Independent Colleges of Indiana

Legal name: Independent Colleges of Indiana Inc

Nonprofit profile at a glance

EIN
310901001
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
Indianapolis, IN, US
Phone
317.236.6090
Rating
93
Verdict
STRONG
Rating confidence
Standard
Sector
Professional Societies, Associations

Official website

Reported finances

Revenue
$28,598,755
Expenses
$26,452,195
Assets
$99,589,312
Liabilities
$982,672

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

Leadership & pay

45 people listed

Executive titles in this filing

  • Dr Dottie King (President/Secretary)

Highest reported compensation

  • Dr Dottie King (President/Secretary): $336,686 total reported compensation
  • Laura Bridges (VP and Chief Operating Officer): $194,695 total reported compensation
  • Kevin Watson (Chief Financial Officer): $135,701 total reported compensation

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

Overview

Mission

To advocate for excellence and choice in higher education for all students

What it reported doing in 2024

The Lilly Endowment Community Scholarship Program (LECSP) helps to raise the level of educational attainment in Indiana and to leverage further the ability of Indiana's Community Foundations to enhance the quality of life of the state's residents by awarding full-tuition scholarships to students from each county in Indiana. These scholarships are awarded through and administered by the network of community foundations throughout the state.

Operating model

Revenue model
Donor-supported. 81% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 91% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. No material rating questions were generated from the available inputs.

Rating breakdown

  • Financial Efficiency: 93
  • Transparency & Controls: 92
  • Accountability: 99
  • Sustainability: 71
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.5%; rating input score 92
  • Program expense ratio: 95.6%; rating input score 96
  • Fundraising efficiency: $223.13 raised per $1 spent on fundraising; rating input score 91; 91st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 97.6%; rating input score 98; 31st percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 7.5%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 3.76; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 3%; rating input score 68; 68th percentile among comparable filings

Growth

  • Program expense growth: 3% per year; rating input score 100; 26th percentile among comparable filings
  • Revenue growth: 2.2% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 2.3% per year; rating input score 100; 19th percentile among comparable filings

Details

  • What they do: 8 programs and campaigns described on the official site
  • Where the money goes: 91.5% of revenue deployed · 95.6% of spending went to programs
  • Governance: 41 of 42 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $25.3M in reported program spending
  • Leadership: top reported pay $337K · 45 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 38 of 38 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 105 filed money-flow records
  • Related organizations: 105 filed related-organization links
  • 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.