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Nonprofiteer
← CHESAPEAKE COLLEGE FOUNDATION INC

Form 990 for tax year 2022

Filed by CHESAPEAKE COLLEGE FOUNDATION INC.

Totals

Total revenue
$868,361
Total expenses
$693,824
Contributions and grants received
$542,220
Grants paid
$631,934
Program service revenue
$0
Investment income
$326,141
Other revenue
$0
Total assets, end of year
$8,815,819
Total liabilities, end of year
$465,724
Net assets or fund balances, end of year
$8,350,095
Program services expenses (Part IX)
$640,332
Management and general expenses
$53,463
Fundraising expenses
$29
Program service expenses (Part III)
$640,332

Program services were 92.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $3,835

  • 1f · All other contributions, gifts and grants

    $538,385

  • 3 · Investment income

    total $224,653 · excluded $224,653

  • 7a · Gross sales of assets other than inventory

    securities $1,779,384

  • 7b · Less cost or other basis and sales expenses

    securities $1,677,896

  • 7c · Gain or loss

    securities $101,488

  • 7d · Net gain or loss

    total $101,488 · excluded $101,488

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $3,835

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $631,934 · program services $631,934

  • 11g · Fees: other

    total $25,624 · management and general $25,624

  • 13 · Office expenses

    total $4,651 · management and general $4,651

  • 17 · Travel

    total $29 · fundraising $29

  • 24a · Other expenses: BANKING FEES

    total $23,188 · management and general $23,188

  • 24b · Other expenses: REFRESHMENTS/AWARDS

    total $8,398 · program services $8,398

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $546,966 · end of year $428,972

  • 3 · Pledges and grants receivable

    beginning of year $170,839 · end of year $7,733

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,132 · end of year $158

  • 11 · Investments: publicly traded securities

    beginning of year $7,346,116 · end of year $8,372,956

  • 15 · Other assets

    beginning of year $6,000 · end of year $6,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $276,736 · end of year $465,724

  • 27 · Net assets without donor restrictions

    beginning of year $591,951 · end of year $723,437

  • 28 · Net assets with donor restrictions

    beginning of year $7,215,366 · end of year $7,626,658

Mission and programs · 2022

Mission

THE FOUNDATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR THE CHARITABLE AND EDUCATIONAL PURPOSES OF FURTHERING THE EDUCATIONAL PROGRAMS, FACILITIES, AND OPPORTUNITIES AT CHESAPEAKE COLLEGE, BY PROVIDING FINANCIAL RESOURCES TO MEET THE COLLEGE'S GOALS AND OPPORTUNITIES AT CHESAPEAKE COLLEGE, BY PROVIDING FINANCIAL RESOURCES TO MEET THE COLLEGE'S GOALS AND OBJECTIVES.

Activities or mission (Part I)

CHARITABLE AND EDUCATIONAL PURPOSES TO BENEFIT THE STUDENTS AND FACULTY OF CHESAPEAKE COLLEGE.

  • PROVIDED DONOR CONTRIBUTIONS AND EARNINGS FROM ENDOWMENTS TO FUND ACADEMIC AWARDS, GRANTED BY CHESAPEAKE COLLEGE TO STUDENTS WHO MEET DONOR-IMPOSED REQUIREMENTS. THROUGH DONOR CONTRIBUTIONS, EVENTS, AND EARNINGS FROM ENDOWMENTS, THE FOUNDATION WAS ABLE TO GIVE BACK $828,124 TO CHESAPEAKE COLLEGE. THESE CONTRIBUTIONS WERE USED TO SUPPORT STUDENT SCHOLARSHIPS, INNOVATIVE TEACHING FOR FACULTY, ALUMNI PROGRAMMING AND RECOGNITION, AND STUDENT LEARNING OPPORTUNITIES.

    Expenses $640,332 · Grants $631,934

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MILTON NAGEL

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DEWEY BLADES

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ROBBY SHEEHAN

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • BRUCE ARMISTEAD

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • PASSION BOLDEN-TILGHMAN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DR CLIFF COPPERSMITH

    MEMBER/CHESAPEAKE COLLEGE

    Total calculated
    $220,369
    From this org
    $0
    From related orgs
    $191,253
    Other
    $29,116
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $191,253 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $29,116 related
    Filer's total
    $0 + $220,369 related

  • JOHN HAAS

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 35 related

  • JOHN FOSTER

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • STUART BOUNDS

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • REZA JAFARI

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM KRAMPF

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 40 related

  • EVAN MILES

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • LESLEY SCHLESS

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • J BRIAN STITCHER

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BOB GRACE

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KATIE BLAHA

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JOHN DELUCA

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LINDA FRIDAY

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • ROBIN MARTIN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DARIUS JOHNSON

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DOUGLAS GILL

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KAREN SMITH

    VICE PRESIDENT OF ADMINIST

    Total calculated
    $164,755
    From this org
    $0
    From related orgs
    $141,294
    Other
    $23,461
    Hours/week
    4 + 31 related

    Schedule J breakdown matched by us

    Base
    $0 + $141,294 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $23,461 related
    Filer's total
    $0 + $164,755 related

  • AMBER MCGINNIS

    EXECUTIVE DIRECTOR

    Total calculated
    $78,299
    From this org
    $0
    From related orgs
    $58,561
    Other
    $19,738
    Hours/week
    1 + 40 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 5
THE PRESIDENT OF CHESAPEAKE COLLEGE IS A BOARD MEMBER OF THE FOUNDATION, IS PAID SOLELY BY THE COLLEGE. THE COLLEGE USES SEVERAL METHODS TO DETERMINE AN APPROPRIATE COMPENSATION PACKAGE WHICH MAY INCLUDE THE USE OF AN INDEPENDENT COMPENSATION CONSULTANT. THE CONSULTANT USES COMPARABLE DATA FROM SIMILARLY SITUATED INSTITUTIONS TO RECOMMEND COMPENSATION THAT WOULD BE WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. THE COLLEGE'S BOARD OF DIRECTORS MAKE FINAL DECISIONS ON THE PRESIDENT'S COMPENSATION.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • CHESAPEAKE COLLEGE

    $631,934

    TO PROVIDE SCHOLARSHIPS AND FINANCIAL AID TO STUDENTS AND TO PROVIDE FUNDS FOR THE PURCHASES OF ASSETS.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
15 December 2023
IRS schema version
2022v5.0
Source object
202400399349300415

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