Form 990 for tax year 2022

Filed by COLLEGE OF LAKE COUNTY FOUNDATION.

Totals

Total revenue: $2,897,556
Total expenses: $4,543,203
Contributions and grants received: $2,392,898
Grants paid: $4,495,798
Program service revenue: $0
Investment income: $381,230
Other revenue: $123,428
Total assets, end of year: $10,877,519
Total liabilities, end of year: $617,230
Net assets or fund balances, end of year: $10,260,289
Program services expenses (Part IX): $4,534,858
Management and general expenses: $8,345
Fundraising expenses: $0
Program service expenses (Part III): $4,534,858

Program services were 99.8% 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

$2,392,898
1g · Noncash contributions included above

$129,043
3 · Investment income

total $391,265 · excluded $391,265
4 · Income from investment of tax-exempt bond proceeds

total $0
5 · Royalties

total $0
6d · Net rental income or loss

total $0
7a · Gross sales of assets other than inventory

securities $1,335,088
7b · Less cost or other basis and sales expenses

securities $1,345,123
7c · Gain or loss

securities -$10,035
7d · Net gain or loss

total -$10,035 · excluded -$10,035
8a · Fundraising events: gross income

$160,295
8b · Fundraising events: direct expenses

$36,867
8c · Net income from fundraising events

total $123,428 · excluded $123,428
9c · Net income from gaming

total $0
10c · Net income from sales of inventory

total $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $4,481,128 · program services $4,481,128
2 · Grants to domestic individuals

total $14,670 · program services $14,670
3 · Grants to foreign organizations and individuals

total $0
4 · Benefits paid to or for members

total $0
5 · Compensation of officers, directors and key employees

total $0
6 · Compensation of disqualified persons

total $0
7 · Other salaries and wages

total $39,060 · program services $39,060
8 · Pension plan contributions

total $0
9 · Other employee benefits

total $0
10 · Payroll taxes

total $0
11a · Fees: management

total $0
11b · Fees: legal

total $0
11c · Fees: accounting

total $0
11d · Fees: lobbying

total $0
11e · Fees: professional fundraising services

total $0
11f · Fees: investment management

total $0
11g · Fees: other

total $0
12 · Advertising and promotion

total $0
13 · Office expenses

total $0
14 · Information technology

total $0
15 · Royalties

total $0
16 · Occupancy

total $0
17 · Travel

total $4,339 · management and general $4,339
18 · Travel or entertainment for public officials

total $0
19 · Conferences, conventions and meetings

total $0
20 · Interest

total $0
21 · Payments to affiliates

total $0
22 · Depreciation, depletion and amortization

total $0
23 · Insurance

total $0
24a · Other expenses: Bank and credit card fees

total $2,889 · management and general $2,889
24b · Other expenses: Office & Recognition

total $1,117 · management and general $1,117
24e · All other expenses

total $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

end of year $0
2 · Savings and temporary cash investments

beginning of year $5,691,296 · end of year $3,864,118
3 · Pledges and grants receivable

beginning of year $280,352 · end of year $477,445
4 · Accounts receivable

end of year $0
5 · Loans and receivables from officers and key people

end of year $0
6 · Loans and receivables from disqualified persons

end of year $0
7 · Other notes and loans receivable

end of year $0
8 · Inventories for sale or use

end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $302 · end of year $125
10c · Land, buildings and equipment, net

end of year $0
11 · Investments: publicly traded securities

beginning of year $502,049 · end of year $0
12 · Investments: other securities

beginning of year $5,271,135 · end of year $6,535,831
13 · Investments: program-related

end of year $0
14 · Intangible assets

end of year $0
15 · Other assets

end of year $0
17 · Accounts payable and accrued expenses

beginning of year $194 · end of year $614,730
19 · Deferred revenue

beginning of year $7,600 · end of year $2,500
27 · Net assets without donor restrictions

beginning of year $1,063,293 · end of year $1,199,118
28 · Net assets with donor restrictions

beginning of year $10,674,047 · end of year $9,061,171

Mission and programs · 2022

Mission

Opening doors to educational opportunity for all of Lake County, Illinois.

Activities or mission (Part I)

The College of Lake County Foundation seeks to be Lake County's first choice educational foundation. Our philanthropic partnerships support the College's mission to deliver high quality, accessible learning opportunities, advance student success and strengthen the diverse Lake County communities it serves.

Payments to the College of Lake County, other organizations and students to be used for grants and scholarships applicable to student tuition and fees.

Expenses $4,425,939 · Grants $4,425,939 · Revenue $123,428
Grants to and on behalf of College of Lake County and other organizations for enhancement of instructional programs.

Expenses $108,919 · Grants $108,919

As filed on the 2022 return.

Listed in Part VII

Kurt Peterson

Executive Dir.

Total calculated

$224,698

From this org

$195,694

From related orgs

$0

Other

$29,004

Hours/week

40

Schedule J breakdown matched by us

Base

$195,694

Bonus

not reported

Other

not reported

Deferred

not reported

Nontaxable benefits

$29,004

Filer's total

$224,698
David Galla

Director

Total calculated

$0

Hours/week

0.6
Glenda Abbott

Vice Chair

Total calculated

$0

Hours/week

0.6
Judith A Haga

Director

Total calculated

$0

Hours/week

0.6
Elizabeth K Miller

Director

Total calculated

$0

Hours/week

0.6
Paul Diamond

Director

Total calculated

$0

Hours/week

0.6
Tiffany Peppers

Director

Total calculated

$0

Hours/week

0.6
Val Munchez-van der Wagt

Director

Total calculated

$0

Hours/week

0.6
R Lee Piekarz

Director

Total calculated

$0

Hours/week

0.6
Sam Valenti

Director

Total calculated

$0

Hours/week

0.6
Dr Kristen Jones

Dir-Ex Officio

Total calculated

$0

Hours/week

0.6
Holly Kerr

Director

Total calculated

$0

Hours/week

0.6
Joanna P Rolek

Director

Total calculated

$0

Hours/week

0.6
Kevin Appleton

Treas-ExOfficio

Total calculated

$0

Hours/week

0.6
Julia Guiney

Director

Total calculated

$0

Hours/week

0.6
Sonja Marinac

Director

Total calculated

$0

Hours/week

0.6
Sandra Shinsky

Director

Total calculated

$0

Hours/week

0.6
Dr Lori Suddick

Dir-Ex Officio

Total calculated

$0

Hours/week

0.6
Meg Largay

Director

Total calculated

$0

Hours/week

0.6
J Kenneth Rosko

Director

Total calculated

$0

Hours/week

0.6
Renee Young

Chairman

Total calculated

$0

Hours/week

0.6
Christopher Piazzi

Director

Total calculated

$0

Hours/week

0.6
Christine Lopez

Director

Total calculated

$0

Hours/week

0.6
Lisa Dooley Trace

Director

Total calculated

$0

Hours/week

0.6
Jannes E Zobus

Director

Total calculated

$0

Hours/week

0.6
Scot Parker

Secretary

Total calculated

$0

Hours/week

0.6
Dr Ali O'Brien

Dir-Ex Officio

Total calculated

$0

Hours/week

0.6
Lincoln Abbey

Director

Total calculated

$0

Hours/week

0.6
Kathy Buscaglia

Director

Total calculated

$0

Hours/week

0.6
Michael S Trimble

Director

Total calculated

$0

Hours/week

0.6
Robert R Worobow

Director

Total calculated

$0

Hours/week

0.6
Brandon Bennett

Director

Total calculated

$0

Hours/week

0.6

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

3 · Form 990 of other organizations
3 · Written employment contract
3 · Compensation survey or study
3 · Approval by the board or compensation committee

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 II, Compensation from Unrelated Organizations: All compensation and nontaxable benefits reported in Schedule J, Part II are paid by the College of Lake County, an unrelated organization by Form 990 definitions.

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

College of Lake County

$4,372,209

Grants and scholarships
College of Lake County

$0

General support

Provenance

Return type: form_990
Tax year: 2022
Filed: 14 May 2024
IRS schema version: 2022v5.0
Source object: 202401359349309170

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