Central Lakes College Foundation

Analysis

Central Lakes College Foundation is a registered charity in United States, based in Brainerd, MN. It received its IRS tax-exemption ruling in February 1968, 58 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Central Lakes College Foundation reported income of $2.7m and spending of $2.8m, spending 104% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.9m to $2.7m (+39%), an average of +12% a year. The sharpest change came in the year to June 2021, when income rose by 45%. Over the whole period it spent 81% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Central Lakes College Foundation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within MN. Charities of a similar size with the same main cause include Creative Learning Preschool Inc ($2.7m), Hampden Dubose Academy ($2.7m) and CBM Ministries ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 80% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $127k (4.6% of expenses). Other salaries and wages came to $203k. At year end it held assets of $12.8m against liabilities of $1.3m, net assets of $11.5m.