LAKE-SUMTER STATE COLLEGE FOUNDATI… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1980

Legal Domicile

Principal Officer

MICHELLE MICHNOFF

Phone

3523653518

Tax Period

2023-01-01 to 2023-12-31

LAKE-SUMTER STATE COLLEGE FOUNDATION INC, founded in 1980, is a community nonprofit in the Education sector that reported $4.1M in total revenue in fiscal year 2023. Revenue grew 16% year-over-year, indicating healthy expansion. The organization ran a surplus of $1.7M, a strong 41% operating margin.

Mission

THE LAKE-SUMTER STATE COLLEGE FOUNDATION, INC. IS A DIRECT SUPPORT ORGANIZATION WHOSE MISSION IS TO PROVIDE EXCELLENCE IN EDUCATION, SERVICE TO THE COMMUNITY, AND FINANCIAL ASSISTANCE TO QUALIFIED STUDENTS.

Program Service Accomplishments

Program 1

Expenses: $2,043,752

THE LAKE-SUMTER STATE COLLEGE FOUNDATION ENABLES AND ENHANCES THE LIVES OF LAKE-SUMTER STATE COLLEGE STUDENTS, FACULTY, AND STAFF THROUGH SCHOLARSHIPS, PROGRAM ENHANCEMENTS, SPECIAL EVENTS, AND...

THE LAKE-SUMTER STATE COLLEGE FOUNDATION ENABLES AND ENHANCES THE LIVES OF LAKE-SUMTER STATE COLLEGE STUDENTS, FACULTY, AND STAFF THROUGH SCHOLARSHIPS, PROGRAM ENHANCEMENTS, SPECIAL EVENTS, AND FACILITIES SUPPORT. THE FOUNDATION CULTIVATES AND ASSISTS PRIVATE DONORS WHO WISH TO SUPPORT ITS MISSION OF IMPROVING HIGHER EDUCATION IN OUR LOCAL COMMUNITY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,726,838

Program Service Revenue $0

Investment Income $1,189,736

Other Revenue $156,673

TOTAL REVENUE $4,073,247

Expense Breakdown

Grants Paid $2,043,752

Salaries & Benefits $0

Fundraising Expenses $2,284

Program Expenses $2,043,752

Other Expenses $368,166

TOTAL EXPENSES $2,411,918

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,073,247	$3,506,837	+0.2%
Expenses	$2,411,918	$1,916,573	+0.3%
Net Income	$1,661,329	$1,590,264	+0.0%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

231

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$228,221

Total Directors

$578,977

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR HEATHER BIGARD	LSSC PRES	2.00	Director	$0	$208,277	$489,579
DR LAURA BYRD	EXEC DIRECTO	40.00	Officer	$0	$69,045	$228,221
CHRISTOPHER LEIBNER	FACULTY LIAI	2.00	Director	$0	$20,161	$89,398
MARILYN BUDZYNSKI	BOARD MEMBER	2.00	Director	$0	$0	$0
DOUG CHILDERS	BOARD MEMBER	2.00	Director	$0	$0	$0
JOHN CHRISTIAN	BOARD MEMBER	2.00	Director	$0	$0	$0
NANCY CLUTTS	BOARD MEMBER	2.00	Director	$0	$0	$0
LORI DAVIS	PAST PRESIDE	2.00	Officer Director	$0	$0	$0
GRANT GANNAWAY	BOARD MEMBER	2.00	Director	$0	$0	$0
JOSH GONZALES	BOARD MEMBER	2.00	Director	$0	$0	$0
SHAYNA GRUNEWALD	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHAEL JOHNSON	BOARD MEMBER	2.00	Director	$0	$0	$0
ANGIE LANGLEY	BOARD MEMBER	2.00	Director	$0	$0	$0
KIMBERLY LARGEY	BOARD MEMBER	2.00	Director	$0	$0	$0
JENNIFER MENDEZ	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHELLE MICHNOFF	PRESIDENT EL	2.00	Officer Director	$0	$0	$0
GREG MORRELL	PRESIDENT	2.00	Officer Director	$0	$0	$0
TIMOTHY MORRIS	TRUSTEE LIAS	2.00	Officer Director	$0	$0	$0
SHERI OLSON	BOARD MEMBER	2.00	Director	$0	$0	$0
SHAHANAZ RAHAMAN	BOARD MEMBER	2.00	Director	$0	$0	$0
LESLIE ROTARIUS	VICE PRESIDE	2.00	Officer Director	$0	$0	$0
CARL SPECCI	BOARD MEMBER	2.00	Director	$0	$0	$0
SARAH UHRIK	TREASURER	2.00	Officer Director	$0	$0	$0
DANIEL WHITEHOUSE	BOARD MEMBER	2.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$4,073,247	$2,411,918	$30,852,386	$1,661,329
2022	$3,506,837	$1,916,573	$25,955,910	$1,590,264
2021	$3,590,083	$1,480,998	$29,003,418	$2,109,085
2020	$2,695,048	$1,295,926	$25,555,929	$1,399,122
2019	$2,163,206	$1,258,091	$22,362,126	$905,115
2018	$1,948,455	$2,285,914	$19,295,067	$-337,459

LAKE-SUMTER STATE COLLEGE FOUNDATION INC