2016-09-13T15:52:30-05:00 2015-12-31 910605875 Peterson Sullivan LLP CPA'S 601 Union St Ste 2300 Seattle WA 981012345 990 2015-01-01 911182444 Lake Washington College Foundation C/O Lake WA Institute of Technology LAKE 4257398100 11605 132nd Avenue NE No W205C Kirkland WA 98034 William F Thomas Ex Officio Director 4257398100 2016-09-09 1 Matthew R Matson P00775671 2063827777 2016-09-09 2015 2017-02-10 21:41:12Z David Ferguson 11605 132nd Avenue NE No W205C Kirkland WA 98034 526890 0 X www.lwtech.edu/about_lwit/foundation.html X 1949 WA PROVIDE LAKE WASHINGTON Institute of Technology THE MARGIN OF SUPPORT NECESSARY TO ACHIEVE EDUCATIONAL EXCELLENCE AND TO EXPAND THE FINANCIAL BASIS FOR QUALITY THAT LIES BEYOND THE SCOPE OF LEGISLATIVE FUNDING THROUGH INDIVIDUAL, CORPORATE, AND COMMUNITY PARTNERSHIPS. 15 15 0 55 0 0 332818 432298 15000 15535 60981 66857 -3785 -6143 405014 508547 148295 301329 0 0 0 0 0 0 0 62417 49113 210712 350442 194302 158105 2270606 2311474 0 0 2270606 2311474 Provide Lake Washington Institute of Technology the margin of support necessary to achieve educational excellence and to expand the financial basis for quality that lies beyond the scope of legislative funding through individual, corporate, and community partnerships. 0 0 1400 16135 The Foundation paid the College for the costs of operating a space for an Expresso Cart and received revenue from the Expresso Stand and art rental. 140525 140525 The Foundation receives contributions from various donors including the Peierls Foundation. These funds are for the benefit of College programs, their students, and our in house high school academy program. In 2015, we spent about $101,500 for gas cards, lunches, and class support for Academy students. The Foundation spent $9,300 to support LWIT student inter-college competitions and conferences, and $5,900 for Faculty program conferences. 161937 160804 The Foundation receives various contributions from donors and awards the donations to students. In 2015, over $156,000 was awarded to students. Our matching state endowments earnings were used to distribute about $4,700 in faculty awards. 303862 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 X 15 15 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 X Xieng Lim 4257398100 11605 132nd Ave NE Kirkland WA 98034 X Dave Ferguson President 2.00 X X 0 0 0 Betty Spieth-Croll Immediate Past President 2.00 X X 0 0 0 Laura Wildfong Vice President 2.00 X X 0 0 0 Diane Haelsig Secretary 2.00 X X 0 0 0 Solomon Karmel Treasurer 2.00 X X 0 0 0 Sherry Zins-Calvert Board of Directors 2.00 X 0 0 0 David Berkey Board of Directors 2.00 X 0 0 0 Dick Haelsig Board of Directors 2.00 X 0 0 0 Ellen Miller-Wolfe Board of Directors 2.00 X 0 0 0 Marianna Hanefeld Board of Directors 2.00 X 0 0 0 Richard Lerz Board of Directors 2.00 X 0 0 0 Rosemary McAuliffe Board of Directors 2.00 X 0 0 0 Kate Butcher Board of Directors 2.00 X 0 0 0 John Evans Board of Directors 2.00 X 0 0 0 Teddy Overleese Board of Directors 2.00 X 0 0 0 Amy Morrison Goings Ex Officio Director 2.00 X 0 0 0 Neil Johnson Ex Officio Director 2.00 X 0 0 0 Andrea Olson Ex Officio Director 2.00 X 0 0 0 Bill Thomas Ex Officio Director 2.00 X 0 0 0 Elisabeth Sorensen Ex Officio Director 2.00 X 0 0 0 Dr Marvi Matos Board of Directors 2.00 X 0 0 0 0 0 0 0 0 0 0 0 129323 302975 183354 432298 RENTAL INCOME 531190 15535 15535 15535 66857 66857 11600 129323 18343 -6743 -6743 Artwork Rental Income 532000 600 600 600 508547 16135 0 60114 140525 140525 160804 160804 3600 3600 10738 10738 10174 10174 4594 4594 335 335 14284 14284 Event Costs 2733 2533 200 Miscellaneous 2655 2655 350442 303862 46580 0 172777 175654 2097829 2135820 2270606 2311474 0 0 X 268589 248075 1076168 973062 925849 1090337 2270606 2311474 2270606 2311474 158105 -117237 0 X X 0 1 X 0 0 X 264075 475354 464407 332818 432298 1968952 264075 475354 464407 332818 432298 1968952 690170 1278782 24357 22008 41151 55641 66857 210014 1200 571 900 600 600 3871 2182837 121116 0.58580 0.55600 X Schedule A, Part II, Line 10, Explanation of Other Income: Rental Income Miscellaneous RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1109423 164488 -24419 9991 4443 1235058 1062655 25000 30348 4618 3962 1109423 863457 131000 81937 9547 4192 1062655 818301 50108 1876 3076 863457 824687 10000 -2925 10570 2891 818301 0.88000 0.12000 0 0 0 409653 -117237 18343 -98894 508547 0 508547 368785 18343 18343 350442 0 350442 Part V, Line 4: Provide Lake Washington Technical College students and faculty the margin of support necessary to achieve educational excellence and to expand the financial basis for quality that lies beyond the scope of legislative funding through individual, corporate and community partnerships. Part XI, Line 2d - Other Adjustments: Special Event Expense included on Page 9, Line 8b 18,343. Part XII, Line 2d - Other Adjustments: Special Event Expense included on Page 9, Line 8b 18,343. Benefit Breakfast 115315 110715 4600 4632 438 5490 Wine Dinners 13071 13071 347 1 12537 5537 7000 7436 140923 129323 11600 4632 785 12926 18343 -6743 1 LAKE WASHINGTON INSTITUTE OF TECHNOLOGY 11605 132nd Ave NE Kirkland WA 98034 911182444 140525 Provide assistance to students for conferences and competitions. Also provides bus passes, gas, and lunches to students. Direct Financial Aid to students 38 7047 Financial Aid through the College for students 162 149071 Grants under 5k 2 4686 Part I, Line 2: STUDENT APPLICATIONS FOR GRANTS LISTED ON THE COLLEGE'S WEBSITE ARE REVIEWED AND AWARDED BY A COLLEGE COMMITTEE WHICH INCLUDES FINANCIAL AID PERSONNEL. OTHER AWARDS, PROCESSED THRU SPECIFIC FOUNDATION DEPARTMENT OR SCHOLARSHIP ACCOUNTS, ARE REQUESTED BY THE COLLEGE FACULTY AND APPROVED BY THE APPROPRIATE DEAN AND/OR VICE PRESIDENT. EACH YEAR, THE FOUNDATION EXECUTIVE DIRECTOR AND BOARD DECIDE IF AND HOW MUCH THEY WILL AUTHORIZE TO BE GIVEN TO THE COLLEGE FOR STUDENT EMERGENCY FUNDING. AFTER AWARDS ARE GRANTED, ALL DISBURSEMENT REQUESTS ARE GIVEN TO THE FOUNDATION DEPARTMENT WHERE THEY ARE REVIEWED BY THE EXECUTIVE DIRECTOR FOR THE FOUNDATION. FOUNDATION ACCOUNTS ARE REVIEWED ON MANY LEVELS. THE INDIVIDUAL MANAGERS OF PROGRAMS OR SCHOLARSHIPS ARE GIVEN MONTHLY REPORTS TO REVIEW. THE FOUNDATION EXECUTIVE DIRECTOR AND THE FOUNDATION BOARD MEMBERS REVIEW AND DISCUSS ALL FOUNDATION ACCOUNTS AS REQUIRED. THE FOUNDATION DIRECTOR RECEIVES A REPORT OF COLLEGE RECORDS WHICH LISTS THE AWARDS DISBURSED BY THE COLLEGE FOR BOTH WEB AWARDS AND EMERGENCY GRANTS. THE FINANCIAL AID DEPARTMENT RECEIVES A LIST QUARTERLY OF ALL AWARDS THAT WERE NOT PROCESSED THRU THE COLLEGE, BUT WERE GIVEN TO THE STUDENT DIRECTLY. X 1 9000 Fair Market Value X 2 75869 Fair Market Value X Event Supplies 1 37606 Fair Market Value X Materials, Tools, and Parts 3 33879 Fair Market Value X Education Materials 1 27000 Fair Market Value 0 0 0 Form 990, Part VI, Section A, line 2 Dick and Diane Haelsig are married and Dick and Diane Haelsig are investors in Dave Ferguson's company. Form 990, Part VI, Section B, line 11 A draft Form 990 is distributed to members for review. A scheduled meeting for review and discussion with our accounting firm is made. Form 990, Part VI, Section B, line 12c Disclosure required with yearly questionnaire. Form 990, Part VI, Section C, line 19 Documents are available on the College's website. Form 990, Part VI, Section B, Line 13: There are two college employees who work for the Foundation that are covered under the State of Washington Whistle Blower policy. Form 990, Part IX, Line 1 The Foundation's policy is to prepare its financial statements on the cash receipts and disbursements basis of accounting except for the recognition of investments at fair value. Therefore, all other revenue and related assets are recognized when received, and expenses when paid rather than when the obligation is incurred.