2023-12-04T09:46:18-05:00 2022-12-31 590548468 PURVIS GRAY & COMPANY LLP 2347 SE 17TH STREET OCALA FL 34471 990 2022-01-01 591990323 LAKE-SUMTER STATE COLLEGE FOUNDATION INC LAKE 3523653518 9501 US HWY 441 LEESBURG FL 34788 GREGG MORRELL PRESIDENT 3523653518 2023-10-18 true GREGG MORRELL 999009999 true TIMOTHY M WESTGATE CPA P00631621 3527323872 2023-10-18 2022 2023-04-26 12:10:37Z IR2023159 HURRICANE IDALIA LATE FILING RELIEF GREG MORRELL 9501 US HWY 441 LEESBURG FL 34788 13677387 false X WWW.LSSC.EDU/FOUNDATION X 1980 FL 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. 25 21 0 194 0 1254452 1942342 0 2212735 1387682 122896 176813 3590083 3506837 1119741 1527500 0 0 0 9276 361257 389073 1480998 1916573 2109085 1590264 29003418 25955910 1590016 1437863 27413402 24518047 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. false false 1527500 1527500 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. 1527500 true true false false false false false false false true true false false false false true true false false false false false false false true false false true true true false false false false false false false false false false false false false true false true false true 11 0 0 false false false false false false false false false false false false X 25 21 false false false false false false false true true false false true true true true true true true true false X LSSC FOUNDATION INC 3523653518 9501 US HWY 441 LEESBURG FL 34788 DR HEATHER BIGARD LSSC PRES (F 2.00 40.00 X 0 245796 66128 DR LAURA BYRD EXEC DIRECTO 40.00 0.00 X 0 155945 16294 SANDRA STEPHENSON VICE PRESIDE 2.00 40.00 X X 0 95657 0 ALISSA SUSTARSIC FACULTY LIAI 2.00 40.00 X 0 58740 8891 DR STANLEY SIDOR LSSC PRESIDE 2.00 40.00 X 0 17583 340 KARINA ACEVEDO BOARD MEMBER 2.00 X 0 0 0 MARILYN BUDZYNSKI BOARD MEMBER 2.00 X 0 0 0 NANCY CLUTTS BOARD MEMBER 2.00 X 0 0 0 LORI DAVIS PRESIDENT 2.00 X X 0 0 0 JENNA EMERSON BOARD MEMBER 2.00 X 0 0 0 SHERIFF WILLIAM FARMER BOARD MEMBER 2.00 X 0 0 0 GRANT GANNAWAY BOARD MEMBER 2.00 X 0 0 0 JOSH GONZALES BOARD MEMBER 2.00 X 0 0 0 MICHAEL JOHNSON BOARD MEMBER 2.00 X 0 0 0 DAVID LANGLEY BOARD MEMBER 2.00 X 0 0 0 KIMBERLY LARGEY BOARD MEMBER 2.00 X 0 0 0 JENNIFER MENDEZ BOARD MEMBER 2.00 X 0 0 0 MICHELLE MICHNOFF BOARD MEMBER 2.00 X 0 0 0 GREG MORRELL PRESIDENT EL 2.00 X X 0 0 0 TIMOTHY MORRIS TRUSTEE LIAS 2.00 X X 0 0 0 SHERI OLSON BOARD MEMBER 2.00 X 0 0 0 SHAHANAZ RAHAMAN BOARD MEMBER 2.00 X 0 0 0 LESLIE ROTARIUS BOARD MEMBER 2.00 X 0 0 0 MICHAEL STIMSON BOARD MEMBER 2.00 X 0 0 0 SARAH UHRIK TREASURER 2.00 X X 0 0 0 DANIEL WHITEHOUSE BOARD MEMBER 2.00 X 0 0 0 573721 91653 false true false 51004 1891338 1942342 532862 532862 10865305 10010485 854820 854820 854820 333292 51004 160065 173227 173227 3586 3586 3586 3506837 1564495 453100 453100 1074400 1074400 23000 23000 180157 180157 27644 27644 2267 2267 70169 70169 4237 4237 3332 3332 1947 1947 FOOD 28212 28212 MISCELLANEOUS EXPENSE 15095 15095 COMMUNITY RELATIONS 12373 12373 FUNDRAISING 9276 9276 11364 11364 1916573 1527500 379797 9276 1999967 1582084 15710 20592 3270 13900 13900 13900 25457338 23162758 1513233 1176576 29003418 25955910 51700 242542 1538316 1195321 1590016 1437863 X 2260800 1958921 13900 13900 25138702 22545226 27413402 24518047 29003418 25955910 X 1590264 -4485620 1 X false true X true false X 933843 947100 1158379 1254452 1942342 6236116 299457 321159 393967 417573 364231 1796387 1233300 1268259 1552346 1672025 2306573 8032503 524611 7507892 403195 431441 435611 490192 532862 2293301 278224 293581 141365 248603 336878 1298651 11624455 0.64590 0.59810 X PART II, LINE 10 ADMIN, ADVERTISING, RENT REVENUES 1,390 GAMING 12,626 FUNDRAISING 1,284,635 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 25152602 2249652 -3062691 1522759 223631 34047 22559126 22399247 1237811 3091563 1111202 426484 38333 25152602 19674010 1231113 2731664 968140 245263 24137 22399247 16544769 1196440 3461278 814166 623619 90692 19674010 18982554 1123063 -785465 1834703 712004 228676 16544769 0.31000 0.69000 false false 13900 13900 13900 X -634643 -4485620 364231 -180156 -4301545 3666902 -160065 -160065 3506837 2260712 364231 160065 524296 1736416 180157 180157 1916573 SCHEDULE D, PAGE 2, PART V, LINE 4 RESTRICTED NONEXPENDABLE - REPRESENTING THE PRINCIPAL PORTION OF ENDOWMENT FUNDS THAT ARE SUBJECT TO DONOR, GRANTOR, OR OTHER OUTSIDE PARTY RESTRICTIONS AS TO USE FOR THE BENEFIT OF VARIOUS PROGRAMS AT THE COLLEGE. EARNINGS ON ENDOWMENT FUNDS ARE INCLUDED IN EXPENDABLE FUNDS FOR EXPENDITURE. RESTRICTED EXPENDABLE - REPRESENTING FUNDS THAT ARE SUBJECT TO DONOR, GRANTOR, OR OTHER OUTSIDE PARTY RESTRICTIONS AS TO USE FOR THE BENEFIT OF VARIOUS PROGRAMS AT THE COLLEGE, INCLUDING THE UNSPENT EARNINGS OF ENDOWMENT FUNDS. SCHEDULE D, PAGE 3, PART X THE INTERNAL REVENUE SERVICE HAS RECOGNIZED LAKE-SUMTER STATE COLLEGE FOUNDATION, INC. AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, INCOME EARNED IN FURTHERANCE OF THE FOUNDATIONS TAX-EXEMPT PURPOSE IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES AND, THEREFORE, THESE FINANCIAL STATEMENTS INCLUDE NO PROVISION OR LIABILITY FOR INCOME TAXES. AS OF DECEMBER 31, 2022, THE FOUNDATION HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. GENERALLY, THE IRS MAY REVIEW THE RETURNS FOR THE PAST THREE YEARS. SCHEDULE D, PAGE 4, PART XI, LINE 2D INVESTMENT FEES -180,157 ROUNDING 1 SCHEDULE D, PAGE 4, PART XI, LINE 4B FUNDRAISING EXPENSES -160,065 SCHEDULE D, PAGE 4, PART XII, LINE 2D FUNDRAISING EXPENSES 160,065 SCHEDULE D, PAGE 4, PART XII, LINE 4B INVESTMENT FEES 180,157 GALA 163303 8750 154553 20232 500 23475 PERFORMING ARTS 108728 11123 97605 2696 88140 10443 4 112265 31131 81134 286 244 14049 384296 51004 333292 286 23172 88640 47967 160065 173227 true LAKE SUMTER STATE COLLEGE 9501 US HWY 441 LEESBURG FL 34788 591210132 GOV 453100 PROGRAM SUPPORT 1 SCHOLARSHIPS 895 1074400 SCHEDULE I, PAGE 1, PART I, LINE 2 THE FOUNDATION DISBURSES STUDENT SCHOLARSHIP FUNDS ON A SEMESTER BASIS DIRECTLY TO LAKE SUMTER STATE COLLEGE (LSSC). BEFORE THE FOUNDATION DISBURSES FUNDS FOR A SEMESTER, THE FOUNDATION MUST RECEIVE FROM LSSC THE RECIPIENT'S GRADE TRANSCRIPT FOR THE LAST SEMESTER COMPLETED BY THE RECIPIENT AND WRITTEN CONFIRMATION FROM LSSC THAT THE STUDENT IS IN GOOD STANDING ACADEMICALLY. false false false false false false false false false DR HEATHER BIGARD LSSC PRES (FEB-DEC) 216058 1500 28238 57750 8378 311924 DR LAURA BYRD EXEC DIRECTOR/SEC. 144000 1500 10445 16294 172239 FORM 990, PAGE 6, PART VI, LINE 11B STAFF AND BOARD REVIEW FORM 990 DRAFT, AND ANY CHANGES REQUIRED ARE DISCUSSED WITH CPA PRIOR TO FILING OF FORM 990. ANY ANONYMOUS DONOR IS LISTED AS SUCH ON SCHEDULE B ONLY FOR BOARD REVIEW. FORM 990, PAGE 6, PART VI, LINE 12C BOARD REVIEWS POTENTIAL CONFLICTS OF INTEREST ON AN ANNUAL BASIS. FORM 990, PAGE 6, PART VI, LINE 15A THE FOUNDATION'S EXECUTIVE DIRECTER IS AN EMPLOYEE OF LAKE-SUMTER STATE COLLEGE (LSSC). ALL SALARIES, BENEFITS AND PAYROLL TAXES ARE PAID THROUGH LSSC AND THE FOUNDATION IS NOT EXPECTED TO REIMBURSE LSSC FOR SUCH DONATED OPERATING SUPPORT. SALARIES PAID BY LSSC ARE ASSIGNED BY PAY GRADES THAT ARE AVERAGED THROUGH THE INDUSTRY AND COMPETITIVE IN THE CENTRAL FLORIDA AREA. ALL SALARIES ARE APPROVED BY THE LSSC BOARD OF TRUSTEES. FORM 990, PAGE 6, PART VI, LINE 15B THE FOUNDATION STAFF MEMBERS ARE EMPLOYEES OF LAKE-SUMTER STATE COLLEGE (LSSC). ALL SALARIES, BENEFITS AND PAYROLL TAXES ARE PAID THROUGH LSSC AND THE FOUNDATION IS NOT EXPECTED TO REIMBURSE LSSC FOR SUCH DONATED OPERATING SUPPORT. SALARIES PAID BY LSSC ARE ASSIGNED BY PAY GRADES THAT ARE AVERAGED THROUGH THE INDUSTRY AND COMPETITIVE IN THE CENTRAL FLORIDA AREA. ALL SALARIES ARE APPROVED BY THE LSSC BOARD OF TRUSTEES. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 INVESTMENT FEES -180,157 ROUNDING 1 FUNDRAISING EXPENSES 160,065 FUNDRAISING EXPENSES -160,065 INVESTMENT FEES 180,157 TOTAL 1 LAKE SUMTER STATE COLLEGE 9501 US HWY 441 LEESBURG FL 34788 591210132 COLLEGE FL GOVT N/A false false true false false false false false false false false true false false true true false false true false LAKE SUMTER STATE COLLEGE B 453100 CASH LAKE SUMTER STATE COLLEGE R 1074400 CASH LAKE SUMTER STATE COLLEGE O 338084 CASH LAKE SUMTER STATE COLLEGE K 26147 CASH LAKE SUMTER STATE COLLEGE N SEE PART VII SCHEDULE R PART V, LINE 2, TRANSACTION TYPE N: LAKE SUMTER STATE COLLEGE FOUNDATION, INC. SHARES FACILITIES, EQUIPMENT, MAILING LISTS, OR OTHER ASSETS WITH LAKE SUMTER STATE COLLEGE. THE AMOUNT FOR THESE SERVICES HAS NOT BEEN DETERMINED.