2024-05-13T12:24:50-05:00 2023-06-30 FORVIS LLP 312 WALNUT STREET SUITE 3000 CINCINNATI OH 45202 990 2022-07-01 611351918 KENTUCKY COMMUNITY AND TECHNICAL COLLEGE SYSTEM FOUNDATION INC % SCOTT TRACY KENT 8592563100 300 North Main Street Versailles KY 40383 SCOTT TRACY Executive Director 8592563100 2024-05-15 true SCOTT TRACY 999009999 Aaron Hershberger P00961884 5136218300 2 2022 2023-04-26 12:10:37Z SCOTT TRACY 300 North Main Street Versailles KY 40383 4088452 false X HTTPS://KCTCSFOUNDATION.ORG X 1999 KY SEE SCHEDULE O 13 13 0 12 0 5949320 4084835 0 0 1020 3617 0 0 5950340 4088452 1213080 1496026 0 0 0 0 0 0 0 737718 366308 1950798 1862334 3999542 2226118 10345360 13812592 1162920 1298047 9182440 12514545 THE FOUNDATION SERVES AS THE NON-PROFIT FUNDRAISING ARM OF KCTCS; IS A CATALYST AND LEADER OF RESOURCE DEVELOPMENT INITIATIVES THAT SUPPORT THE STRATEGIC PLAN OF KCTCS TO MEET THE NEEDS OF ITS STAKEHOLDERS. false false 1814033 1496026 THE ORGANIZATION PROVIDES FUNDRAISING AND SUPPORT FOR THE KENTUCKY COMMUNITY & TECHNICAL COLLEGE SYSTEM. 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Southeast Education Foundation In May 2021, the Foundation and the Southeast Education Foundation (Southeast Foundation) entered into a temporary investment fund agreement in which the Foundation receives and invests Southeast Foundation's funds with the Foundation's investment manager, Commonfund, on behalf of Southeast Foundation until Southeast Foundation secures its 501(c)(3) designation with the IRS, at which time the Southeast Foundation will be eligible to open a Commonfund account and the Foundation will transfer ownership of the fund to the Southeast Foundation. Amounts held in investments for the Southeast Foundation as of June 30, 2023 and 2022, were $1,296,826 and $1,152,180, respectively. PART V, LINE 4 INTENDED USE OF ENDOWMENT FUNDS THE FINANCIAL AND INVESTMENT OBJECTIVES FOR THE ENDOWMENT FUND ARE INTENDED TO ACCOMPLISH THE PRIMARY GOAL OF PRESERVING OR INCREASING THE PURCHASING POWER OF PRINCIPAL AND INCOME BY MAXIMIZING REAL TOTAL RETURN (ADJUSTED FOR INFLATION), SUBJECT TO RISK CONSTRAINTS, AND TO ACHIEVE FINANCIAL EQUILIBRIUM BY BALANCING ANNUAL SPENDING AND REAL TOTAL RETURN THIS WILL ENHANCE THE FOUNDATION'S ABILITY TO MEET CHANGING STATE NEEDS IN BOTH THE SHORT- AND LONG-TERM. Part X, Line 2 FIN 48 (ASC 740) Footnote The Foundation is exempt from income taxes under Section 501 of the Internal Revenue Code and a similar provision of state law. However, the Foundation is subject to federal income tax on any unrelated business taxable income. The Foundation files tax returns in the U.S. federal jurisdiction. true Evolve502 Scholarships 501 1182127 Ky Colonels Better Life Scholarships 55 111899 Line Technician Training Scholarships 32 93936 TOYOTA MOTOR MANUFACTURING OF KY Scholarships 5 11563 Xometry Scholarships 26 97501 GENERAL SCHOLARSHIPS 1 1000 PART I, LINE 2 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS THE FOUNDATION'S ADMINISTRATION FOLLOWS THE POLICY ON FINANCIAL MANAGEMENT FOR EXPENDITURES UNDER CASH MANAGEMENT IN ACCORDANCE WITH THE REVISION OF THE FINANCIAL POLICY ON JULY 16, 2020. THE FOUNDATION'S OFFICERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE FOUNDATION ANY AND ALL CHECKS, DRAFTS, ACCEPTANCES, AND OTHER INSTRUMENTS FOR THE PAYMENT OR WITHDRAWAL OF FUNDS AT ANY TIME HELD BY THE FOUNDATION'S DEPOSITORY BANK FOR THE ACCOUNT OF THE FOUNDATION IN ACCORDANCE WITH THE FOLLOWING APPROVALS AND CONDITIONS: 1) AUTHORIZATIONS FOR ANY AMOUNT FROM A DONOR-RESTRICTED ACCOUNT REQUIRES A. TWO OFFICER INTERNAL APPROVALS TO ENSURE TRANSACTION MEETS DONOR RESTRICTIONS AND DONOR INTENT, AND B. ONE OFFICER APPROVAL BY (BANK) CHECK OR ELECTRONIC TRANSFER AUTHORIZATION. 2) AUTHORIZATIONS FOR ANY AMOUNT FROM ANY ACCOUNT PREVIOUSLY APPROVED BY THE BOARD THROUGH AN ANNUAL BUDGETING PROCESS REQUIRES A. ONE OFFICER APPROVAL INTERNALLY, AND B. ONE OFFICER APPROVAL BY (BANK) CHECK OR ELECTRONIC TRANSFER AUTHORIZATION. 3) AUTHORIZATIONS FOR $0 TO $5,000, NOT COVERED BY THE ABOVE CONDITIONS, REQUIRES A. ONE OFFICER APPROVAL INTERNALLY, AND B. ONE OFFICER APPROVAL BY (BANK) CHECK OR ELECTRONIC TRANSFER AUTHORIZATION. 4) AUTHORIZATIONS FOR $5,000 TO $25,000, NOT COVERED BY THE ABOVE CONDITIONS, REQUIRES A. TWO OFFICER APPROVALS INTERNALLY, AND B. ONE OFFICER APPROVAL BY (BANK) CHECK OR ELECTRONIC TRANSFER AUTHORIZATION. 5) AUTHORIZATIONS ABOVE $25,000 NOT COVERED BY THE ABOVE CONDITIONS, A. INTERNAL APPROVAL BY THE FOUNDATION BOARD OF TRUSTEES, AND B. ONE OFFICER APPROVAL BY (BANK) CHECK OR ELECTRONIC TRANSFER AUTHORIZATION. FORM 990, PART I, LINE 1 ORGANIZATION'S MISSION THE FOUNDATION SERVES AS THE NON-PROFIT FUNDRAISING ARM OF KCTCS; IS A CATALYST AND LEADER OF RESOURCE DEVELOPMENT INITIATIVES THAT SUPPORT THE STRATEGIC PLAN OF KCTCS TO MEET THE NEEDS OF ITS STAKEHOLDERS. Form 990, Part VI, Line 1A DELEGATE BROAD AUTHORITY TO A COMMITTEE KENTUCKY COMMUNITY AND TECHNICAL COLLEGE SYSTEMS FOUNDATION SHALL HAVE AN EXECUTIVE COMMITTEE CONSISTING OF THE ELECTED OFFICERS OF THE BOARD OF DIRECTORS, THE IMMEDIATE PAST CHAIR, THE EXECUTIVE DIRECTOR, AND THE KENTUCKY COMMUNITY AND TECHNICAL COLLEGE SYSTEMS PRESIDENT. THE EXECUTIVE COMMITTEE MAY EXERCISE ALL THE POWERS OF THE BOARD OF DIRECTORS BETWEEN MEETINGS OF THE BOARD. FORM 990, PART VI, LINE 7A POWER TO APPOINT MEMBERS OF GOVERNING BODY ONE (1) EX-OFFICIO, VOTING MEMBER SHALL BE THE CURRENT CHAIR OF THE KCTCS BOARD OF REGENTS. ONE (1) EX-OFFICIO, VOTING MEMBER SHALL BE THE CURRENT PRESIDENT OF KCTCS. ONE (1) EX-OFFICIO, VOTING MEMBER SHALL BE APPOINTED ANNUALLY BY THE PRESIDENT OF KCTCS AND SHALL BE THE PRESIDENT OR DIRECTOR OF ONE (1) OF THE KCTCS COLLEGES. ONE (1) VOTING MEMBER SHALL BE APPOINTED ANNUALLY BY THE KCTCS PRESIDENT FROM AMONG THE CHAIRS OF THE RECOGNIZED INDEPENDENT FOUNDATIONS THAT HAVE BEEN ESTABLISHED TO SUPPORT PARTICULAR KCTCS COLLEGES. FORM 990, PART VI, LINE 11B REVIEW OF FORM 990 THE EXECUTIVE DIRECTOR OR STAFF PROVIDES A ELECTRONIC COPY OF THE FOUNDATION'S 990 TO EACH DIRECTOR FOR REVIEW TO IDENTIFY ANY CONCERNS THE DIRECTOR MAY HAVE. A DEADLINE FOR REVIEW WILL BE SET. DIRECTORS WILL REVIEW THE 990 AND ANY QUESTIONS/CONCERNS THEY HAVE WILL BE ADDRESSED BEFORE THE 990 IS FILED WITH THE IRS. FORM 990, PART VI, LINE 12C CONFLICT OF INTEREST POLICY THE FOUNDATION'S CONFLICT OF INTEREST POLICY IS REVIEWED ON AN ANNUAL BASIS. A COPY IS AVAILABLE UPON REQUEST. EACH DIRECTOR IS ASKED TO ANSWER A SERIES OF QUESTIONS AND SIGN THE CONFLICT OF INTEREST STATEMENT. IF THERE IS A CONFLICT OF INTEREST ON A VOTE, THE DIRECTOR WHO HAS THE CONFLICT ABSTAINS FROM VOTING. FORM 990, PART VI, LINE 15 PROCESS FOR DETERMINING COMPENSATION NONE OF THE ORGANIZATIONS OFFICERS RECEIVE COMPENSATION. FORM 990, PART VI, LINE 19 REQUIRED DOCUMENTS AVAILABLE TO THE PUBLIC THE FOUNDATION'S GOVERNING DOCUMENTS, POLICY STATEMENTS ON CONFLICT OF INTEREST, ETHICAL CONDUCT, AND CONFIDENTIALITY AS WELL AS FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.