2024-03-11T14:51:58-05:00 2023-06-30 411680240 SDK CPA 100 WASHINGTON AVE S STE 1600 MINNEAPOLIS MN 55401 990 2022-07-01 411410445 INVER HILLS COMMUNITY COLLEGE FOUNDATION INVE 6514503512 2500 80TH STREET EAST INVER GROVE HEIGHTS MN 55076 KIMBERLY SHAFF FOUNDATION EXECUTIVE DIRECTOR 6514503512 2024-03-05 1 KIMBERLY SHAFF 999009999 0 TERESA MCALPINE CPA P01553695 6123325500 2024-03-05 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KIMBERLY SHAFF 2500 80TH STREET EAST INVER GROVE HEIGHTS MN 55076 1657839 0 X WWW.INVERHILLS.EDU/ABOUT/FOUNDATION X 1978 MN CULTIVATE RESOURCES TO HELP STUDENTS START THEIR JOURNEY, STAY THE COURSE, AND SUCCEED IN LIFE. 11 11 0 82 0 0 183089 341918 0 0 67479 220210 -3599 0 246969 562128 249024 259007 0 0 0 0 0 0 0 36341 45135 285365 304142 -38396 257986 3324127 3499172 20379 0 3303748 3499172 X SEE SCHEDULE O. THE INVER HILLS COMMUNITY COLLEGE FOUNDATION PROMOTES INVER HILLS COMMUNITY COLLEGE BY BUILDING PARTNERSHIPS WITH AREA HIGH SCHOOLS, BUSINESSES, COMMUNITY ORGANIZATIONS AND GOVERNMENT AGENCIES. WE BUILD CAPACITY BY SECURING FINANCIAL AND OTHER RESOURCES THAT FURTHER THE MISSION OF THE COLLEGE. WE ASSIST STUDENTS, FACULTY AND STAFF SEEKING EDUCATIONAL EXCELLENCE. 0 0 265538 259007 SCHOLARSHIP AND PROGRAMMATIC SUPPORT: DURING THE YEAR THE FOUNDATION FUNDED SCHOLARSHIPS, EMERGENCY GRANTS, AND MANY PROGRAMMATIC AREAS FOR THE COLLEGE. THE SCHOLARSHIP FUNDS SUPPORT STUDENTS PURSUING BOTH A GENERAL EDUCATION FOR THE TRANSFER PURPOSES AND SPECIFIC ACADEMIC AREAS. THE SCHOLARSHIP CRITERIA SUPPORT DIFFERENT GOALS. SOME ARE USED TO ENCOURAGE STUDENTS TO PURSUE CERTAIN COURSES OF STUDY WHILE OTHERS ARE INTENDED TO PROVIDE AN INCENTIVE FOR STUDENTS TO PERSIST IN PURSUIT OF ACCOMPLISHING THEIR EDUCATIONAL GOALS. SCHOLARSHIPS ARE AWARDED ON THE BASIS OF ACADEMIC MERIT, CAREER GOALS, RECOMMENDATIONS, AND FINANCIAL NEEDS. PROGRAMMATIC FUNDS ARE USED TO SUPPORT NEEDS WITHIN THE COLLEGE TO FURTHER EDUCATIONAL OPPORTUNITIES. 265538 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X KIMBERLY SHAFF 6514503512 2500 80TH STREET EAST INVER GROVE HEIGHTS MN 55076 JAKE SEDLACEK CHAIR 1.00 X X 0 0 0 ANGELA AMANN VICE CHAIR 1.00 X X 0 0 0 MORRIS ALLEN DIRECTOR 1.00 X 0 0 0 SCOTT ARMITAGE DIRECTOR 1.00 X 0 0 0 STEVE DOODY DIRECTOR 1.00 X 0 0 0 SUSAN LONG DIRECTOR 1.00 X 0 0 0 AARON LUNDQUIST DIRECTOR 1.00 X 0 0 0 PEGGY JOHNSON DIRECTOR 1.00 X 0 0 0 SONJA SIMPSON DIRECTOR 1.00 X 0 0 0 GERRY THOMAS TREASURER 1.00 X X 0 0 0 BRENNA LOUFEK DIRECTOR FROM OCTOBER '22 TO PRESENT 1.00 X 0 0 0 COURTNEY SCHANUS DIRECTOR 1.00 X 0 0 0 KIMBERLY SHAFF EXECUTIVE DIRECTOR 20.00 20.00 X 0 119863 0 0 119863 0 0 0 0 0 0 341918 6418 341918 112532 112532 1203389 1095711 107678 107678 107678 562128 107678 0 112532 9149 9149 249858 249858 28154 28154 8049 8049 1213 1213 179 179 COLLEGE EXPENSES 5918 5918 MEALS 1009 1009 CAMPUS EVENTS 613 613 304142 265538 38604 0 217025 60487 624567 905923 12000 66922 1185681 1284854 2465840 3324127 3499172 20379 0 20379 0 X 255003 139247 3048745 3359925 3303748 3499172 3324127 3499172 X 257986 -62563 1 X 0 0 0 X 181313 273568 306277 183089 341918 1286165 190153 166889 154752 160282 672076 371466 273568 473166 337841 502200 1958241 147248 1810993 49098 65365 47689 28732 112532 303416 6639 500 7139 2268796 0.79820 0.86810 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2506001 24874 49948 106934 8049 2465840 2726698 9452 -167550 42950 19649 2506001 2233134 25000 538289 52235 17490 2726698 2317141 7893 -15560 44196 32114 2233164 2214750 58493 112360 68462 2317141 0.19142 0.72572 0.08286 1 0 0 BENEFICIAL INTEREST IN ASSETS HELD BY OTHERS 2465840 F 2465840 X PART V, LINE 4: THE EARNINGS GENERATED BY THE ENDOWMENT FUNDS ARE INTENDED TO FUND VARIOUS TYPES OF SCHOLARSHIPS FOR THE STUDENTS OF INVER HILLS COMMUNITY COLLEGE AND OTHER EDUCATIONAL INSTITUTIONS. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND APPLICABLE STATE STATUTES. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND RECOGNIZE A TAX LIABILITY IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITIONS AND CONCLUDED THAT THE FOUNDATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. 1 MINNSTATEINVER HILLS COMMUNITY COLLEGE 2500 E 80TH ST INVER GROVE HEIGHTS MN 55076 411687554 STATE OF MN 9149 0 SCHOLARSHIP PROGRAM SUPPORT SCHOLARSHIPS TO STUDENTS 248 199900 EMERGENCY GRANT ASSISTANCE TO STUDENTS 19 48958 REGISTRATION INCENTIVE GIFT CARDS 20 1000 PART I, LINE 2: GRANTS TO THE COLLEGE ARE MONITORED THROUGH PERIODIC FINANCIAL REPORTS PREPARED INTERNALLY AND BY THE SUBMISSION OF FORMAL REPORTS TO DONOR ORGANIZATIONS. THE AWARDING OF EMERGENCY GRANTS IS MONITORED THROUGH A FORMAL ON-LINE APPLICATION WHICH IS APPROVED BY COLLEGE COUNSELING STAFF. IN THE CASE OF SCHOLARSHIPS, STUDENTS MUST COMPLETE A FORMAL APPLICATION FROM WHICH IS REVIEWED BY THE SCHOOL'S SCHOLARSHIP COMMITTEE. DURING THE SCHOOL YEAR, RECIPIENTS ARE RECOGNIZED AT A FORMAL CEREMONY. TUITION MATCH MN IS MONITORED BY THE PROGRAM MANAGER WHICH IS ABLE TO ENROLL THE NUMBER OF STUDENTS THAT ARE COVERED BY PRIVATE FUNDS. THE NAMES OF THE STUDENTS AND THE AMOUNTS GRANTED ARE TRACKED. FORM 990, PART VI, SECTION A, LINE 1A THE DEVELOPMENT COMMITTEE HAS THE RESPONSIBILITY TO ASSIST IN RAISING NON-GRANT FUNDS TO SUPPORT THE ORGANIZATION'S MISSION. THEY ARE RESPONSIBLE FOR: DEVELOPING A REALISTIC FUNDRAISING PLAN ALONGSIDE THE EXECUTIVE DIRECTOR AND DEVELOPING RELATIONSHIPS AND FOSTERING A POSITIVE IMAGE OF THE ORGANIZATION WITHIN THE COMMUNITY. FORM 990, PART VI, SECTION B, LINE 11B THE FOUNDATION'S BOARD REVIEWS THE FORM 990 PRIOR TO IT BEING SIGNED AND FILED YEARLY. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER IS REQUIRED TO COMPLETE A CONFLICT OF INTEREST POLICY ANNUAL STATEMENT. THESE STATEMENTS ARE REVIEWED BY THE FOUNDATION'S EXECUTIVE DIRECTOR AND ANY POSSIBLE CONFLICTS ARE DISCUSSED WITH THE BOARD CHAIR. THE POLICY COVERS THE PROCESS TO ADDRESS ANY CONFLICT OF INTEREST IDENTIFIED AND THE PROCESS TO DEAL WITH ANY VIOLATIONS OF THE POLICY. THIS POLICY IS MONITORED BY ALL FOUNDATION STAFF AND BOARD MEMBERS. IF THERE IS A VOTE BEFORE THE BOARD AND A VOTING MEMBER HAS A CONFLICT OF INTEREST REGARDING THE OUTCOME OF THE VOTE, THEY WILL RECUSE THEMSELVES FOR THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTOR IS EMPLOYED AND PAID BY THE INVER HILLS COMMUNITY COLLEGE. THE EXECUTIVE DIRECTOR'S COMPENSATION IS DETERMINED ACCORDING TO THE PERSONNEL PRACTICES OF INVER HILLS COMMUNITY COLLEGE AND THE MINNESOTA STATE COLLEGES AND UNIVERSITIES SYSTEM. LAST REVIEWED IN 2021. NO OFFICERS OR KEY EMPLOYEES RECEIVE COMPENSATION FROM THE FOUNDATION. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: ROUNDING 1. MN STATE COLLEGES & UNIVERSITIESINVER HILLS COMMUNITY COLLEGE 2500 E 80TH ST INVER GROVE HEIGHTS MN 55076 411687554 EDUCATION MN N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 INVER HILLS COMMUNITY COLLEGE B 259007 CASH & FMV INVER HILLS COMMUNITY COLLEGE O 140812 FMV