Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $7,300

• 1d · Related organizations

  $65,276

• 1f · All other contributions, gifts and grants

  $1,628,003

• 1g · Noncash contributions included above

  $85,971

• 3 · Investment income

  total $691,613 · excluded $691,613

• 7a · Gross sales of assets other than inventory

  securities $12,549,013

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

  securities $9,439,189

• 7c · Gain or loss

  securities $3,109,824

• 7d · Net gain or loss

  total $3,109,824 · excluded $3,109,824

• 8a · Fundraising events: gross income

  $334,976

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

  $7,300

• 8b · Fundraising events: direct expenses

  $138,446

• 8c · Net income from fundraising events

  total $196,530 · excluded $196,530

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $3,759,680 · program services $3,759,680

• 2 · Grants to domestic individuals

  total $47,211 · program services $47,211

• 5 · Compensation of officers, directors and key employees

  total $11,296 · fundraising $11,296

• 11c · Fees: accounting

  total $12,025 · management and general $12,025

• 11f · Fees: investment management

  total $248,230 · management and general $248,230

• 11g · Fees: other

  total $469,113 · management and general $88,997 · fundraising $380,116

• 12 · Advertising and promotion

  total $18,831 · management and general $18,831

• 23 · Insurance

  total $7,189 · fundraising $7,189

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,554,277 · end of year $775,614

• 2 · Savings and temporary cash investments

  beginning of year $3,019,274 · end of year $1,451,994

• 3 · Pledges and grants receivable

  beginning of year $595,566 · end of year $266,669

• 11 · Investments: publicly traded securities

  beginning of year $35,455,863 · end of year $39,287,201

• 15 · Other assets

  beginning of year $90,348 · end of year $122,316

• 17 · Accounts payable and accrued expenses

  beginning of year $286,703 · end of year $252,609

• 18 · Grants payable

  beginning of year $550,409 · end of year $454,732

• 25 · Other liabilities

  beginning of year $1,445,446 · end of year $1,543,283

• 27 · Net assets without donor restrictions

  beginning of year $9,272,181 · end of year $10,378,034

• 28 · Net assets with donor restrictions

  beginning of year $29,160,589 · end of year $29,275,136

The filer's explanations (Part III)

PART I, LINE 1A

COUNTRY CLUB DUES ARE TREATED AS TAXABLE INCOME TO THE PRESIDENT, WHO UTILIZES THE MEMBERSHIP FOR BUSINESS PURPOSES.

PART I, LINE 3

THE COMPENSATION FOR THE EXECUTIVE DIRECTOR IS ESTABLISHED BY GRAND RAPIDS COMMUNITY COLLEGE POLICY AND PROCEDURES, APPROVED BY THE COLLEGE PRESIDENT, THE COLLEGE BOARD OF TRUSTEES, AND THE GRCC FOUNDATION BOARD OF DIRECTORS. COMPENSATION FOR COMPARABLE POSITIONS AT OTHER SIMILAR EDUCATIONAL INSTITUTIONS IS CONSIDERED IN SETTING COMPENSATION LEVELS.