2015-05-05T09:21:35-05:00 2014-12-31 521365413 KAHN BERMAN SOLOMON TAIBEL & MOGOL PA 9515 DEERECO ROAD SUITE 801 TIMONIUM MD 210932108 990 2014-01-01 520692469 INDEPENDENT COLLEGE FUND OF MARYLAND INC INDE 4102690306 60 WEST STREET NO 201 ANNAPOLIS MD 21401 TINA BJAREKULL MANAGING DIRECTOR 4102690306 2015-04-29 1 DEANNA AMOS P00028766 4103080300 2014 2016-04-25 22:37:26Z X TINA BJAREKULL 60 WEST STREET NO 201 ANNAPOLIS MD 21401 467296 0 X MICUA.ORG/I-FUND X 1953 MD FUNDRAISING FOR MEMBER COLLEGES 35 35 5 0 0 0 978795 467177 0 0 277 -1337 -16924 0 962148 465840 0 0 0 0 358812 87034 0 0 0 636858 397203 995670 484237 -33522 -18397 882967 561956 546981 256065 335986 305891 X THE MISSION OF THE I-FUND IS TO RAISE FUNDS FOR I-FUND MEMBER COLLEGES FOR PROGRAMS AND SCHOLARSHIPS TO PROMOTE COLLEGE ACCESS, CHOICE AND OPPORTUNITY. 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 130000 THE NATIONAL SECURITY SCHOLARS PROGRAM, CURRENTLY THE ONLY PROGRAM OF ITS KIND NATIONALLY, COMPLETED ITS FIFTEENTH YEAR IN 2014. 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 FIFTEENTH YEAR CULMINATED WITH THE FOLLOWING RESULTS: $2.7 MILLION IN CUMULATIVE SCHOLARSHIP SUPPORT; 200 PLUS STUDENTS RECEIVING SCHOLARSHIPS; 150 PLUS STUDENTS RECEIVING PAID INTERNSHIP OPPORTUNITIES; AND A 90% HIRE AND RETENTION RATE INTO THE INDUSTRY ALLIANCE. 41000 THE NAMED SCHOLARSHIP PROGRAM PROVIDES BUSINESSES AND FOUNDATION PARTNERS A PHILANTHROPIC OPPORTUNITY TO DEMONSTRATE THEIR COMMITMENT TO HIGHER EDUCATION BY CREATING A NAMED SCHOLARSHIP. NAMED SCHOLARSHIPS ARE AWARDED TO ONE STUDENT AT EACH MEMBER COLLEGE, BASED ON DEMONSTRATED FINANCIAL NEED. 26031 THE DESIGNATED SCHOLARHIP PROGRAM ALLOWS DONORS TO CHOOSE THE SPECIFIC I-FUND MEMBER COLLEGE THAT WILL BENEFIT FROM THEIR GIFT TO THE I-FUND. 208785 ADDITIONAL I-FUND PROGRAMS INCLUDE THE MARYLAND POOLED SCHOLARSHIP FUND WHICH IS DESIGNED TO BE FLEXIBLE IN ALLOWING THE COLLEGES TO ASSIST AS MANY NEEDY STUDENTS AS POSSIBLE. 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. 208785 405816 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 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 1 0 1 5 1 0 0 0 0 0 0 0 0 X 35 35 0 1 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 MD X X TINA BJAREKULL 4102690306 60 WEST STREET SUITE 201 ANNAPOLIS MD 21401 JOY BEVERIDGE DIRECTOR 1.00 X 0 0 0 TINA BJAREKULL DIRECTOR 1.00 X 0 0 0 JOHN BLAIR DIRECTOR 1.00 X 0 0 0 JOAN COLEY DIRECTOR 1.00 X 0 0 0 GIANNA ARNOLD DIRECTOR 1.00 X 0 0 0 ROGER CASEY PRESIDENT 1.00 X X 0 0 0 RONALD DANIELS DIRECTOR 1.00 X 0 0 0 HARRY KLEISER DIRECTOR 1.00 X 0 0 0 PETER KEITH DIRECTOR 1.00 X 0 0 0 REV BRIAN LINNANE DIRECTOR 1.00 X 0 0 0 KEVIN J MANNING DIRECTOR 1.00 X 0 0 0 JOSEPH DIMAGGIO JR DIRECTOR 1.00 X 0 0 0 ELI EISENBERG DIRECTOR 1.00 X 0 0 0 CHRISTOPHER B NELSON TREASURER 1.00 X X 0 0 0 CHRIS NEWMAN DIRECTOR 1.00 X 0 0 0 HARRY O'MEALIA DIRECTOR 1.00 X 0 0 0 THOMAS H POWELL SECRETARY 1.00 X X 0 0 0 MARY BETH LENNON DIRECTOR 1.00 X 0 0 0 SEAN SANDS DIRECTOR 1.00 X 0 0 0 PATRICK SATY DIRECTOR 1.00 X 0 0 0 MIKE YOUNG DIRECTOR 1.00 X 0 0 0 MARTY BRUNK DIRECTOR 1.00 X 0 0 0 DAVE TARTAGLIA DIRECTOR 1.00 X 0 0 0 CINDY THOMPSON DIRECTOR 1.00 X 0 0 0 SANFORD UNGAR DIRECTOR 1.00 X 0 0 0 RONALD J VOLPE DIRECTOR 1.00 X 0 0 0 HOLT MARCHANT JR DIRECTOR 1.00 X 0 0 0 E MAGRUDER PASSANO JR DIRECTOR 1.00 X 0 0 0 DAVID QUARANTA DIRECTOR 1.00 X 0 0 0 MITCHELL REISS DIRECTOR 1.00 X 0 0 0 JENNIFER SMITH DIRECTOR 1.00 X 0 0 0 DAVE GARBARINO DIRECTOR 1.00 X 0 0 0 MAXINE HOEN DIRECTOR 1.00 X 0 0 0 ROB BIAGIOTTI DIRECTOR 1.00 X 0 0 0 DANIEL ENNIS DIRECTOR 1.00 X 0 0 0 BRAD MONTGOMERY DIRECTOR 1.00 X 0 0 0 TIMOTHY WATKINS DIRECTOR 1.00 X 0 0 0 LORI SUBOTICH FORMER EXECUTIVE DIRECTOR 40.00 X 50248 0 5519 50248 0 5519 0 0 0 0 0 140000 327177 467177 119 119 1456 -1456 -1456 -1456 465840 0 0 -1337 55589 43693 11896 20053 15762 4291 1095 860 235 4944 3887 1057 5353 4207 1146 41030 28721 12309 11145 11145 9000 9000 2500 2500 5533 4349 1184 209 164 45 2429 2429 154 154 MEMBERSHIP DISTRIBUTION 261019 261019 OTHER PROGRAM EXPENSES 37429 37429 BAD DEBT EXPENSE 20000 20000 FIHE DUES AND EXPENSES 3225 3225 3530 3530 484237 405816 78421 0 494643 196090 70500 70000 6375 0 7209 4808 6285 2401 305164 293465 882967 561956 6073 30000 540908 226065 546981 256065 X -50890 -4643 106876 30534 280000 280000 335986 305891 882967 561956 -18397 -11698 0 X 0 1 X 0 0 X X 12 CAPITOL TECHNOLOGY UNIVERSITY 520805606 2 0 0 0 GOUCHER COLLEGE 520591613 2 0 46355 0 HOOD COLLEGE 520591608 2 0 48438 0 JOHNS HOPKINS UNIVERSITY 520595110 2 0 32345 0 LOYOLA UNIVERSITY 520591623 2 0 44029 0 MCDANIEL COLLEGE 520591694 2 0 58908 0 MOUNT SAINT MARYS 520591672 2 0 63026 0 STEVENSON UNIVERSITY 520705392 2 0 139126 0 WASHINGTON ADVENTIST UNIVERSITY 520643528 2 0 0 0 WASHINGTON COLLEGE 520591691 2 0 24595 0 NOTRE DAME OF MARYLAND UNIVERSITY 520591641 2 0 23300 0 ST JOHN'S COLLEGE 520591421 2 0 12750 0 12 492872 0 0 0 0 1 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 A, LINE 5A THE I-FUND ADDED THE FOLLOWING TWO SUPPORTED ORGANIZATIONS DURING THE TAX YEAR FOR THE PURPOSE OF PROVIDING SCHOLARSHIPS AND GRANTS TO STUDENTS: (1) WASHINGTON ADVENTIST UNIVERSITY - 52-0643528, AND (2) CAPITOL TECHNOLOGY UNIVERSITY - 52-0805606. THE ADDITION OF THESE ORGANIZATIONS WAS APPROVED BY THE AFFIRMATIVE VOTE OF TWO-THIRDS OF THE MEMBERS OF THE BOARD OF DIRECTORS DURING A MEETING OF THE BOARD. 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 BEENFIT OF THE ANNUAL OPERATING BUDGETS OF MEMBER 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 305164 305164 287440 31059 -14070 -1474 305164 275438 24930 -13504 -1402 287440 300161 -11185 -14456 -1422 275438 283883 34127 -16448 -1401 300161 1 0 7209 4808 2401 2401 DISTRIBUTIONS PAYABLE 226065 226065 X 471545 -11698 15947 4249 467296 -1456 -1456 465840 501640 15947 1456 17403 484237 0 484237 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. PART X, LINE 2: THE I-FUND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXEMPTION LETTER DATED JUNE, 1953. THE INTERNAL REVENUE SERVICE HAS ALSO CLASSIFIED THE I-FUND AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. THE I-FUND HAS EVALUATED ITS TAX POSITIONS TAKEN FOR ALL OPEN YEARS DECEMBER 31, 2011 THROUGH DECEMBER 31, 2014. CURRENTLY, THE I-FUND IS NOT UNDER AUDIT, NOR HAVE THEY BEEN CONTACTED BY ANY TAXING JURISDICTIONS. IF INTEREST AND PENALTIES WERE RECORDED, THEY WOULD BE INCLUDED IN INCOME TAX EXPENSE. AS OF DECEMBER 31, 2014 AND 2013, NO INTEREST OR PENALTIES HAVE BEEN RECORDED. BASED ON THE EVALUATION OF THE I-FUND'S TAX POSITIONS AND ELECTIONS, MANAGEMENT BELIEVES ALL TAX POSITIONS TAKEN WOULD BE UPHELD UNDER EXAMINATION. THEREFORE, NO PROVISION FOR EFFECTS OF UNCERTAIN TAX POSITIONS HAVE BEEN RECORDED AS OF DECEMBER 31, 2014 AND 2013 AND FOR THE YEARS THEN ENDED. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS -1,456. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS 1,456. FORM 990, PART VI, SECTION A, LINE 3 EFFECTIVE JULY 1, 2014, THE I-FUND MOVED MANAGEMENT OF DAILY OPERATIONS TO THE MARYLAND INDEPENDENT COLLEGE & UNIVERSITY ASSOCIATION, INC. (MICUA). THE I-FUND MAINTAINS ITS OFFICES AT MICUA HEADQUARTERS LOCATED AT 60 WEST STREET, SUITE 201, ANNAPOLIS, MD 21401. ALL REGULAR I-FUND STAFF MEMBERS ARE EMPLOYEES OF MICUA. 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 4 ON JUNE 18, 2014, THE ORGANIZATION UPDATED ITS BYLAWS REGARDING MEMBER ELIGIBILITY CRITERIA, THE PROCESS TO JOIN THE I-FUND, DUES ASSESSMENTS, AND TERMS OF OFFICE FOR THE BOARD OF DIRECTORS, AMONG OTHER UPDATES. 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 11 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 15A DISCUSSION REGARDING COMPENSATION OF THE ORGANIZATION'S EXECUTIVE DIRECTOR IS CONDUCTED BY THE EXECUTIVE COMMITTEE IN A CLOSED DOOR SESSION WITHOUT THE EXECUTIVE DIRECTOR OR STAFF PRESENT. COMPARABLE DATA FROM OTHER STATES AND THEIR STATE EXECUTIVES IS GIVEN TO THE EXECUTIVE COMMITTEE FOR REVIEW ON AN AS NEEDED BASIS. FORM 990, PART VI, SECTION C, LINE 19 IFUND MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO ANYONE UPON REQUEST.