2025-01-23T09:40:05-06:00 2024-06-30 521365413 KAHN BERMAN SOLOMON TAIBEL & MOGOL PA 307 INTERNATIONAL CIRCLE SUITE 620 HUNT VALLEY MD 21030 990 2023-07-01 520692469 INDEPENDENT COLLEGE FUND OF MARYLAND INC INDE 4102690306 140 SOUTH STREET ANNAPOLIS MD 21401 MATTHEW POWER MANAGING DIRECTOR 4102690306 2025-01-23 1 0 ERMA GRIMMEL P01239020 4103080300 2023 2024-10-15 13:58:12Z MATTHEW POWER 140 SOUTH STREET ANNAPOLIS MD 21401 138236 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 189060 136726 0 0 7 10 0 1500 189067 138236 0 0 0 0 0 0 0 0 0 167817 170303 167817 170303 21250 -32067 408984 382600 16000 0 392984 382600 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, AND DESIGNATED SCHOLARSHIPS. 0 0 68460 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. 45299 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. 26820 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. 140579 1 1 0 0 0 0 0 0 0 1 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 0 0 0 0 0 1 0 0 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 X MATTHEW POWER 4102690306 140 SOUTH STREET ANNAPOLIS MD 21401 X ANDREA CHAPDELAINE PRESIDENT 0.25 X X 0 0 0 BRADFORD SIMS SECRETARY 0.25 X X 0 0 0 NORA DEMLEITNER TREASURER 0.25 X X 0 0 0 MATTHEW POWER MANAGING DIRECTOR 3.00 X 0 0 0 0 0 0 0 0 0 0 0 48000 88726 136726 10 10 MISCELLANEOUS REVENUE 900099 1500 1500 1500 138236 1500 0 10 55000 25320 29680 44 44 SCHOLARSHIP DISTRIBUTIO 113759 113759 MISCELLANEOUS EXPENSE 1500 1500 170303 140579 29724 0 8389 61854 67576 38400 10500 3500 289841 311524 408984 382600 16000 16000 0 X 11947 18280 381037 364320 392984 382600 408984 382600 -32067 21683 0 X X 1 X 0 1 0 X X 12 CAPITOL TECH UNIV 520805606 2 0 8905 0 GOUCHER COLLEGE 520591613 2 0 10804 0 HOOD COLLEGE 520591608 2 0 13905 0 JOHNS HOPKINS UNIV 520595110 2 0 8905 0 LOYOLA UNIV MD 520591623 2 0 8905 0 MCDANIEL COLLEGE 520591694 2 0 8905 0 MT ST MARY'S UNIV 520591672 2 0 8905 0 ND OF MD UNIV 520591641 2 0 8905 0 ST JOHN'S COLLEGE 520591421 2 0 8905 0 STEVENSON UNIV 520705392 2 0 8905 0 WASH ADV UNIV 520643528 2 0 8905 0 WASHINGTON COLLEGE 520591691 2 0 8905 0 12 113759 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 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 A, PART I, LINE 12G, COLUMN IV THE SUPPORTING ORGANIZATION IS CONTROLLED BY ITS SUPPORTED ORGANIZATIONS BY GIVING THE POWER TO ELECT THE BOARD OF DIRECTORS OF THE SUPPORTING ORGANIZATIONS. THE SUPPORTED ORGANIZATIONS ARE ALL MEMBERS OF THE SUPPORTING ORGANIZATION AND ARE LISTED ON SCHEDULE A PART I, LINE 12G. SCHEDULE A, PAGE 4, SECTION A, LINE 6 THE SUPPORTED ORGANIZATIONS AND THE SUPPORT RECEIVED BY EACH IS LISTED ON SCHEDULE A PART I, LINE 12G. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 289841 38470 -15226 -1561 311523 276874 29555 -15135 -1453 289841 338737 -45539 -14665 -1659 276874 276627 77592 -13872 -1610 338737 278367 13470 -13772 -1438 276627 1 0 0 BENEFICIAL INTEREST IN ENDOWMENT FUNDS HELD BY BALTIMORE COMMUNITY FOUNDATIO 311524 F 311524 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 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.