Page 43 - TMCF 2023 Annual Report

Thurgood Marshall College Fund and Affiliates
Notes to Consolidated Financial Statements December 31, 2023 and 2022
1. Nature of Operations
The Thurgood Marshall College Fund (TMCF) was organized in 1987 as a not-for-profit organization that provides scholarships, leadership training, and career development. TMCF also promotes student development and programmatic and capacity-building support to students who attend any of the forty-seven (47) historically black public colleges and universities (HBCU) that it serves. Member colleges and universities receive scholarships and programmatic and capacity-building grants from TMCF. TMCF also provides donor-restricted funds to colleges from workplace campaigns and grants and contributions from corporations, foundations, and individual donors.
Opportunity Funding Corporation, Inc. (OFCI) was created in 1984 by Opportunity Funding Corporation (OFC) to serve as the financing vehicle for the hundreds of minority entrepreneurs who have successfully launched business enterprises nationwide. Pursuant to an Agreement and Plan of Merger, OFC was merged into TMCF, effective August 30, 2013. As part of the merger, TMCF acquired OFC’s wholly-owned interest in its subsidiary OFCI.
On January 19, 2016, TMCF founded TM2 Search, LLC (TM2), a limited liability company, under the laws of Delaware, to identify, match, and support the unique leadership needs of the Black College Community. TM2’s sole member is TMCF, and its vision is to build sustainable institutions by identifying and supporting creative and competent leadership.
2. Summary of Significant Accounting Policies
Principles of Consolidation
TMCF’s financial statements have been consolidated with those of OFCI and TM2 (collectively, “the Organization”). All significant intercompany balances and transactions have been eliminated in consolidation. As a wholly-owned subsidiary, any dividends paid by OFCI are netted against TMCF’s investment in OFCI, with the net investment eliminated in consolidation. As a single-member managed liability company with TMCF as its sole member, TM2 is included in the accompanying consolidated financial statements.
VISIT THE LINK BELOW FOR THE FULL FINANCIAL REPORT
https://www.tmcf.org/wp-content/uploads/2024/06/TMCF-23-FS-Final.pdf
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