Nonprofit · EIN 52-0692469
INDEPENDENT COLLEGE FUND OF MARYLAND INC
Tax-exempt · ANNAPOLIS, MD 21401
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $145,531 | $159,383 | -$13,852 | $394,618 | $0 | $394,618 |
| June 30, 2024 | 990 | $138,236 | $170,303 | -$32,067 | $382,600 | $0 | $382,600 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $145,524
- Membership dues
- $48,000
- Program service revenue
- $0
- Investment income
- $7
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Program services (functional)
- $126,383
- Management and general (functional)
- $33,000
Balance sheet and other
- Total assets, start of year
- $382,600
- Total assets, end of year
- $394,618
- Total liabilities, end of year
- $0
- Net assets, end of year
- $394,618
- Net assets without donor restrictions
- $19,427
- Net assets with donor restrictions
- $375,191
- Gross receipts
- $145,531
- Employees
- 0
- Volunteers
- 3
- Year formed
- 1953
- State of legal domicile
- MD
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| NORA DEMLEITNER | PRESIDENT Trustee or director, Officer | 0.25 | $0 |
| BRADFORD SIMS | SECRETARY Trustee or director, Officer | 0.25 | $0 |
| MIKE SOSULSKI | TREASURER Trustee or director, Officer | 0.25 | $0 |
| MATTHEW POWER | MANAGING DIRECTOR Officer | 3 | $0 |
990 for the year ended June 30, 2024: 4 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| ANDREA CHAPDELAINE | PRESIDENT Trustee or director, Officer | 0.25 | $0 |
| BRADFORD SIMS | SECRETARY Trustee or director, Officer | 0.25 | $0 |
| NORA DEMLEITNER | TREASURER Trustee or director, Officer | 0.25 | $0 |
| MATTHEW POWER | MANAGING DIRECTOR Officer | 3 | $0 |
Address and contacts
- Address (IRS master file)
- 140 SOUTH ST, ANNAPOLIS, MD 21401-2624
- Principal officer (990 for 2024)
- MATTHEW POWER, 140 SOUTH STREET, ANNAPOLIS, MD 21401
- Signed the 990
- MATTHEW POWER, MANAGING DIRECTOR
- Phone
- (410) 269-0306
- Website
- MICUA.ORG/I-FUND
- Return prepared by
- KAHN BERMAN SOLOMON TAIBEL & MOGOL PA
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.
Program accomplishments
- 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.Expenses $55,510
- 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.Expenses $43,873
- 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.Expenses $27,000
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 52-0692469
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1953
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B82Z)
- Assets (IRS master file)
- $394,618
- Income (IRS master file)
- $145,531
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $145,531 | $159,383 | $394,618 | XML |
| 990 | June 2024 | $138,236 | $170,303 | $382,600 | XML |
| 990 | June 2023 | $189,067 | $167,817 | $408,984 | IRS |
| 990 | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 52-0692469).
Questions about INDEPENDENT COLLEGE FUND OF MARYLAND INC
- What is the EIN of INDEPENDENT COLLEGE FUND OF MARYLAND INC?
- The employer identification number (EIN) of INDEPENDENT COLLEGE FUND OF MARYLAND INC is 52-0692469.
- Is INDEPENDENT COLLEGE FUND OF MARYLAND INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1953.
- Are donations to INDEPENDENT COLLEGE FUND OF MARYLAND INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does INDEPENDENT COLLEGE FUND OF MARYLAND INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of INDEPENDENT COLLEGE FUND OF MARYLAND INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did INDEPENDENT COLLEGE FUND OF MARYLAND INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of INDEPENDENT COLLEGE FUND OF MARYLAND INC?
- The 990 for the year ended June 30, 2025 names MATTHEW POWER.
- Who are the officers and directors of INDEPENDENT COLLEGE FUND OF MARYLAND INC?
- The 990 for the year ended June 30, 2025 lists 4 people; 0 received compensation from the organization.
- How much revenue does INDEPENDENT COLLEGE FUND OF MARYLAND INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $145,531, expenses of $159,383 and total assets of $394,618 at year end.
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