Financial Statements

MCC Foundation Financial Documents

Financial documents table with descriptions and download links

For assistance accessing these documents or if you seek financial information about the McLennan Community College Foundation that is not available on this Web page, contact Patrick Koon at 254-299-8818.

Form 990 — Full Summary

Fiscal Year 2023 | IRS Annual Information Return

The McLennan Community College Foundation's 2023 Form 990 details the organization's financials, activities, and mission. The Foundation supports student scholarships, staff and faculty development, and campus needs, primarily serving McLennan Community College. Gross receipts exceeded $4.15 million for the year.

Financial Activities and Revenue

Contributions and grants totaled $821,887, a decrease from the prior year. Investment income increased significantly to $1.65 million. Total revenue was approximately $2.46 million, with expenses of about $3.47 million, resulting in a net deficit for the year.

Program Service Activities

Major programs include awarding scholarships, providing emergency grants, and supporting food assistance for students. Funds were also allocated for college facilities, professional development, and continuing education.

Governance and Management

The governing body consists of 26 independent voting members. The organization delegates management control and maintains policies on conflicts of interest, document retention, and whistleblower protections.

Compensation

Kim Patterson (Executive Director, 9/1/23–10/15/23) received $87,556. Wes Livesay (10/15/23–8/31/24) received $30,633. No independent contractors received more than $100,000 in compensation.

Balance Sheet Highlights

Cash assets increased from $44,760 to $171,327. Investments in securities grew from $26.4 million to $31.4 million. Total assets grew from $32.7 million to $37.3 million. Liabilities increased from $91,362 to $1.79 million, primarily due to accounts payable. Net assets with donor restrictions rose from $32.55 million to $35.5 million.

Grant and Assistance Programs

The Foundation provided over $2.2 million in grants to McLennan Community College for facilities and professional development. It awarded scholarships to more than 500 students, with amounts ranging from $250 to $1,000, and emergency grants averaging $297.

Tax Status and Compliance

The Foundation is a 501(c)(3) organization. The executive director reviews the Form 990 with the audit committee and the full board. Conflict of interest policies are reviewed annually. The Foundation makes its Forms 1023, 990, and 990-T publicly available upon request.

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Financial Statement — Full Summary

Fiscal Year 2024 | Audited Financial Statements

Financial Position

Total assets grew to $37,345,391 in 2024, up from $32,689,605 in 2023. Investments increased to $35,518,075. Cash and cash equivalents decreased to $1,590,392. Total liabilities rose significantly to $1,790,637, primarily due to amounts owed to affiliated organizations. Net assets with donor restrictions totaled $35,509,281.

Revenue and Support

Total revenue was $6,895,333, up from $5,603,967 in 2023. Net investment income increased to $5,562,128. Cash contributions totaled $771,847, down from $2,861,851 the prior year. Nonfinancial asset contributions were $523,055, including services ($413,396), supplies ($96,105), and occupancy ($13,200).

Expenses

Total expenses were $3,938,822. Program expenses included $676,002 for scholarships, $2,462,749 for capital facilities assistance, and $54,327 for professional development. Management and general expenses totaled $615,909.

Investments and Endowments

Total investments were $35,518,075, including $31,405,543 in marketable equity securities and $4,112,532 in limited partnership interests. Endowment funds totaled $13,288,084, with approximately 330 donor-restricted funds supporting scholarships, lecture series, piano maintenance, and educational grants.

Liquidity

Financial assets available for general expenditures were $1,739,186, significantly higher than $59,907 in 2023.

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Form 1023 — Full Summary

IRS Application for Tax-Exempt Status | 501(c)(3) Recognition

The Form 1023 documents the Foundation's application for 501(c)(3) tax-exempt status, establishing its organizational purpose, governance structure, financial support sources, and qualifying activities.

Mission and Activities

The Foundation was established to support McLennan Community College through scholarships, grants, endowments, and campus improvements. Activities include fundraising through mail, internet, phone, and in-person events, with proceeds directed to exempt purposes.

Governance Structure

The original board included Dr. Dennis Michaelis (MCC President and Foundation Board Secretary), Mr. Ray Perry, Mr. Danny S. Uptmore, Mr. Jim Hardwick (ex officio), and Dr. Jesse C. Sawyer (ex officio). Dr. Sawyer and Dr. Michaelis are MCC employees; the remaining three directors are elected trustees of the College's Board of Trustees. All members are public officials.

Scholarship and Student Aid Programs

The Foundation outlines scholarship eligibility criteria, selection procedures, donor-imposed restrictions, and grant supervision procedures. Recipients and funding amounts are documented, and the Foundation maintains records to substantiate all awards.

Public Support Qualification

The Foundation qualifies as a publicly supported organization. Public support represented approximately 57.62% of total support, meeting IRS requirements to avoid classification as a private foundation.

Tax and Compliance

The Foundation recognizes income tax positions only when more likely than not to be sustained under examination. It maintains policies on conflicts of interest, document retention, and whistleblower protections, and provides public access to governing documents and financial statements.

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Quick Links & Forms

• Emergency Grant Application
• Employee Giving Form
• Distinguished Alumni Nomination Form
• Distinguished Leader Nomination Form
• Alumni Association Membership Form

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