2025-11-03T14:13:02-06:00 2024-12-31 590548468 PURVIS GRAY & COMPANY LLP 2347 SE 17TH ST OCALA FL 34471 990 2024-01-01 591990323 LAKE-SUMTER STATE COLLEGE FOUNDATION INC LAKE 3523653518 9501 US HWY 441 LEESBURG FL 34788 MICHELLE MICHNOFF PRESIDENT 3523653518 2025-10-08 1 1 TIMOTHY WESTGATE CPA P00631621 3527323872 2025-10-08 2024 2025-03-06 01:10:19Z MICHELLE MICHNOFF 9501 US HWY 441 LEESBURG FL 34788 25126982 0 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. 21 20 0 272 0 0 2726838 2018323 0 0 1189736 3279509 156673 220426 4073247 5518258 2043752 2069311 0 0 0 0 0 0 0 368166 422791 2411918 2492102 1661329 3026156 30852386 34929156 2591476 1988810 28260910 32940346 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. 0 0 2069311 2069311 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. 2069311 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 7 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 X 21 20 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X LSSC FOUNDATION INC 3523653518 9501 US HWY 441 LEESBURG FL 34788 DR HEATHER BIGARD LSSC PRES THRU 8/30/24 2.00 40.00 X 0 361012 137336 LORI DAVIS BOARD MEMBER 2.00 X 0 0 0 GRANT GANNAWAY BOARD MEMBER 2.00 X 0 0 0 JOSH GONZALES PRESIDENT - ELECT 2.00 X X 0 0 0 SHAYNA GRUNEWALD BOARD MEMBER 2.00 X 0 0 0 ANGIE LANGLEY BOARD MEMBER 2.00 X 0 0 0 KIMBERLY LARGEY BOARD MEMBER 2.00 X 0 0 0 CHRISTOPHER LEIBNER FACULTY LIAISON THRU 8/21/24 2.00 40.00 X 0 94922 14079 JENNIFER MENDEZ BOARD MEMBER 2.00 X 0 0 0 MICHELLE MICHNOFF PRESIDENT 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 VICE PRESIDENT 2.00 X X 0 0 0 CARL SPECCI 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 SYBIL BROWN FACULTY LIAISON FROM 8/13/24 2.00 40.00 X 0 77215 9286 ALISE MORRIS BOARD MEMBER 2.00 X 0 0 0 JEFF POWELL BOARD MEMBER 2.00 X 0 0 0 MEGAN ROBINSON BOARD MEMBER 2.00 X 0 0 0 JESSICA WHITEHOUSE BOARD MEMBER 2.00 X 0 0 0 JENNA EMERSON BOARD MEMBER 2.00 X 0 0 0 DAVID HIDALGO TRUSTEE LIAISON 2.00 X 0 0 0 DR LAURA BYRD INTERIM LSSC PRES /EXEC DIRECTOR/SEC 40.00 40.00 X 0 198842 84875 0 731991 245576 0 0 1 0 0 61066 1957257 2018323 750694 750694 21993529 19464714 2528815 2528815 2528815 364436 61066 144010 220426 220426 5518258 0 0 3499935 673870 673870 1395441 1395441 30000 30000 216070 216070 75707 75707 1508 1508 27087 27087 115 115 1443 1443 1888 1888 SPECIAL EVENT EXPENSES 32478 32478 FOOD & FOOD PRODUCTS 22490 22490 FUNDRAISING EXPENSE 6850 6850 COMMUNITY RELATIONS 5831 5831 1324 1324 2492102 2069311 422791 0 3048577 3870177 31522 43165 13900 13900 13900 26669021 29932173 1089366 1069741 30852386 34929156 366901 251485 2224575 1737325 2591476 1988810 X 3162185 3796693 13900 13900 25084825 29129753 28260910 32940346 30852386 34929156 3026156 1653280 0 X 0 1 X 1 0 X 1158379 1254452 1203700 2726838 2018323 8361692 393967 417573 364231 481132 539882 2196785 1552346 1672025 1567931 3207970 2558205 10558477 886417 9672060 435611 490192 532862 645792 750694 2855151 141365 248603 336878 326504 364436 1417786 14831414 0.65210 0.62820 X PART II, LINE 10 - OTHER INCOME DETAIL ADMIN, ADVERTISING, RENT REVENUES $ 1,138 GAMING $ 7,709 FUNDRAISING $ 1,408,939 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 30000 0 0 30000 0 PART II-B, LINE 1: SCHEDULE C, PART II-B, LINE 1 LINE 1B AND LINE 1G - DIRECT CONTACT WITH LEGISLATORS, THEIR STAFFS, GOVERNMENTAL OFFICIALS, OR A LEGISLATIVE BODY. 25098725 2069661 4169084 2043619 154501 9597 29129753 21820484 1968511 3585599 2042072 184989 48808 25098725 25152602 2249652 -3062691 1522759 223631 34047 22559126 22399247 1237811 3091563 1111202 426484 38333 25152602 19674010 1231113 2731664 968140 245263 24137 22399247 0.25000 0.75000 0 0 13900 13900 13900 X 7639361 1653280 539882 1 2193163 5446198 216070 -144010 72060 5518258 2959925 539882 1 539883 2420042 216070 -144010 72060 2492102 PART X, LINE 2: 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, 2024, 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: ROUNDING 1. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE -144,010. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING 1. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE -144,010. PART V, LINE 4 - INTENDED USES FOR ENDOWMENT FUNDS 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. GALA 261003 2441 258562 51260 1900 53354 GOLF TOURNAMENT 82000 3400 78600 3730 24241 3 82499 55225 27274 9525 425502 61066 364436 54990 1900 87120 144010 220426 1 LAKE SUMTER STATE COLLEGE 9501 US HWY 441 LEESBURG FL 34788 591210132 GOV 673870 0 PROGRAM SUPPORT 1 0 SCHOLARSHIPS 1472 1395441 PART I, LINE 2 - PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS 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. 0 0 0 0 0 0 0 0 0 DR HEATHER BIGARD LSSC PRES THRU 8/30/24 0 176667 0 13250 0 171095 0 65559 0 71777 0 498348 0 0 DR LAURA BYRD INTERIM LSSC PRES /EXEC DIRECTOR/SEC 0 187338 0 0 0 11504 0 70746 0 14129 0 283717 0 0 FORM 990, PART VI, SECTION A, LINE 2 DANIEL AND JESSICA WHITEHOUSE HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 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, PART VI, SECTION B, LINE 12C BOARD REVIEWS POTENTIAL CONFLICTS OF INTEREST ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION'S EXECUTIVE DIRECTOR 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. 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, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. LAKE SUMTER STATE COLLEGE 9501 US HWY 441 LEESBURG FL 34788 591210132 COLLEGE FL GOVT N/A 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 LAKE SUMTER STATE COLLEGE B 673870 CASH LAKE SUMTER STATE COLLEGE R 1395441 CASH LAKE SUMTER STATE COLLEGE O 512143 CASH LAKE SUMTER STATE COLLEGE K 27739 CASH LAKE SUMTER STATE COLLEGE N SEE PART VII 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.