2024-11-15T12:57:06-06:00 2024-06-30 202153727 SB & COMPANY LLC 10200 GRAND CENTRAL AVE SUITE 250 OWINGS MILLS MD 21117 990 2023-07-01 521308479 ALLEGANY COLLEGE OF MARYLAND FOUNDATION INC ALLE 3017845200 12401 WILLOWBROOK ROAD SE CUMBERLAND MD 21502 DR AUDIE KLINGLER PRESIDENT 3017845200 2024-11-15 1 0 GRAYLIN SMITH P00644233 4105840060 2023 2024-10-15 13:58:12Z DR AUDIE KLINGLER 12401 WILLOWBROOK ROAD SE CUMBERLAND MD 21502 4638081 0 X WWW.ALLEGANY.EDU/ACMFOUNDATION X 1982 MD THE PURPOSE OF THE FOUNDATION IS TO ACCUMULATE, INVEST, REINVEST, AND EXPEND FUNDS, BY WAY OF ENDOWMENT OR OTHERWISE TO USE EITHER THE PRINCIPAL OR INCOME THEREOF FOR SCHOLARSHIPS OR FOR SPECIAL PROGRAMS OR PROJECTS AND TO FOSTER, ENCOURAGE, AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF ALLEGANY COLLEGE OF MARYLAND. 21 21 0 30 0 0 1284590 1645834 1808046 1894288 733944 1212427 3726 3479 3830306 4756028 1651216 1663134 0 0 0 0 0 0 0 1885223 1807345 3536439 3470479 293867 1285549 24680526 26725463 30616 18569 24649910 26706894 X THE PURPOSE OF THE FOUNDATION IS TO ACCUMULATE, INVEST, REINVEST, AND EXPEND FUNDS, BY WAY OF ENDOWMENT OR OTHERWISE; TO USE EITHER THE PRINCIPAL OR INCOME THEREOF FOR SCHOLARSHIPS OR FOR SPECIAL PROGRAMS OR PROJECTS; AND TO FOSTER, ENCOURAGE, AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF ALLEGANY COLLEGE OF MARYLAND. 0 0 3286229 1663134 1894288 TO FOSTER, ENCOURAGE, AND PROMOTE THE GROWTH, PROGRESS, AND GENERAL WELFARE OF ALLEGANY COLLEGE OF MARYLAND. 3286229 1 1 0 0 0 1 0 0 0 1 0 1 0 1 1 1 1 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 1 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X X CHRISTINA KILDUFF 3017845221 12401 WILLOWBROOK ROAD SE CUMBERLAND MD 21502 DAVID N AYDELOTTE SR DIRECTOR 0.00 0.00 X 0 0 0 BERNICE A FRIEDLAND DIRECTOR 0.00 0.00 X 0 0 0 ROBERT E HELTZEL DIRECTOR 0.00 0.00 X 0 0 0 AARON W HENDRICKSON DIRECTOR 0.00 0.00 X 0 0 0 GEORGE W LAPP JR DIRECTOR 0.00 0.00 X 0 0 0 ROBERT J MARTIN JR TREASURER 0.00 0.00 X 0 0 0 JOHN J MCMULLEN DIRECTOR 0.00 0.00 X 0 0 0 MARY ANN D MOEN DIRECTOR 0.00 0.00 X 0 0 0 AMANDA RUTHENBERG DIRECTOR 0.00 0.00 X 0 0 0 J FREDERICK SHARER DIRECTOR 0.00 0.00 X 0 0 0 ROBERT J SMITH DIRECTOR 0.00 0.00 X 0 0 0 JOHN R SMYTH JR DIRECTOR 0.00 0.00 X 0 0 0 ELAINE K SOLOMON SECRETARY 0.00 0.00 X X 0 0 0 JONATHAN M DAYTON DIRECTOR 0.00 0.00 X 0 0 0 DESTINEE FRANKENBERRY DIRECTOR 0.00 0.00 X 0 0 0 MICHAEL W KERNS DIRECTOR 0.00 0.00 X 0 0 0 CHRIS MATHEWS DIRECTOR 0.00 0.00 X 0 0 0 JULI R MCCOY DIRECTOR 0.00 0.00 X 0 0 0 MATT MILLER DIRECTOR 0.00 0.00 X 0 0 0 JOHN J FELTEN NO LONGER ON BOARD AS DIRECTOR 0.00 0.00 X 0 0 0 DIXIE L POWNALL NO LONGER ON BOARD SECRETARY 0.00 0.00 X X 0 0 0 DR AUDIE G KLINGLER PRESIDENT 0.00 0.00 X 0 0 0 CARL O BELT JR VICE PRESIDENT 0.00 0.00 X 0 0 0 DAVID R JONES EXECUTIVE DIRECTOR 5.00 35.00 X 0 0 0 0 0 0 0 0 0 0 0 509092 1136742 1645834 ALLEGANY COLLEGE HOUSING, LLC 721310 1894288 1894288 1894288 518439 518439 576041 -117947 693988 693988 693988 CHANGE IN VALUE OF DONATED LIFE I 900099 3903 3903 CHANGE IN VALUE SPLIT-INTEREST AG 900099 -424 -424 3479 4756028 1897767 0 1212427 156200 156200 1506934 1506934 184250 184250 ALLEGANY COLLEGE HOUSIN 1623095 1623095 3470479 3286229 184250 0 133370 164009 19972043 21520539 4575113 5040915 24680526 26725463 29079 17126 1537 1443 30616 18569 X 6766454 7146377 17883456 19560517 24649910 26706894 24680526 26725463 1285549 771435 0 X 0 1 X 1 0 X 2051082 1469528 1891370 1284590 1645834 8342404 152000 133000 159000 1808046 186489 2438535 2203082 1602528 2050370 3092636 1832323 10780939 10780939 2203082 1602528 2050370 1926232 1832323 9614535 3971 4328 3725 3726 3479 19229 20414703 0.52810 0.52930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 21303310 477188 1675813 -576041 24032352 19713944 1012634 1127711 550161 818 21303310 18169593 1056260 239962 -405003 156874 19713944 13881224 874679 3802155 -413465 25000 18946523 13477763 725721 -28022 -298606 4368 14469700 0.19000 0.81000 1 0 0 INVESTMENT WITH USMF 21515584 F ANNUTIES 4955 F 21520539 EQUITY IN NET ASSETS OF HOUSING 2835238 DONATED LIFE INSURANCE POLICY 133884 CHARITABLE GIFT ANNUITIES 475 BENEFICIAL INTEREST IN TRUST 989496 DUE FROM REPORTING ENTITY-CASH 1081822 5040915 GIFT ANNUITY LIABILITY 1443 1443 X 3906538 771435 186420 957855 2948683 184250 1623095 1807345 4756028 1849554 186420 186420 1663134 184250 1623095 1807345 3470479 PART X, LINE 2: THE FOUNDATION HAS BEEN GRANTED AN EXEMPTION BY THE INTERNAL REVENUE SERVICE (IRS) FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). THE IRS HAS ALSO DETERMINED THAT THE FOUNDATION IS NOT A PRIVATE FOUNDATION. THE FOUNDATION IS REQUIRED TO REPORT UNRELATED BUSINESS INCOME TO THE IRS. THE FOUNDATION DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2024 AND 2023. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. AS OF JUNE 30, 2024 AND 2023, THE FOUNDATION HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE IRS AND ALL STATE JURISDICTIONS WHERE IT OPERATES. THE FOUNDATION BELIEVES THAT ITS INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE FOUNDATION'S FINANCIAL POSITION OR RESULTS OF ACTIVITIES. ACCORDINGLY, THE FOUNDATION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AS OF JUNE 30, 2024 AND 2023. AS OF JUNE 30, 2024, THE STATUTE OF LIMITATIONS FOR FISCAL YEARS 2021 THROUGH 2024 REMAINS OPEN WITH THE U.S. FEDERAL JURISDICTION OR THE VARIOUS STATES AND LOCAL JURISDICTIONS IN WHICH THE FOUNDATION FILES TAX RETURNS. IT IS THE FOUNDATION'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN INCOME TAX EXPENSE. PART XI, LINE 4B - OTHER ADJUSTMENTS: HOUSING INCOME 1,623,095. 1 ALLEGANY COLLEGE OF MARYLAND 12491 WILLOWBROOK ROAD CUMBERLAND MD 21502 520846757 GOV 156200 0 TO SUPPORT ACM SCHOLARSHIPS 2061 1506934 PART I, LINE 2: THE SCHOLARSHIP POLICY IS APPROVED AND PERIODICALLY UPDATED BY THE BOARD. THIS POLICY IS MONITORED BY STAFF AT LEAST SEMI-ANNUALLY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS AT THE NOVEMMBER 2023 BOARD MEETING. THE BOARD WILL HAVE A PERIOD OF TIME TO PROVIDE COMMENTS PRIOR TO THE FILING OF FORM 990. COPIES OF BOARD REPLIES WILL BE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C THE EXECUTIVE DIRECTOR REVIEWS THE ANNUAL DISCLOSURE STATEMENT. DIRECTORS SIGN A CONFLICT OF INTEREST STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 ALL STAFF, INCLUDING THE EXECUTIVE DIRECTOR AND KEY EMPLOYEES, ARE PAID BY ALLEGANY COLLEGE OF MARYLAND USING ESTABLISHED COLLEGE POLICIES. THE FOUNDATION DOES NOT COMPENSATE STAFF. FORM 990, PART VI, SECTION C, LINE 18 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. ALLEGANY COLLEGE HOUSING LLC 12401 WILLOWBROOK ROAD CUMBERLAND MD 21502 521308479 HOUSING MD 1894288 6489821 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 ALLEGANY COLLEGE OF MD M 85758 ALLEGANY COLLEGE OF MD N 100662