2025-03-22T15:41:41+00:00 2024-06-30 440160260 Forvis Mazars LLP 312 Walnut Street Suite 3000 Cincinnati OH 45202 990 2023-07-01 611351918 KENTUCKY COMMUNITY AND TECHNICAL COLLEGE SYSTEM FOUNDATION INC KENT 8592563100 300 NORTH MAIN STREET VERSAILLES KY 40383 DR MEGAN STITH ACTING EXECUTIVE DIRECTOR 2025-03-22 true true Aaron Hershberger P00961884 5136218300 2025-03-22 2023 2025-03-06 01:10:19Z DR MEGAN STITH 300 NORTH MAIN STREET VERSAILLES KY 40383 6750000 false X HTTPS://KCTCSFOUNDATION.ORG X 1999 KY 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. 15 15 0 12 0 0 4084835 6731883 0 0 3617 18117 0 0 4088452 6750000 1496026 1070382 0 0 0 0 0 0 0 366308 73579 1862334 1143961 2226118 5606039 13812592 21975662 1298047 2478999 12514545 19496663 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 1111907 1070382 THE ORGANIZATION PROVIDES FUNDRAISING AND SUPPORT FOR THE KENTUCKY COMMUNITY & TECHNICAL COLLEGE SYSTEM. THE SYSTEM OPERATES 16 COLLEGES AND MORE THAN 70 CAMPUSES. 1111907 true true false false false false false true true true false false false false true true false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false true 14 0 true 0 false false false false false false false false false false false false X 15 15 false false false false false true false true true false false true true true true true true false false false KY X DR MEGAN STITH 8592563331 300 NORTH MAIN STREET VERSILES KY 40383 X CHRIS PERRY TREASURER 0.3 0.0 X X 0 0 0 Dr Megan Stith ACTING EXECUTIVE DIRECTOR 0.4 0.0 X X 0 0 0 Linda Rumpke SECRETARY 0.3 0.0 X X 0 0 0 PAMELA LAVERNE SMITH-WRIGHT SECRETARY - TERM ENDED 0.3 0.0 X X 0 0 0 SCOTT TRACY EXECUTIVE DIRECTOR - TERM ENDED 0.4 0.0 X X 0 0 0 STEPHANIE BELL CHAIR 0.3 0.0 X X 0 0 0 Anne Tyler Morgan TRUSTEE 0.1 0.0 X 0 0 0 BARRY MARTIN TRUSTEE 0.1 0.0 X 0 0 0 BRANDON FOGLE TRUSTEE 0.1 0.0 X 0 0 0 Chad Harpole TRUSTEE 0.1 0.0 X 0 0 0 David Kloiber TRUSTEE 0.1 0.0 X 0 0 0 DR LARRY FERGUSON TRUSTEE - TERM ENDED 0.1 0.0 X 0 0 0 Dr Laura McCullough TRUSTEE 0.1 0.0 X 0 0 0 FRANK JEMLEY TRUSTEE 0.1 0.0 X 0 0 0 GREG WHEELER TRUSTEE 0.1 0.0 X 0 0 0 JOHN L GOHMANN TRUSTEE 0.1 0.0 X 0 0 0 Lourdes Baez TRUSTEE 0.1 0.0 X 0 0 0 William Keith TRUSTEE 0.1 0.0 X 0 0 0 0 0 0 0 false false false 0 0 0 0 0 0 6731883 0 6731883 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 18117 0 0 18117 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6750000 0 0 18117 0 0 1070382 1070382 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15696 0 15696 0 0 0 0 0 0 0 2529 0 2529 0 0 0 0 0 918 0 918 0 8048 0 8048 0 0 0 0 0 0 0 0 0 0 0 0 0 186 0 186 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4677 0 4677 0 OTHER PROGRAM EXPENSES 41525 41525 0 0 0 0 0 0 1143961 1111907 32054 0 545408 1091916 768969 769272 697587 1021785 0 0 0 0 0 0 0 0 0 0 3509 0 23786 23786 0 0 11797019 19079189 0 0 0 0 100 13500 13812592 21975662 0 17759 0 0 0 0 0 0 1298047 2461240 0 0 0 0 0 0 0 0 1298047 2478999 X 690318 1286704 11824227 18209959 0 0 0 0 0 0 12514545 19496663 13812592 21975662 5606039 2071908 0 0 -695829 0 X false true X true false X 1147410 2641129 5949320 4084835 6731883 20554577 0 0 0 0 0 0 0 0 0 0 0 0 1147410 2641129 5949320 4084835 6731883 20554577 485414 20069163 1900 1301 1020 3617 18117 25955 0 0 0 0 0 0 0 0 0 0 0 0 20580532 0 0.9752 0.9462 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 2576155 0 446686 0 0 0 3022841 2266934 3365 305856 0 0 0 2576155 2587466 13447 -333979 0 0 0 2266934 2008304 32693 546469 0 0 0 2587466 1944091 27168 37045 0 0 0 2008304 0.228 0.331 0.441 false false 0 0 0 0 0 0 0 0 23786 23786 0 0 0 0 0 0 X 8980880 2071908 161501 0 -2529 2230880 6750000 0 0 0 6750000 1302933 161501 0 0 0 161501 1141432 2529 0 2529 1143961 Schedule D, Part IV, Line 2b Explanation of escrow agreement FUNDS HELD FOR OTHERS REPRESENT RESOURCES IN THE POSSESSION OF, BUT NOT UNDER THE CONTROL OF, THE 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, 2024 WAS $1,424,905. Schedule D, Part V, Line 4 Intended uses 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. Schedule D, 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. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 INVESTMENT EXPENSES - -2529 true NARA 2 5552 Evolve502 564 855297 Herff Jones 1 2500 Hand Up 1 1000 Kentucky Colonels 51 104000 Toyota Motor Mfg KY School 2 2187 Xometry Machinist & Technician 23 99846 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. 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 INACCORDANCE 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, REQUIRES A. INTERNAL APPROVAL BY THE FOUNDATION BOARD OF TRUSTEES, AND B. ONE OFFICER APPROVAL BY (BANK) CHECK OR ELECTRONIC TRANSFER AUTHORIZATION. Form 990, Part VI, Line 1a Material differences in voting rights 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, ANDTHE 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 Members or stockholders electing 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 by governing body THE EXECUTIVE DIRECTOR OR STAFF PROVIDES AN 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 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.