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Nonprofiteer
← MONTGOMERY COLLEGE FOUNDATION INC

Form 990 for tax year 2023

Filed by MONTGOMERY COLLEGE FOUNDATION INC.

Totals

Total revenue
$12,591,323
Total expenses
$6,977,348
Contributions and grants received
$6,641,254
Grants paid
$4,372,695
Program service revenue
$2,267,636
Investment income
$3,653,595
Other revenue
$28,838
Total assets, end of year
$113,406,253
Total liabilities, end of year
$62,524,000
Net assets or fund balances, end of year
$50,882,253
Program services expenses (Part IX)
$6,387,702
Management and general expenses
$269,595
Fundraising expenses
$320,051
Program service expenses (Part III)
$6,387,702

Program services were 91.5% 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

    $1,892

  • 1e · Government grants (contributions)

    $254,788

  • 1f · All other contributions, gifts and grants

    $6,384,574

  • 1g · Noncash contributions included above

    $287,699

  • 2a · Program service revenue: RENTAL INCOME FROM COLLEGE

    total $2,267,636 · related or exempt $2,267,636

  • 3 · Investment income

    total $1,175,911 · excluded $1,175,911

  • 5 · Royalties

    total $18,971 · excluded $18,971

  • 7a · Gross sales of assets other than inventory

    securities $12,381,979

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

    securities $9,904,295

  • 7c · Gain or loss

    securities $2,477,684

  • 7d · Net gain or loss

    total $2,477,684 · excluded $2,477,684

  • 8a · Fundraising events: gross income

    $13,115

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

    $1,892

  • 8b · Fundraising events: direct expenses

    $3,248

  • 8c · Net income from fundraising events

    total $9,867 · excluded $9,867

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,553,911 · program services $1,553,911

  • 2 · Grants to domestic individuals

    total $2,818,784 · program services $2,818,784

  • 11b · Fees: legal

    total $39,100 · management and general $39,100

  • 11c · Fees: accounting

    total $21,912 · management and general $21,912

  • 11f · Fees: investment management

    total $120,580 · management and general $120,580

  • 11g · Fees: other

    total $334,397 · management and general $40,938 · fundraising $293,459

  • 13 · Office expenses

    total $38,828 · management and general $24,971 · fundraising $13,857

  • 19 · Conferences, conventions and meetings

    total $1,410 · management and general $1,218 · fundraising $192

  • 20 · Interest

    total $2,015,007 · program services $2,015,007

  • 23 · Insurance

    total $9,516 · management and general $9,516

  • 24a · Other expenses: INSTITUTIONAL SUPPORT

    total $12,543 · fundraising $12,543

  • 24b · Other expenses: MEMBERSHIPS & LICENSE

    total $11,360 · management and general $11,360

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,900,765 · end of year $2,062,275

  • 2 · Savings and temporary cash investments

    beginning of year $6,818,373 · end of year $5,953,270

  • 3 · Pledges and grants receivable

    beginning of year $1,890,633 · end of year $3,672,454

  • 4 · Accounts receivable

    beginning of year $14,335 · end of year $5,954

  • 9 · Prepaid expenses and deferred charges

    beginning of year $61,619 · end of year $30,779

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

    $2,750,000

  • 10c · Land, buildings and equipment, net

    beginning of year $2,750,000 · end of year $2,750,000

  • 11 · Investments: publicly traded securities

    beginning of year $34,176,787 · end of year $40,166,079

  • 15 · Other assets

    beginning of year $63,243,832 · end of year $58,765,442

  • 17 · Accounts payable and accrued expenses

    beginning of year $621,424 · end of year $428,149

  • 20 · Tax-exempt bond liabilities

    beginning of year $65,251,201 · end of year $60,571,972

  • 24 · Unsecured notes and loans payable

    end of year $830,000

  • 25 · Other liabilities

    beginning of year $719,894 · end of year $693,879

  • 27 · Net assets without donor restrictions

    beginning of year $1,360,441 · end of year $1,893,062

  • 28 · Net assets with donor restrictions

    beginning of year $42,903,384 · end of year $48,989,191

Mission and programs · 2023

Mission

MONTGOMERY COLLEGE FOUNDATION PROVIDES CRITICAL FINANCIAL AND NON-FINANCIAL RESOURCES IN ADVANCING THE MONTGOMERY COLLEGE MISSION TO TRANSFORM STUDENT LIVES AND ENRICH THE DIVERSE COMMUNITIES IT SERVES.

Activities or mission (Part I)

THE ORGANIZATION SUPPORTS THE EDUCATIONAL ACTIVITIES OF MONTGOMERY COLLEGE.

  • SCHOLARSHIPS:THIS YEAR THE MONTGOMERY COLLEGE FOUNDATION WAS ABLE TO DISTRIBUTE OVER $2.8 MILLION IN SCHOLARSHIP AID TO MORE THAN 2,100 STUDENTS. THIS WOULD NOT HAVE BEEN POSSIBLE WITHOUT THE GENEROSITY AND VISION OF OUR DONORS, WHO RECOGNIZE THAT EDUCATION IS THE KEY TO LIFTING INDIVIDUALS AND FAMILIES OUT OF POVERTY, WHICH IS THE GREATEST BARRIER TO A COLLEGE DEGREE. THROUGH THE GENEROSITY OF OUR DONORS, THE FOUNDATION HAS SUPPORTED NUMEROUS PROGRAMS INCLUDING OUR COMMUNITY-CHANGING ACHIEVING COLLEGIATE EXCELLENCE AND SUCCESS (ACES) PROGRAM, WHICH IS DESIGNED TO REACH THE MOST VULNERABLE STUDENTS IN OUR COMMUNITY - INCLUDING FIRST GENERATION, AFRICAN AMERICAN, HISPANIC, AS WELL AS THOSE WHO WILL BE THE FIRST IN THEIR FAMILY TO ATTEND COLLEGE. THIS FORWARD-THINKING PROGRAM PROVIDES COACHING SUPPORT TO STUDENTS WHO HAVE BOTH THE DESIRE AND THE CAPACITY TO PURSUE A COLLEGE DEGREE WHILE THEY ARE STILL IN AREA HIGH SCHOOLS IN ORDER TO PREPARE THEM TO ATTEND MONTGOMERY COLLEGE AND, ULTIMATELY, TO RECEIVE THEIR BACHELOR'S DEGREE. THE MONTGOMERY COLLEGE FOUNDATION ALSO PROVIDED SCHOLARSHIPS TO STUDENTS PARTICIPATING IN THE PRESIDENTIAL SCHOLARS PROGRAM. THE PRESIDENTIAL SCHOLARS PROGRAM WORKS TO INCREASE THE REPRESENTATION OF AFRICAN AMERICAN MEN IN HIGH-WAGE, HIGH-DEMAND CAREERS. THE PROGRAM IS OPEN TO STUDENTS OF ALL BACKGROUNDS WHO ARE COMMITTED TO THE PROGRAM GOALS. ADDITIONALLY, THE MONTGOMERY COLLEGE FOUNDATION PROVIDED SCHOLARSHIPS TO SUPPORT STUDENTS ENROLLED IN WORKFORCE DEVELOPMENT AND CONTINUING EDUCATION NONCREDIT COURSES, DESIGNED TO ENHANCE BUSINESS AND TECHNICAL SKILLS OR GAIN INDUSTRY CERTIFICATIONS TO ENRICH THE COMMUNITY WORKFORCE. OUR FACULTY AND STAFF ARE DEDICATED TO ENSURING THE COLLEGE FULFILLS ITS MISSION, WHICH IS TO EMPOWER OUR STUDENTS TO CHANGE THEIR LIVES AND ENRICH THE LIFE OF OUR COMMUNITY, AND WE THANK OUR DONORS WHO MAKE THIS POSSIBLE.

    Expenses $2,818,784 · Grants $2,818,784

  • FACILITIES EXPANSION SUPPORT:THE PURPOSE OF THE FOUNDATION IS TO RAISE FUNDS FOR THE BENEFIT OF AND TO OTHERWISE SUPPORT MONTGOMERY COLLEGE. IN ADDITION, THE FOUNDATION BORROWS FUNDS ON BEHALF OF THE COLLEGE TO PURCHASE REAL ESTATE FOR THE USE OF THE COLLEGE OR OTHERWISE IN FURTHERANCE OF THE COLLEGE'S MISSION. THE FOUNDATION HAS PROVIDED ASSISTANCE TO THE COLLEGE THROUGH A SERIES OF MUNICIPAL BOND OFFERINGS. THROUGH THESE PROJECTS, THE COLLEGE HAS BEEN ABLE TO BUILD TWO PARKING GARAGES, PURCHASE TWO BUILDINGS FOR OFFICES AND CLASSROOMS, AND REMODEL A BUILDING TO CREATE AN ART CENTER.

    Expenses $2,015,007 · Revenue $2,267,636

  • STUDENT AND FACULTY SUPPORT:THIS YEAR THE MONTGOMERY COLLEGE FOUNDATION WAS ABLE TO DISTRIBUTE OVER $1,500,000 IN GRANTS SUPPORTING A VARIETY OF ACADEMIC PROGRAMS THAT REFLECT THE TALENTS AND INTERESTS OF MONTGOMERY COLLEGE'S STUDENT BODY INCLUDING, BUT NOT LIMITED TO, OUR GLOBAL HUMANITIES INSTITUTE (GHI), OUR SOUTHERN MANAGEMENT LEADERSHIP PROGRAM AND OUR MACKLIN BUSINESS INSTITUTE (MBI). GHI WAS CREATED TO ENSURE OUR CURRICULA ARE DEVELOPED WITH A GLOBAL PERSPECTIVE IN ORDER TO PREPARE OUR STUDENTS FOR THE NEEDS OF TODAY'S EMPLOYERS. THIS PROGRAM WAS LAUNCHED AFTER WE SECURED A PRESTIGIOUS CHALLENGE GRANT FROM THE NATIONAL ENDOWMENT FOR THE HUMANITIES, WHICH LED TO THE COLLEGE EMBARKING ON A $1 MILLION FUNDRAISING CAMPAIGN. THE SOUTHERN MANAGEMENT LEADERSHIP PROGRAM IS A SCHOLARSHIP INITIATIVE DESIGNED TO EDUCATE OUR STUDENTS WHO HAVE AN INTEREST IN ENTREPRENEURSHIP AND AN ENTHUSIASM FOR STARTING A BUSINESS VENTURE OR LEADING A COMPANY. THE GOAL OF THIS INNOVATIVE PROGRAM IS TO SUPPORT, DEVELOP, AND GRADUATE ETHICAL LEADERS WHO WANT TO ENERGIZE AND GIVE BACK TO THEIR LOCAL COMMUNITIES. ADDITIONALLY, OUR MACKLIN BUSINESS INSTITUTE PROVIDES ITS BUSINESS STUDENTS WITH AN EXPERIENTIAL LEARNING PROGRAM, PROVIDING A HANDS-ON EXPERIENCE IN THE BUSINESS WORLD WITHIN OUR COMMUNITY. BY COUPLING REAL-LIFE EXPERIENCE WITH WHAT STUDENTS ARE LEARNING IN BUSINESS CLASSES, MBI STUDENTS ARE OFTEN BETTER PREPARED TO SUCCEED WHEN THEY TRANSFER TO TOP BUSINESS SCHOOLS. STUDENTS ALSO HAVE ACCESS TO THE STATE OF THE ART MACKLIN FINANCE LAB, WHERE STUDENTS CAN UTILIZE FINANCIAL SOFTWARE USED IN INVESTMENT BANKS, BROKERAGE HOUSES, AND HEDGE FUNDS ON WALL STREET. THIS EXTRAORDINARY OPPORTUNITY FOR STUDENTS IN A COMMUNITY COLLEGE SETTING WAS MADE POSSIBLE THROUGH A $1.22 MILLION DONATION FROM THE MACKLIN FOUNDATION. THE MONTGOMERY COLLEGE FOUNDATION CONTINUES TO SUPPORT STUDENT WITH EMERGENCY NEEDS. THIS YEAR MORE THAN $140,000 WAS PROVIDED IN EMERGENCY ASSISTANCE.

    Expenses $1,553,911 · Grants $1,553,911

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • WILLIAM C FOOTE

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • MARY PAT ALCUS

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • ERICA L WEBBER

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • KENNETH H BECKER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARIANNE H BRACKNEY

    DIRECTOR (UNTIL 02/24)

    Total calculated
    $0
    Hours/week
    1

  • ASHLEY B CHENG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARTIN P COLBURN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KENNETH C COOK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANNE L GUNSTEENS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • R WILLIAM HARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSHUA HAYES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • J STEPHEN MCAULIFFE III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CONNIE O MCGUIRE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL S PAUKSTITUS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ESMERALDA QUENUM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • STEVEN V ROBERTS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERTA SHULMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JANE C SMITH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MORGAN SULLIVAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CRISTOPHER J WHITE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOYCE MATTHEWS

    EXEC DIR / VP OF DEV & ALUMNI RELATIONS

    Total calculated
    $223,534
    From this org
    $0
    From related orgs
    $200,089
    Other
    $23,445
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $196,089 related
    Bonus
    $0
    Other
    $0 + $4,000 related
    Deferred
    $0 + $18,855 related
    Nontaxable benefits
    $0 + $4,590 related
    Filer's total
    $0 + $223,534 related

  • DONNA M PINA

    DIRECTOR OF FOUNDATION FINANCE

    Total calculated
    $176,850
    From this org
    $0
    From related orgs
    $162,373
    Other
    $14,477
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $162,373 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,821 related
    Nontaxable benefits
    $0 + $2,656 related
    Filer's total
    $0 + $176,850 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 3
EXECUTIVE DIRECTOR COMPENSATION WAS DETERMINED BY THE FOUNDATION'S RELATED ORGANIZATION, MONTGOMERY COLLEGE. THE COLLEGE'S CLASSIFICATION AND COMPENSATION TEAM ADMINISTERS THE COLLEGE'S COMPENSATION PROGRAM. AMONG OTHER DUTIES, TEAM ACTIVITIES INCLUDE: ENSURING COMPLIANCE WITH FEDERAL AND STATE LAWS AND REGULATIONS, AS WELL AS COLLEGE POLICIES AND PROCEDURES GOVERNING CLASSIFICATION AND COMPENSATION. ENSURING THAT THE COLLEGE'S COMPENSATION PROGRAM IS GUIDED BY AND SUPPORTS THE COMPENSATION PHILOSOPHY AND THE COLLEGE'S MISSION AND GOALS. EVALUATING DUTIES AND RESPONSIBILITIES OF INDIVIDUAL POSITIONS AND OCCUPATIONAL CLASSES TO ENSURE THAT POSITIONS ARE CORRECTLY ASSIGNED TO AN APPROPRIATE GRADE LEVEL WITHIN THE ORGANIZATION. CONDUCTING MARKET SALARY SURVEYS AND ANALYSES TO ENSURE THAT COLLEGE PAY LEVELS ARE COMPETITIVE WITH THE EXTERNAL JOB MARKET. CONDUCTING STUDIES OF POSITIONS AND JOB CLASSES ON A REGULAR MAINTENANCE SCHEDULE OR IN RESPONSE TO REORGANIZATION, REALLOCATION OF RESOURCES, MAJOR CHANGES IN WORK RESPONSIBILITIES OR TECHNOLOGY, OR IN RESPONSE TO UNIQUE OR UNANTICIPATED CIRCUMSTANCES.

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

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
2023
Filed
14 March 2025
IRS schema version
2023v6.0
Source object
202540849349301664

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