2012-11-14T10:42:08-06:00 2012-06-30 363168081 SIKICH LLP 1415 W DIEHL RD SUITE 400 NAPERVILLE IL 605632349 990 2011-07-01 362990533 WAUBONSEE COMMUNITY COLLEGE FOUNDATION WAUB 6304667900 ROUTE 47 AT WAUBONSEE DRIVE SUGAR GROVE IL 60554 DARLA CARDINE 6304667900 2012-11-12 1 ANDREW TWARDOWSKI P00377357 6305668400 2011 2016-02-24 21:20:13Z KATHARINE RICHARDS ROUTE 47 AT WAUBONSEE DRIVE SUGAR GROVE IL 60554 947172 0 X WWW.WAUBONSEE.EDU/ALUMNI/FOUNDATION.PHP X 1978 IL TO FUND WAUBONSEE COMMUNITY COLLEGE STUDENT SCHOLARSHIPS. 25 25 0 133 0 0 425587 142551 0 0 82508 10311 -4642 -6578 503453 146284 128220 146191 0 0 0 0 0 0 0 28978 33827 157198 180018 346255 -33734 3141729 3163674 0 115 3141729 3163559 THE WAUBONSEE COMMUNITY COLLEGE FOUNDATION WAS FORMED TO ADVANCE THE EDUCATIONAL AND CHARITABLE PURPOSES OF WAUBONSEE COMMUNITY COLLEGE. THE PRIMARY OBJECTIVE OF THE FOUNDATION IS TO RAISE FUNDS FOR STUDENT SCHOLARSHIPS. 0 0 146191 146191 THE WAUBONSEE COMMUNITY COLLEGE FOUNDATION PROVIDED SCHOLARSHIPS TO 233 STUDENTS ATTENDING WAUBONSEE COMMUNITY COLLEGE. THE TOTAL VALUE OF THE SCHOLARSHIPS WAS $146,191 WHICH INCLUDED $121,419 OF WAUBONSEE COMMUNITY COLLEGE FOUNDATION SCHOLARSHIPS, $5,944 OF BUSINESS COMPETITION SCHOLARSHIPS AND $7,250 IN PROGRAM SCHOLARSHIPS FOR WAUBONSEE COMMUNITY COLLEGE STUDENTS. AN ADDITIONAL $11,578 WAS SPENT ON BRIGHTER FUTURES SCHOLARSHIPS FOR UNEMPLOYED WAUBONSEE COMMUNITY COLLEGE DISTRICT RESIDENTS. 146191 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 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 0 1 0 0 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X THE ORGANIZATION 6304667900 ROUTE 47 AT WAUBONSEE DRIVE SUGAR GROVE IL 60554 PENELOPE CAMERON 2.00 X X 0 0 0 GERALD PALMER 2.00 X X 0 0 0 MICHAEL OCHSENSCHLAGER 2.00 X X 0 0 0 DALE BERMAN 1.00 X 0 0 0 JOHN CORDOGAN 1.00 X 0 0 0 GERARD DEMPSEY 1.00 X 0 0 0 ANDREW FAVILLE 1.00 X 0 0 0 STAN FREE 1.00 X 0 0 0 THEODIA GILLESPIE 1.00 X 0 0 0 DR ELLEN BARNES 1.00 X 0 0 0 RICHARD HAWKS 1.00 X 0 0 0 DR DIANE HOMAN 1.00 X 0 0 0 ANGELO KLERONOMOS 1.00 X 0 0 0 DANIEL KRAMER 1.00 X 0 0 0 EDUARDO GIL 1.00 X 0 0 0 TERRENCE M DUFFY 1.00 X 0 0 0 ROGER HARRIS 1.00 X 0 0 0 WILLIAM MURPHY 1.00 X 0 0 0 JOSEPH PIRCON 1.00 X 0 0 0 RICHARD A FALTZ 1.00 X 0 0 0 JAMES RHOADES 1.00 X 0 0 0 WILLIAM SKOGLUND 1.00 X 0 0 0 DR SHERRY GRAY 1.00 X 0 0 0 DR THOMAS R HUBERTY 1.00 X 0 0 0 BONNIE PROCTOR 1.00 X 0 0 0 KATHARINE RICHARDS 32.00 X 66503 0 5936 DARLA CARDINE 2.00 X 0 0 0 66503 0 5936 0 0 0 1 0 39151 103400 142551 86121 86121 710016 785826 -75810 -75810 -75810 8484 39151 15062 -6578 -6578 146284 0 0 3733 146191 146191 7310 7310 22991 22991 300 300 2551 2551 MISCELLANEOUS 500 500 BANK FEES 150 150 FILING FEES 25 25 180018 146191 33827 0 344408 369309 700 250 772 2726425 2718977 69424 75138 3141729 3163674 115 0 115 X 24731 19356 1779158 1768863 1337840 1375340 3141729 3163559 3141729 3163674 X -33734 55564 X 0 1 1 X 0 X 260826 272620 139258 425587 142551 1240842 260826 272620 139258 425587 142551 1240842 232105 1008737 86919 67472 66322 67028 86121 373862 31409 20482 459 52350 1667054 0.60510 0.58370 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1337840 50000 12500 1375340 1088276 249564 1337840 1096276 8000 1088276 1046276 50000 1096276 1.00000 0 0 0 146284 180018 -33734 50806 4758 55564 21830 216910 50806 19820 70626 146284 0 146284 195080 15062 15062 180018 0 180018 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: TO PROVIDE FUNDS FOR WAUBONSEE COMMUNITY COLLEGE STUDENT SCHOLARSHIPS. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN CASH VALUE OF LIFE INSURANCE 4,758. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE 15,062. CASH SURRENDER VALUE OF LIFE INSURANCE 4,758. PART XIII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE 15,062. ENDOWED FUNDS - ENDOWMENT FUNDS OF WAUBONSEE COMMUNITY COLLEGE FOUNDATION ARE MAINTAINED PERMANENTLY WITH THE INCOME EARNED TO BE USED FOR GENERAL OR SPECIFIC PURPOSES AS RESTRICTED BY DONORS. IN FISCAL YEAR 2012, ONE ENDOWED SCHOLARSHIP WAS CLOSED IN THE AMOUNT OF $12,500. THESE FUNDS WERE RELEASED FROM RESTRICTION UPON CLOSURE AND TRANSFERRED TO THE GENERAL SCHOLARSHIP FUND TO BE USED FOR SCHOLARSHIPS. GOLF OUTING 47635 39151 8484 583 8959 5520 47635 39151 8484 583 8959 5520 15062 -6578 1 SCHOLARSHIPS 233 146191 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: DURING THE SCHOLARSHIP RECIPIENT SELECTION PROCESS, ONLY THOSE STUDENTS WHO MEET A DONOR'S SPECIFIED SELECTION CRITERIA ARE CONSIDERED BY THE SELECTION COMMITTEE FOR A PARTICULAR SCHOLARSHIP. FOLLOWING THE AWARD OF A SCHOLARSHIP, AN ANALYST IN THE FINANCIAL AID OFFICE VERIFIES EACH SEMESTER THAT STUDENTS WITH SCHOLARSHIPS THAT SPECIFY A MAJOR AREA OF STUDY OR A SPECIFIC GRADE POINT AVERAGE (GPA) ARE TAKING COURSES IN THE SPECIFIED AREA OF STUDY AND/OR MAINTAINING THE REQUIRED GPA. STUDENTS WHO DO NOT COMPLY WITH THEIR SCHOLARSHIP'S SPECIFICATIONS LOSE THE SCHOLARSHIP SECOND SEMESTER. IN ADDITION, THE WAUBONSEE COMMUNITY COLLEGE FOUNDATION BOARD OF DIRECTORS RECEIVES A LIST OF CURRENT YEAR SCHOLARSHIP RECIPIENTS AND THE AMOUNT OF SCHOLARSHIP FUNDS EACH HAS USED QUARTERLY. 0 0 0 0 0 0 0 0 0 KATHARINE RICHARDS 66503 0 0 0 0 0 0 0 5936 0 72439 0 0 0 SUPPLEMENTAL INFORMATION PART III THE AMOUNT OF COMPENSATION FOR KATHERINE RICHARDS REPORTED IN PART VII AND ON SCHEDULE J IS COMPENSTAION PAID BY WAUBONSEE COMMUNITY COLLEGE FOR SERVICES PROVIDED TO WAUBONSEE COMMUNITY COLLEGE FOUNDATION. FORM 990, PART VI, SECTION A, LINE 4 THE WAUBONSEE COMMUNITY COLLEGE FOUNDATION BYLAWS WERE REVISED IN 2011. SECTIONS OF THE BYLAWS WERE RE-NUMBERED AND THERE WERE CERTAIN UPDATES TO REFLECT CURRENT LAW. THE MOST SIGNIFICANT CHANGES WERE THE INCLUSION OF SECTIONS REFERENCING THE FINANCE AND AUDIT COMMITTEE, INVESTMENT COMMITTEE, AND THE AUTHORITY OF THE BOARD TO APPOINT OTHER COMMITTEES. ALSO INCLUDED IN THE UPDATED BYLAWS WAS AN ARTICLE ENTITLED "APPOINTED OFFICIALS" WHICH PROVIDES DIRECTION AS TO THE POWERS AND DUTIES OF THE EXECUTIVE DIRECTOR AND EXECUTIVE TREASURER. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD OF DIRECTORS HAS DELEGATED TO THE EXECUTIVE COMMITTEE THE RESPONSIBILITY FOR REVIEW OF THE 990. WHEN THE EXECUTIVE COMMITTEE IS NOTIFIED THAT THE 990 IS COMPLETE AND READY FOR ITS REVIEW, ALL OTHER MEMBERS OF THE BOARD OF DIRECTORS ARE ALSO NOTIFIED AND INVITED TO REVIEW THE 990 IF THEY WISH TO DO SO. FORM 990, PART VI, SECTION B, LINE 12C EVERY DIRECTOR RECEIVES THE CONFLICT OF INTEREST POLICY AND STATEMENT FROM THE PRESIDENT OF WAUBONSEE COMMUNITY COLLEGE FOUNDATION PRIOR TO THE FALL ANNUAL MEETING. ONCE ALL SIGNED FORMS HAVE BEEN RECEIVED, THE PRESIDENT OF WAUBONSEE COMMUNITY COLLEGE FOUNDATION AND THE CHAIRMAN OF THE MEMBERSHIP COMMITTEE REVIEW THEM ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE TOP MANAGEMENT OFFICIAL OF WAUBONSEE COMMUNITY COLLEGE FOUNDATION IS AN EMPLOYEE OF, EVALUTED BY, AND COMPENSATED BY WAUBONSEE COMMUNITY COLLEGE. WAUBONSEE COMMUNITY COLLEGE EVAULATES COMPENSATION BASED ON A COMPREHENSIVE COMPENSATION BENEFITS STUDY. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE UPON REQUEST CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 50,806. CHANGE IN CASH VALUE OF LIFE INSURANCE 4,758. TOTAL TO FORM 990, PART XI, LINE 5: 55,564.