Lake Michigan College Foundation
- Assets
- $15.6m
- Revenue
- $2.9m
- Investments
- $8.8m
- Employees
- 0
- Location
- Benton Harbor, MI
- Founding
- 06/1987
- Data as of
- 06/2022
- EIN
- 38-2714753
Organization Overview
Lake Michigan College Foundation is located in Benton Harbor, MI. The organization was established in 1987. 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 Michigan 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 Michigan College Foundation generated $2.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $868.5k during the year ending 06/2022. While expenses have increased by 0.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE LAKE MICHIGAN COLLEGE FOUNDATION IS TO RAISE FUNDS IN SUPPORT OF LAKE MICHIGAN COLLEGE AND ITS STUDENTS. THE LAKE MICHIGAN COLLEGE FOUNDATION IS THE MAIN FUND-RAISING ORGANIZATION OF LAKE MICHIGAN COLLEGE FOR THE SOLICITATION, RECEIPT AND MANAGEMENT OF ALL PRIVATE GIFTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION EXISTS TO SUPPORT LAKE MICHIGAN COLLEGE AND ITS STUDENTS. SCHOLARSHIPS WERE AWARDED TO VARIOUS STUDENTS AND PAYMENTS WERE MADE TO SUPPORT VARIOUS COLLEGE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Schaffer Director/vice President - Part Year | OfficerTrustee | 0.25 | $0 |
Doug Schaffer Secretary | OfficerTrustee | 39 | $0 |
Randy Bettich President | OfficerTrustee | 1 | $0 |
Kelli Hahn Treasurer/college CFO | OfficerTrustee | 1 | $0 |
Alloyd Blackmon Director | Trustee | 0.25 | $0 |
Scott Dienes Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $51,017 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $488,931 |
| Noncash contributions included in lines 1a–1f | $25,536 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $539,948 |
| Total Program Service Revenue | $0 |
| Investment income | $798,175 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,547,673 |
| Net Income from Fundraising Events | -$8,466 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,877,330 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $717,360 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $7,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $61,403 |
| Fees for services: Other | $27,445 |
| Advertising and promotion | $3,768 |
| Office expenses | $3,856 |
| Information technology | $18,813 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $635 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $12,434 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,809 |
| All other expenses | $5,439 |
| Total functional expenses | $868,454 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,414,978 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $90,273 |
| 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 | $16,341 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $4,275,092 |
| Investments—other securities | $8,836,069 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,632,753 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $9,250 |
| 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 | $1,304,213 |
| Total liabilities | $1,313,463 |
| Net assets without donor restrictions | $1,239,002 |
| Net assets with donor restrictions | $13,080,288 |
| 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 | $15,632,753 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Michigan College Foundation has recieved totaling $60,500.
| Awarding Organization | Amount |
|---|---|
Berrien Community Foundation Inc St Joseph, MI PURPOSE: SUMMER MUSIC SUPPORT, WINE CENTER SUPPORT, FOSTER STUDENT SUPPORT | $60,500 |
Endowment Analysis
| Beg. Balance | $14,497,265 |
| Earnings | -$1,834,482 |
| Net Contributions | $72,596 |
| Other Expense | $574,763 |
| Ending Balance | $12,160,616 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ohio University Foundation Athens, OH | $641,559,157 | $75,179,430 |
Iu Medical Group Foundation Inc Indianapolis, IN | $256,189,183 | $45,380,536 |
Western Michigan University Foundation Kalamazoo, MI | $431,026,780 | $43,479,998 |
Pelotonia Columbuus, OH | $27,807,886 | $34,892,875 |
Miami University Foundation Inc Oxford, OH | $724,573,926 | $28,643,439 |
Bowling Green State University Foundation Inc Bowling Green, OH | $269,755,787 | $28,051,237 |
Ball State University Foundation Muncie, IN | $262,845,495 | $25,627,270 |
The University Of Toledo Foundation Toledo, OH | $690,162,176 | $41,543,760 |
Ics Support Organization Inc Franklin, WI | $552,959,577 | $28,861,342 |
Youngstown State University Foundation Youngstown, OH | $318,269,128 | $38,933,738 |
Michigan State University Foundation East Lansing, MI | $535,425,307 | $55,850,938 |
Ivy Tech Foundation Inc Indianapolis, IN | $133,152,328 | $30,082,278 |