The Foundation For Florida Gateway College Inc
- Assets
- $23.2m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Lake City, FL
- Founding
- 02/1976
- Data as of
- 03/2021
- EIN
- 59-1627997
Organization Overview
The Foundation For Florida Gateway College Inc is located in Lake City, FL. The organization was established in 1976. 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. Foundation For Florida Gateway College 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 03/2021, Foundation For Florida Gateway College Inc generated $1.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $1.0m during the year ending 03/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION PROVIDES ACADEMIC SCHOLARSHIPS AND FINANCIAL SUPPORT TO THE COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS - THE FOUNDATION PROVIDES FUNDS FOR SCHOLARSHIPS TO SUPPORT STUDENTS IN A VARIETY OF PROGRAMS.
PROGRAM ENHANCEMENT - NON-SCHOLARSHIP SUPPORT OF THE COLLEGE FOR EQUIPMENT, TEACHING RESOURCES, TECHNOLOGY, AND OTHER NON-SCHOLARSHIP NEEDS OF THE COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Zack Paulk Vice Chair/secretary | OfficerTrustee | 1 | $0 |
Susie Hall Chair | OfficerTrustee | 1 | $0 |
Lee Pinchouck Executive Director | Officer | 40 | $0 |
Gerald Dopson Director | Trustee | 1 | $0 |
Van Long Director | Trustee | 1 | $0 |
Jill Adams Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $863,269 |
| Investment income | $180,678 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $360 |
| Net Gain/Loss on Asset Sales | -$1,021 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,045,345 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $624,150 |
| 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 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 | $18,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,468 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $579 |
| Information technology | $23,137 |
| Royalties | $0 |
| Occupancy | $6,721 |
| 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 | $8,672 |
| Insurance | $1,858 |
| All other expenses | $0 |
| Total functional expenses | $1,006,984 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $91,288 |
| Savings and temporary cash investments | $2,043,500 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $41,018 |
| 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 |
| Investments—publicly traded securities | $20,197,130 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1 |
| Total assets | $23,198,675 |
| Accounts payable and accrued expenses | $2,070 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $825,738 |
| 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 | $119,161 |
| Total liabilities | $121,231 |
| 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 | $17,272,341 |
| Total liabilities and net assets/fund balances | $23,077,444 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that The Foundation For Florida Gateway College Inc has recieved totaling $702,550.
| Awarding Organization | Amount |
|---|---|
The Community Foundation For Northeast Florida Inc Jacksonville, FL PURPOSE: FGC STEM BUILDING | $300,000 |
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $214,560 |
Community Foundation Of Sarasota County Inc Sarasota, FL PURPOSE: SCHOLARSHIP SUPPORT | $60,000 |
Tsic Inc Fort Lauderdale, FL PURPOSE: MENTORING | $57,998 |
Lester And Anne Scaff Foundation Inc Lake City, FL PURPOSE: EDUCATION | $25,000 |
Florida College System Foundation Inc Tallahassee, FL PURPOSE: VARIOUS AWARDS | $23,538 |
Endowment Analysis
| Beg. Balance | $4,713,881 |
| Net Contributions | $265,484 |
| Ending Balance | $4,979,365 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Andrew College Cuthbert, GA | $29,741,190 | $11,623,662 |
College Of Central Florida Foundation Inc Ocala, FL | $126,335,396 | $16,814,104 |
Abraham Baldwin Agricultural College Foundation Inc Tifton, GA | $42,241,656 | $6,873,276 |
Eastern Florida State College Foundation Inc Cocoa, FL | $24,855,477 | $1,758,149 |
Lake Sumter State College Foundation Inc Leesburg, FL | $29,003,418 | $3,590,083 |
The Foundation For Florida Gateway College Inc Lake City, FL | $23,198,675 | $1,045,345 |
Georgia Highlands College Foundation Inc Rome, GA | $18,630,392 | $928,746 |
Shelton State Community College Foundation Inc Tuscaloosa, AL | $4,269,385 | $401,067 |
Jefferson State Community College Foundation Inc-Jefferson County Trussville, AL | $1,775,746 | $1,400,342 |
Schindler Family Foundation Inc Miami, FL | $115,413 | $3,220 |
Alabama Southern Community College Foundation Monroeville, AL | $379,917 | $0 |