2026-03-24T11:16:45-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 4150 2ND STREET SOUTH SUITE 400 ST CLOUD MN 56301 990 2024-07-01 237007111 CENTRAL LAKES COLLEGE FOUNDATION CENT 2188558129 501 WEST COLLEGE DRIVE BRAINERD MN 56401 JODI HYATT BOARD TREASURER 2188558129 2026-03-17 1 0 JASON NEUMANN CPA P01690179 3202035500 2026-03-17 2024 2025-03-06 01:10:19Z JONATHAN AGA 501 WEST COLLEGE DRIVE BRAINERD MN 56401 4010089 0 1 X HTTP://WWW.CLCMN.EDU/SCHOLARSHIPS/ X 1968 MN THE ORGANIZATION PROVIDES SCHOLARSHIPS AND HOUSING TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE. 14 14 0 50 0 0 2092038 2576339 596417 637668 291668 427650 22077 27593 3002200 3669250 1749425 2379874 0 0 318756 73747 0 0 7174 528385 558058 2596566 3011679 405634 657571 14403531 15698314 1497383 1192152 12906148 14506162 TO PROMOTE CLC STUDENT SUCCESS BY ADDRESSING FINANCIAL BARRIERS TO PURSUING HIGHER EDUCATION - THROUGH SCHOLARSHIPS, STRONG ALUMNI AND DONOR RELATIONSHIPS, AFFORDABLE STUDENT HOUSING, AND OTHER APPROPRIATE ASSISTANCE. 0 0 1994118 1994118 0 DONATIONS INCLUDING IN-KIND FOR PROJECTS AND PROGRAMS PAID FOR ON BEHALF OF CENTRAL LAKES COLLEGE TO ENHANCE STUDENT AND COMMUNITY LEARNING EXPERIENCES. 472506 0 637668 STUDENT HOUSING PROVIDED TO STUDENTS ENROLLED AT CENTRAL LAKES COLLEGE. 409618 385756 0 SCHOLARSHIPS AWARDED TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE ENROLLED IN SIX OR MORE CREDITS FALL AND SPRING SEMESTER. 2876242 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 X 14 14 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 MN X JON AGA 2188558129 501 WEST COLLEGE DRIVE BRAINERD MN 56401 X BRAD CHAPULIS PRESIDENT 2.00 X X 0 0 0 MIKE BJERKNESS VICE PRESIDENT 2.00 X X 0 0 0 LISA WIGAND TREASURER (THROUGH 12/31/2024) 2.00 X X 0 0 0 JODI HYATT TREASURER (STARTING 01/01/2025) 2.00 X X 0 0 0 BARBARA ANDERSON SECRETARY (THROUGH 12/31/2024) 2.00 X X 0 0 0 NATHAN HAMILTON SECRETARY (STARTING 01/01/2025) 1.00 X X 0 0 0 HARA CHARLIER EX-OFFICIO 1.00 X 0 0 0 JENNIFER BERGMAN DIRECTOR 1.00 X 0 0 0 BETH GRUBER DIRECTOR 1.00 X 0 0 0 KATIE HEPPNER DIRECTOR 1.00 X 0 0 0 ROBB KOLODZIEJ DIRECTOR 1.00 X 0 0 0 JOHN OHLIN DIRECTOR 1.00 X 0 0 0 MATT SUNDQUIST DIRECTOR 1.00 X 0 0 0 STEVE WENZEL DIRECTOR 1.00 X 0 0 0 JENNIFER BERGMAN DIRECTOR (THROUGH 12/31/2024) 1.00 X 0 0 0 BYRON NINHAM DIRECTOR 1.00 X 0 0 0 MICHELE BERGER DIRECTOR 1.00 X 0 0 0 JON AGA EXECUTIVE DIRECTOR 40.00 X 0 0 0 KATE ADORNETTO EXECUTIVE DIRECTOR (THROUGH 8/31/2024) 40.00 X 0 0 0 0 0 0 0 0 0 0 0 2738 2573601 877877 2576339 NET RENTAL REVENUE 531110 586060 586060 RESERVATION FEES 531110 28450 28450 TENANT CHARGES 531110 16954 16954 LAUNDRY & VENDING 531110 6204 6204 637668 291212 291212 417607 281169 136438 136438 136438 10680 2738 14850 -4170 -4170 41854 44820 -2966 -2966 INSURANCE CLAIM 900099 34729 34729 34729 3669250 637668 0 455243 2379874 2379874 66627 66627 1349 1349 5771 5771 62576 62576 50036 19984 30052 66839 66839 10876 3254 448 7174 4410 2980 1430 38015 23635 14380 106324 106324 913 913 37261 37261 78782 78782 23340 22907 433 BAD DEBT EXPENSE 28471 28471 MISC EXPENSE 25743 12000 13743 REPAIRS AND MAINTENANCE 23152 23152 LICENSES AND DUES 1320 1295 25 3011679 2876242 128263 7174 17468 30710 621813 652006 23529 38542 41116 20585 22697 2944950 575833 2420346 2369117 11245585 12522797 39192 36342 14403531 15698314 34305 21654 255050 42728 1169612 1091429 0 38416 36341 1497383 1192152 X 1484149 1697343 11421999 12808819 12906148 14506162 14403531 15698314 657571 942443 0 X 0 1 X 1 0 X 1889068 1591634 2117324 2092038 2576339 10266403 1889068 1591634 2117324 2092038 2576339 10266403 1238622 9027781 631876 345876 293417 247859 291212 1810240 9044 341 55532 87263 152180 12228823 637668 0.73820 0.67090 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: INSURANCE CLAIM - 2024 AMOUNT: $ 34,729. GAMING - 2021 AMOUNT: $ 9,044. 2022 AMOUNT: $ 341. 2023 AMOUNT: $ 55,532. 2024 AMOUNT: $ 52,534. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 11028395 524324 1199068 337032 12414755 9587920 473580 1247792 280897 11028395 8751820 117372 953484 234756 9587920 10364736 252312 -1497190 368038 8751820 8253403 436868 1957626 283161 10364736 0.03898 0.70222 0.25880 0 0 363400 363400 2498567 477730 2020837 82983 98103 -15120 2369117 ANNUITY PAYABLE 36341 36341 X 4956376 942443 396672 14850 1353965 3602411 66839 66839 3669250 3356362 396672 14850 411522 2944840 66839 66839 3011679 PART III, LINE 1A: THE FOUNDATION OWNS A NATIVE-AMERICAN ART COLLECTION WHICH WAS RECEIVED FROM A DONOR WITH THE INTENT THAT THE COLLECTION BE DISPLAYED IN THE CENTRAL LAKES COLLEGE LIBRARY FOR EDUCATIONAL AND CULTURAL PURPOSES. THE FOUNDATION HAS APPROVED THE COLLECTION BEING "PERMANENTLY ON LOAN" TO CENTRAL LAKES COLLEGE. THE COLLEGE IS RESPONSIBLE FOR MAINTAINING AND DISPLAYING THE COLLECTION IN ACCORDANCE WITH THE DONOR'S DESIRES. PART V, LINE 4: INVESTMENT EARNINGS FROM ENDOWMENT FUNDS ARE USED TO PROVIDE SCHOLARSHIPS TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE PART X, LINE 2: THE FOUNDATION QUALIFIES AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THEREFORE, NO EXPENSE HAS BEEN RECOGNIZED FOR INCOME TAXES IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. THE FOUNDATION IS NOT A PRIVATE FOUNDATION AND CONTRIBUTIONS TO THE FOUNDATION QUALIFY AS CHARITABLE DEDUCTIONS BY THE CONTRIBUTOR. THE FOUNDATION FILES AS A TAX-EXEMPT ORGANIZATION. SHOULD THAT STATUS BE CHALLENGED IN FUTURE PERIODS, ALL YEARS SINCE INCEPTION WOULD BE SUBJECT TO REVIEW BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISER EXPENSES 14,850. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 14,850. HATS OFF 13418 2738 10680 1231 3000 5824 300 4495 13418 2738 10680 1231 3000 5824 300 4495 14850 -4170 41854 20000 1609 23211 0 41854 20000 1609 23211 44820 -2966 MN 1 0 1 0 0.75000 0.25000 JON AGA 501 W COLLEGE DR BRAINERD MN 56401 0 JON AGA CONDUCTED GAMING RAFFLES THROUGHOUT THE YEAR. X 0 1 CENTRAL LAKES COLLEGE 501 WEST COLLEGE DRIVE BRAINERD MN 56401 411687554 501(C)(3) 1501997 877877 VARIOUS SEE SCHEDULE M ASSISTANCE TO CENTRAL LAKES COLLEGE AND STUDENT SCHOLARSHIPS 1 0 PART I, LINE 2: GRANTS AND SCHOLARSHIPS ARE AWARDED TO CENTRAL LAKES COLLEGE PROGRAMS AND STUDENTS BASED UPON ELIGIBILITY CRITERIA SET FORTH BY THE SPECIFIC ENDOWED OR TEMPORARY FUND. X 8 39300 X 3 22100 FAIR MARKET VALUE X EQUIPMENT 36 714798 FAIR MARKET VALUE X SEED 1 67115 FAIR MARKET VALUE X OTHER 10 18734 FAIR MARKET VALUE X SCRAP METAL 1 15830 EXPERT OPINION 0 0 1 0 PART I, COLUMN (B): COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS, FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS SHALL CONSIST OF THE FOLLOWING EIGHT PEOPLE: 1. THE PRESIDENT OF THE FOUNDATION BOARD, WHO SHALL BE CHAIRMAN OF THE EXECUTIVE COMMITTEE. 2. THE IMMEDIATE PAST PRESIDENT OF THE BOARD. 3. THE VICE PRESIDENT OF THE BOARD. 4. THE PRESIDENT OF CENTRAL LAKES COLLEGE WHO WILL SERVE AS A NON-VOTING MEMBER OF THE COMMITTEE. 5. THE EXECUTIVE DIRECTOR OF THE FOUNDATION, WHO WILL SERVE AS A NON-VOTING MEMBER OF THE COMMITTEE. 6. THE SECRETARY OF THE FOUNDATION BOARD. 7. THE TREASURER OF THE FOUNDATION BOARD. 8. THE CHAIRPERSON OF THE INVESTMENT COMMITTEE. THE PRESENCE OF FOUR (4) MEMBERS, ONLY ONE (1) OF WHOM SHALL BE A COLLEGE EMPLOYEE, SHALL CONSTITUTE A QUORUM OF THE COMMITTEE AND THE AFFIRMATIVE VOTE OF ALL THREE VOTING MEMBERS SHALL BE NECESSARY FOR THE ADOPTION OF ANY RESOLUTION AND/OR THE CONDUCT OF BUSINESS FOR THE FOUNDATION. THE EXECUTIVE COMMITTEE SHALL MEET AT THE CALL OF THE FOUNDATION PRESIDENT AND MINUTES SHALL BE KEPT BY THE SECRETARY. ALL ACTION TAKEN SHALL BE REPORTED TO THE NEXT MEETING OF THE BOARD OF DIRECTORS. NO REVISION OR ALTERATION BY THE BOARD OF DIRECTORS OF ACTION TAKEN BY THE EXECUTIVE COMMITTEE SHALL AFFECT THE RIGHTS OF THIRD PARTIES. THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL POWERS AND AUTHORITY OF THE BOARD OF DIRECTORS WHEN SAID BOARD IS NOT IN SESSION, SUBJECT ONLY TO SUCH RESTRICTIONS OR LIMITATIONS AS THE BOARD OF DIRECTORS MAY FROM TIME TO TIME SPECIFY; PROVIDED, HOWEVER, THE EXECUTIVE COMMITTEE SHALL NOT HAVE AUTHORITY TO ALTER, AMEND, OR REPEAL THE CORPORATION CHARTER OR BY-LAWS, OR TO APPOINT DIRECTORS. FORM 990, PART VI, SECTION A, LINE 3 CENTRAL LAKES COLLEGE ("CLC") PROVIDES ADMINISTRATIVE AND MANAGEMENT SERVICES TO THE CENTRAL LAKES COLLEGE FOUNDATION PURSUANT TO WRITTEN CONTRACTUAL AGREEMENTS. THE FOUNDATION'S EXECUTIVE DIRECTOR IS EMPLOYED BY CLC AND PROVIDES SERVICES TO THE FOUNDATION AS PART OF THIS ARRANGEMENT. THE FOUNDATION HAS A SEPARATE AND INDEPENDENT GOVERNING BOARD FROM CLC. THE PRESIDENT OF CLC SERVES AS A NONVOTING MEMBER OF THE FOUNDATION'S BOARD OF DIRECTORS. THESE RELATIONSHIPS ARE DISCLOSED TO THE BOARD AND ARE MANAGED IN ACCORDANCE WITH THE FOUNDATION'S CONFLICT OF INTEREST AND GOVERNANCE POLICIES. NAME: JON AGA, ROLE: OFFICER, TITLE: EXECUTIVE DIRECTOR REPORTABLE COMPENSATION: $63,425, OTHER COMPENSATION: $13,597 NAME: KATE ADORNETTO, ROLE: OFFICER, TITLE: EXECUTIVE DIRECTOR REPORTABLE COMPENSATION: $97,348, OTHER COMPENSATION: $23,368 FORM 990, PART VI, SECTION B, LINE 11B THE TREASURER OF THE ORGANIZATION REVIEWS THE FORM 990 WITH THE FINANCE COMMITTEE AND MAKES A COPY OF THE FORM 990 AVAILABLE TO THE BOARD OF DIRECTORS AND TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C MONITORING OF COMPLIANCE WITH THE CONFLICT OF INTEREST POLICIES IS DONE ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 ANNUAL SALARY ADJUSTMENTS ARE DETERMINED BY THE STATE OF MINNESOTA WHEREUPON THE PRESIDENT OF CENTRAL LAKES COLLEGE IS RESPONSIBLE FOR DETERMINING ANY ADJUSTMENTS TO COMPENSATION FOR THE EXECUTIVE DIRECTOR AND FOUNDATION EMPLOYEES PER THEIR CONTRACTS ON A YEARLY BASIS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. ADJUSTMENTS FOR 2025 AND 2026 WILL BE MADE PENDING APPROVAL OF THE MINNESOTA STATE PERSONNEL PLAN FOR ADMINISTRATORS FOR THE PERIOD JULY 1, 2025- JUNE 30, 2027 BY THE MINNESOTA STATE BOARD OF TRUSTEES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNANCE DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CENTRAL LAKES COLLEGE FOUNDATION HOUSING LLC 501 WEST COLLEGE DRIVE BRAINERD MN 56401 HOUSING MN 178140 2878302 CENTRAL LAKES COLLEGE FOUNDATION