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Nonprofiteer
← ST PETERSBURG COLLEGE FOUNDATION INC

Form 990 for tax year 2022

Filed by ST PETERSBURG COLLEGE FOUNDATION INC.

Totals

Total revenue
$7,970,051
Total expenses
$6,109,549
Contributions and grants received
$5,968,405
Grants paid
$4,330,396
Program service revenue
$672,002
Investment income
$1,329,644
Other revenue
$0
Total assets, end of year
$77,743,250
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$77,743,250
Program services expenses (Part IX)
$5,002,398
Management and general expenses
$649,851
Fundraising expenses
$457,300
Program service expenses (Part III)
$5,002,398

Program services were 81.9% 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

    $5,968,405

  • 1g · Noncash contributions included above

    $247,598

  • 2a · Program service revenue: ADMINISTRATIVE FEE REVENUE

    total $672,002 · related or exempt $672,002

  • 3 · Investment income

    total $1,660,815 · excluded $1,660,815

  • 7a · Gross sales of assets other than inventory

    securities $3,407,236

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

    securities $3,738,407

  • 7c · Gain or loss

    securities -$331,171

  • 7d · Net gain or loss

    total -$331,171 · related or exempt -$331,171

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,881,842 · program services $1,881,842

  • 2 · Grants to domestic individuals

    total $2,448,554 · program services $2,448,554

  • 11c · Fees: accounting

    total $30,000 · management and general $30,000

  • 11d · Fees: lobbying

    total $92,947 · fundraising $92,947

  • 11f · Fees: investment management

    total $575,367 · management and general $575,367

  • 13 · Office expenses

    total $19,840 · management and general $8,844 · fundraising $10,996

  • 14 · Information technology

    total $37,364 · management and general $6,040 · fundraising $31,324

  • 23 · Insurance

    total $25,757 · management and general $25,757

  • 24a · Other expenses: ADMIN FEE

    total $672,002 · program services $672,002

  • 24b · Other expenses: OTHER

    total $180,191 · management and general $849 · fundraising $179,342

  • 24c · Other expenses: DEVELOPMENT

    total $121,321 · management and general $2,994 · fundraising $118,327

  • 24d · Other expenses: PRESIDENT'S INITIATIVE

    total $21,637 · fundraising $21,637

  • 24e · All other expenses

    total $2,727 · fundraising $2,727

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $550,577 · end of year $1,223,216

  • 2 · Savings and temporary cash investments

    beginning of year $2,647,398 · end of year $1,287,092

  • 3 · Pledges and grants receivable

    beginning of year $2,007,703 · end of year $1,113,696

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

    $27,649

  • 10c · Land, buildings and equipment, net

    beginning of year $27,649 · end of year $27,649

  • 11 · Investments: publicly traded securities

    beginning of year $79,026,261 · end of year $74,091,597

  • 27 · Net assets without donor restrictions

    beginning of year $4,756,480 · end of year $5,143,899

  • 28 · Net assets with donor restrictions

    beginning of year $79,503,108 · end of year $72,599,351

Mission and programs · 2022

Mission

THE FOUNDATION PROMOTES THE PRACTICE OF PHILANTHROPY THROUGH PARTNERSHIPS WITH THE COMMUNITY FOR THE ADVOCACY OF HIGHER EDUCATION IN GENERAL AND, SPECIFICALLY AT ST. PETERSBURG COLLEGE (SPC), FOR (1) THE PROVISION OF STUDENT SCHOLARSHIPS, AWARDS AND GRANTS, (2) THE ADVANCEMENT OF TEACHING AND INSTRUCTIONAL SERVICES, (3) NEW AND IMPROVED FACILITIES AND (4) STATE-OF-THE-ART TECHNOLOGY.

Activities or mission (Part I)

THE FOUNDATION PROMOTES THE PRACTICE OF PHILANTHROPY THROUGH PARTNERSHIPS WITH THE COMMUNITY FOR THE ADVOCACY OF HIGHER EDUCATION IN GENERAL AND SPECIFICALLY AT ST. PETERSBURG COLLEGE (SPC).

  • THE FOUNDATION HAS OVER 282 NAMED SCHOLARSHIP FUNDS THAT PROVIDE FINANCIAL ASSISTANCE TO SPC STUDENTS. THROUGH THE GENEROSITY OF OUR DONORS, WE HAVE SPECIFIC SCHOLARSHIPS AVAILABLE FOR EVERY AREA OF STUDY INCLUDING (BUT NOT LIMITED TO), NURSING, EDUCATION, STUDY ABROAD PROGRAMS AND FINANCIAL ASSISTANCE FOR OUR RETURNING VETERANS. EACH SCHOLARSHIP HAS UNIQUE AWARDING CRITERIA WHICH MAY INCLUDE FINANCIAL NEED AND/OR ACADEMIC ACHIEVEMENT. COLLEGE EXPENSES HAVE RISEN NEARLY 40% OVER THE LAST DECADE, MAKING THIS THE MOST DIFFICULT TIME IN HISTORY FOR YOUNG PEOPLE TO PAY FOR A COLLEGE EDUCATION, ACCORDING TO THE US DEPARTMENT OF EDUCATION. WITHOUT THE HELP OF FINANCIAL ASSISTANCE, MANY OF OUR STUDENTS WOULD NOT OTHERWISE HAVE THE OPPORTUNITY TO ATTEND COLLEGE. DURING 2022-23, THE FOUNDATION PROVIDED FINANCIAL ASSISTANCE TO MORE THAN 4,046 STUDENTS. THE AVERAGE SCHOLARSHIP AWARD WAS APPROXIMATELY 620. TOTAL AMOUNT OF SCHOLARSHIPS AWARDED WAS APPROXIMATELY 2.5 MILLION.

    Expenses $2,448,554 · Grants $2,448,554

  • THE FOUNDATION PROVIDED FUNDING TO ST. PETERSBURG COLLEGE FOR PROGRAM SUPPORT AS WELL AS CAPITAL FACILITY PROJECTS. THE FOUNDATION PROVIDED FINANCIAL SUPPORT FOR THE ARTS BY RAISING FUNDS FOR THE PALLADIUM THEATRE AT ST. PETERSBURG COLLEGE. IN ADDITION, THE FOUNDATION PROVIDED FINANCIAL SUPPORT FOR NUMEROUS COLLEGE DEPARTMENTS, SUCH AS NURSING, EDUCATION, ENGINEERING, BUSINESS AND TECHNOLOGY, ATHLETICS, COLLEGIATE HIGH SCHOOL AND FINE ARTS. ADDITIONALLY, THE FOUNDATION PROVIDED GRANTS TO FACULTY AND STAFF TO IMPLEMENT PROGRAMS THAT BROADEN THE SCOPE OF THE CURRICULUM AND IMPROVE STUDENT SUCCESS. FOUNDATION FUNDING PROVIDED SUPPORT FOR PROGRAMS SUCH AS WOMEN ON THE WAY AND MALE INITIATIVES. AS THE COLLEGE IDENTIFIED A GAP IN ACHIEVEMENT FOR AFRICAN AMERICAN MALE STUDENTS, THE FOUNDATION PROVIDED SIGNIFICANT SUPPORT TO CLOSE THE GAP AND INCREASE THE GRADUATION SUCCESS RATE FOR AFRICAN AMERICAN MALES. ST. PETERSBURG COLLEGE IS EXPERIENCING DECLINES IN SUPPORT FROM THE STATE OF FLORIDA. ACCORDINGLY, PRIVATE SUPPORT IS AN INCREASINGLY IMPORTANT COMPONENT OF REVENUE TO THE VARIOUS CAMPUSES/DEPARTMENTS. THE FOUNDATION ANTICIPATES A HIGHER RATE OF USE OF FOUNDATION HELD FUNDS IN THE FUTURE AS A RESULT OF DECREASED RESOURCES PROVIDED BY THE STATE. THE FOUNDATION SUPPORTED VARIOUS COLLEGE DEPARTMENTS AND PROGRAMS IN THE AMOUNT OF 1.74 MILLION DURING 2022-23.

    Expenses $1,881,842 · Grants $1,881,842 · Revenue $672,002

  • PROVIDE MANAGEMENT OF INVESTMENT ASSETS OF THE FOUNDATION.

    Expenses $672,002

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JOSHUA BOMSTEIN

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • JACLYN BALLARD

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • MIKE MEIGS

    TREASURER

    Total calculated
    $147,466
    From this org
    $0
    From related orgs
    $111,116
    Other
    $36,350
    Hours/week
    1 + 40 related

  • JESSE TURTLE

    SECRETARY

    Total calculated
    $229,682
    From this org
    $0
    From related orgs
    $148,875
    Other
    $80,807
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    not reported + $148,875 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $45,532 related
    Nontaxable benefits
    not reported + $35,275 related
    Filer's total
    not reported + $229,682 related

  • STEVEN SHEPARD

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH BLANTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHNNY BOYKINS-ROTHEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • R MICHAEL CARROLL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TERESA HIBBARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JACQUELINE MUNRO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BEMETRA SIMMONS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NATHAN STONECIPHER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RICHARD WARSHOF

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RICHARD WINNING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DR TONJUA WILLIAMS

    COLLEGE PRES

    Total calculated
    $415,546
    From this org
    $0
    From related orgs
    $326,981
    Other
    $88,565
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    not reported + $326,981 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $59,433 related
    Nontaxable benefits
    not reported + $29,132 related
    Filer's total
    not reported + $415,546 related

  • TERESA MCFARLAND

    EXECUTIVE DI

    Total calculated
    $125,822
    From this org
    $0
    From related orgs
    $103,610
    Other
    $22,212
    Hours/week
    40

  • TIM SCOTT

    BUSINESS MAN

    Total calculated
    $62,276
    From this org
    $0
    From related orgs
    $56,083
    Other
    $6,193
    Hours/week
    40

  • DEBORAH SWINK

    EXECUTIVE DI

    Total calculated
    $112,834
    From this org
    $0
    From related orgs
    $94,946
    Other
    $17,888
    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. 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

  • 1a · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses

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)

SCHEDULE J, PART III
COMPENSATION FOR THE OFFICERS OF THE ST. PETERSBURG COLLEGE FOUNDATION, INC. ARE BASED ON THE ST. PETERSBURG COLLEGE CLASSIFICATION AND SALARY SCHEDULE, WHICH INCLUDES RANGES FOR EACH GRADE.

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
2022
Filed
3 August 2023
IRS schema version
2022v5.0
Source object
202312319349300306

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