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2005-2006 Annual Report

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2005-2006 Annual Report Greenville Tech Foundation, Inc. A N N U A L R E P O R T YouMAKE IT 20062005POSSIBLE THE FOUNDATION • Established in 1973, the Greenville Tech Foundation, Inc. is a fully- chartered 501(c)(3) and 509 (a)(3) non-profit corporation separate from Greenville Technical College but operating for the benefit of the College. • It is governed by a Board of Directors comprised of recognized leaders in business, industry, and the professions. • The Foundation was established to ensure that the College is able to provide a quality college education at modest costs and to reduce financial barriers to higher education. • The Foundation provides financial support to the College and students beyond that which can be obtained from state and local funding sources. • The Foundation acquires its funding through charitable contributions from businesses, industries, foundations, organizations, individuals and MAKE distributions from LLC’s. IT • The tax-deductible contributions are made by cash; real or personal property; securities; bequests; or by naming the Foundation as beneficiary of insurance policies, trusts or retirement accounts. • Gifts are designated or unrestricted, and are made on a one time basis or POSSIBLE spread over several years. Greenville Tech Foundation, Inc. YouMAKE IT POSSIBLE Thank You For Your Support! 2 PRESIDENT’S MESSAGE From The Foundation Thank you for making 2005-2006 such a successful year for the Greenville Tech Foundation, Inc. This fall, Greenville Tech achieved the largest enrollment in history – over 13,800 curriculum students. Annually the college serves over 40,500 students in all academic and continuing education offerings. In addition, Greenville Tech meets the training needs of over 850 businesses and industries. The Foundation’s student housing opened in the fall of 2006 for Greenville TTech students. Many of our students come from other parts of South Carolina and surrounding states. Affordable, convenient housing will help them reach their educational goals. Thanks to your generous support, $748,835 in cash was raised by the Foundation during 2005 – 2006. An additional $651,057 of gifts-in-kind were received. The comprehensive total raised, including pledges, was $2,134,799. Four major gifts substantially impacted the fundraising goal – gifts from the Sargent Foundation, United Way of Greenville County, T. Walter Brashier and Anthony Harper. The Foundation provided $1,240,742 to the college for student scholarships, Natalma N. McKnew - President faculty development, academic department support, student programs, and state-of-the-art equipment for teaching students. All are critically needed to keep the college at the forefront of quality education. Also, thanks to your unrestricted gifts to the Foundation, 16 mini-grants totaling $23,856 were awarded to faculty/staff. The purpose of mini-grants is to develop or enhance programs that increase enrollment, improve the college’s public image, and benefit students, faculty, and/or staff of Greenville Technical College. The quality, state-of-the-art education and training received by Greenville Tech students have enabled them to successfully prepare for careers or for further post- secondary education. The vast majority of these students stay in Greenville County after graduation, filling critical positions in business and industry and contributing to the area economy. I want to thank all the donors for their commitment, all the volunteers who serve on our Board and committees, the staff for their dedication, and the Foundation Board leadership – Ken Betsch, William Bradshaw, Gale Crawford, Surendra Jain, Doug Kondra, Jim Ryan, and Charles Warne. Your strong and loyal support has helped the College remain one of the outstanding leaders among community and technical colleges in the nation. Thank you for your generous support! You Make It Possible! YouMAKE IT POSSIBLE Natalma M. McKnew, President Greenville Tech Foundation, Inc. Board of Directors For The Foundation PRIVATE SUPPORT 3 2 0 0 5 - 2 0 0 6 A total of $2,134,799 in cash, pledges receivable, gifts-in-kind, and planned gifts MAJOR DONORS was received in the 12 months ending You T. Walter Brashier June 30, 2006. Donors and fundraising MAKE IT Anthony Harper events contributed $748,835 in cash to POSSIBLE Ralph & Virginia Hendricks Foundation the Foundation. The average gift from The Sargeant Foundation all sources was $1,492. As of June 30, 2006, the total net T & S Brass and Bronze Works, Inc. Gifts-in-kind, such as equipment and assets of The Foundation, The GTF United Way of Greenville officeA furniture valued at $651,057, were McAlister, LLC, and the GTF Student donated. Of the cash contributions, Housing, LLC are: and $551,837 (74%) was restricted by the $10,626,685 MAJOR donors for scholarships, endowments, the total endowment is $7,200,622. GIFTS-IN-KIND specific departments, and other purposes. DONORS The remaining $196,998 (26%) of Arcan the contributions were unrestricted, Michelin Americas Research & or for the board designated Development Corporation unrestricted endowment. T & S Brass and Bronze Works, Inc. WHERE THE DOLLARS WHO THE COME FROM DONORS ARE Area Commission, Foundation Board and Advisory Committee Members 2% Alumni 1% Foundations 3% Faculty / Staff 3% 4% Professional, Civic, 14% Friends Governmental and 16% Non-Profit Organizations Professional, Civic, Business & Industry 15% Governmental and Non-Profit Organizations 21% Friends Area Commission, 17% Foundation Board and Advisory Committee Members 25% Alumni 20% Business & Industry 29% Foundations 30% Faculty / Staff 4 FOUNDATION SUPPORT To The College During the 2005 - 2006 fiscal year, the Foundation provided $1,542,918 in support to the College. Types of support include: equipment and supplies, faculty/staff development, property, student and departmental activities. Since July 1, 1998, the South Carolina Academic Endowment Incentive Program has provided up to a 5% match for new endowment gifts. DThe incentive is paid directly to the college and must be used for academic programs. For 2005 - 2006, Greenville Technical College qualified for over $113,294 thanks to your generous support, and DOLLARS SPENT received 6% or $5,975 in matching funds from the reduced state funding. (Based on cash and gifts-in-kind received. Does not include pledges and deferred gifts.) College Student College Foundation Property/Equipment Faculty & Staff Scholarships Educational Operating and For College Programs Development Support Fundraising expenses 3% 12% 17% 20% 48% Total monies spent $1,542,918 $748,835 CASH CONTRIBUTIONS (Donors direct contributions to a category of their choosing) 500,000 $447,712 400,000 300,000 200,000 $100,320 $104,125 $96,678 100,000 Unrestricted Board Designated Temporarily Permanently Unrestricted Restricted Restricted Endowment The Foundation and LLC’s Growth in Net Assets 5 $10,730,840 $10,622,422 10M 9M $7,546,047 8M $7,221,308 $6,817,695 7M $6,537,560 $6,138,718 6M $5,323,436 5M $4,151,335 4M $3,004,528 3M $2,670,819 2M 1M 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 THE FOUNDATION’S NUMBERS Net Assets………………………………………………………………………………. .. $10,622,422 Endowment………………………………………………………………………………...$7,200,622 2005-2006 Total Contributions………………………………………………………........$ 2,134,799 Number of Donors………………………………………………………………….…………….. 502 Average Gift from Faculty and Staff……………………………………………………..……….. $140 Average Gift from Alumni……………………………………………………..…………………. $105 Average Gift from Area Commission, Foundation Board, Advisory Committee Members……..$7,581 Average Gift from Foundations……………………………………………………………….. $12,982 Average Gift from Business & Industry………………………………………………….……. .$1,490 Contributions Restricted by Donors ……………………………………………………………....74% Unrestricted Contributions From Donors ………………………………………………………...26% Contributions for Current Needs…………………………………………………………………. 73% Contributions for Endowment………………………………………………………….………… 27% 2005-2006 Endowment Spending Rate…………………………………………………………….. 5% 6 UPSTATE ENTREPRENEURS HONORED The Entrepreneurial Forum recognizes individuals who have shown outstanding achievements in business and have helped Greenville Tech advance its mission of developing the communitys economic base through education and training. In November 2006, five Upstate entrepreneurs were inducted during the Entrepreneur Forum Gala at the Palmetto Expo Center. TDan R. Collins is co-founder of IMI, which provides sales and marketing services for luxury real estate developers. Nathan A. Einstein is board chairman of Rosenfeld Einstein, a Greenville insurance agency and business consultant. Velda C. Hughes is founder and president of the Hughes Agency, a public relations, marketing and advertising firm. Charles D. Walters is board chairman of Greenville-based World Acceptance Corp., a consumer loan company. The recipient of the Entrepreneurial Spirit Award, Ray A. Lattimore, is founder and president of Marketplace Staffing Services, a Greenville-based employment agency with offices in seven cities in the Carolinas and Georgia. The Entrepreneurial Spirit Award is presented by the college president to a person who embodies the entrepreneurial spirit and whose career success and potential has been aided by Greenville Tech. Entrepreneur Forum Members James “Jim” B. Anthony Gary R. Ault Paul C. “Bo” Aughtry, III Thomas E. Barton, Jr. Louis P. Batson, Jr. Michael L. Baur, Jr. Larry G. Blackwell William H. Bradshaw T. Walter Brashier William“B.K.” K. Bryan* James
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