2023-05-10T15:36:33-05:00 2022-06-30 383567911 REHMANN ROBSON LLC MILLIKEN PLACE 107 S CASS STE A TRAVERSE CITY MI 49684 990 2021-07-01 382910328 NORTH CENTRAL MICHIGAN COLLEGE FOUNDATION NORT 2313486621 1515 HOWARD STREET PETOSKEY MI 49770 CHELSEA PLATTE EXECUTIVE DIRECTOR 2313486621 2023-05-10 1 CHELSEA PLATTE 999009999 JEFFREY E HERT CPA P00066715 2319463230 2023-05-10 0 AAL1 IAL1 2021 2023-04-26 12:10:37Z CHELSEA PLATTE 1515 HOWARD STREET PETOSKEY MI 49770 4356531 0 X HTTPS://WWW.NCMICH.EDU X 1989 MI TO INITIATE PHILANTHROPY IN PARTNERSHIP WITH NORTH CENTRAL MICHIGAN COLLEGE AND THE COMMUNITY IN ORDER TO PROVIDE FINANCIAL SUPPORT FOR THE MISSION AND GOALS OF THE COLLEGE. 17 16 0 50 0 0 2921051 3259074 0 0 203231 374837 0 0 3124282 3633911 3074552 1784970 0 0 0 0 55895 27553 129290 461664 514217 3592111 2326740 -467829 1307171 11840851 11689091 5294557 2361 6546294 11686730 TO INITIATE PHILANTHROPY IN PARTNERSHIP WITH NORTH CENTRAL MICHIGAN COLLEGE AND THE COMMUNITY IN ORDER TO PROVIDE FINANCIAL SUPPORT FOR THE MISSION AND GOALS OF THE COLLEGE. 0 0 1784970 1784970 0 ALL GRANTS TO NORTH CENTRAL MICHIGAN COLLEGE ARE FOR EDUCATIONAL PURPOSES. 1784970 1 1 0 0 0 0 0 0 1 1 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 17 16 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 0 1 0 0 0 MI X X CHELSEA PLATTE 2313486621 1515 HOWARD STREET PETOSKEY MI 49770 CHRIS ETIENNE CHAIR 1.00 X X 0 0 0 JIM SCHROEDER VICE CHAIR 1.00 X X 0 0 0 JOHN MARSHALL SECRETARY 1.00 X X 0 0 0 MAX BUNKER TREASURER 1.00 X X 0 0 0 DAVID FINLEY PRESIDENT 1.00 X X 0 177982 47613 RICHARD AMES DIRECTOR 1.00 X 0 0 0 DAWN BODNAR DIRECTOR 1.00 X 0 0 0 DAN CASASANTA DIRECTOR 1.00 X 0 0 0 BILL KANINE DIRECTOR 1.00 X 0 0 0 MARION KUEBLER DIRECTOR 1.00 X 0 0 0 CHRIS MORLEY DIRECTOR 1.00 X 0 0 0 GAYLE MROCZKOWSKI DIRECTOR 1.00 X 0 0 0 DAN RASMUSSEN TRUSTEE 1.00 X 0 0 0 STAN SMITH DIRECTOR 1.00 X 0 0 0 JOHN FOUGHT TRUSTEE 1.00 X 0 0 0 ASHLEY WHITNEY DIRECTOR 1.00 X 0 0 0 JENNIFER SHORTER DIRECTOR 1.00 X 0 0 0 CHELSEA PLATTE EXECUTIVE DIRECTOR 40.00 X 0 82294 31563 0 260276 79176 0 0 1 0 0 3259074 71230 3259074 288790 288790 808667 722620 86047 86047 86047 3633911 0 0 374837 X 1784970 1784970 27553 27553 47782 47782 466435 364698 101737 2326740 1784970 412480 129290 225159 38700 196560 213421 1573632 1334157 9845500 10102813 11840851 11689091 1523 2361 5293034 5294557 2361 X 2404444 2922497 4141850 8764233 6546294 11686730 11840851 11689091 X 1307171 -1701334 241565 5293034 X X 0 1 X 1 0 X X 1 NORTH CENTRAL MICHIGAN COLLEGE 381586760 5 1 1784970 0 1 1784970 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 5293034 5293034 0 0 X 2185203 142184 -249882 20363 2057142 1015948 532589 167671 31004 1685204 156932 840803 18213 1015948 144029 10000 5769 2866 156932 144536 5000 7149 12656 144029 0.68000 0.32000 0 0 0 X 2126360 -1701334 241565 -1459769 3586129 47782 47782 3633911 2278958 0 2278958 47782 47782 2326740 PART IV, LINE 2B: DURING THE YEAR ENDED JUNE 30, 2022, IT WAS DETERMINED BY MANAGEMENT THAT THE AMOUNTS PREVIOUSLY REPORTED AS ENDOWED SCHOLARSHIPS PAYABLE SHOULD NOT HAVE BEEN INCLUDED AS LIABILITIES OF THE FOUNDATION BASED ON THE NATURE OF THE DONATIONS, BUT RATHER AS NET ASSETS WITH DONOR RESTRICTIONS. AS SUCH, THE FOUNDATION HAS RESTATED THE BEGINNING NET ASSETS AS OF JULY 1, 2021. THERE IS NO IMPACT FROM THE MISSTATEMENT ON THE JUNE 30, 2021 STATEMENT OF ACTIVITIES. PART X, LINE 2: THE INTERNAL REVENUE SERVICE RULED THAT THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE"). THE FOUNDATION IS REQUIRED TO OPERATE IN CONFORMITY WITH THE CODE AND RELATED REGULATIONS TO MAINTAIN ITS EXEMPTION. ONLY UNRELATED BUSINESS INCOME, IF ANY, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL INCOME TAX. THE FOUNDATION CONSIDERS WHETHER IT HAS ENGAGED IN ACTIVITIES THAT JEOPARDIZE ITS CURRENT TAX EXEMPT STATUS WITH THE INTERNAL REVENUE SERVICE. FURTHERMORE, THE FOUNDATION DETERMINES WHETHER IT HAS ANY UNRELATED BUSINESS INCOME, WHICH MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE FOUNDATION TREATS INTEREST AND PENALTIES ATTRIBUTABLE TO INCOME TAXES, AND REFLECTS ANY CHARGES FOR SUCH, TO THE EXTENT THEY ARISE, AS A COMPONENT OF ITS OTHER MANAGEMENT AND GENERAL EXPENSES. THE FOUNDATION HAS EVALUATED TAX YEARS 2019 THROUGH 2022, THE YEARS WHICH REMAIN SUBJECT TO EXAMINATION BY MAJOR TAX JURISDICTIONS AS OF JUNE 30, 2022. THE FOUNDATION CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE FOUNDATION'S FINANCIAL STATEMENTS. THE FOUNDATION DOES NOT EXPECT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS ("UTB") (E.G. TAX DEDUCTIONS, EXCLUSIONS, OR CREDITS CLAIMED OR EXPECTED TO BE CLAIMED) TO SIGNIFICANTLY CHANGE IN THE NEXT TWELVE MONTHS. THE FOUNDATION DOES NOT HAVE ANY AMOUNTS ACCRUED FOR INTEREST AND PENALTIES RELATED TO UTBS AT JUNE 30, 2022 AND 2021, AND IT IS NOT AWARE OF ANY CLAIMS FOR SUCH AMOUNTS BY FEDERAL OR STATE INCOME TAX AUTHORITIES. PART IV, LINE 2B ENDOWED SCHOLARSHIP ACCOUNTS OF THE NORTH CENTRAL MICHIGAN COLLEGE ARE MAINTAINED BY THE FOUNDATION FOR INVESTMENT PURPOSES. X X X X X X 1 EATON CUMMINGS GROUP 7894 PEACEFUL VALLEY RD WILLIAMSBURG MI 49690 BLDG TOMORROW CAMPAIGN 0 990699 27553 963146 990699 27553 963146 MI 1 NORTH CENTRAL MICHIGAN COLLEGE 1515 HOWARD STREET PETOSKEY MI 49770 381586760 GOVT 1784970 0 SCHOLARSHIPS, EQUIPMENT, AND OTHER 0 0 0 0 0 0 0 0 0 DAVID FINLEY PRESIDENT 0 162847 0 0 0 15135 0 19944 0 27669 0 225595 0 0 SCHEDULE J, PART I, LINE 3 THE ORGANIZATION DOES NOT EMPLOY ANY INDIVIDUALS DIRECTLY. ALL COMPENSATION IS PAID BY A RELATED ORGANIZATION, NORTH CENTRAL MICHIGAN COLLEGE. THE ORGANIZATION REIMBURSES THE COLLEGE FOR COMPENSATION RELATED EXPENSES AS SHOWN UNDER PART IX - STATEMENT OF FUNCTIONAL EXPENSES. X 1 71230 FAIR MARKET VALUE 0 1 1 PART I, LINE 32B: INVESTMENT BANK WHERE INVESTMENTS ARE HELD FACILITATES SALE OF STOCK DONATIONS IMMEDIATELY UPON RECEIPT. FORM 990, PART VI, SECTION A, LINE 6 ORGANIZATION'S SOLE MEMBER IS NORTH CENTRAL MICHIGAN COLLEGE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE FOUNDATION BOARD OF DIRECTORS ARE ELECTED AT A MEETING OF THE NORTH CENTRAL MICHIGAN COLLEGE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7B MEMBERSHIP APPROVAL OF CORPORATE ACTIONS INCLUDE: 1. ELECTION OF MEMBERS OF THE BOARD OF DIRECTORS 2. AMENDING THE ARTICLES OF INCORPORATION AND BY-LAWS 3. APPROVAL OF EXPENDITURES IN EXCESS OF $100,000 FOR THE ACQUISITION OF CAPITAL ASSETS 4. APPROVAL OF BORROWINGS OR GUARANTEES HAVING A MATURITY OF MORE THAN ONE YEAR 5. ADOPTION OF ANY MATERIAL AMENDMENT TO THE ANNUAL OPERATING AND CAPITAL BUDGETS 6. APPROVAL OF LONG RANGE PLANS 7. SELECTION OF CHIEF EXECUTIVE OFFICER 8. OTHER AS REQUIRED BY LAW FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE PRIOR TO FILING. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE ON THE COLLEGE'S WEBSITE. ARTICLES OF INCORPORATION ARE AVAILABLE ON MICHIGAN DEPARTMENT OF ENERGY, LABOR AND ECONOMIC GROWTH'S WEBSITE. FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 364,698. FUNDRAISING EXPENSES 101,737. TOTAL EXPENSES 466,435. FORM 990, PART XI, LINE 9: RESTATEMENT OF NET ASSETS WITH DONOR RESTRICTIONS PER AUDIT 5,293,034. FORM 990, PART XII, LINE 2C: THE PROCESS FOR AUDIT OVERSIGHT HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART XI, LINE 9 THE FOUNDATION HAS ADOPTED STATEMENT OF FINANCIAL ACCOUNTING STANDARD NO. 136, TRANSFERS OF ASSETS TO A NOT-FOR-PROFIT ORGANIZATION OR CHARITABLE TRUST THAT RAISES OR HOLDS CONTRIBUTIONS FOR OTHERS. THIS STANDARD REQUIRES THAT A LIABILITY BE ESTABLISHED TO A BENEFICIARY BY THE FOUNDATION WHEN A DONOR TRANSFERS ASSETS TO THE FOUNDATION THAT (A) USES THE ASSETS ON BEHALF OF OR (B) TRANSFERS THOSE ASSETS, THE RETURN ON INVESTMENT OF THOSE ASSETS, OR BOTH TO A BENEFICIARY NAMED BY THE DONOR. THE ENDOWED SCHOLARSHIP ACCOUNTS TRANSFERRED TO THE FOUNDATION BY THE COLLEGE WERE FOR INVESTMENT PURPOSES. THE FOUNDATION IS TO INVEST THESE MONEYS ON BEHALF OF THE COLLEGE AND TRANSFER AN AMOUNT NOT TO EXCEED 80% OF THE TOTAL RATE OF RETURN OF THE SCHOLARSHIP FUND EARNED DURING THE PRIOR FISCAL YEAR, OR A MINIMUM OF 5% OF THE FAIR MARKET VALUE OF THE SCHOLARSHIP FUND AT THE END OF ITS FISCAL YEAR. DURING THE YEARS ENDED JUNE 30, 2022 AND 2021, THE FOUNDATION REMITTED 5% OF THE FISCAL YEAR'S BEGINNING SCHOLARSHIP ACCOUNTS BALANCE. THE OVERALL INVESTMENT OBJECTIVE OF THE FUND WILL BE TO MAXIMIZE GROWTH WHILE GENERATING SUFFICIENT INCOME AND MAINTAINING ADEQUATE CASH RESERVES TO MEET STATED DISTRIBUTION REQUIREMENTS. RISK OF LOSS WILL BE MINIMIZED AND CONTROLLED BY CREATING A HIGH QUALITY, WE DIVERSIFIED PORTFOLIO AND BY UTILIZING A BALANCED ASSET MIX ALLOCATION. THE OBJECTIVE OF GROWTH WHEN BALANCED WITH INCOME REQUIREMENTS AND RISK PARAMETERS WILL CREATE A PORTFOLIO WHICH WILL EXPERIENCE MODERATE VOLATILITY. THE FINANCIAL EFFECTS OF TRANSACTIONS RELATED TO THESE ENDOWED SCHOLARSHIP FUNDS ARE RECORDED AS CHANGES IN THE ENDOWED SCHOLARSHIP PAYABLE ACCOUNT AND ARE NOT INCLUDED IN THE STATEMENTS OF ACTIVITIES. SCHEDULE D, PART V, LINE 1A THE BEGINNING BALANCE OF THE ENDOWMENT FUND AS OF JULY 1, 2021 WAS RESTATED TO INCLUDE THE RILEY HSTI ENDOWMENT WITH A BALANCE OF $500,000. NORTH CENTRAL MICHIGAN COLLEGE 1515 HOWARD STREET PETOSKEY MI 49770 381586760 TO PROVIDE EDUCATIONAL SERVICES MI 115(1) 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 NORTH CENTRAL MICHIGAN COLLEGE B 1514028 CASH NORTH CENTRAL MICHIGAN COLLEGE O 326840 CASH AND INKIND NORTH CENTRAL MICHIGAN COLLEGE K 3600 FAIR MARKET VALUE NORTH CENTRAL MICHIGAN COLLEGE C 143854 INKIND