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Nonprofiteer
← RARITAN VALLEY COMMUNITY COLLEGE FOUNDATION

Form 990 for tax year 2023

Filed by RARITAN VALLEY COMMUNITY COLLEGE FOUNDATION.

Totals

Total revenue
$1,753,915
Total expenses
$1,373,386
Contributions and grants received
$1,542,993
Grants paid
$1,159,361
Program service revenue
$0
Investment income
$210,922
Other revenue
$0
Total assets, end of year
$5,320,769
Total liabilities, end of year
$33,195
Net assets or fund balances, end of year
$5,287,574
Program services expenses (Part IX)
$1,330,038
Management and general expenses
$18,314
Fundraising expenses
$25,034
Program service expenses (Part III)
$1,330,038

Program services were 96.8% 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.

  • 1c · Fundraising events

    $70,267

  • 1f · All other contributions, gifts and grants

    $1,472,726

  • 1g · Noncash contributions included above

    $371,904

  • 3 · Investment income

    total $147,689 · unrelated business $0 · excluded $147,689

  • 7a · Gross sales of assets other than inventory

    securities $500,000

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

    securities $436,767

  • 7c · Gain or loss

    securities $63,233

  • 7d · Net gain or loss

    total $63,233 · related or exempt $0 · unrelated business $0 · excluded $63,233

  • 8a · Fundraising events: gross income

    $64,973

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

    $70,267

  • 8b · Fundraising events: direct expenses

    $64,973

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $700,768 · program services $700,768

  • 2 · Grants to domestic individuals

    total $458,593 · program services $458,593

  • 11f · Fees: investment management

    total $18,314 · program services $0 · management and general $18,314 · fundraising $0

  • 24a · Other expenses: Capital Items

    total $170,677 · program services $170,677 · management and general $0 · fundraising $0

  • 24b · Other expenses: Other Fundraising

    total $25,034 · program services $0 · management and general $0 · fundraising $25,034

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $33,494 · end of year $34,108

  • 2 · Savings and temporary cash investments

    beginning of year $981,126 · end of year $970,384

  • 3 · Pledges and grants receivable

    beginning of year $382,239 · end of year $302,918

  • 11 · Investments: publicly traded securities

    beginning of year $3,589,857 · end of year $4,009,204

  • 15 · Other assets

    beginning of year $4,155 · end of year $4,155

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,916 · end of year $16,473

  • 25 · Other liabilities

    beginning of year $41,078 · end of year $16,722

  • 27 · Net assets without donor restrictions

    beginning of year $74,189 · end of year $42,527

  • 28 · Net assets with donor restrictions

    beginning of year $4,859,688 · end of year $5,245,047

Mission and programs · 2023

Mission

Please see Schedule O.

Activities or mission (Part I)

The Mission of the Foundation is to raise funds above and beyond the public tuiton sources and to promote awareness of the institution. The Foundation directs these funds to assist the College in providing affordable, accessible and quality educational and cultural experiences to the community.

  • Educational activities and assistance to Raritan Valley Community Colleges 6,587 students

    Expenses $1,330,038 · Grants $1,159,361

As filed on the 2023 return.

Listed in Part VII

  • Dr Michael J McDonough

    President

    Total calculated
    $475,440
    From this org
    $0
    From related orgs
    $381,432
    Other
    $94,008
    Hours/week
    3

    Schedule J breakdown matched by us

    Base
    $0 + $293,750 related
    Bonus
    $0 + $15,000 related
    Other
    $0 + $72,682 related
    Deferred
    $0 + $54,000 related
    Nontaxable benefits
    $0 + $40,008 related
    Filer's total
    $0 + $475,440 related

  • Allan Boomer

    Chair

    Total calculated
    $0
    Hours/week
    3

  • Elissa Santo

    Vice Chair

    Total calculated
    $0
    Hours/week
    3

  • John Trojan

    Treasurer (VP of Finance and Facilities)

    Total calculated
    $270,333
    From this org
    $0
    From related orgs
    $233,959
    Other
    $36,374
    Hours/week
    3

    Schedule J breakdown matched by us

    Base
    $0 + $208,782 related
    Bonus
    $0 + $4,500 related
    Other
    $0 + $20,677 related
    Deferred
    $0 + $35,006 related
    Nontaxable benefits
    $0 + $1,368 related
    Filer's total
    $0 + $270,333 related

  • Gary C Woodring

    Asst. Treasurer

    Total calculated
    $0
    Hours/week
    3

  • Sean Fleming

    Board Member

    Total calculated
    $0
    Hours/week
    3

  • David Bunevich

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Zachary Cole

    Board member (student)

    Total calculated
    $0
    Hours/week
    2

  • Alyssa Darden

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Patrick Delaney

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Michael Schewertfeger

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Joel F Reyes-Guzman

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Steven A Reichman

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Dan Van Tran

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Sandra Faragalla

    Board member (student)

    Total calculated
    $0
    Hours/week
    2

  • Sebastian Galvez

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Parag S Jategaonkar

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Jomil London

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Gene McCarthy

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Raquel Mura

    Board member

    Total calculated
    $0
    Hours/week
    2

  • Michael Marion

    Executive Director

    Total calculated
    $208,904
    From this org
    $0
    From related orgs
    $193,722
    Other
    $15,182
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $172,678 related
    Bonus
    $0 + $4,500 related
    Other
    $0 + $16,544 related
    Deferred
    $0 + $13,814 related
    Nontaxable benefits
    $0 + $1,368 related
    Filer's total
    $0 + $208,904 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

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
7 May 2025
IRS schema version
2023v6.0
Source object
202521279349300242

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