New College Foundation Incorporated
- Assets
- $48.0m
- Revenue
- $4.4m
- Investments
- $6.1m
- Employees
- 14
- Location
- Sarasota, FL
- Founding
- 03/1966
- Data as of
- 06/2022
- EIN
- 59-0911744
Organization Overview
New College Foundation Incorporated, operating under the name New College Foundation, is located in Sarasota, FL. The organization was established in 1966. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, New College Foundation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New 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, New College Foundation generated $4.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $5.3m during the year ending 06/2022. While expenses have increased by 6.8% 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.
Since 2015, New College Foundation has awarded 36 individual grants totaling $12,193,362. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE PRIORITIES OF NEW COLLEGE OF FLORIDA BY CULTIVATING AND STEWARDING DONORS AND MANAGING ASSETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NEW COLLEGE FOUNDATION PROVIDES SCHOLARSHIP SUPPORT TO NEW COLLEGE STUDENTS, HELPING THEM TO ATTEND NEW COLLEGE OF FLORIDA. THE FINANCIAL SUPPORT THE STUDENTS RECEIVE ALLOWS THEM TO EXPERIENCE A PERSONALIZED APPROACH TO THEIR EDUCATION AND ENABLES THESE ACADEMICALLY TALENTED STUDENTS TO THRIVE AND REALIZE THEIR FULL POTENTIAL, PREPARING THEM TO ASSUME LEADERSHIP ROLES IN THEIR SCHOLARLY, CIVIC, ARTISTIC, AND COMMERCIAL ENDEAVORS.
NEW COLLEGE FOUNDATION FUNDING IS PROVIDED FOR ACADEMIC CHAIRS, PROFESSORSHIPS AND FACULTY SALARIES, ALLOWING NEW COLLEGE OF FLORIDA TO ATTRACT FACULTY OF THE HIGHEST CALIBER AND REPUTATION. ALL CLASSES ARE TAUGHT BY FACULTY WITH A PH.D. OR EQUIVALENT DEGREE. FOUNDATION FUNDING ALSO SUPPORTS INNOVATIVE FACULTY RESEARCH AND DEVELOPMENT WHICH LIES AT THE HEART OF ACADEMIC LEADERSHIP.
NEW COLLEGE FOUNDATION PROVIDES ACADEMIC PROGRAM FUNDING TO HELP MAINTAIN THE 10-1 STUDENT-TO-FACULTY RATIO WHICH ALLOWS STUDENTS FROM OVER 38 STATES AND 20 COUNTRIES TO DEVELOP A PERSONAL RELATIONSHIP AND WORK ONE-ON-ONE WITH FACULTY TO DESIGN THEIR EDUCATION PROGRAM AND RESEARCH PROJECTS. AS A DIRECT RESULT, NEW COLLEGE OF FLORIDA PRODUCES MORE FULBRIGHT SCHOLARS PER CAPITA THAN HARVARD OR YALE (3 IN 2015 AND 4 IN 2016) AND IS RECOGNIZED NATIONALLY FOR THE NUMBER OF ITS STUDENTS IT SENDS TO THE COUNTRY'S PREMIER LAW, BUSINESS AND MEDICAL SCHOOLS. FOUNDATION FUNDING IS ALSO PROVIDED TO THE JANE COOK BANCROFT LIBRARY, TO COMMUNITY PROGRAMS, SUCH AS NEW TOPICS AND NEW MUSIC, AND TO THE NOVO COLLEGIATE SCHOLARSHIP AND TO INTERNATIONAL PROGRAMS, SUCH AS DAUGHTERS FOR LIFE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maryanne Young Executive Director | Officer | 40 | $204,211 |
Kevin Hughes Associate VP Advancement | Officer | 40 | $136,840 |
Declan Sheehy Director Philanthropy | Officer | 40 | $105,081 |
Marcia Crawley Director Philanthropy | Officer | 40 | $103,246 |
Michael L Foley Director Philanthropy | Officer | 40 | $98,148 |
Ronald P Mcdonough Director Of Finance & Comp | Officer | 40 | $97,961 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $177,118 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,885,641 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,062,759 |
| Total Program Service Revenue | $0 |
| Investment income | $447,800 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $47,466 |
| Net Gain/Loss on Asset Sales | $1,557,426 |
| Net Income from Fundraising Events | $187,707 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,354,121 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,700,649 |
| Grants and other assistance to domestic individuals. | $1,163,579 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,076,518 |
| Compensation of current officers, directors, key employees. | $261,958 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $602,780 |
| 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 | $33,217 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $310,860 |
| Fees for services: Other | $45,089 |
| Advertising and promotion | $59,373 |
| Office expenses | $79,653 |
| Information technology | $51,665 |
| Royalties | $0 |
| Occupancy | $24,691 |
| Travel | $33,130 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,586 |
| Interest | $15,241 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $57,637 |
| Insurance | $19,734 |
| All other expenses | $0 |
| Total functional expenses | $5,329,272 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,159,682 |
| Savings and temporary cash investments | $5,433,668 |
| Pledges and grants receivable | $576,519 |
| Accounts receivable, net | $12,112 |
| 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 | $40,710 |
| Net Land, buildings, and equipment | $1,152,550 |
| Investments—publicly traded securities | $33,502,757 |
| Investments—other securities | $6,103,305 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $47,981,303 |
| Accounts payable and accrued expenses | $743,586 |
| Grants payable | $0 |
| Deferred revenue | $1,106,926 |
| 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 | $329,892 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $320,777 |
| Total liabilities | $2,501,181 |
| Net assets without donor restrictions | $1,860,089 |
| Net assets with donor restrictions | $43,620,033 |
| 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 | $47,981,303 |
Grants Awarded
Over the last fiscal year, New College Foundation Incorporated has awarded $603,883 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
NEW COLLEGE OF FLORIDA PURPOSE: INCREASING ACCESS TO HIGH-QUALITY POSTSECONDARY EDUCATION AND DIVERSIFYING THE EDUCATED WORKFORCE ARE MATTERS OF LOCAL, REGIONAL, AND NATIONAL URGENCY. | $189,661 |
NEW COLLEGE OF FLORIDA PURPOSE: SUPPLEMENT ACADEMIC PROGRAMS AND ENHANCEMENT | $171,084 |
NEW COLLEGE OF FLORIDA PURPOSE: NEW COLLEGE AND THE CROSS-COLLEGE ALLIANCE IN THE COMMUNITY THAT WILL HAVE FACULTY, STAFF, AND STUDENTS AT NEW COLLEGE AND OUR NEIGHBORING COLLEGES IN THE CROSS COLLEGE ALLIANCE (CCA) WORK WITH COMMUNITY MEMBERS AND GROUPS ON ISSUES IDENTIFIED BY THE COMMUNITY ON WHICH THE ARTS AND HUMANITIES BEAR. | $169,401 |
NEW COLLEGE OF FLORIDA PURPOSE: SUPPLEMENT ACADEMIC PROGRAMS AND ENHANCEMENT | $73,737 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that New College Foundation Incorporated has recieved totaling $348,630.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Sarasota County Inc Sarasota, FL PURPOSE: GENERAL SUPPORT, PROGRAM SUPPORT, SCHOLARSHIP SUPPORT | $197,867 |
Gulf Coast Community Foundation Inc Venice, FL PURPOSE: EDUCATION | $65,058 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: EDUCATION | $65,000 |
Manatee Community Foundation Inc Bradenton, FL PURPOSE: GENERAL SUPPORT, PROGRAM SUPPORT, SCHOLARSHIPS | $20,100 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $569 |
Gannett Foundations Inc Mclean, VA PURPOSE: CHARITABLE PURPOSE | $36 |
Endowment Analysis
| Beg. Balance | $48,533,782 |
| Earnings | -$5,123,300 |
| Net Contributions | $42,825 |
| Other Expense | $3,847,244 |
| Ending Balance | $39,606,063 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Miami Dade College Foundation Inc Miami, FL | $203,072,980 | $26,102,618 |
Oxbridge Academy Foundation Inc West Palm Beach, FL | $65,288,192 | $19,905,008 |
University Of West Florida Foundation Inc Pensacola, FL | $164,565,433 | $23,515,652 |
Gator Boosters Inc Gainesville, FL | $35,445,358 | $17,089,938 |
The University Of North Florida Foundation Inc Jacksonville, FL | $189,463,504 | $37,925,600 |
Usf Health Professions Conferencing Corporation Tampa, FL | $17,834,474 | $17,025,476 |
Florida Agricultural & Mechanical Univ Foundation Inc Tallahassee, FL | $165,576,820 | $45,594,915 |
Jessie Ball Dupont Religious Charitable & Educational Fund Jacksonville, FL | $0 | $23,306,581 |
Avant Garde Academy Foundation Inc Hollywood, FL | $46,079,616 | $17,259,977 |
Florida State University Research Foundation Inc Tallahassee, FL | $238,210,385 | $28,107,542 |
Georgia Tech Facilities Inc Atlanta, GA | $407,064,936 | $14,504,049 |
Fsu Financial Assistance Inc Tallahassee, FL | $147,384,832 | $12,995,500 |