Independent College Fund of Maryland Inc

Nonprofit profile at a glance

EIN
520692469
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Annapolis, MD, USA
Phone
4102690306
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$145,531
Expenses
$159,383
Assets
$394,618
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • NORA DEMLEITNER (PRESIDENT)

People named in this filing

  • NORA DEMLEITNER (PRESIDENT)
  • BRADFORD SIMS (SECRETARY)
  • MIKE SOSULSKI (TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Donor-supported. 67% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 47
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.8%; rating input score 87
  • Program expense ratio: 79.3%; rating input score 79
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -9.5%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 2.48; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -10.3% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: -10.3% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: -0.8% per year; rating input score 0; 22nd percentile among comparable filings

Details

  • Where the money goes: 86.8% of revenue deployed · 79.3% of spending went to programs
  • Governance: 3 of 3 board members independent · 6 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $126K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 12 of 12 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 23/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.