Volunteer State College Foundation
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615-230-3506
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1480 Nashville Pk
Gallatin, TN 37066
Organization Details

Fiscal Year

Fiscal Year Start

07/01/2023

Fiscal Year End

06/30/2024

Projected Revenue

$0.00

Projected Expenses

$32,000.00

Organizational Budgets and Other Documents

23-24 Foundation Budget proposed 2024
Volunteer State College Foundation Budget 2022-2023 2023
Volunteer State College Foundation Budge 2021-2022 2022
Volunteer State College Foundation Budget 2020-2021 2021
Volunteer State College Foundaiton Budget 2019-2020 2020
Volunteer State College Foundation Budget 2018-2019 2019
Volunteer State College Foundation Budget 2016-2017 2017
Volunteer State College Foundation Budget 2015-2016 2016
Volunteer State College Foundation Budget 2014-2015 2015
Volunteer State College Foundation 2014 Budget 2014
Volunteer State College Foundation 2012 Budget 2012

IRS Letter of Exemption

Volunteer State College Foundation IRS Letter

Detailed Financials

Revenue and Expenses
Fiscal Year202320222021
Total Revenue $867,468.00$894,391.00
Total Expenses $633,529.00$652,692.00
Revenue Less Expenses ($-0.00)$233,939.00$241,699.00

Revenue Sources
Fiscal Year202320222021
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 $271,788.00$210,524.00
Indirect Public Support $0.00$0.00
Earned Revenue $67,244.00$117,158.00
Investment Income, Net of Losses $318,470.00$349,286.00
Membership Dues $0.00$0.00
Special Events $140,582.00$162,232.00
Revenue In-Kind $7,900.00$1,000.00
Other $61,484.00$54,191.00

Expense Allocation
Fiscal Year202320222021
Program Expense $491,528.00$386,906.00
Administration Expense $114,349.00$213,264.00
Fundraising Expense $27,652.00$52,522.00
Total Revenue/Total Expenses 137%137%
Program Expense/Total Expenses 78%59%
Fundraising Expense/Contributed Revenue 4%8%

Top Funding Sources
Fiscal Year202320222021
Top Funding Source & Dollar Amount $0.00Investment Income
$318,470.00
Investment Income
$349,286.00
Second Highest Funding Source & Dollar Amount $0.00Contributions, Gifts, and Grants
$271,788.00
Contributions, Gifts, and Grants
$210,524.00
Third Highest Funding Source & Dollar Amount $0.00Fundraising Events
$140,582.00
Fundraising Events
$162,232.00

Assets and Liabilities
Fiscal Year202320222021
Total Assets $7,824,270.00$8,919,431.00
Current Assets $496,185.00$564,689.00
Long-Term Liabilities $0.00$0.00
Current Liabilities $200,769.00$8,778.00
Total Net Assets $7,623,501.00$8,910,653.00

Endowment Info

Do you have an endowment?

Yes

What is the value of the endowment?

$7,898,183.00

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

Charitable Solicitations Exemption

Form 990s

2021-2022 Public Inspection Copy.pdf 2022
IRS 990 2021
Vol State Foundation 2019-2020 2020
FY19 990 Part 1 2019
FY19 990 Part 2 2019
FY19 990 Part 3 2019
Vol State Foundation 2017-2018 990 2018
Vol State Foundation 2016-2017 990 2017
Vol State Foundation 2015-2016 990 2016
Vol State College Foundation 2014-2015 Form 990 2015
Vol State Foundation 2013 Form 990 Amended May 2016 2014
Volunteer State College Foundation 2013 Form 990 2014
Form 990 2013
Volunteer State College Foundation 2012 990 2012
Volunteer State College Foundation 2011 990 2011
Volunteer State College Foundation 2010 990 2010
Volunteer State College Foundation 2009 990 2009
Form 990 2008

Audit Documents

2019 & 2020 Audited Financials 2020
2017 & 2018 Audited Financials 2018
Vol State Foundation 2015-16 Statements 2016
Statement of Revenue and Expense June 2015 2015
Stmt of Revenues, Expenses & Net Assets 2014
Stmt of Revenues, Expenses & Net Assets 2013
Stmt Revenues, Expenses & Net Assets 2012
Volunteer State College Foundation Statements of Net Assets 2010 2010

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 06/15/2023.