New College Foundation Incorporated
The Keating Center
5800 Bay Shore Road
Sarasota FL 34243-2109

Our mission is to support the priorities of New College of Florida, Florida's designated Honors College.  This will be accomplished by securing funds as a result of cultivating and stewarding individuals, foundations and corporations and through the prudent management of assets.

New College offers a liberal arts education of the highest quality in the context of a small, residential public honors college with a distinctive academic program which develops the student's intellectual and personal potential as fully as possible; encourages the discovery of new knowledge and values while providing opportunities to acquire established knowledge and values; and fosters the individual's effective relationship with society.

CEO/Executive Director Jessica R. Rogers
Board Chair Patrick J. Hennigan
Board Chair Company Affiliation Retired - Morgan Stanley
History and Background
Organization DBA
New College Foundation, Inc.
Tax Exempt Status Public Supported Charity
Supported Organization New College of Florida
Awarded a competitive grant from Community Foundation in the last 5 years?
Incorporation Year 1960
Financial Summary
Projected Revenue $1,600,000.00
Projected Expenses $1,400,000.00
Additional Documents
IRS Letter of Determination
New College IRS Letter of Determination
State Info
State Charitable Solicitations Permit Yes Dec 2015
State Registration Yes Sept 2013
A six-year initiative, the New College Promise campaign launched on July 1, 2010.  In its first fiscal year, the campaign raised $11.9 million -- $5.6 million in planned gifts, $3.9 million in cash donations, $1.5 million in dollars matched by the State of Florida, and $800,000 in pledges.
The Campaign will substantially increase funding for scholarships, faculty chairs, student and faculty research and travel, an International Studies building, a Library endowment and the Bob Johnson Endowment for Academic Excellence, the College's core endowment. 

The New College Foundation provides the necessary private funding to enable New College to continue providing an outstanding liberal arts and sciences education to high-achieving undergraduates from Florida and elsewhere. Through outright gifts and pledges and deferred giving, the New College Foundation raises critical funds for scholarships, faculty positions, academic programs, new buildings, student and faculty research and travel, and endowments, with more than $100 million in pubic and private funds raised since 1980. 

The Foundation also works with the community and alumnae/i across the world to provide research opportunities, internships, career advice and networking to New College students. The Foundation serves as a link to the broader community via its alumnae/i association, library association, and an ongoing series of public lectures, performances, and other events.

 The New College Alumnae/i Association (NCAA) is part of the New College Foundation. Nearly 4,500 alums are proud to be a member of the Novo Collegian Family.

 The New College Library Association (NCLA) is also housed within the Foundation.  NCLA raises critical funds for the Jane Bancroft Cook Library through fundraisers such as its signature event, Pique-Nique Sur la baie.  NCLA provides funding for ~ 2,000 books and other materials annually, and has  contributed more than $3 million since it was founded in 1964. 

The New College Promise Campaign is a comprehensive, multi-year undertaking to raise critical funds for the future of New College and its students. The Promise will ensure the College’s student-faculty ratio remains outstandingly low, while allowing the College to grow and keep pace with the rapidly changing world for which students are preparing.

 There are six priority areas for the New College Promise Campaign. The Promise will…

  •  Substantially increase student scholarships, especially for minority and under- represented kinds of students - Goal: $20 million
  • Triple the College’s privately funded endowment via outright and planned gifts - Goal: $10 million
  • Double the number of endowed faculty positions - Goal: $10 million
  • Substantially increase funds available for faculty and student research and travel - Goal: $4 million
  • Complete funding for campus building projects, including the planned International Studies Building - Goal: $8.5 million
  • Launch an endowment and expand research and reference collections of the Jane Bancroft Cook Library - Goal: $5 million
Statement from the CEO/Executive Director New College is one of the country's most distinctive, successful and affordable colleges.  We rank as one of the top five public liberal arts colleges, right behind West Point and the Naval Academy.  But at New College, in lieu of grades, students receive written narrative evaluations of their progress in each class and must negotiate each semester academic contracts that outline their educational goals for the coming months.  Before they graduate, students must also design and complete three independent study projects and a near-master's level research thesis.  The emphasis on students taking responsibility for the direction of their education, independent research and study, and superior communication skills are why many people characterize New College as "graduate school for undergraduates."
Statement from the Board Chair/Board President
The New College Foundation Board works closely with the College Board to ensure that New College has the resources it needs to become an ever-more vibrant institution.  Like many organizations, the College is facing difficult times.  State funding has been cut by 27% over the past four years, with more cuts likely.  This has made the fund raising work of the New College Foundation critical to the College's excellence.  Each of us on these two boards takes our role very seriously, whether we are a college alumnus/a or a member of the community, and 100 percent of the Board gives to the Foundation and College.  New College is one of the very few small liberal arts Colleges in the Southeastern United States, and we're blessed to have the College located here in our community.
Areas Served
Areas Served
FL- Sarasota
Service Categories
Primary Org Type Education
1.  New College Promise Campaign: a $60 million, 7-year campaign raising operating, capital & endowment funds for New College.  Goals:
  • $15 million for scholarships
  • $15 million for the Bob Johnson Endowment for Academic Excellence
  • $10 million to endow five new faculty chairs in religion and ethics, international studies, environmental studies, economics and the natural sciences, among other fields.
  • $5 million to name & endow the 33,000-square foot Academic Center
  • $5 million for the Jane Bancroft Cook Library endowment
  • $2.5 million to complete funding for the planned International Studies building
  • $2.5 million for faculty research & development
  • $1.5 million for student research & travel
  • $1 million for campus beautification
  • $250,000 for improving athletic facilities & equipment
  • $250,000 to name & endow the Black Box Theater
  • $250,000 to name & endow the Public Archaeology Lab
  • $175,000 for the New Music concert series
  • $150,000 for operating the Public Archaeology Lab
  • $150,000 for environmental studies research
  • $100,000 for the New Topics lecture series
Budget $700,000
Category Education, General/Other Postsecondary Education
Program linked to organizational strategy? Yes
Population Served Adults US& International General/Unspecified
Short Term Success To raise $60 million to provide short-term financial security over the next 5 - 7 years for the College and its students by increasing unrestricted core funding, scholarships, research and travel funds, and capital funding for laboratory equipment and new facilities. 
Long Term Success Program is the first of many successive campaigns designed to raise New College to the highest levels of higher education, while retaining its leadership as one of the most affordable top schools in the country.  This and future campaigns will be designed to keep the College current with changing needs in academic areas of concentration, lab technology, campus life amenities, and much more.
Program Success Monitored By Progress is being measured by funds raised, in total and for specific needs.
Examples of Program Success In the first 30 months of the seven-year Campaign, the Foundation has raised $25 million in outright gifts, pledges, future planned gifts and state matching funds.
2.  The New College Alumnae/i Association was founded in 1985 as a nonprofit association adjunct to the New College Foundation, Inc. The purpose of the Association is to "promote communication among Alumnae/i and between Alumnae/i and New College to sponsor activities and events for Alumnae/i to advise the President of New College of Florida and the President of the New College Foundation, Inc. of Alumnae/i concerns and to provide financial and other assistance to New College in carrying out its educational mission."
Budget $190,000
Category Education, General/Other Educational Programs
Program linked to organizational strategy? Yes
Population Served Adults US& International General/Unspecified
Short Term Success --Desired achievements are similar short- and long-term.  Some of our short-term efforts are to create a network to support students in key areas:  pre-law, business, pre-medicine, among others.
Long Term Success A strong alumnae/i base working at the top rungs of their professions, closely connected to the college academically and financially.
Program Success Monitored By The alumnae/i and students are periodically interviewed and surveyed informally and formally to assess the success of our programs. 
Examples of Program Success
Examples of program success:
NCAA reported 20% graduate giving to New College in FY 2010-2011.
NCAA provides over $10,000 each year in Fellowship support to bring alumnae/i back to New College to teach semester courses and conduct Independent Study Projects through its Alumnae/i Fellows Program.
NCAA has raised over $250,000 to endow The Palm Court Scholarship Fund for out-of-state students.
NCAA provides over $45,000 in grant support to students to fund their research and travel each year locally, nationally and abroad.

Educate for Change is an initiative of New College of Florida, Daughters for Life Foundation and the local Sarasota/Manatee community. Young women from across the Middle East will come to New College for a transformational education that will help them become the future leaders their homelands desperately need. 

The Daughters for Life Foundation was created by Dr. Izzeldin Abuelaish in memory of his three daughters who were killed when an Israeli tank mistakenly fired a shell into their home.  The philanthropy educates women from Middle Eastern nations in the belief they can improve their communities and bring peace to the region. 

Through Educate for Change, as many as 10 women a year from Middle Eastern countries will attend New College on scholarships that will cover the full cost of tuition, room, board and other academic and living expenses.

*Budget is based on yearly cost
Budget $300,000
Category Education, General/Other Student Financial Aid
Program linked to organizational strategy? Yes
Population Served Females Middle East International
Short Term Success

Through Educate for Change, as many as 10 women a year from Middle Eastern countries will attend New College on scholarships that will cover the full cost of tuition, room, board and other academic and living expenses.

The Daughters for Life Scholars will be fully immersed in the New College experience, living and taking classes on the Sarasota campus in pursuit of a four-year Bachelor of Arts degree.

The first Scholars are expected to begin their New College studies in the fall of 2014. Daughters for Life will identify academically qualified candidates from throughout the Middle East, including Israeli, Palestinian, Jordanian, Egyptian, Syrian and Lebanese women.

Upon arriving at New College, the Scholars will go through the standard orientation program as well as special co-curricular programs that will help the students excel at their studies and develop as leaders.  Each of these women will also be paired with a host family, who will provide guidance and support.

Long Term Success It is our hope that women educated in the "Educate for Change" program will affect change and peace in their homelands.  Additionally, as our world becomes more multicultural and interconnected, success will depend on the ability to engage with people whose backgrounds, experiences and perspectives differ from one’s own. Thus, Educate for Change benefits not only the Daughters for Life Scholars, but the New College and local communities as well.
Program Success Monitored By
Once the young women are here on campus, the program will be monitored by several departments within the college: Admissions, Student Affairs, and the Provost's office, all making sure the students are academically and personally successful at New College.  In addition, the Daughters for Life Foundation will be involved in making sure their cultural and religious needs are met.
Specifically, the registrar's office will keep track of the student's academic progress, the counseling and wellness center will be focusing their physical needs and the students' faculty advisors will be closely monitoring their overall success at New College.
Examples of Program Success The students receive excellent written evaluations from their faculty advisors, report personal feelings of success living at New College, and complete seven contracts and a written thesis for graduation.  This will likely take place over a period of four years.
CEO/Executive Director
Executive Director Jessica R. Rogers
CEO Term Start Feb 2015

Full Time Staff 11
Part Time Staff 2
Volunteers 20
Contractors 0
Staff Retention Rate % 92
Professional Development Yes
Management Reports to Board Yes
Organization Plans
Fundraising Plan No
Communication Plan No
Strategic Plan Yes
Strategic Plan Years 10
Strategic Plan Adopted Jan 2008
Management Succession Plan No
Policies and Procedures No
Continuity of Operations Plan No
Former CEOs
Shannon K. Duvall May 2013 - Feb 2015
Andrew B. Walker Dec 2008 - June 2012
Senior Staff
Shelley C. Brooks Director of Finance & Compliance
Formal Evaluations
CEO Formal Evaluation Yes
Senior Management Formal Evaluation Yes
NonManagement Formal Evaluation Yes
Jewish Federation of Sarasota/Manatee
Roskamp Institute, Sarasota FL.
Cumberland Advisors
Daughters for Life Foundation 
Mote Marine Laboratory
Sarasota Chamber of Commerce
AJC (American Jewish Committee)
TedX of Sarasota
The Foundation also serves as the go-between for a number of firms seeking interns and New College students. 
External Assessments and Accreditations
Top 10 "Best Value" College; Top 10 - 9th for percentage of students who go on to Grad SchoolKiplingers, US News, The Princeton Review2013
Risk Management Provisions
Directors and Officers Policy
Disability Insurance
General Property Coverage
Life Insurance
Medical Health Insurance
Umbrella or Excess Insurance
Workers Compensation and Employers' Liability
Government Licenses
Is your organization licensed by the Government? No
Nondiscrimination Policy Yes
Whistle Blower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy No
Board Chair
Board Chair Patrick J. Hennigan
Company Affiliation Retired - Morgan Stanley
Board Term Dec 2014 to Dec 2015
Board Members
Board Members
John W. Bean Retired
Kathy J. Coffey Community Leader
B.J. Creighton Community Leader
Richard O. Donegan Retired
Ruth I. Dreesen Lion Chemical Capital
Renee Hamad Community Leader
John L. Hansen Ernst & Young
Lt. General Rolland V. Heiser Retired
Patrick J. Hennigan, Ph.D. Retired, Morgan Stanley
Howard Isermann Retired
Robert M. Johnson Johnson, Browning and Clayton
William R. Johnston Retired
Elaine Keating Retired
Charlene Lenger Tropex Plant Service
Robert K. Lincoln, Esq. Icard, Merrill, Cullis, Timm, Furen Ginsburg, P.A.
David Lipsey Optimity Advisors
Dr. Lou Bertha V. McKenzie-Wharton Wharton and McKenzie, Educational Consultant
Kenneth R. Misemer Allgood & Misemer, P.A.
G. Lowe Morrison, CFA Sabal Trust Company
Dr. Donal O'Shea New College of Florida
Michael R. Pender, Jr., CPA Cavanaugh & Co.
Vicki P. Raeburn Retired, Critical Information IHS
Jessica R. Rogers New College Foundation
Felice Schulaner Retired, Coach, Inc.
Gardner R. Sherrill, CFP Sherrill Wealth Management
Jonathan Smiga Barnie's CoffeeKitchen
Thomas M. White, JD Rimon Law
Student serving on the board through Community Youth Development? No
Board Demographics - Ethnicity
African American/Black 1
Asian American/Pacific Islander 0
Caucasian 26
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 17
Female 10
Unspecified 0
Board Term Lengths 3
Board Term Limits 3
Board Orientation Yes
Board Meeting Attendance % 70
Number of Full Board Meetings Annually 4
Board Self-Evaluation Yes
Written Board Selection Criteria Yes
Written Conflict of Interest Policy Yes
Percentage of Board Making Monetary Contributions 100
Percentage of Board Making In-Kind Contributions 15
Constituency Includes Client Representation No
Standing Committees
Board Governance
Audit, Compliance and Controls
Governance Comments by Organization Our Board has made a number of changes over the past three years to bring it into better agreement with best practices in nonprofit governance, many of which are promoted by Washington, D. C.-based BoardSource. 
Financial Info
Fiscal Year 2014
Projected Revenue $1,600,000.00
Projected Expenses $1,400,000.00
Endowment Value $41,811,479.00
Spending Policy Percentage
Spending Policy % 5.5
Historical Financials
Revenue SourcesHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201420132012
Foundation and
Corporation Contributions
Government Contributions$0$0$0
Individual Contributions$2,768,792$1,821,301$3,797,077
Investment Income, Net of Losses$2,171,651$2,161,846$4,202,481
Membership Dues$0$0$0
Special Events$147,904$201,061$158,644
Revenue In-Kind$91,444$33,364$39,492
Expense Allocation
Fiscal Year201420132012
Program Expense$2,027,723$1,713,712$2,551,364
Administration Expense$807,999$697,735$716,894
Fundraising Expense$371,887$368,128$649,703
Payments to Affiliates$0$0$0
Total Revenue/Total Expenses1.621.552.08
Program Expense/Total Expenses63%62%65%
Fundraising Expense/Contributed Revenue13%18%16%
Assets and Liabilities
Fiscal Year201420132012
Total Assets$46,654,676$41,292,602$50,026,355
Current Assets$44,738,336$39,330,757$34,978,060
Long-Term Liabilities$549,309$0$1,775,000
Current Liabilities$33,387,191$3,125,424$13,464,658
Total Net Assets$42,718,176$38,167,178$34,786,697
Top Funding Sources
Fiscal Year201420132012
Top Funding Source & Dollar AmountContributions, gifts, grants $2,768,792Investment Income $2,161,846Contributions, gifts, grants $3,797,077
Second Highest Funding Source & Dollar AmountInvestment Income $2,171,651Contributions, gifts, grants $1,821,301Sale of securities $3,743,642
Third Highest Funding Source & Dollar AmountFundraising $147,904Fundraising $201,061Fundraising $158,644
CEO Compensation
Co-CEO Compensation
Tax Credits No
Short Term Solvency
Fiscal Year201420132012
Current Ratio: Current Assets/Current Liabilities1.3412.582.60
Long Term Solvency
Fiscal Year201420132012
Long-Term Liabilities/Total Assets1%0%4%
Capital Campaign
Currently in a Capital Campaign? Yes
Campaign Purpose Unrestricted operating funds, outright & endowed scholarships, endowed chairs, unrestricted core operating endowment, library endowment, research and travel funds, International Studies building funds, laboratory construction funds, etc.
Goal $60,000,000.00
Dates July 2010 to June 2017
Amount Raised To Date 29600000 as of Jan 2015
Capital Campaign Anticipated in Next 5 Years? Yes
Financials Comments
Financial Comments by Organization The Foundation's endowment supports the College and the Foundation.  Our long-term goal is to triple the Foundation over the next ten years to more than $100 million.
Financial Comments by Foundation
Financial figures taken from IRS Form 990s. 2011 audit not available as of January 2012. 2010 audit reports total revenues of $4,223,183. 2009 audit reports total revenues of -$5,403,691.  Individual contributions include foundation and corporate support, as reported in 990.
The in-kind contribution revenue includes non-cash contributions and donated services and use of facilities as reported on the IRS Form 990.  Donated services and facilities are not included in total revenue on the IRS Form 990.
Nonprofit New College Foundation Incorporated
Address The Keating Center
5800 Bay Shore Road
Sarasota, FL 342432109
Primary Phone 941 487-4800
CEO/Executive Director Jessica R. Rogers
Board Chair Patrick J. Hennigan
Board Chair Company Affiliation Retired - Morgan Stanley
Year of Incorporation 1960

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