INDEPENDENT COLLEGE FUND OF MARYLAND INC: Form 990, tax year 2022
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- Organization
- INDEPENDENT COLLEGE FUND OF MARYLAND INC (EIN 52-0692469)
- Tax period
- 2022-07-01 to 2023-06-30
- Filed
- 2023-11-13
- IRS object ID
- 202313179349309571
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-11-13T15:52:19-06:00 | ReturnTs |
| Tax Period End | 2023-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 521365413 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KAHN BERMAN SOLOMON TAIBEL & MOGOL PA | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 9515 DEERECO ROAD SUITE 801 | AddressLine1Txt |
| City | TIMONIUM | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 21093 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 520692469 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | INDEPENDENT COLLEGE FUND OF | BusinessNameLine1Txt |
| Business Name Line2 | MARYLAND INC | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | INDE | BusinessNameControlTxt |
| Phone | 4102690306 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 140 SOUTH STREET | AddressLine1Txt |
| City | ANNAPOLIS | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 21401 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MATTHEW POWER | PersonNm |
| Person Title | MANAGING DIRECTOR | PersonTitleTxt |
| Phone | 4102690306 | PhoneNum |
| Signature | 2023-11-13 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | MATTHEW | PersonFirstNm |
| Person Last | POWER | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | ERMA GRIMMEL | PreparerPersonNm |
| PTIN | P01239020 | PTIN |
| Phone | 4103080300 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | MATTHEW POWER | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 140 SOUTH STREET | AddressLine1Txt |
| City | ANNAPOLIS | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 21401 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $189,067 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | MICUA.ORG/I-FUND | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1953 | FormationYr |
| Legal Domicile State | MD | LegalDomicileStateCd |
| Activity Or Mission | TO PROVIDE COLLEGE ACCESS, CHOICE AND OPPORTUNITIES BY RAISING FUNDS, PRINCIPALLY FROM BUSINESSES AND FOUNDATIONS, TO PROVIDE SCHOLARSHIPS AND GRANTS TO STUDENTS ATTENDING I-FUND MEMBER INSTITUTIONS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 3 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 3 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Volunteers | 3 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $131,965 | PYContributionsGrantsAmt |
| CY Contributions Grants | $189,060 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $0 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $0 | CYProgramServiceRevenueAmt |
| PY Investment Income | $8 | PYInvestmentIncomeAmt |
| CY Investment Income | $7 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $131,973 | PYTotalRevenueAmt |
| CY Total Revenue | $189,067 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $0 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $0 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $179,979 | PYOtherExpensesAmt |
| CY Other Expenses | $167,817 | CYOtherExpensesAmt |
| PY Total Expenses | $179,979 | PYTotalExpensesAmt |
| CY Total Expenses | $167,817 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$48,006 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $21,250 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $358,767 | TotalAssetsBOYAmt |
| Total Assets EOY | $408,984 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $0 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $16,000 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $358,767 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $392,984 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | THE MISSION OF THE I-FUND IS TO PROVIDE COLLEGE ACCESS, CHOICE AND OPPORTUNITIES BY RAISING FUNDS, PRINCIPALLY FROM BUSINESSES AND FOUNDATIONS, TO PROVIDE SCHOLARSHIPS AND GRANTS TO STUDENTS ATTENDING I-FUND MEMBER INSTITUTIONS. THE I-FUND STRIVES TO EXPAND EDUCATIONAL OPPORTUNITIES TO DIVERSIFY LEADERSHIP IN THE CIVIC, CORPORATE, AND POLITICAL COMMUNITIES; TO STRENGTHEN THE DEMOCRATIC PROCESS BY PREPARING PEOPLE TO REASON AND DISCERN TRUTH; AND TO ENRICH THE LEARNING ENVIRONMENT BY PROVIDING SUPPORT FOR NEW PROGRAMS, TECHNOLOGIES AND OTHER RESOURCES. THE I-FUND'S PROGRAMS INCLUDE UNRESTRICTED SUPPORT, A POOLED SCHOLARSHIP FUND, NAMED SCHOLARSHIPS, AND DESIGNATED SCHOLARSHIPS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $69,485 | ExpenseAmt |
| Desc | THE POOLED SCHOLARSHIP PROGRAM HELPS ENSURE THE BENEFITS OF AN INDEPENDENT HIGHER EDUCATION ARE AVAILABLE TO MANY QUALIFIED STUDENTS FOR WHOM THE COST OF COLLEGE WOULD OTHERWISE BE OUT OF REACH. SCHOLARSHIPS FROM THIS FUND ARE AWARDED TO STUDENTS OF ALL MAJORS BASED ON FINANCIAL NEED. GRANTS FUND BASIC AND EMERGENCY FINANCIAL NEEDS. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $45,288 | ExpenseAmt |
| Desc | THE DESIGNATED SCHOLARSHIP PROGRAM ALLOWS DONORS TO CHOOSE THE SPECIFIC I-FUND MEMBER COLLEGE THAT WILL BENEFIT FROM THEIR GIFT TO THE I-FUND. THE NAMED SCHOLARSHIP FUND PROVIDES BUSINESSES AND FOUNDATION PARTNERS THE OPPORTUNITY TO DEMONSTRATE THEIR COMMITMENT TO HIGHER EDUCATION BY CREATING NAMED SCHOLARSHIPS, WHICH ARE AWARDED TO ONE STUDENT AT EACH MEMBER COLLEGE BASED ON FINANCIAL NEED. | Desc |
Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $23,320 | ExpenseAmt |
| Desc | THE I-FUND IS ALSO A MEMBER OF THE FOUNDATION FOR INDEPENDENT HIGHER EDUCATION WHICH COLLABORATES WITH HUNDREDS OF PRIVATE COLLEGES ACROSS THE NATION AND IS A PRIMARY VOICE OF INDEPENDENT HIGHER EDUCATION. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Prog Srvc Expense | $23,320 | TotalOtherProgSrvcExpenseAmt |
| Total Program Service Expenses | $138,093 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | Yes (1) | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | 0 | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | 0 | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | 0 | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 0 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 0 | EmployeeCnt |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 3 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 3 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | Yes (1) | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | 0 | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | MD | StatesWhereCopyOfReturnIsFldCd |
| Other Website | Yes (X) | OtherWebsiteInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MATTHEW POWER | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4102690306 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 140 SOUTH STREET | AddressLine1Txt |
| City | ANNAPOLIS | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 21401 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| No Listed Persons Compensated | Yes (X) | NoListedPersonsCompensatedInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (4 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt |
|---|---|---|---|---|---|---|
| ELLIOT HIRSHMAN | ||||||
| PRESIDENT | 0.25 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| BRADFORD SIMS | ||||||
| SECRETARY | 0.25 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| ANDREA CHAPDELAINE | ||||||
| TREASURER | 0.25 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| MATTHEW POWER | ||||||
| MANAGING DIRECTOR | 3.00 | Yes (X) | $0 | $0 | $0 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $0 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $0 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 0 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | 0 | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
| Cntrct Rcvd Greater Than100 K | 0 | CntrctRcvdGreaterThan100KCnt |
| Membership Dues | $42,000 | MembershipDuesAmt |
| All Other Contributions | $147,060 | AllOtherContributionsAmt |
| Total Contributions | $189,060 | TotalContributionsAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $7 | TotalRevenueColumnAmt |
| Exclusion | $7 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $189,067 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $0 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $7 | ExclusionAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $53,000 | TotalAmt |
| Program Services | $23,320 | ProgramServicesAmt |
| Management And General | $29,680 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $44 | TotalAmt |
| Management And General | $44 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | SCHOLARSHIP DISTRIBUTIO | Desc |
| Total | $114,773 | TotalAmt |
| Program Services | $114,773 | ProgramServicesAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $167,817 | TotalAmt |
| Program Services | $138,093 | ProgramServicesAmt |
| Management And General | $29,724 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,642 | BOYAmt |
| EOY | $8,389 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,851 | BOYAmt |
| EOY | $61,854 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $43,400 | BOYAmt |
| EOY | $38,400 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $10,500 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $276,874 | BOYAmt |
| EOY | $289,841 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $358,767 | BOYAmt |
| EOY | $408,984 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $16,000 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $16,000 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,697 | BOYAmt |
| EOY | $11,947 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $349,070 | BOYAmt |
| EOY | $381,037 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $358,767 | BOYAmt |
| EOY | $392,984 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $358,767 | BOYAmt |
| EOY | $408,984 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $21,250 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $12,967 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | Yes (1) | AccountantCompileOrReviewInd |
Acct Compile Or Review Basis AcctCompileOrReviewBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| FS Audited | 0 | FSAuditedInd |
| Audit Committee | 0 | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Supporting Organization509a3 | Yes (X) | SupportingOrganization509a3Ind |
| Supporting Org Type3 Func Int | Yes (X) | SupportingOrgType3FuncIntInd |
| Supported Organizations | 12 | SupportedOrganizationsCnt |
Supported Org Information SupportedOrgInformationGrp (12 entries)
| EINEIN | Organization TypeOrganizationTypeCd | Governing Document ListedGoverningDocumentListedInd | SupportSupportAmt | Other SupportOtherSupportAmt |
|---|---|---|---|---|
| CAPITOL TECH UNIV | ||||
| 520805606 | 2 | 0 | $8,990 | $0 |
| GOUCHER COLLEGE | ||||
| 520591613 | 2 | 0 | $10,878 | $0 |
| HOOD COLLEGE | ||||
| 520591608 | 2 | 0 | $13,990 | $0 |
| JOHNS HOPKINS UNIV | ||||
| 520595110 | 2 | 0 | $8,991 | $0 |
| LOYOLA UNIV MD | ||||
| 520591623 | 2 | 0 | $8,991 | $0 |
| MCDANIEL COLLEGE | ||||
| 520591694 | 2 | 0 | $8,991 | $0 |
| MT ST MARY'S UNIV | ||||
| 520591672 | 2 | 0 | $8,991 | $0 |
| ND OF MD UNIV | ||||
| 520591641 | 2 | 0 | $8,990 | $0 |
| ST JOHN'S COLLEGE | ||||
| 520591421 | 2 | 0 | $8,990 | $0 |
| STEVENSON UNIV | ||||
| 520705392 | 2 | 0 | $8,990 | $0 |
| WASH ADV UNIV | ||||
| 520643528 | 2 | 0 | $8,990 | $0 |
| WASHINGTON COLLEGE | ||||
| 520591691 | 2 | 0 | $8,990 | $0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Supported Organizations Total | 12 | SupportedOrganizationsTotalCnt |
| Support Sum | $114,772 | SupportSumAmt |
| Other Support Sum | $0 | OtherSupportSumAmt |
Form990 Sch A Supporting Org Form990SchASupportingOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Listed By Name Governing Doc | 0 | ListedByNameGoverningDocInd |
| Suprt Org No IRS Determination | 0 | SuprtOrgNoIRSDeterminationInd |
| Supported Org Section C456 | 0 | SupportedOrgSectionC456Ind |
| Supported Org Not Organized US | 0 | SupportedOrgNotOrganizedUSInd |
| Organization Change Suprt Org | 0 | OrganizationChangeSuprtOrgInd |
| Support Non Supported Org | 0 | SupportNonSupportedOrgInd |
| Payment Substantial Contribtr | 0 | PaymentSubstantialContribtrInd |
| Loan Disqualified Person | 0 | LoanDisqualifiedPersonInd |
| Controlled Disqualified Prsn | 0 | ControlledDisqualifiedPrsnInd |
| Disqualified Prsn Controll Int | 0 | DisqualifiedPrsnControllIntInd |
| Disqualified Prsn Ownr Int | 0 | DisqualifiedPrsnOwnrIntInd |
| Excess Business Holdings Rules | 0 | ExcessBusinessHoldingsRulesInd |
| Contribution Controller | 0 | ContributionControllerInd |
| Contribution Family | 0 | ContributionFamilyInd |
| Contribution35 Controlled | 0 | Contribution35ControlledInd |
Form990 Sch A Type3 Sprt Org All Form990SchAType3SprtOrgAllGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timely Provided Documents | Yes (1) | TimelyProvidedDocumentsInd |
| Officers Close Relationship | Yes (1) | OfficersCloseRelationshipInd |
| Supported Org Voice Investment | Yes (1) | SupportedOrgVoiceInvestmentInd |
Form990 Sch A Type3 Func Int Form990SchAType3FuncIntGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Activities Test | Yes (X) | ActivitiesTestInd |
| Activities Further Exempt Prps | Yes (1) | ActivitiesFurtherExemptPrpsInd |
| Activities Engaged Org Invlmnt | Yes (1) | ActivitiesEngagedOrgInvlmntInd |
Form990 Schedule A Part VI Form990ScheduleAPartVIGrp (4 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| SCHEDULE A, PART IV, SECTION A, LINE 1 | SUPPORTED ORGANIZATIONS ARE INDEPENDENT COLLEGES IN MARYLAND THAT ARE MEMBERS OF THE I-FUND. INDEPENDENT COLLEGES MUST SATISFY THE FOLLOWING REQUIREMENTS TO BE ELIGIBLE FOR MEMBERSHIP: LOCATED IN THE STATE OF MARYLAND, ACCREDITED BY THE MIDDLE STATES ASSOCIATION OF COLLEGES AND SCHOOLS, AUTHORIZED AS A FOUR-YEAR DEGREE GRANTING INSTITUTION BY THE MARYLAND HIGHER EDUCATION COMMISSION, DEFINED BY SECTION170(C) OF THE IRC AS A SCHOOL, HAVE A PREDOMINANTLY NON-SECTARIAN FOCUS IN ACADEMICS AND A PERVASIVE FINANCIAL RELIANCE ON THE PRIVATE SECTOR, AND BE A MEMBER OF THE MARYLAND INDEPENDENT COLLEGE AND UNIVERSITY ASSOCIATION. |
| SCHEDULE A, PART IV, SECTION D, LINE 3 | THE BOARD OF DIRECTORS IS COMPRISED OF PRESIDENTS OF MEMBER ORGANIZATIONS, WHICH ARE ELECTED BY MEMBERS AT THE ANNUAL MEETING OF THE ORGANIZATION. |
| SCHEDULE A, PART IV, SECTION E, LINE 2A | MEMBER COLLEGES GRANT SCHOLARSHIPS TO ELIGIBLE STUDENTS, IN SUPPORT OF HIGHER EDUCATION. THE I-FUND SOLICITS CONTRIBUTIONS FROM CORPORATIONS, BUSINESSES AND FOUNDATIONS FOR THE BENEFIT OF THE ANNUAL OPERATING BUDGETS OF MEMBERS COLLEGES, INCLUDING SPECIFIC SCHOLARSHIPS WHICH ARE AWARDED BY THE MEMBER COLLEGES. THIS SUPPORT CONSTITUTES THE SOLE PURPOSE FOR WHICH THE I-FUND WAS ESTABLISHED. |
| SCHEDULE A, PART IV, SECTION E, LINE 2B | TO PROMOTE HIGHER EDUCATION, COLLEGES ROUTINELY PROVIDE SCHOLARSHIPS TO ELIGIBLE STUDENTS. |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
CY Endwmt Fund CYEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $276,874 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | $29,555 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | -$15,135 | GrantsOrScholarshipsAmt |
| Administrative Expenses | -$1,453 | AdministrativeExpensesAmt |
| End Year Balance | $289,841 | EndYearBalanceAmt |
CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $338,737 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | -$45,539 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | -$14,665 | GrantsOrScholarshipsAmt |
| Administrative Expenses | -$1,659 | AdministrativeExpensesAmt |
| End Year Balance | $276,874 | EndYearBalanceAmt |
CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $276,627 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | $77,592 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | -$13,872 | GrantsOrScholarshipsAmt |
| Administrative Expenses | -$1,610 | AdministrativeExpensesAmt |
| End Year Balance | $338,737 | EndYearBalanceAmt |
CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $278,367 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | $13,470 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | -$13,772 | GrantsOrScholarshipsAmt |
| Administrative Expenses | -$1,438 | AdministrativeExpensesAmt |
| End Year Balance | $276,627 | EndYearBalanceAmt |
CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $276,986 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | $16,335 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | -$13,565 | GrantsOrScholarshipsAmt |
| Administrative Expenses | -$1,389 | AdministrativeExpensesAmt |
| End Year Balance | $278,367 | EndYearBalanceAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Endowments Held Unrelated Org | Yes (1) | EndowmentsHeldUnrelatedOrgInd |
| Endowments Held Related Org | 0 | EndowmentsHeldRelatedOrgInd |
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | BENEFICIAL INTEREST IN ENDOWMENT FUNDS HELD BY BALTIMORE COMMUNITY FOUNDATIO | Desc |
| Book Value | $289,841 | BookValueAmt |
| Method Valuation | F | MethodValuationCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $289,841 | TotalBookValueSecuritiesAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART V, LINE 4: | FormAndLineReferenceDesc |
| Explanation | THE ENDOWMENT FUNDS SHALL BE USED FOR SUPPORT OF THE CHARITABLE PURPOSES OF THE I-FUND. THE I-FUND MAY, BASED ON CIRCUMSTANCES, NEEDS OR OPPORTUNITIES DEEMED SUFFICIENT TO IT, RECOMMEND AND REQUEST DISTRIBUTION OF ALL OR PART OF THE INITIAL CONTRIBUTION AND ADDITIONAL AMOUNTS OF PRINCIPAL IT SUBSEQUENTLY CONTRIBUTES TO THE ENDOWMENT FUNDS. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 3 | MANAGEMENT OF DAILY OPERATIONS OF THE I-FUND IS HANDLED BY THE MARYLAND INDEPENDENT COLLEGE & UNIVERSITY ASSOCIATION, INC. (MICUA). THE I-FUND MAINTAINS ITS OFFICES AT MICUA HEADQUARTERS LOCATED AT 140 SOUTH STREET, ANNAPOLIS, MD 21401. MICUA AND I-FUND HAVE A SERVICE MANAGEMENT AGREEMENT THAT DEFINES THE RESPONSIBILITIES OF THE MANAGEMENT COMPANY. A MANAGEMENT FEE IS NEGOTIATED THAT COVERS ALL EXPENSES ASSOCIATED WITH THE ACTIVITIES OF THE I-FUND. |
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERSHIP CONSISTS OF TWELVE FOUR-YEAR LIBERAL ARTS COLLEGES LOCATED IN MARYLAND. THESE TWELVE COLLEGES ARE REPRESENTED BY THE COLLEGES' PRESIDENT OR CHIEF EXECUTIVE OFFICER. |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS ELECT DIRECTORS AT THE ANNUAL MEETING OF MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE ANNUAL BUDGET AS WELL AS ANY NEW PROGRAMS MUST BE APPROVED BY THE 12 MEMBER COLLEGES. |
| FORM 990, PART VI, SECTION B, LINE 11B | A DRAFT OF THE 990 WAS DISTRIBUTED TO THE OFFICERS OF THE BOARD, FOR REVIEW, PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. |
| FORM 990, PART VI, SECTION B, LINE 15 | MANAGEMENT OF THE I-FUND IS TRANSFERRED TO MICUA UNDER A SERVICE MANAGEMENT AGREEMENT. DISCUSSION REGARDING COMPENSATION OF THE MANAGING DIRECTOR AND MICUA, AS RESIDENT AGENT, IS CONDUCTED BY THE EXECUTIVE COMMITTEE IN A CLOSED DOOR SESSION WITHOUT THE PRESENCE OF THE MANAGING DIRECTOR. |
| FORM 990, PART VI, SECTION C, LINE 19 | IFUND MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO ANYONE UPON REQUEST. |
| FORM 990, PAGE 12, PART XII, LINE 2C | THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEARS. |