Lake Area Technical College Foundation

Organization Overview

Lake Area Technical College Foundation is located in Watertown, SD. The organization was established in 1993. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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 Area Technical College Foundation 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, Lake Area Technical College Foundation generated $15.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 37.5% each year . All expenses for the organization totaled $2.2m during the year ending 06/2022. While expenses have increased by 2.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

THE ORGANIZATIONS PRIMARY PURPOSE IS TO RAISE PRIVATE SECTOR CONTRIBUTIONS FOR SCHOLARSHIPS AND IMPROVEMENTS BENEFITTING LAKE AREA TECHNICAL COLLEGE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

AWARDED 1,008 SCHOLARSHIPS TO LATC STUDENTS.


FUNDING FOR LATC PROGRAM ENHANCEMENTS WHICH BENEFIT MORE THAN 2,400 FULL-TIME AND PART-TIME STUDENTS.


FUNDING FOR CAMPUS IMPROVEMENTS.


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Board, Officers & Key Employees

Name (title)Compensation
Morgan Johnson
Development
$64,846
Tracy Buisker
Executive Di
$51,550
Adam Koplin
President
$0
Tim Walter
Director
$0
Brooks Jacobsen
Director
$0
Jennifer Vanlaecken
Director
$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$15,135,945
Noncash contributions included in lines 1a–1f $65,687
Total Revenue from Contributions, Gifts, Grants & Similar$15,135,945
Total Program Service Revenue$0
Investment income $572,281
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $2,628
Net Income from Fundraising Events $136,318
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $15,847,172

Grants Recieved

Over the last fiscal year, we have identified 15 grants that Lake Area Technical College Foundation has recieved totaling $1,559,778.

Awarding OrganizationAmount
South Dakota Community Foundation

Pierre, SD

PURPOSE: Education

$1,238,105
Graco Foundation

Minneapolis, MN

PURPOSE: GENERAL OPERATING SUPPORT

$150,000
Edward L Schwab Memorial Foundation

Aberdeen, SD

PURPOSE: SCHOLARSHIPS

$55,147
Chs Foundation

Inver Grove Heights, MN

PURPOSE: LATC PRECISION AG SIMULATION LAB

$25,000
Prairie Lakes Health Care System Inc

Watertown, SD

PURPOSE: SCHOLARSHIPS

$18,130
South Dakota Community Foundation

Pierre, SD

PURPOSE: Education

$15,981
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$15,361,100
Earnings-$1,675,679
Admin Expense$91,929
Net Contributions$15,417,740
Other Expense$490,435
Grants$1,872,435
Ending Balance$26,714,343

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