Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $179,714

• 1f · All other contributions, gifts and grants

  $3,574,946

• 1g · Noncash contributions included above

  $64,195

• 3 · Investment income

  total $565,883 · excluded $565,883

• 7a · Gross sales of assets other than inventory

  securities $8,174,785

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

  securities $7,536,960

• 7c · Gain or loss

  securities $637,825

• 7d · Net gain or loss

  total $637,825 · excluded $637,825

• 8a · Fundraising events: gross income

  $104,689

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

  $179,714

• 8b · Fundraising events: direct expenses

  $145,631

• 8c · Net income from fundraising events

  total -$40,942 · excluded -$40,942

• 9a · Gaming: gross income

  $29,300

• 9b · Gaming: direct expenses

  $11,550

• 9c · Net income from gaming

  total $17,750 · excluded $17,750

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,291,403 · program services $1,291,403

• 11c · Fees: accounting

  total $23,250 · management and general $23,250

• 11f · Fees: investment management

  total $65,021 · management and general $64,616 · fundraising $405

• 11g · Fees: other

  total $16,189 · management and general $341 · fundraising $15,848

• 13 · Office expenses

  total $1,639 · management and general $1,225 · fundraising $414

• 14 · Information technology

  total $25,623 · fundraising $25,623

• 16 · Occupancy

  total $1,130 · management and general $1,130

• 17 · Travel

  total $35 · management and general $35

• 19 · Conferences, conventions and meetings

  total $18,210 · management and general $3,007 · fundraising $15,203

• 23 · Insurance

  total $2,807 · management and general $2,807

• 24a · Other expenses: GIFTS

  total $9,354 · fundraising $9,354

• 24b · Other expenses: DUES AND SUBSCRIPTIONS

  total $2,841 · management and general $2,831 · fundraising $10

• 24c · Other expenses: BANK FEES

  total $1,871 · management and general $1,871

• 24e · All other expenses

  total $6,980 · management and general $227 · fundraising $6,753

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,561,107 · end of year $4,657,207

• 3 · Pledges and grants receivable

  beginning of year $131,499 · end of year $186,713

• 9 · Prepaid expenses and deferred charges

  beginning of year $19,021 · end of year $22,032

• 11 · Investments: publicly traded securities

  beginning of year $7,529,684 · end of year $9,681,891

• 12 · Investments: other securities

  beginning of year $4,674,693 · end of year $5,916,517

• 15 · Other assets

  beginning of year $518 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $2,376 · end of year $2,376

• 19 · Deferred revenue

  beginning of year $44,003 · end of year $39,350

• 25 · Other liabilities

  beginning of year $897,263 · end of year $1,203,649

• 27 · Net assets without donor restrictions

  beginning of year $1,061,529 · end of year $1,146,049

• 28 · Net assets with donor restrictions

  beginning of year $13,911,351 · end of year $18,072,936

The filer's explanations (Part III)

PART I, LINE 3

THREE DIRECTORS AND OFFICERS OF THE FOUNDATION BOARD ARE COMPENSATED BY LAKE MICHIGAN COLLEGE, A RELATED ORGANIZATION, FOR THE POSITIONS THEY HOLD AT THE COLLEGE. THEREFORE, NONE OF THE LINE 3 BOXES HAVE BEEN CHECKED. THE COLLEGE USES THE FOLLOWING METHODOLOGIES TO ESTABLISH THE COMPENSATION OF OFFICERS OF THE ORGANIZATION: COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.