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Nonprofiteer
← CENTRAL LAKES COLLEGE FOUNDATION

Form 990 for tax year 2022

Filed by CENTRAL LAKES COLLEGE FOUNDATION.

Totals

Total revenue
$2,652,455
Total expenses
$2,754,138
Contributions and grants received
$2,117,324
Grants paid
$1,944,667
Program service revenue
$580,293
Investment income
-$45,503
Other revenue
$341
Total assets, end of year
$12,795,464
Total liabilities, end of year
$1,311,635
Net assets or fund balances, end of year
$11,483,829
Program services expenses (Part IX)
$2,551,702
Management and general expenses
$171,514
Fundraising expenses
$30,922
Program service expenses (Part III)
$2,551,702

Program services were 92.6% 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.

  • 1f · All other contributions, gifts and grants

    $2,117,324

  • 1g · Noncash contributions included above

    $1,293,343

  • 2a · Program service revenue: NET RENTAL REVENUE

    total $533,461 · related or exempt $533,461

  • 2b · Program service revenue: RESERVATION FEES

    total $26,750 · related or exempt $26,750

  • 2c · Program service revenue: TENANT CHARGES

    total $16,180 · related or exempt $16,180

  • 2d · Program service revenue: LAUNDRY AND VENDING

    total $3,902 · related or exempt $3,902

  • 3 · Investment income

    total $293,417 · excluded $293,417

  • 7a · Gross sales of assets other than inventory

    securities $10,850,256

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

    securities $11,189,176

  • 7c · Gain or loss

    securities -$338,920

  • 7d · Net gain or loss

    total -$338,920 · excluded -$338,920

  • 8a · Fundraising events: gross income

    $5,353

  • 8b · Fundraising events: direct expenses

    $19,842

  • 8c · Net income from fundraising events

    total -$14,489 · excluded -$14,489

  • 9a · Gaming: gross income

    $19,863

  • 9b · Gaming: direct expenses

    $5,033

  • 9c · Net income from gaming

    total $14,830 · excluded $14,830

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,944,667 · program services $1,944,667

  • 5 · Compensation of officers, directors and key employees

    total $126,883 · program services $63,442 · management and general $57,097 · fundraising $6,344

  • 7 · Other salaries and wages

    total $202,660 · program services $143,416 · management and general $40,928 · fundraising $18,316

  • 9 · Other employee benefits

    total $1,164 · program services $1,164

  • 10 · Payroll taxes

    total $12,264 · program services $8,746 · management and general $3,166 · fundraising $352

  • 11a · Fees: management

    total $57,878 · program services $57,878

  • 11c · Fees: accounting

    total $23,720 · program services $8,446 · management and general $15,274

  • 11f · Fees: investment management

    total $22,897 · management and general $22,897

  • 12 · Advertising and promotion

    total $9,460 · program services $3,169 · management and general $381 · fundraising $5,910

  • 13 · Office expenses

    total $4,470 · program services $2,770 · management and general $1,700

  • 14 · Information technology

    total $21,065 · program services $13,309 · management and general $7,756

  • 16 · Occupancy

    total $109,871 · program services $109,871

  • 17 · Travel

    total $1,731 · management and general $1,731

  • 20 · Interest

    total $41,309 · program services $41,309

  • 22 · Depreciation, depletion and amortization

    total $76,044 · program services $76,044

  • 23 · Insurance

    total $15,172 · program services $14,739 · management and general $433

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $39,990 · program services $39,990

  • 24b · Other expenses: MISCELLANEOUS

    total $25,060 · program services $5,059 · management and general $20,001

  • 24c · Other expenses: BAD DEBTS

    total $16,647 · program services $16,647

  • 24d · Other expenses: LICENSES AND DUES

    total $1,186 · program services $1,036 · management and general $150

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $67,173 · end of year $13,965

  • 2 · Savings and temporary cash investments

    beginning of year $753,459 · end of year $645,480

  • 4 · Accounts receivable

    beginning of year $19,160 · end of year $28,809

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,045 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $2,897,559

  • 10b · Land, buildings and equipment: accumulated depreciation

    $437,048

  • 10c · Land, buildings and equipment, net

    beginning of year $2,494,331 · end of year $2,460,511

  • 11 · Investments: publicly traded securities

    beginning of year $8,564,008 · end of year $9,605,651

  • 15 · Other assets

    beginning of year $46,323 · end of year $41,048

  • 17 · Accounts payable and accrued expenses

    beginning of year $30,158 · end of year $24,560

  • 19 · Deferred revenue

    beginning of year $1,040 · end of year $2,033

  • 23 · Secured mortgages and notes payable

    beginning of year $1,318,841 · end of year $1,245,535

  • 25 · Other liabilities

    beginning of year $44,832 · end of year $39,507

  • 27 · Net assets without donor restrictions

    beginning of year $1,244,070 · end of year $1,345,179

  • 28 · Net assets with donor restrictions

    beginning of year $9,319,558 · end of year $10,138,650

Mission and programs · 2022

Mission

THE ORGANIZATION PROVIDES SCHOLARSHIPS AND HOUSING TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE

Activities or mission (Part I)

THE ORGANIZATION PROVIDES SCHOLARSHIPS AND HOUSING TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE.

  • DONATIONS INCLUDING IN-KIND FOR PROJECTS AND PROGRAMS PAID FOR ON BEHALF OF CENTRAL LAKES COLLEGE TO ENHANCE STUDENT AND COMMUNITY LEARNING EXPERIENCES

    Expenses $1,515,646 · Grants $1,353,019

  • SCHOLARSHIPS GRANTED TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE

    Expenses $591,648 · Grants $591,648

  • STUDENT HOUSING PROVIDED TO STUDENTS ENROLLED AT CENTRAL LAKES COLLEGE

    Expenses $444,408 · Revenue $580,293

As filed on the 2022 return.

Listed in Part VII

  • JIM BENSON

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • BRAD CHAPULIS

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • LISA WIGAND

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • BARBARA ANDERSON

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • NATHAN HAMILTON

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • HARA CHARLIER

    EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • MIKE BJERKNESS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BETH GRUBER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KATIE HEPPNER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MERRICK DRESNIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBB KOLODZIEJ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN OHLIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BRAD PERSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MATT SUNDQUIST

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • STEVE WENZEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • VAL KNUDSEN THRU 1122

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KATE ADORNETTO

    EXECUTIVE DIRECTOR

    Total calculated
    $122,108
    From this org
    $0
    From related orgs
    $92,555
    Other
    $29,553
    Hours/week
    40

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.

Grants on this return

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
19 April 2024
IRS schema version
2022v5.0
Source object
202421139349302002

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