Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $184,565

• 1f · All other contributions, gifts and grants

  $700,803

• 1g · Noncash contributions included above

  $43,033

• 3 · Investment income

  total $1,027,658 · excluded $1,027,658

• 7a · Gross sales of assets other than inventory

  securities $450,850

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

  securities $163,387

• 7c · Gain or loss

  securities $287,463

• 7d · Net gain or loss

  total $287,463 · excluded $287,463

• 8a · Fundraising events: gross income

  $103,597

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

  $184,565

• 8b · Fundraising events: direct expenses

  $157,191

• 8c · Net income from fundraising events

  total -$53,594 · excluded -$53,594

• 9a · Gaming: gross income

  $23,500

• 9b · Gaming: direct expenses

  $11,550

• 9c · Net income from gaming

  total $11,950 · excluded $11,950

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $938,208 · program services $938,208

• 11c · Fees: accounting

  total $20,975 · management and general $20,975

• 11f · Fees: investment management

  total $85,922 · management and general $85,922

• 11g · Fees: other

  total $20,840 · management and general $507 · fundraising $20,333

• 12 · Advertising and promotion

  total $29 · fundraising $29

• 13 · Office expenses

  total $3,444 · management and general $3,047 · fundraising $397

• 14 · Information technology

  total $25,862 · management and general $5,750 · fundraising $20,112

• 19 · Conferences, conventions and meetings

  total $6,689 · management and general $990 · fundraising $5,699

• 23 · Insurance

  total $2,934 · management and general $2,934

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,657,207 · end of year $4,213,179

• 3 · Pledges and grants receivable

  beginning of year $186,713 · end of year $137,328

• 9 · Prepaid expenses and deferred charges

  beginning of year $22,032 · end of year $22,065

• 11 · Investments: publicly traded securities

  beginning of year $9,681,891 · end of year $10,006,743

• 12 · Investments: other securities

  beginning of year $5,916,517 · end of year $7,695,944

• 15 · Other assets

  beginning of year $0 · end of year $9,178

• 17 · Accounts payable and accrued expenses

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

• 19 · Deferred revenue

  beginning of year $39,350 · end of year $49,550

• 25 · Other liabilities

  beginning of year $1,203,649 · end of year $1,033,817

• 27 · Net assets without donor restrictions

  beginning of year $1,146,049 · end of year $1,394,875

• 28 · Net assets with donor restrictions

  beginning of year $18,072,936 · end of year $19,603,819

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.