Lake Superior College Foundation Inc
- Assets
- $1.4m
- Revenue
- $513.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Duluth, MN
- Founding
- 02/1984
- Data as of
- 06/2021
- EIN
- 36-3257072
Organization Overview
Lake Superior College Foundation Inc is located in Duluth, MN. The organization was established in 1984. 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. Lake Superior College 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 06/2021, Lake Superior College Foundation Inc generated $513.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.2%) each year. All expenses for the organization totaled $454.9k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (4.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SUPPORT TO PROMOTE THE EDUCATIONAL, CULTURAL, SCIENTIFIC, AND CHARITABLE ACTIVITIES OF LAKE SUPERIOR COLLEGE IN DULUTH, MN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SCHOLARSHIPS TO LAKE SUPERIOR COLLEGE STUDENTS AND OTHER PROGRAM SUPPORT TO THE COLLEGE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelsey Johnson Secretary | OfficerTrustee | 1 | $0 |
Terese Tomanek Chair | OfficerTrustee | 1 | $0 |
Andy Reierson Treasurer | OfficerTrustee | 1 | $0 |
Carl Crawford Vice Chair | Trustee | 1 | $0 |
Tom Renier Past Chair | Trustee | 1 | $0 |
Diane Rauschenfels Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $486,959 |
| Noncash contributions included in lines 1a–1f | $308,111 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $486,959 |
| Total Program Service Revenue | $0 |
| Investment income | $26,779 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $513,738 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $268,846 |
| Grants and other assistance to domestic individuals. | $139,682 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,202 |
| Fees for services: Other | $13,365 |
| Advertising and promotion | $0 |
| Office expenses | $50 |
| Information technology | $22,731 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $454,876 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $161,201 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $1,199,071 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,360,272 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $289,646 |
| Net assets with donor restrictions | $1,070,626 |
| 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 | $1,360,272 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Superior College Foundation Inc has recieved totaling $40.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $40 |
Endowment Analysis
| Beg. Balance | $776,301 |
| Earnings | $169,919 |
| Net Contributions | $20,000 |
| Grants | $39,000 |
| Ending Balance | $927,220 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Und Aerospace Foundation Grand Forks, ND | $87,259,673 | $35,764,126 |
South Dakota State University Foundation Brookings, SD | $287,960,105 | $54,798,337 |
Und Alumni Association And Foundation Grand Forks, ND | $413,170,247 | $55,226,015 |
North Dakota State University Foundation Fargo, ND | $450,450,295 | $29,663,255 |
Northern State University Foundation Aberdeen, SD | $84,974,607 | $23,577,331 |
University Of South Dakota Foundation Vermillion, SD | $352,818,128 | $49,591,248 |
Ics Support Organization Inc Franklin, WI | $552,959,577 | $28,861,342 |
University Of Northern Iowa Foundation Cedar Falls, IA | $173,378,893 | $31,725,389 |
National Assistance Foundation Des Moines, IA | $16,519,301 | $16,875,706 |
Sioux Falls Christian Schools Association Sioux Falls, SD | $33,580,780 | $15,294,565 |
University Research Park Inc Madison, WI | $162,117,796 | $19,527,506 |
Grinnell College Medical Benefit Plan Trust Agreement Grinnell, IA | $11,174,588 | $9,791,771 |