053.00 | $7,824,270.00 | |
| Current Assets | $459,581.00 | $496,185.00 | |
| Long-Term Liabilities | $0.00 | $0.00 | |
| Current Liabilities | $2,700.00 | $200,769.00 | |
| Total Net Assets | $8,633,353.00 | $7,623,501.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$9,554,028.00
What is the spending policy for your endowment?
Percentage
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
Yes
Solicitation Permit Info
State Charitable Solicitations Permit
Exempt
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| Regarding Endowment Spending Policy and Yearly Scholarship Appropriations:The Investment Committee shall meet each January (after the Investment Managers make their annual presentation) to recommend appropriation for expenditure or accumulation of endowment funds for the succeeding year in accordance with the Uniform Prudent Management of Institutional Funds Act (TCA ? 35-10-204). Restricted Endowed Scholarship Funds The income from restricted endowed scholarship funds shall be appropriated in accordance with donor-imposed restrictions. In the absence of such restrictions 80% of the income will be used to provide scholarships and 20% will be re-invested and added to principal. Quasi-Endowment Funds In order to match spending with the current "total return" investment policy, appropriations from quasi-endowment funds shall be based on a percentage of the fair market value of the funds. The initial recommended percentage is 3% but in no case shall the percentage exceed 7%. Fair market values are to be calculated quarterly and averaged over a period of five (5) years immediately preceding the year in which the appropriation is made. For a fund in existence fewer than five (5) years the calculation will be made for the period of time the fund has been in existence. The Investment Committee shall make their recommendation to the Executive Committee prior to presentation to the full board for approval in February. |
Foundation Staff Comments
| Financial figures are taken from the 990. Foundation and corporate grants may be included in Contributions, Gifts, and Grants sum, as these amounts were not separated in Form 990. 990 was prepared by Blankenship CPA Group, PLLC. In some years, schedule B removed to protect donor privacy. Comments provided by Nicole Rose 08/01/2024. |
