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Nonprofiteer
← WAKE TECHNICAL COMMUNITY COLLEGE FOUNDATION INC

Form 990 for tax year 2022

Filed by WAKE TECHNICAL COMMUNITY COLLEGE FOUNDATION INC.

Totals

Total revenue
$4,659,073
Total expenses
$3,281,389
Contributions and grants received
$4,895,892
Grants paid
$917,665
Program service revenue
$78,320
Investment income
-$361,398
Other revenue
$46,259
Total assets, end of year
$27,817,529
Total liabilities, end of year
$61,280
Net assets or fund balances, end of year
$27,756,249
Program services expenses (Part IX)
$2,722,679
Management and general expenses
$547,314
Fundraising expenses
$11,396
Program service expenses (Part III)
$2,722,679

Program services were 83.0% 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.

  • 1e · Government grants (contributions)

    $50,000

  • 1f · All other contributions, gifts and grants

    $4,845,892

  • 1g · Noncash contributions included above

    $441,386

  • 2a · Program service revenue: OTHER PROGRAM SERVICES

    total $78,320 · related or exempt $78,320

  • 3 · Investment income

    total $739,781 · excluded $739,781

  • 5 · Royalties

    total $19,333 · related or exempt $19,333

  • 7a · Gross sales of assets other than inventory

    securities $8,300,001 · other assets $131,425

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

    securities $9,080,369 · other assets $452,236

  • 7c · Gain or loss

    securities -$780,368 · other assets -$320,811

  • 7d · Net gain or loss

    total -$1,101,179 · excluded -$1,101,179

  • 11a · Other revenue: BAD DEBT RECOVERY

    total $19,000 · excluded $19,000

  • 11b · Other revenue: OTHER INCOME

    total $7,926 · excluded $7,926

  • 11e · Other revenue, total

    $26,926

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $917,665 · program services $917,665

  • 5 · Compensation of officers, directors and key employees

    total $36,595 · management and general $36,595

  • 7 · Other salaries and wages

    total $354,257 · program services $354,257

  • 11b · Fees: legal

    total $30 · management and general $30

  • 11c · Fees: accounting

    total $18,825 · management and general $18,825

  • 11f · Fees: investment management

    total $66,448 · management and general $66,448

  • 11g · Fees: other

    total $184,799 · program services $173,399 · management and general $11,400

  • 13 · Office expenses

    total $3,496 · program services $346 · management and general $1,908 · fundraising $1,242

  • 17 · Travel

    total $68,205 · program services $63,303 · management and general $4,902

  • 24a · Other expenses: OTHER EXPENSES

    total $920,898 · program services $601,210 · management and general $309,534 · fundraising $10,154

  • 24b · Other expenses: SUPPLIES & EQUIPMENT

    total $629,009 · program services $612,499 · management and general $16,510

  • 24c · Other expenses: EVENTS, TRAINING, & REC

    total $81,162 · management and general $81,162

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,365,292 · end of year $3,441,219

  • 3 · Pledges and grants receivable

    beginning of year $2,718,732 · end of year $3,799,835

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

    $128,319

  • 10b · Land, buildings and equipment: accumulated depreciation

    $128,319

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $15,126,795 · end of year $16,081,594

  • 12 · Investments: other securities

    beginning of year $921,750 · end of year $1,939,518

  • 15 · Other assets

    beginning of year $2,719,305 · end of year $2,555,363

  • 17 · Accounts payable and accrued expenses

    beginning of year $21

  • 25 · Other liabilities

    beginning of year $65,399 · end of year $61,280

  • 27 · Net assets without donor restrictions

    beginning of year $5,073,896 · end of year $5,826,935

  • 28 · Net assets with donor restrictions

    beginning of year $19,712,558 · end of year $21,929,314

Mission and programs · 2022

Mission

THE WAKE TECH FOUNDATION PARTNERS WITH PRIVATE ENTITIES AND INDIVIDUALS TO RAISE AWARENESS, FINANCIAL RESOURCES, AND OTHER ASSETS IN SUPPORT OF WAKE TECHNICAL COMMUNITY COLLEGE'S MISSION, GOALS, AND FUNDING PRIORITIES.

  • SCHOLARSHIPS ARE MONETARY AWARDS TO STUDENTS AND MAY BE EARMARKED TO ASSIST DIPLOMA, CERTIFICATE, OR ASSOCIATE DEGREE STUDENTS IN ANY CURRICULUM PROGRAM OR CONTINUING EDUCATION, AND MAY BE BASED ON FINANCIAL NEED OR ACADEMIC MERIT ACCORDING TO DONOR PREFERENCE. BOTH THE CURRICULUM AND CONTINUING EDUCATION SCHOLARSHIPS ARE AWARDED THROUGH AN ONLINE SCHOLARSHIP ANONYMOUS APPLICATION PROCESS. STUDENT SCHOLARSHIPS RANGE FROM 100 - 3,000 PER YEAR AND FUNDING IS PROVIDED BY CORPORATIONS, INDIVIDUALS, GRANTS AND FOUNDATIONS.

    Expenses $2,197,265 · Grants $886,939

  • FOSTERING BRIGHT FUTURES (FBF) PROGRAM IS A PUBLIC-PRIVATE PARTNERSHIP THAT ADDRESSES THE OVERWHELMING NEED FOR A COMPREHENSIVE SUPPORT STRUCTURE TO ASSIST FOSTER YOUTHS IN MAKING THE TRANSITION FROM THE WAKE COUNTY FOSTER CARE SYSTEM TO INDEPENDENT YOUNG ADULTHOOD. THE OBJECTIVE OF THE FBF PROGRAM IS TO ELIMINATE THE BARRIERS THAT WOULD TYPICALLY DERAIL THOSE GRADUATES FROM MEETING EDUCATIONAL AND LIFE GOALS BY PROVIDING FINANCIAL, ACADEMIC, AND SOCIAL SUPPORT. FUNDING IS PROVIDED BY CORPORATIONS, INDIVIDUALS, CIVIC CLUBS, GRANTS AND FOUNDATIONS.

    Expenses $332,423 · Revenue $97,653

  • TUITION ASSISTANCE PROGRAM ALLOWS WAKE TECH FACULTY AND STAFF TO STAY CURRENT AND PURSUE ADVANCED DEGREES, CAREER CREDENTIALS, AND PROFESSIONAL DEVELOPMENT. LEADERSHIP DEVELOPMENT GRANTS FOSTER COLLABORATION AND ENCOURAGE CREATIVE IDEAS. EMPLOYEES MUST SUBMIT AN APPLICATION FOR PRE-APPROVAL PRIOR TO THE SEMESTER/TERM OF ENROLLMENT.

    Expenses $192,991 · Grants $30,726

As filed on the 2022 return.

Listed in Part VII

  • CANDIS PARKER

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • TIM BURGESS

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • WHITNEY WESTBROOK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SCOTT RALLS

    SECRETARY

    Total calculated
    $435,116
    From this org
    $0
    From related orgs
    $369,789
    Other
    $65,327
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $369,789 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $50,004 related
    Nontaxable benefits
    $0 + $15,323 related
    Filer's total
    $0 + $435,116 related

  • MATT SMITH

    DIRECTOR

    Total calculated
    $204,802
    From this org
    $0
    From related orgs
    $182,432
    Other
    $22,370
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $182,432 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,575 related
    Nontaxable benefits
    $0 + $14,795 related
    Filer's total
    $0 + $204,802 related

  • SCARLET EDWARDS

    DIRECTOR

    Total calculated
    $144,373
    From this org
    $0
    From related orgs
    $128,701
    Other
    $15,672
    Hours/week
    1 + 40 related

  • ANGELA BOYKIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • AUDREA CAESAR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TOMESAH HARRISON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NATALIE BEST

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CREIGHTON BLACKWELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KAREN SCHAEFER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARI SUZUKI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BUZZ CROSBY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TOMMY LAAKSO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANA MARTINEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANNA TISON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NICK NEPTUNE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SOPHIA WAJNERT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KEVIN WALKER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILL SMITH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ALISA WRIGHT COLOPY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SHARMA VEMURI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAT WILKINS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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
WAKE TECHNICAL COMMUNITY COLLEGE SETS AND PAYS ALL COMPENSATION FOR EMPLOYEES OF WAKE TECHNICAL COMMUNITY COLLEGE FOUNDATION

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

No itemized grants to organizations 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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • LS SELMA LLC

    LAND MGMT · NC · income $0 · assets $0

    Directly controlled by WAKE TECH COMMUNITY COLLEGE FOUNDATION INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • WAKE TECH INNOVATIONS INC

    C · SOLAR ELECTRIC · NC · 100% owned · share of income $73,707 · share of assets $389,753 · controlled entity

    Directly controlled by WAKE TECH CC FOUNDATION INC

Provenance

Return type
form_990
Tax year
2022
Filed
4 March 2024
IRS schema version
2022v5.0
Source object
202400649349300730

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