Educational Foundation Statement of Financial Position as of June 30, 2023 (with summarized financial information for the year ended June 30, 2022)
Balance Sheet
2023
2022
Assets Cash and Cash Equivalents
2
$84,087
$360,325
Investments
$12,325,367
$11,131,804
Pledges Receivable, Net
$63,008 $11,448 $24,288
$244,601 $11,448
Accrued Interest Prepaid Expenses
-
Investments, Long-term
$6,724,335
$6,208,576
Total Assets
$19,232,533 $17,956,754
3
1
Liabilities and Net Assets Liabilities Accounts Payable
$22,991 $128,646
$14,479 $95,216
Due to Oakton College
Total Liabilities
$151,637
$109,695
Giving by Constituency
Net Assets Without Donor Restrictions Undesignated
1. Individuals 37% 2. Business/Corporations 21% 3. Organizations/Foundations 42%
$9,670,375
$9,303,800
Designated
$62,748
$56,315
Total Without Donor Restrictions
$9,360,115 $9,347,773
$11,937,543 $8,486,944
With Donor Restrictions
Total Net Assets $19,080,896 $17,847,059 Total Liabilities and Net Assets $19,232,533 $17,956,754 Statement of Activities 2023 2022 Revenues Gifts and Contributions $1,261,581 $1,357,166 Net Investment Return $1,509,086 ($2,821,632) Miscellaneous - $849 Total Revenues $2,770,667 ($1,463,617) Expenses Program Services $1,365,008 $1,672,677 Management and General $581,214 $431,741 Fundraising $50,592 $50,981 Total Expenses $1,996,814 $2,155,399 Transfer from Affiliate - Oakton College Contributions In-Kind $459,984 $444,908
2
1
3
Giving by Purpose 1. Student Scholarships 67% 2. Academic and Student Programs 24% 3. Unrestricted 9%
Change in Net Assets
$1,233,837 $17,847,059
($3,174,108) $20,994,167
Net Assets, Beginning of Year Net Assets, End of Year
$19,080,896 $17,847,059
Notes: Investment returns net of fees for Fiscal Year 2023 were 8.46%. The Foundation's investments are guided by a board-approved investment policy. The Foundation's endowment, comprimising permanently restricted and related temporarily restricted funds, was valued at $6,724,335 on June 30, 2023. Transfers from Affiliate - Oakton College are in-kind services contributed by the College to partially support the operation of the Educational Foundation, including staff expense. The Oakton College Educational Foundation received an unmodified/unqualified audit opinion from our independent auditors, Sikich, LLP in 2023.
28 2023 Annual Report | oakton.edu
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