Finance and Operations

Overview of Financial Performance

The Foundation has provided over $40.2 million in cumulative support to the College over the last 30 years.

The Foundation for Seminole State College has a dedicated staff committed to accurate and organized bookkeeping.

Foundation financial decisions are made by the Foundation Board of Directors and its Finance subcommittee, in conjunction with advisement from the Executive Director and the accounting staff.

Tax ID, Tax-Exempt Status & IRS Forms

The following information and annual IRS forms are provided for your information and downloading. 

Federal Tax ID: 23-7033822

Form 990

2025 - Form 990
2024 - Form 990
2023 - Form 990

The Foundation's  current audited financial statements and other financial information can be requested from our Finance Director.

Please email Kim Mckinnon, Foundation Accounting Specialist, for a copy of the Foundation's 501c3 Affirmation, W9 or for payment needs.

What Portion of Donated Funds Go Directly to Seminole State?

This is a common question posed to nonprofit organizations that rely on private fundraising to support their mission. A typical measure of nonprofit efficiency is the Administrative Expense Ratio (AER). The AER is calculated by dividing administrative expenses (AE) by total expenses (TE) and multiplying by 100 (AE/TE x 100). This ratio provides an indication of how much an organization spends to provide services in relation to overall administrative operations. For example, an AER of 20 percent would imply that 80 percent of an organization's expenses are focused on providing services.

The Foundation for Seminole State College of Florida is a 501(c)(3) nonprofit organization. Our role as a Direct Support Organization (DSO), however, makes this ratio analysis a poor indicator of our organizational efficiency. As a DSO:

• The Foundation receives salary assistance from the College, which is included in our annual expenses. While these dollars give a clear picture of the true costs of operating the Foundation, they may be misleading to a donor, since private contributions are not used to underwrite salaries.
• A large portion of the Foundation's fundraising activity is focused on growing and maintaining our permanent endowment. Therefore, private dollars raised in a given year are not expressed as an output of our total expenses.

Cost Per Dollar Raised (CPD), calculated by dividing the sum of administrative expenses and fundraising expenses by total revenue ((AE+FE) / TR), provides a more accurate measure of our organizational efficiency. This analysis tool allows our donors to more fully understand how much support is being directed to Seminole State College in proportion to our annual expenses.