Grand Rapids Community College Foundation
- Assets
- $37.1m
- Revenue
- $9.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Rapids, MI
- Founding
- 05/1965
- Data as of
- 06/2022
- EIN
- 38-6100380
Organization Overview
Grand Rapids Community College Foundation is located in Grand Rapids, MI. The organization was established in 1965. 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. Grand Rapids Community 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, Grand Rapids Community College Foundation generated $9.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.4% each year . All expenses for the organization totaled $10.0m during the year ending 06/2022. While expenses have increased by 19.4% 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
IT IS THE MISSION OF THE GRCC FOUNDATION TO SECURE AND MANAGE FINANCIAL GIFTS TO SUPPORT AND PROMOTE STUDENT, EMPLOYEE, AND COMMUNITY LEARNING, ENABLING THE COLLEGE TO FULFILL ITS MISSION AND VISION. THERE WAS ONE SIGNIFICANT ACTIVITY FROM THE PAST YEAR, AWARDING SCHOLARSHIPS TO GRCC STUDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRANSFERS TO GRAND RAPIDS COMMUNITY COLLEGE FOR SUPPORT OF OTHER PROGRAMS SUCH AS CHILD CARE PROGRAMS, CAPITAL IMPROVEMENTS AT THE COLLEGE, AND VARIOUS OTHER PROGRAMS DETERMINED BY THE FOUNDATION.
THE FOUNDATION PROVIDED $2,309,041 IN SCHOLARSHIPS AND GRANTS TO STUDENTS AND FACULTY OF GRAND RAPIDS COMMUNITY COLLEGE. IN ADDITION, FACULTY GRANTS PROVIDED THE OPPORTUNITY FOR PROFESSIONAL DEVELOPMENT AND INSTRUCTIONAL IMPROVEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristine Babcock Vice-Chairperson | OfficerTrustee | 1 | $0 |
Nancy Ayres Secretary | OfficerTrustee | 1 | $0 |
James Buzzitta MD Chairperson | OfficerTrustee | 1 | $0 |
Douglas Klein Treasurer | OfficerTrustee | 1 | $0 |
Lisa Freiburger Assistant Treasurer/vp Finance | OfficerTrustee | 1 | $0 |
Kathryn Mullins Edd Executive Director | Officer | 32 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $95,394 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,043,824 |
| Noncash contributions included in lines 1a–1f | $47,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,139,218 |
| Total Program Service Revenue | $0 |
| Investment income | $947,284 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $743,476 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,829,978 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,282,514 |
| Grants and other assistance to domestic individuals. | $39,948 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $6,500 |
| 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 | $247,187 |
| Fees for services: Other | $439,782 |
| Advertising and promotion | $19,792 |
| 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 | $0 |
| Insurance | $6,900 |
| All other expenses | $0 |
| Total functional expenses | $10,042,623 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $640,215 |
| Savings and temporary cash investments | $2,569,901 |
| Pledges and grants receivable | $2,155,537 |
| 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 | $31,633,275 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $80,085 |
| Total assets | $37,079,013 |
| Accounts payable and accrued expenses | $291,561 |
| Grants payable | $1,012,088 |
| 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 | $1,612,151 |
| Total liabilities | $2,915,800 |
| Net assets without donor restrictions | $8,494,809 |
| Net assets with donor restrictions | $25,668,404 |
| 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 | $37,079,013 |
Grants Awarded
Over the last fiscal year, Grand Rapids Community College Foundation has awarded $15,795,037 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GRAND RAPIDS COMMUNITY COLLEGE PURPOSE: PROGRAM SUPPORT | $15,441,132 |
GRAND RAPIDS COMMUNITY COLLEGE PURPOSE: PROGRAM SUPPORT | $353,905 |
Grants Recieved
Over the last fiscal year, we have identified 25 grants that Grand Rapids Community College Foundation has recieved totaling $2,063,563.
| Awarding Organization | Amount |
|---|---|
Peter C And Emajean Cook Foundation Grand Rapids, MI PURPOSE: CAPITAL CAMPAIGN | $300,000 |
Cdv5 Foundation Grand Rapids, MI PURPOSE: CAPITAL CAMPAIGN | $250,000 |
Douglas & Maria Devos Foundation Grand Rapids, MI PURPOSE: CAPITAL CAMPAIGN | $250,000 |
Grand Rapids Community Foundation Grand Rapids, MI PURPOSE: GENERAL OPERATING SUPPORT | $216,011 |
Douglas & Maria Devos Foundation Grand Rapids, MI PURPOSE: PROJECT/PROGRAM - SUMMER LEARNING ACADEMIES CRUISIN' TO COLLEGE | $156,500 |
Frey Foundation Grand Rapids, MI PURPOSE: GRAND RAPIDS PROMISE ZONE SCHOLARSHIP | $125,000 |
Endowment Analysis
| Beg. Balance | $19,018,170 |
| Earnings | -$3,677,598 |
| Net Contributions | $246,713 |
| Other Expense | -$290,510 |
| Grants | $939,044 |
| Ending Balance | $14,938,751 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Kent State University Foundation Kent, OH | $245,939,628 | $27,886,498 |