Davidson-Davie Community College Foundation Inc
- Assets
- $24.3m
- Revenue
- $1.4m
- Investments
- $1.2m
- Employees
- 0
- Location
- Lexington, NC
- Founding
- 09/1970
- Data as of
- 06/2022
- EIN
- 23-7079347
Organization Overview
Davidson-Davie Community College Foundation Inc, operating under the name Foundation Inc, is located in Lexington, NC. The organization was established in 1970. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Foundation Inc generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.2%) each year. All expenses for the organization totaled $3.6m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SCHOLARSHIPS AND OTHER FORMS OF SUPPORT FOR THE STUDENTS OF DAVIDSON-DAVIE COMMUNITY COLLEGE.
Describe the Organization's Program Activity:
SCHOLARSHIPS AND STUDENT SUPPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phyllis Penry Vice President | OfficerTrustee | 1 | $0 |
Jane Whitehurst Immediate Past President | OfficerTrustee | 1 | $0 |
Terry Renegar President | OfficerTrustee | 2 | $0 |
Steve Hoffman Secretary | OfficerTrustee | 2 | $0 |
Jeremy Hiatt Treasurer | OfficerTrustee | 2 | $0 |
Brandy Koontz Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $611,934 |
| Membership dues | $0 |
| Fundraising events | $23,893 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $10,249 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $635,827 |
| Total Program Service Revenue | $0 |
| Investment income | $723,050 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $46,615 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,408,332 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $687,938 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $189,489 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $34,802 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $78,231 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,790 |
| Insurance | $0 |
| All other expenses | $2,531,387 |
| Total functional expenses | $3,557,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $234,791 |
| Savings and temporary cash investments | $2,556,610 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,674,639 |
| Investments—publicly traded securities | $16,666,406 |
| Investments—other securities | $1,189,270 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $24,341,716 |
| Accounts payable and accrued expenses | $800 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $800 |
| Net assets without donor restrictions | $24,340,916 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $24,341,716 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Davidson-Davie Community College Foundation Inc has recieved totaling $95,161.
| Awarding Organization | Amount |
|---|---|
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $50,000 |
Face Foundation New York, NY PURPOSE: EDUCATION PROGRAM | $15,000 |
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 3 GRANT(S) FOR VARYING PURPOSES | $13,500 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $8,596 |
Margaret C Woodson Foundation Incorporated Charlotte, NC PURPOSE: DAVIDSON-DAVIE COMMUNITY COLLEGE'S WOODSON SCHOLARSHIPS | $8,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $65 |
Endowment Analysis
| Beg. Balance | $10,093,751 |
| Earnings | $709,323 |
| Net Contributions | $114,680 |
| Grants | $427,175 |
| Ending Balance | $10,490,579 |