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

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.

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

CEO/Executive Director MaryAnne Young
Board Chair Michael R. Pender
Board Chair Affiliation Partner, Cavanaugh & Co.
General Info
Organization DBA
New College Foundation, Inc.
Supported Organization New College of Florida
Tax Exempt Status Public Supported Charity
Incorporation Year 1960
State Charitable Solicitations Permit Exempt 0
State Registration Yes 0
Financial Summary
Note: Revenue includes the value of in-kind contributions/donations
IRS Letter of Determination
New College IRS Letter of DeterminationView
Impact Statement

Since the founding of New College of Florida more than 58 years ago, the community has demonstrated the value of philanthropic investment in New College’s unique education. By showing their commitment to the promise of tomorrow’s scholars, area philanthropists and generous alums have made a significant impact on sustaining the distinctive intellectual rigor and academic excellence New College provides.

The New College Foundation raises the private funds needed to sustain the school’s exceptional, innovative and affordable educational tradition. The Foundation supports New College’s highest priorities, ensuring the College’s student-faculty ratio remains low while allowing the College to grow and keep pace with the rapidly changing world for which students are preparing. Together, we make it possible to uphold academic excellence, impact student success and serve the State of Florida, our nation and world.  A gift to education is an investment in the future, to help young people discover their potential, live productive lives, and do their part to leave the world a better place for the following generation.

Needs Statement

New College Foundation supports the highest priorities of New College of Florida, the State of Florida’s honors college for the liberal arts. Approximately 90% of New College students receive scholarship assistance, giving them access to an exemplary liberal arts education with some of the most talented faculty in the country. A transformative growth plan from the years 2017 - 2022 is underway.  Over six years, the plan calls for New College to expand both the student population and faculty by 50 percent, to about 1,200 students and 120 tenure-track professors.  That maintains the College's 10:1 student-faculty ratio, one of the hallmarks of a New College education.  With the ambitious plan in place, the need for private financial support will grow as well. 

 The College’s greatest needs are:
  1. Scholarship support.  Generous scholarships will be required to continue attracting top-ranked students from across the country and around the world.

  2. Endowment for faculty positions.  Private funds will be needed to support the innovative faculty research and development that lies at the heart of academic leadership.

  3. Support for co-curricular programs for students and the community.  For example, more research and travel grants will be needed to allow students to undertake ambitious, groundbreaking projects in their fields of study.
Background Statement

New College of Florida is a national leader in the arts and sciences and is the State of Florida’s designated Honors College for the liberal arts. Consistently ranked among the top public liberal arts colleges in America by U.S. News & World Report, Forbes and The Princeton Review, New College attracts highly motivated, academically talented students from 38 states and 22 foreign countries. A higher proportion of New College students receive Fulbright awards than graduates from virtually all other colleges and universities.

The history of New College goes back to the late 1950s when, at the desire of the local Chamber of Commerce, citizens banded together to create a local college to complement the growing city’s art museum, symphony orchestra and theaters. The private New College was designed by a group of educators who believed in the power of the mind and wanted to free both students and faculty from the limits of lock-step curriculum focusing on credit hours and GPA. Later, the faculty developed a unique, intellectually-rigorous curriculum designed to sustain the broad commitment to individualism, pluralism, flexibility, freedom and excellence.
New College of Florida was once again ranked as a “Best Buy” college in the 2017 edition of the respected and long-running Fiske Guide to Colleges, joining a selective list of only 21 public colleges in the U.S. to receive that designation.  The Guide’s 2017 review, based in part on interviews with students, calls New College “proof that it’s possible to find success through individualism.”  The Guide adds: “Students praise the personalized attention they receive from professors; graduate students and teaching assistants don’t lead classes here and 75 percent of classes have fewer than 20 students. All disciplines provide the opportunity for original research... [and the ability to] conduct field research around the globe.”
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, 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.
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 New College Alumnae/i Association, comprised of nearly 7,000 alumnae/i, was founded in 1985 as a nonprofit association adjunct to the New College Foundation, Inc. Its purpose is to promote communication among alumnae/i, facilitate dialogue with New College, sponsor events, advise the President of New College and provide financial support to carry out the College’s educational mission.
Areas Served
Areas Served
FL- Sarasota
FL- Manatee
State Wide
Areas Served Comments
We are a national public liberal arts honors college, attracting students from throughout  Florida, the United States, and internationally.
Service Categories
Primary Org Type Education
Secondary Org Type Education
Tertiary Org Type Education
Statement from the Board Chair/Board President
The New College Foundation Board works closely with the College Board of Trustees to ensure that New College has the resources it needs to continue providing excellent education. The College's unique approach for the search for knowledge produces outstanding results. Students earn internationally recognized scholarships (e.g., Fulbright, Goldwater, Marshall, Rhodes, Truman, Udall) and are admitted to top graduate schools. After graduation, alumnae/i excel in their careers.
The fundraising work of the New College Foundation is critical to the College's ongoing success.  Members of these two boards take their roles very seriously, whether as a college alumnus/a or a member of the community. New College is one of the very few small liberal arts Colleges in the Southeastern United States, and it is a point of pride to have the College located here in our community.
Statement from the CEO/Executive Director
New College is one of the country's most distinctive, successful and affordable colleges. It ranks as one of the top five public liberal arts colleges, right behind West Point and the Naval Academy. At New College, in lieu of grades, students receive written narrative evaluations of their progress in each class. Every semester, each student must negotiate their academic outline, including course selection and defining educational goals. Prior to graduating, students must also design and complete three independent study projects and a near-master's level research thesis. Many people characterize New College as “graduate school for undergraduates” due to students taking responsibility for the direction of their education with independent research and development of superior communication skills.

Student tuition and State of Florida appropriations cover only part of the cost of a New College education.  Partnering with donors allows New College to attract prestigious faculty and top-ranked, intellectually curious students from around the world to this dynamic, innovative learning community.  Listed below is the total financial need for the top two priority areas:

Student Scholarships:  Top rankings for value and academics

  • A gift of every size impacts student success
  • $15 million scholarship endowment (at $100K or above)
  • $300,000 for Novo Collegiate scholarships (annual at $10K or above)
  • $3 million study abroad endowment

Faculty Academic Excellence:  99% of faculty members hold doctorate or the most advanced degree in their field.  

  • A gift of every size propels academic excellence
  • $10 million ($2 million per chair) to endow faculty chairs in religion and ethics, international studies, environmental studies, economics and the natural sciences, among other fields.
  • $5 million to name and endow the 33,000-square foot Academic Center
  • $2.5 million for faculty research and development endowment
Budget $797,179
Category Education, General/Other Postsecondary Education
Program Linked to Organizational Strategy Yes
Population Served Adults US& International Children and Youth (0 - 19 years)
Short Term Success New College and the State of Florida are aligned in the goal of keeping excellent education affordable. With support from donors, 90% of New College students receive some form of financial assistance, providing the lowest cost to the student of any of New College's peer institutions. Scholarships = Success. 
Long Term Success Our goal is to provide full scholarships to all who need it, so that loans are not necessary. Currently the New College Foundation provides nearly $1.8 million in scholarship and program support each year.  A senior year student and first in her family to attend college recently expressed, "What I've found is that time not spent worrying about financials is time spent taking academic and life risks because you have the stability to do so.  I'm about to not only leave with little to no debt, but also with money saved up from various paid internships.  Having financial security through scholarships has allowed me to pursue jobs that were primarily based on passion."
Program Success Monitoring Progress is measured by amount of funds raised and the increase in overall student scholarship support: outright and endowment, as well as support for academic excellence.
Program Success Examples
Students engage in immersion projects both on and off campus. Collaborative research with their professors gives students the chance to expand their horizons. They engage in hands-on learning to make their academic studies come to life. For example, students have worked alongside their science professor to study endosperm development in corn to find ways to better feed the world’s hungry. This “real world” experience, coupled with classroom learning, tutorials and independent study projects, enriches the New College academic experience. It’s what makes New College a unique learning environment.
CEO/Executive Director
CEO/Executive Director MaryAnne Young
CEO Term Start July 2015
CEO/Executive Director Email

35+ years experience in higher education, fundraising and alumni relations, corporate and foundation giving


“I am honored to be part of President O’Shea’s team at New College.  I believe providing excellent, affordable education is essential in solving the issues facing our world,” MaryAnne said. “I am struck by the level of intellectual curiosity that is the hallmark of both students and faculty. They want to understand why, find a solution and explore issues from every side.  Students work closely with faculty and receive a terrific graduate education at an undergrad institution.  It's truly a remarkable learning environment and I'm grateful to be part of New College."


Former CEOs/Executive Directors
Shannon K. Duvall May 2013 - Feb 2015
Andrew B. Walker Dec 2008 - June 2012
Senior Staff
Ron P. McDonough, E.A., CFP Director of Finance & Compliance
Dr. Donal O'Shea President of New College of Florida
Staff & Volunteer Statistics
Full Time Staff 14
Part Time Staff 2
Staff Retention Rate % 93
Professional Development Yes
Contractors 0
Volunteers 25
Management Reports to Board Yes
CEO/Executive Director Formal Evaluation Yes
Senior Management Formal Evaluation Yes
Non-Management Formal Evaluation Yes


--Cross College Alliance, including Ringling College of Art and Design, State College of Florida, the University of South Florida Sarasota-Manatee, FSU/The Ringling and Eckerd College.
--Cumberland Advisors / GIC
--High Schools across the country
--Jewish Federation of Sarasota/Manatee
--Manatee Chamber of Commerce
--Mote Marine Laboratory
--National Council of Jewish Women
--Pine View School
--Ringling Museum
--Roskamp Institute, Sarasota FL
--SPARCC (Safe Place and Rape Crisis Center)
--Sarasota Chamber of Commerce
--Sarasota World Affairs Council (SWAC)
--Time Sifters Archaeology Society
--United Way
--Visible Men Academy
--All Faiths Food Bank

AAC&U (Association of American Colleges and Universities)
AFP (Association of Fundraising Professionals)
AGB (Association of Governing Boards)
APRA (Association of Professional Researchers for Advancement)
CASE (Council for Advancement and Support of Education)
CIC (Council of Independent Colleges)
Colleges that Change Lives
Florida Board of Governors
NACUBO (National Association of College and University Business Officers)
SCOPE (Sarasota Openly Plans for Excellence)
Southern University Conference
State University System of Florida 
External Assessments and Accreditations
Southern Association of Colleges and Schools2012
Awards & Recognition
Ranked No. 6 Best Public Liberal Arts College U.S. News and World Report2018
Ranked No. 1 in its 2017 list of the nation’s top public liberal arts colleges.Washington Monthly Magazine2017
Top 50 Colleges That Pay You Back: New College’s strong advising system, alumni network, and the 56 Fulbright Scholarships that have been awarded to NCF students in the last 10 years was noted.Princeton Review2017
"Best 382 Colleges," and "Colleges that Create Futures: 50 Schools that Launch Careers By Going Beyond the Classroom"Princeton Review2017
Ranked No. 19 in 2017 list of "Best Value" public colleges.Kiplinger's Personal Finance2017
Best Buy College in 2017: New College is one of 21 public college's in the United States with this designationFiske Guide to Colleges2017
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
Organization Licensed by the Government No
Fundraising Plan No
Communication Plan No
Strategic Plan No
Strategic Plan Years
Strategic Plan Adopted 0
Management Succession Plan No
Continuity of Operations Plan No
Nondiscrimination Policy Yes
Whistle Blower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy No
Policies and Procedures Yes
Planning & Policies Comments by Organization Our regulations manual includes a variety of environmental, safety, accident, fire, and security protocols.
Multi-Media Comments by Organization You can follow us on Facebook, Instagram, Twitter, YouTube, Tumblr, and LinkedIn.
Other Documents
Other Document 2
Document Destruction
Board Chair
Board Chair Michael R. Pender
Company Affiliation Partner, Cavanaugh & Co.
Board Term Oct 2016 to Oct 2018
Board Chair Email
Board Members
Board Members
John W. Bean Retired, The Ideal Products Corporation
Fran Blum Financial Advisor/Author
Kathy J. Coffey Community Leader
B.J. Creighton Community Leader
Richard O. Donegan Retired
Karin Gustafson Retired, Non-Profit Executive Leadership
Renee Hamad Community Leader
Charles Hamilton Retired, Director of Philanthropic Advisory Services and Principal at Bessemer Trust
Dr. Patrick J. Hennigan, Ph.D. Retired, Morgan Stanley
Cindy Hill Hill Law Firm, PA
Sue Jacobson Community Leader
Christine Jennings Community Leader
William Johnston Retired President and COO, New York Stock Exchange
Elaine Keating Retired
Charlene Lenger Tropex Plant Service
Robert K. Lincoln, Esq. Law Office of Robert K. Lincoln, P.A.
David Lipsey FCx3, LLC
Dr. Lou Bertha McKenzie-Wharton Wharton and McKenzie, Educational Consultant
Kenneth R. Misemer Allgood & Misemer, P.A.
Michael R. Pender, Jr., CPA Cavanaugh & Co.
Dr. Vicki P. Raeburn Independent Consultant
Sharon Landesman Ramey Virginia Tech Carilion Research
Felice Schulaner Retired, Coach, Inc.
Jonathan Smiga Keen Growth Capital
Thomas M. White, JD Rimon Law
Nancy Winship Brandeis University
Constituency Includes Client Representation Yes
Board Ethnicity
African American/Black 1
Asian American/Pacific Islander 0
Caucasian 25
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Gender
Male 11
Female 15
Unspecified 0
Board Term Lengths 3
Board Term Limits 3
Board Orientation Yes
Number of Full Board Meetings Annually 4
Board Meeting Attendance % 82
Board Self-Evaluation Yes
Written Board Selection Criteria No
Board Conflict of Interest Policy Yes
% of Board Making Monetary Contributions 91
% of Board Making In-Kind Contributions 26
Standing Committees
Board Governance
Governance Comments by Organization Under the leadership of the Governance committee of the board, our bylaws outline the nomination process for new board members.

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.
Current Year Projections
Tax Year Start Month July
Tax Year Start Day 01
Tax Year Begins 2017
Tax Year End Month June
Tax Year End Day 30
Tax Year Ends 2018
Projected Revenue $4,000,000.00
Projected Expenses $1,719,000.00
Total Projected Revenue includes "in-kind" contributions/ donations No
Organization has Endowment Yes
Endowment Value $40,538,774.00
Endowment Spending Policy Percentage
Endowment Spending Policy % 5
Capital Campaign
Currently In a Capital Campaign Yes
Anticipate Campaign within 5 years? Yes
Campaign Purpose Enhancing Student Learning, Outright & Endowed Scholarships, Endowed Chairs, Unrestricted Endowment
Campaign Goal $60,000,000.00
Campaign Dates July 2010 to June 2019
Amount Raised To Date 37733885 as of Dec 2017
Financial Review
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 Year201720162015
Foundation and
Corporation Contributions
Government Contributions$0$0$0
Individual Contributions$2,188,752$1,113,707$4,000,053
Investment Income, Net of Losses$1,922,244$2,731,726$2,957,336
Membership Dues$70$0$0
Special Events$120,751$81,721$182,938
Revenue In-Kind$1,385,200$99,978$1,651,496
Expense Allocation
Fiscal Year201720162015
Program Expense$3,172,695$2,495,158$2,351,256
Administration Expense$552,073$705,377$676,074
Fundraising Expense$180,059$169,385$208,189
Payments to Affiliates$0$0$0
Total Revenue/Total Expenses1.091.172.21
Program Expense/Total Expenses81%74%73%
Fundraising Expense/Contributed Revenue8%14%5%
Assets and Liabilities
Fiscal Year201720162015
Total Assets$46,351,261$43,383,232$48,203,032
Current Assets$44,262,057$40,641,863$41,499,912
Long-Term Liabilities$0$0$3,051,943
Current Liabilities$975,547$385,270$677,230
Total Net Assets$45,375,714$42,997,962$44,473,859
Top Funding Sources
Fiscal Year201720162015
Top Funding Source & Dollar AmountContributions, gifts, grants $2,188,752Investment Income $2,731,726Contributions, gifts, grants $4,000,053
Second Highest Funding Source & Dollar AmountInvestment Income $1,922,244Contributions, gifts, grants $1,113,707Investment Income $2,957,336
Third Highest Funding Source & Dollar AmountFundraising $120,751Fundraising $81,721Fundraising $182,938
CEO/Executive Director Compensation $100,001 - $125,000
Tax Credits No
Short Term Solvency
Fiscal Year201720162015
Current Ratio: Current Assets/Current Liabilities45.37105.4961.28
Long Term Solvency
Fiscal Year201720162015
Long-Term Liabilities/Total Assets0%0%6%
Financials Comments
Financial Comments by Organization

The Foundation's endowment supports the College and the Foundation. The Foundation is a Direct Support Organization (DSO) of New College of Florida. Our long-term goal is to triple the endowment over the next ten years to more than $100 million.

 Financial figures taken from IRS Form 990s and Completed Audits. The 2015 audit reports total revenues of $5,958,969 and total expenditures and other changes of $4,203,286. The net increase in assets was $1,755,683. 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.

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 New College of Florida, The Keating Center
5800 Bay Shore Road
Sarasota, FL 34243 2109
Phone 941 487-4800

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