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 MaryAnne Young
Board Chair Patrick J. Hennigan
Board Chair Affiliation Retired - Morgan Stanley
General Info
Organization DBA
New College Foundation, Inc.
Supported Organization New College of Florida
Former Names
Tax Exempt Status Public Supported Charity
Incorporation Year 1960
Awarded competitive grant from Community Foundation in the last 5 years?
State Charitable Solicitations Permit Yes Dec 2016
State Registration Yes 0
IRS Letter of Determination
Financial Summary
Projected Revenue $1,850,000.00
Projected Expenses $1,780,000.00
Other Documents
Impact Statement
Needs Statement
  1. Substantially increase student scholarships, through the Novo Collegiate Scholars Program - Program Goal: $10k annually per student.
  2. Increase  the number of endowed faculty positions.
  3. Substantially increase funds available for faculty and student research and travel - Goal: $1,000 annually per student
  4. Complete funding for campus building projects, including the planned International Studies Building - Goal: $8.5 million
  5. Expand research and reference collections of the Jane Bancroft Cook Library - $1,000 per gift and up
Background Statement

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 7,000 alums are proud to be a member of the Novo Collegian Family.

Areas Served
Areas Served
FL- Sarasota
Service Categories
Primary Org Type Education
Secondary Org Type
Tertiary Org Type
higher education, scholarships, New College of Florida, liberal arts, New College, Pique Nique, Clambake, NCF, New College Foundation, university, college, students, New Music, New Topics, library, Cook Library, humanities, science, lecture, O'Shea,
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.
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."
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 Monitoring Progress is being measured by funds raised, in total and for specific needs.
Program Success Examples 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 Monitoring The alumnae/i and students are periodically interviewed and surveyed informally and formally to assess the success of our programs. 
Program Success Examples
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.

Daughters For Life 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 Daughters For Life, women 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 Daughters For Life, will bring women from Middle Eastern countries to 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 began 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 go through the standard orientation program as well as special co-curricular programs that 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 Daughters For Life 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 benefiting not only the Daughters for Life Scholars, but the New College and local communities as well.
Program Success Monitoring
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.
Program Success Examples 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.
Program Comments by Organization
Program Comments by Foundation
CEO/Executive Director
CEO/Executive Director MaryAnne Young
CEO Term Start July 2015
CEO/Executive Director Email

Former CEOs/Executive Directors
Shannon K. Duvall May 2013 - Feb 2015
Andrew B. Walker Dec 2008 - June 2012
Senior Staff
Jessica R Rogers Associate VP of New College Foundation
Staff & Volunteer Statistics
Full Time Staff 10
Part Time Staff 0
Staff Retention Rate % 92
Professional Development Yes
Contractors 0
Volunteers 20
Management Reports to Board Yes
CEO/Executive Director Formal Evaluation Yes
Senior Management Formal Evaluation Yes
Non-Management 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
External Assessments and Accreditations
Awards & Recognition
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
Organization Licensed by the Government No
Fundraising Plan No
Communication Plan No
Strategic Plan Yes
Strategic Plan Years 10
Strategic Plan Adopted Jan 2008
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 No
Management Comments by Organization
Management Comments by Foundation
Planning & Policies Comments by Organization
Planning & Policies Comments by Foundation
Multi-Media Comments by Organization
Board Chair
Board Chair Patrick J. Hennigan
Company Affiliation Retired - Morgan Stanley
Board Term Dec 2014 to Oct 2016
Board Chair Email
Board Members
Board Members
John W. Bean Retired
Frazier Carraway Saxon, Gilmore, Carraway, Gibbons, Lash & Wilcox, PA
Kathy J. Coffey Community Leader
B.J. Creighton Community Leader
Richard O. Donegan Retired
Renee Hamad Community Leader
Lt. General Rolland V. Heiser Retired
Patrick J. Hennigan, Ph.D. Retired, Morgan Stanley
Howard Isermann Retired
Sue Jacobson Community Leader
Elaine Keating Retired
Charlene Lenger Tropex Plant Service
Robert K. Lincoln, Esq. Law Office of Robert K. Lincoln, P.A.
David Lipsey Optimity Advisors
Dr. Lou Bertha McKenzie-Wharton Wharton and McKenzie, Educational Consultant
Kenneth R. Misemer Allgood & Misemer, P.A.
Keith Monda Retired, Coach, Inc
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.
Gardner R. Sherrill, CFP Sherrill Wealth Management
Jonathan Smiga Barnie's CoffeeKitchen
Thomas M. White, JD Rimon Law
Nancy Winship Brandeis University
Student serving on the board through Community Youth Development? No
Constituency Includes Client Representation No
Board Ethnicity
African American/Black 1
Asian American/Pacific Islander 0
Caucasian 24
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Gender
Male 14
Female 11
Unspecified 0
Board Term Lengths 3
Board Term Limits 3
Board Orientation Yes
Number of Full Board Meetings Annually 4
Board Meeting Attendance % 80
Board Self-Evaluation Yes
Written Board Selection Criteria No
Board Conflict of Interest Policy Yes
% of Board Making Monetary Contributions 100
% of Board Making In-Kind Contributions 15
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. 
Governance Comments by Foundation
Fiscal Year Projections
Fiscal Year Begins 2015
Fiscal Year Ends 2016
Projected Revenue $1,850,000.00
Projected Expenses $1,780,000.00
Endowment Value $41,811,479.00
Endowment Spending Policy Percentage
Endowment Spending Policy % 5.5
Capital Campaign
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.
Campaign Goal $60,000,000.00
Campaign Dates July 2010 to June 2017
Amount Raised To Date 31031000 as of Mar 2015
Anticipate Campaign within 5 years? Yes
Historical 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 Year201520142013
Foundation and
Corporation Contributions
Government Contributions$0$0$0
Individual Contributions$4,000,053$2,768,792$1,821,301
Investment Income, Net of Losses$2,957,336$2,171,651$2,161,846
Membership Dues$0$0$0
Special Events$182,938$147,904$201,061
Revenue In-Kind$1,651,496$91,444$33,364
Expense Allocation
Fiscal Year201520142013
Program Expense$1,876,555$2,027,723$1,713,712
Administration Expense$797,179$807,999$697,735
Fundraising Expense$561,785$371,887$368,128
Payments to Affiliates$0$0$0
Total Revenue/Total Expenses2.211.621.55
Program Expense/Total Expenses58%63%62%
Fundraising Expense/Contributed Revenue13%13%18%
Assets and Liabilities
Fiscal Year201520142013
Total Assets$48,203,032$46,654,676$41,292,602
Current Assets$6,316,246$44,738,336$39,330,757
Long-Term Liabilities$3,624,759$549,309$0
Current Liabilities$103,414$33,387,191$3,125,424
Total Net Assets$44,473,859$42,718,176$38,167,178
Top Funding Sources
Fiscal Year201520142013
Top Funding Source & Dollar AmountContributions, gifts, grants $4,000,053Contributions, gifts, grants $2,768,792Investment Income $2,161,846
Second Highest Funding Source & Dollar AmountInvestment Income $2,957,336Investment Income $2,171,651Contributions, gifts, grants $1,821,301
Third Highest Funding Source & Dollar AmountFundraising $182,938Fundraising $147,904Fundraising $201,061
CEO/Executive Director Compensation $100,001 - $125,000
Co-CEO/Executive Director Compensation
Tax Credits No
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities61.081.3412.58
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets8%1%0%
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
Phone 941 487-4800

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