Finance and Operations
Overview of Financial Performance
The Foundation has provided over $32.3 million in cumulative support to the College over the last 25 years.
During the 2019-20 Fiscal Year, the Foundation has provided:
- Record-breaking $2.9 million in support to Seminole State College of Florida
- $1.28 million in scholarships and student support through 3,153 awards - an all-time high in number of awards and total amount awarded!
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 and annual IRS forms are provided for your information and downloading.
Federal Tax ID: 23-7033822
|2019 (pending approval)||Form 990|
Please email Sean Barth, Director of Finance and Operations, for a copy of the Foundation's current audited financial statements or any other financial documents.
Program Accounts for Faculty and Staff
The Foundation provides accounting services for College clubs and activities and is responsible for holding funds for approximately 100 accounts.
If you are interested in having your program's funds held by the Foundation, please email Sean Barth.
If you are an account manager:
- To request your account balance, please email Kim McKinnon.
- To have a check written from your account, please fill out a Check Request Formand return it to the Foundation Accounting Office.
- When preparing a deposit, please fill out a Deposit Transmittal Form, and turn it into the Accounting Office, along with your deposit.
Department Approval Process:
Department initiated requests for funds held by the Foundation
- All requests of $1,000 or more will require the signature of that area's Vice President on the check request form.
- All requests of $500 - $999 will need the signature of that Vice President's direct report (i.e. Associate VP, Dean, Director) for the area.
- View detailed information regarding the Department Approval Process.
- Contact Elisa Rohr for the most current department initiated scholarship award form.
For purchases initiated with a Foundation Check Request, an invoice and completed W-9 form must be submitted to Kim McKinnon. A vendor will not be paid until these items are completed and submitted with a check request form.
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.