ACCRUALS FOUND REP TO BD JUNE 25.pdf
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- Attached to
- Audit and Tax Compliance Services
- Solicitation number
- 105-105-2026Foundation
- Issued by
- Lee County, North Carolina
About this file
This financial report document presents the accruals and comparative financial statements for Lenoir Community College Foundation, Inc., a North Carolina nonprofit corporation organized to support Lenoir Community College's mission. The Foundation is requesting sealed proposals from qualified Certified Public Accounting firms to provide independent audit services and tax compliance services for fiscal years ending June 30, 2027, 2028, and 2029. Interested CPA firms must hold North Carolina licensure and demonstrate experience auditing nonprofit organizations and higher education foundations subject to North Carolina governmental reporting requirements. The RFP process includes a written questions deadline of August 10, 2026, scheduled interviews for September 15-16, 2026, firm selection on September 21, 2026, contract approval on October 28, 2026, and contract commencement on November 6, 2026. The contract will be awarded for an initial one-year term with the Foundation's option to renew for two additional one-year periods; after the three-year term, audit services shall be competitively procured through a new RFP process.
The selected CPA firm will perform annual financial statement audits in accordance with Generally Accepted Auditing Standards and Government Auditing Standards, prepare the Foundation's annual IRS Form 990 and other required tax filings, and provide tax research and consultation on nonprofit taxation matters. Proposals must include separate Technical and Cost Proposals that address firm qualifications, independence, engagement team details, estimated audit hours, experience with similar organizations, peer review reports, regulatory history, audit approach, and professional liability insurance. Cost Proposals shall itemize professional fees for audit services, Form 990 preparation, other required tax filings, and other services by fiscal year, with a billing schedule and disclosure of circumstances that could result in additional fees. Evaluation will utilize a best-value methodology considering qualifications and experience with nonprofit organizations, technical approach and audit methodology, key personnel qualifications, relevant audit experience, peer review results, professional standing, responsiveness to the RFP, and overall cost value. The Foundation's most recent fiscal year ending June 30, 2025, reflects total assets of approximately $15.2 million, with revenues of $2.7 million and expenditures of $1.46 million, resulting in an increase in net assets of $1.27 million.
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Other files
| File | Type | Posted |
|---|---|---|
| Questions and Answers #1.pdf | ||
| Financial Statements Year Ended June 30 2025.pdf | ||
| Audit Request for Proposals-2027 .pdf | ||
| Questions and Answers #2.pdf |
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Text version
June 30, 2025 June 30, 2025 June 30, 2026 June 30, 2024 Budget Actual Proposed Budget Actual
LIABILITIES
Accounts Payable -$ -$ 2,854.06$
TOTAL LIABILITIES -$ -$ 2,854.06$
BEGINNING FUND BALANCE 13,948,840.55$ 12,415,520.42$
REVENUE
Contributions- Gifts 700,000.00$ 649,888.77$ 650,000.00$ 722,764.54$ Contributions- Grants 175,000.00 125,000.00 175,000.00 150,000.00 Contributions- Gurley Fund 16,000.00 16,000.00 20,000.00 16,004.00 Contributions- In-Kind 25,000.00 16,104.00 25,000.00 94,100.00 Contributions- Services 335,222.00 313,044.65 323,399.00 313,177.89 Rental Income 8,000.00 13,806.00 14,000.00 7,898.00 Travel Program Income 100,000.00 - 100,000.00 101,655.14 Passport Income 100,000.00 121,993.75 110,000.00 104,055.75 Interest Income 80,000.00 41,006.75 40,000.00 80,258.90 Dividends 175,000.00 275,992.23 225,000.00 238,141.51 Gain/Loss on Sale of Stock - 363,390.41 83,724.47 Unrealized Gain/Loss (Stocks) - 798,631.29 994,453.72 Bad Debt Recovery - - 81.75
TOTAL REVENUE 1,714,222.00$ 2,734,857.85$ 1,682,399.00$ 2,906,315.67$
EXPENDITURES
Scholarships 430,000.00$ 539,470.78$ 540,000.00$ 310,223.90$ Grant Expense 212,000.00 178,628.32 175,000.00 129,707.56 Foundation Salaries 237,168.00 219,811.40 228,138.00 219,413.04 Fringe Benefits 98,054.00 93,233.25 95,261.00 93,764.85 Designated Fund Expenditures 180,000.00 180,670.27 180,000.00 182,597.56 Travel Program Expenditures 110,000.00 - 100,000.00 112,706.09 Promotions and Marketing 75,000.00 46,628.73 75,000.00 53,861.76 Passport Expense 35,000.00 37,049.63 40,000.00 39,438.64 Repairs 2,200.00 - 2,200.00 - Insurance Expense 3,500.00 3,570.50 3,800.00 3,044.60 Awards and Recognition 1,600.00 1,433.41 1,600.00 596.01 Minor Equipment 1,000.00 - 1,000.00 - Recruiting and Public Relations 7,000.00 7,622.23 7,000.00 6,452.35 Office Expense 2,000.00 1,116.31 2,000.00 457.45 Computer Software 13,000.00 7,020.00 7,500.00 12,152.07 Audit Expense 9,180.00 9,400.00 9,800.00 8,960.00 Travel/Professional Development 5,500.00 2,083.81 5,500.00 2,453.62 Postage 6,000.00 2,851.88 4,000.00 4,159.75 Property Expense 4,000.00 6,144.30 6,400.00 3,527.83 Soccer Field - - 44,624.51 Athletics Operating Funds 40,000.00 40,000.00 40,000.00 - Miscellaneous Expense 6,000.00 1,323.21 5,000.00 10,308.37 Uncollectable Account Expense - 20,268.78 Management Fees 40,000.00 40,094.48 45,000.00 35,118.58 Depreciation Expense 6,327.00 6,327.00 6,327.00 6,327.00 In-Kind Contributions Expense 25,000.00 15,305.00 25,000.00 93,100.00
TOTAL EXPENDITURES 1,549,529.00$ 1,460,053.29$ 1,605,526.00$ 1,372,995.54$
INCREASE IN NET ASSETS 164,693.00$ 1,274,804.56$ 76,873.00$ 1,533,320.13$
ENDING FUND BALANCE 15,223,645.11$ 13,948,840.55$
TOTAL LIABILITIES AND FUND BALANCE 15,223,645.11$ 13,951,694.61$
ASSETS
Cash in Bank 67,962.80$ 163,861.62$ Cash/GKCU 12,672.18 12,659.60 Cash in Savings 711,592.66 679,501.17 First Citizens Securities 13,197,904.07 11,797,398.63 Accounts Receivable 35,246.75 98,488.88 Fixed Assets 1,175,002.92 1,179,530.92 Contributions/Inventory 21,763.73 19,864.14 Loans Receivable (Net Doubtful Accounts) 1,500.00 389.65
TOTAL ASSETS 15,223,645.11$ 13,951,694.61$
WITH COMPARATIVE TOTALS FOR THE THE YEAR ENDED JUNE 30, 2024
***ACCRUALS***LENOIR COMMUNITY COLLEGE FOUNDATION, INC.
FINANCIAL REPORT
RESTRICTED, UNRESTRICTED, LOANS, AND ENDOWED ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2025
Total 279832.69 General 206837.11
72995.58
Haas 11347.00 Comm. Graphics 13833.84 13.31
CFC 2922.72
JC Chat 14.89 Rental 39446.57
Designated Exp 5430.56 Passports 4611.73
818.83
| JUNE 25 |
| Sheet1 |
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