2018-10-03T10:31:28-05:00 2018-06-30 521365413 KAHN BERMAN SOLOMON TAIBEL & MOGOL PA 9515 DEERECO ROAD SUITE 801 TIMONIUM MD 21093 990 2017-07-01 520692469 INDEPENDENT COLLEGE FUND OF MARYLAND INC INDE 4102690306 140 SOUTH STREET ANNAPOLIS MD 21401 TINA BJAREKULL MANAGING DIRECTOR 4102690306 2018-09-25 1 ERMA GRIMMEL P01239020 4103080300 2017 2022-09-23 18:48:47Z TINA BJAREKULL 140 SOUTH STREET ANNAPOLIS MD 21401 420592 0 X MICUA.ORG/I-FUND X 1953 MD 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. 3 3 0 3 0 0 322645 420532 0 0 46 60 0 0 322691 420592 0 0 0 0 0 0 0 0 0 322282 385564 322282 385564 409 35028 344715 424060 20000 16270 324715 407790 X 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, DESIGNATED SCHOLARSHIPS, AND A NATIONAL SECURITY SCHOLARS FUND. 0 0 176000 THE NATIONAL SECURITY SCHOLARS PROGRAM, CURRENTLY THE ONLY PROGRAM OF ITS KIND NATIONALLY, COMPLETED ITS SEVENTEENTH YEAR IN JUNE 2016. THE FUND PROVIDES THE INDUSTRY ALLIANCE ACCESS TO A HIGHLY TALENTED POOL OF CANDIDATES WHO ARE INTERESTED IN PURSUING A CAREER IN INTELLIGENCE. BENEFITS TO SCHOLARS INCLUDE UP TO A $ 15,000 SCHOLARSHIP, ASSISTANCE WITH PROCESSING FOR A NATIONAL SECURITY CLEARANCE, PAID INTERNSHIP OPPORTUNITIES WITH A PROGRAM SUPPORTER, AND OPPORTUNITY FOR FULL TIME EMPLOYMENT. THE PROGRAM'S SIXTEENTH YEAR CULMINATED WITH THE FOLLOWING RESULTS: $3.4 MILLION IN CUMULATIVE SCHOLARSHIP SUPPORT; 323 PLUS STUDENTS RECEIVING SCHOLARSHIPS; 170 PLUS STUDENTS RECEIVING PAID INTERNSHIP OPPORTUNITIES; AND A 90% HIRE AND RETENTION RATE INTO THE INDUSTRY ALLIANCE. 59750 THE POOLED SCHOLARSHIP PROGRAM HELPS ENSURE THE BENEFITS OF AN INDEPENDENT HIGHER EDUCATION ARE AVAILABLE TO MANY QUALIFIED YOUNG MEN AND WOMEN 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. 43000 THE DESIGNATED SCHOLARSHIP PROGRAM ALLOWS DONORS TO CHOOSE THE SPECIFIC I-FUND MEMBER COLLEGE THAT WILL BENEFIT FROM THEIR GIFT TO THE I-FUND. 75941 ADDITIONAL I-FUND PROGRAMS INCLUDE THE NAMED SCHOLARSHIP FUND WHICH 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. 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. 75941 354691 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 3 3 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 MD X TINA BJAREKULL 4102690306 140 SOUTH STREET ANNAPOLIS MD 21401 X WEYMOUTH SPENCE PRESIDENT 0.25 X X 0 0 0 ROGER CASEY TREASURER 0.25 X X 0 0 0 ELLIOT HIRSHMAN SECRETARY 0.25 X X 0 0 0 TINA BJAREKULL MANAGING DIRECTOR 3.00 X 0 0 0 0 0 0 0 0 0 0 0 60000 360532 420532 60 60 420592 0 0 60 89080 58252 30828 45 45 SCHOLARSHIP DISTRIBUTIO 296439 296439 385564 354691 30873 0 4374 13468 48402 47606 20000 86000 4174 4174 0 0 271939 276986 344715 424060 16270 20000 20000 16270 X -4302 8523 49017 119267 280000 280000 324715 407790 344715 424060 35028 5047 43000 0 X X 0 1 X 0 0 X X 12 CAPITOL TECHNOLOGY UNIVERSITY 520805606 2 0 29175 0 GOUCHER COLLEGE 520591613 2 0 15364 0 HOOD COLLEGE 520591608 2 0 31750 0 JOHNS HOPKINS UNIVERSITY 520595110 2 0 23675 0 LOYOLA UNIVERSITY MARYLAND 520591623 2 0 29175 0 MCDANIEL COLLEGE 520591694 2 0 23675 0 MOUNT SAINT MARY'S UNIVERSITY 520591672 2 0 27250 0 STEVENSON UNIVERSITY 520705392 2 0 45675 0 WASHINGTON ADVENTIST UNIVERSITY 520643528 2 0 14175 0 WASHINGTON COLLEGE 520591691 2 0 23675 0 NOTRE DAME OF MARYLAND UNIVERSITY 520591641 2 0 18175 0 ST JOHN'S COLLEGE 520591421 2 0 14675 0 12 296439 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X 1 1 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. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 271939 20023 -13532 -1444 276986 256556 30751 -14019 -1349 271939 283610 -11267 -14450 -1337 256556 293465 5261 -14391 -725 283610 305164 4036 -14230 -1505 293465 1 0 4174 4174 0 0 425639 5047 5047 420592 0 420592 385564 0 385564 0 385564 PART V, LINE 4: 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. 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 WAS 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, PART XII, LINE 2C: THE AUDIT PROCESS HAS NOT CHANGED FROM THE PRIOR YEARS.