Vermilion Community College Foundation Inc
- Assets
- $1.4m
- Revenue
- $422.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Ely, MN
- Founding
- 11/1979
- Data as of
- 06/2022
- EIN
- 41-1351691
Organization Overview
Vermilion Community College Foundation Inc is located in Ely, MN. The organization was established in 1979. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, 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. Vermilion Community 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 06/2022, Vermilion Community College Foundation Inc generated $422.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 28.3% each year . All expenses for the organization totaled $78.1k during the year ending 06/2022. While expenses have increased by 0.5% 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 MINNESOTA NORTH VERMILION CAMPUS FOUNDATION IS TO SEEK, ACCEPT, AND ADMINISTER FINANCIAL AND MATERIAL GIFTS FOR THE BENEFIT OF THE VERMILION CAMPUS AND ITS STUDENTS AND PROMOTE A STRONGER AWARENESS OF THE BOND BETWEEN MINNESOTA NORTH VERMILION CAMPUS AND THE COMMUNITIES IT SERVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND GRANTS TO STUDENTS - RECIPIENTS ARE SELECTED BY A COMMITTEE OF FACULTY, SUPPORT STAFF, AND ADMINISTRATORS. SELECTIONS ARE BASED ON INFO FROM APPLICATIONS AND COMMITTEE INPUT. THE AWARDS ARE REPORTED TO THE COLLEGE FINANCIAL AID DEPARTMENT AND GENERALLY PAID DIRECTLY TO THE COLLEGE TO ASSIST WITH THE STUDENTS' TUITION AND TEXTBOOK COSTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pam Turnbull Vice President | OfficerTrustee | 1 | $0 |
Deb Miller Secretary | OfficerTrustee | 1 | $0 |
Sheri Israel President | OfficerTrustee | 3 | $0 |
Tom Pustovar Treasurer | OfficerTrustee | 3 | $0 |
Trent Janezich Ex Officio | Officer | 2 | $0 |
Sarah Murn Fdn Coordinator | Officer | 30 | $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 | $250,621 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $250,621 |
| Total Program Service Revenue | $0 |
| Investment income | $40,111 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $131,438 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $422,170 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $68,282 |
| 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 | $3,575 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,815 |
| Office expenses | $464 |
| 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 | $25 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $823 |
| All other expenses | $0 |
| Total functional expenses | $78,057 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $367,720 |
| Savings and temporary cash investments | $36 |
| 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 | $1,074,948 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,442,704 |
| 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 | $0 |
| 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 | $1,442,704 |
| Total liabilities and net assets/fund balances | $1,442,704 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Vermilion Community College Foundation Inc has recieved totaling $52.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $52 |
Endowment Analysis
| Beg. Balance | $1,254,542 |
| Earnings | -$151,731 |
| Admin Expense | $1,137 |
| Net Contributions | $23,258 |
| Other Expense | $2,800 |
| Grants | $28,415 |
| Ending Balance | $1,093,717 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
College Of The Menominee Nation Keshena, WI | $15,783,806 | $11,637,458 |
Lac Courte Oreilles Ojibwe College Hayward, WI | $16,000,980 | $10,229,989 |
Red Lake Nation College Red Lake, MN | $10,975,659 | $17,279,436 |
Kirkwood Community College Foundation Cedar Rapids, IA | $43,540,342 | $11,748,704 |
Southeastern Community College Foundation West Burlington, IA | $16,375,654 | $3,936,639 |
Indian Hills Community College Foundation Ottumwa, IA | $33,459,627 | $8,575,991 |
Lake Region Community College Foundation Of Devils Lake Devils Lake, ND | $13,641,556 | $1,219,808 |
Century College Foundation White Bear Lake, MN | $6,516,249 | $2,262,212 |
Hawkeye Community College Foundation Waterloo, IA | $15,853,413 | $2,723,204 |
Chippewa Valley Technical College Foundation Inc Eau Claire, WI | $5,540,693 | $406,429 |
Fergus Area College Foundation Fergus Falls, MN | $6,608,917 | $750,954 |
Marshalltown Community College Foundation Marshalltown, IA | $6,238,065 | $790,444 |