ICUT FOUNDATION: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- ICUT FOUNDATION (EIN 75-1540769)
- Tax period
- 2021-10-01 to 2022-09-30
- Filed
- 2023-08-15
- IRS object ID
- 202302279349302065
- Schema version
- 2021v4.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule D
- Schedule I
- Schedule J
- Schedule M
- Schedule O
- Schedule R
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-08-15T12:03:15-04:00 | ReturnTs |
| Tax Period End | 2022-09-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 742516372 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | REYNOLDS & FRANKE PC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 6850 AUSTIN CENTER BLVD STE 100 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 787313184 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2021-10-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 751540769 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ICUT FOUNDATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | ICUT | BusinessNameControlTxt |
| Phone | 5124729522 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1303 SAN ANTONIO ST STE 820 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 78701 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | ELIZABETH PUTHOFF | PersonNm |
| Person Title | PRESIDENT | PersonTitleTxt |
| Phone | 5124729522 | PhoneNum |
| Signature | 2023-08-15 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | ELIZABETH | PersonFirstNm |
| Person Last | PUTHOFF | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | RONALD H REYNOLDS CPA | PreparerPersonNm |
| PTIN | P00964479 | PTIN |
| Phone | 5122063141 | PhoneNum |
| Preparation | 2023-08-15 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Special Condition | EXTENDED TO AUGUST 15 2023 | SpecialConditionDesc |
| Principal Officer | RICHARD LUDWICK | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1303 SAN ANTONIO ST STE 820 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 78701 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $1,088,634 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | ICUT.ORG/PAGE/FOUNDATIONOVERVIEW | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1976 | FormationYr |
| Legal Domicile State | TX | LegalDomicileStateCd |
| Activity Or Mission | COLLABORATE WITH INSTITUTIONAL MEMBERS, BUSINESSES AND RELEVANT STAKEHOLDERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 11 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 11 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| PY Contributions Grants | $234,600 | PYContributionsGrantsAmt |
| CY Contributions Grants | $1,087,953 | CYContributionsGrantsAmt |
| CY Program Service Revenue | $0 | CYProgramServiceRevenueAmt |
| PY Investment Income | $12 | PYInvestmentIncomeAmt |
| CY Investment Income | $681 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $234,612 | PYTotalRevenueAmt |
| CY Total Revenue | $1,088,634 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $193,600 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $196,600 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| CY Salaries Comp Emp Bnft Paid | $0 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $30,213 | PYOtherExpensesAmt |
| CY Other Expenses | $28,500 | CYOtherExpensesAmt |
| PY Total Expenses | $223,813 | PYTotalExpensesAmt |
| CY Total Expenses | $225,100 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $10,799 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $863,534 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $222,305 | TotalAssetsBOYAmt |
| Total Assets EOY | $1,110,544 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $150,897 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $175,602 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $71,408 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $934,942 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO COLLABORATE WITH INSTITUTIONAL MEMBERS, BUSINESSES, AND RELEVANT STAKEHOLDERS TO RAISE FUNDS TO DEVELOP AND IMPLEMENT INNOVATIVE PROGRAMS AND ADMINISTER PRIVATELY FUNDED SCHOLARSHIP OPPORTUNITIES. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Expense | $216,550 | ExpenseAmt |
| Grant | $196,600 | GrantAmt |
| Desc | THE 40 INDEPENDENT COLLEGES AND UNIVERSITIES IN TEXAS, WHO ARE SERVED BY THE FOUNDATION, WERE GIVEN THE OPPORTUNITY TO PARTICIPATE IN SCHOLARSHIP PROGRAMS. IN FISCAL YEAR 2022, THE ICUT FOUNDATION AWARDED 78 SCHOLARSHIPS TOTALING 196,600. | Desc |
| Total Program Service Expenses | $216,550 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (true) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (true) | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Lobbying Activities | false | LobbyingActivitiesInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (true) | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (true) | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | false | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | false | PYExcessBenefitTransInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | Yes (true) | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | Yes (true) | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | false | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 0 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 0 | EmployeeCnt |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | false | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | false | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | false | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 11 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 11 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (true) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | false | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | false | CompensationProcessCEOInd |
| Compensation Process Other | false | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | ELIZABETH PUTHOFF | PersonNm |
| Phone | 5124729522 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1303 SAN ANTONIO ST STE 820 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 78701 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (14 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|
| STEVEN JOHNSON | |||||||
| CEO | 1.50 | 36.00 | Yes (X) | $0 | $247,811 | $35,717 | |
| RICHARD LUDWICK | |||||||
| CHAIR | 0.50 | 4.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| CHARLIE MCCORMICK | |||||||
| CHAIR-ELECT | 0.50 | 4.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| FREDERICK SLABACH | |||||||
| PAST CHAIR | 0.50 | 4.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| BLAIR BLACKBURN | |||||||
| SECRETARY | 0.50 | 4.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| COLETTE BURNETTE | |||||||
| TREAS. (10/2 | 0.50 | 4.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| DEBBIE COTTRELL | |||||||
| TREAS (06/22 | 0.50 | 4.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| DEBBIE COTTRELL | |||||||
| DIR. (10/21- | 0.50 | 4.00 | $0 | $0 | $0 | Yes (X) | |
| HERMAN FELTON | |||||||
| DIR. (06/22- | 0.50 | 4.00 | $0 | $0 | $0 | Yes (X) | |
| DON CHRISTIAN | |||||||
| DIRECTOR | 0.50 | 4.00 | $0 | $0 | $0 | Yes (X) | |
| STEVEN O'DAY | |||||||
| DIRECTOR | 0.50 | 4.00 | $0 | $0 | $0 | Yes (X) | |
| THOMAS EVANS | |||||||
| DIRECTOR | 0.50 | 4.00 | $0 | $0 | $0 | Yes (X) | |
| BOBBY HALL | |||||||
| DIRECTOR | 0.50 | 4.00 | $0 | $0 | $0 | Yes (X) | |
| LINDA LIVINGSTONE | |||||||
| DIRECTOR | 0.50 | 4.00 | $0 | $0 | $0 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Reportable Comp Rltd Org | $247,811 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $35,717 | TotalOtherCompensationAmt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
| Membership Dues | $38,375 | MembershipDuesAmt |
| Related Organizations | $852,978 | RelatedOrganizationsAmt |
| All Other Contributions | $196,600 | AllOtherContributionsAmt |
| Noncash Contributions | $547,163 | NoncashContributionsAmt |
| Total Contributions | $1,087,953 | TotalContributionsAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $681 | TotalRevenueColumnAmt |
| Exclusion | $681 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,088,634 | TotalRevenueColumnAmt |
| Exclusion | $681 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $196,600 | TotalAmt |
| Program Services | $196,600 | ProgramServicesAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,260 | TotalAmt |
| Management And General | $8,260 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $285 | TotalAmt |
| Management And General | $285 | ManagementAndGeneralAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $19,950 | TotalAmt |
| Program Services | $19,950 | ProgramServicesAmt |
Other Expenses OtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MISCELLANEOUS | Desc |
| Total | $5 | TotalAmt |
| Management And General | $5 | ManagementAndGeneralAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $225,100 | TotalAmt |
| Program Services | $216,550 | ProgramServicesAmt |
| Management And General | $8,550 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $109,365 | BOYAmt |
| EOY | $115,695 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $112,940 | BOYAmt |
| EOY | $486,382 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $12,763 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $50,455 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $32,102 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $18,353 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $464,607 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $12,744 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $222,305 | BOYAmt |
| EOY | $1,110,544 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $54,940 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $150,897 | BOYAmt |
| EOY | $112,722 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $4,050 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $3,890 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $150,897 | BOYAmt |
| EOY | $175,602 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $71,408 | BOYAmt |
| EOY | $934,942 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $71,408 | BOYAmt |
| EOY | $934,942 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $222,305 | BOYAmt |
| EOY | $1,110,544 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $863,534 | ReconcilationRevenueExpnssAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consol And Sep Basis Fincl Stmt | Yes (X) | ConsolAndSepBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Organization170 | Yes (X) | PublicOrganization170Ind |
Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $253,151 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $244,450 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $226,000 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $234,600 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $234,975 | CurrentTaxYearAmt |
| Total | $1,193,176 | TotalAmt |
Total Calendar Year170 TotalCalendarYear170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $253,151 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $244,450 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $226,000 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $234,600 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $234,975 | CurrentTaxYearAmt |
| Total | $1,193,176 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantial Contributors Tot | $351,037 | SubstantialContributorsTotAmt |
| Public Support Total170 | $842,139 | PublicSupportTotal170Amt |
Gross Investment Income170 GrossInvestmentIncome170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,196 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $2,564 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $536 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $12 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $681 | CurrentTaxYearAmt |
| Total | $4,989 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Support | $1,198,165 | TotalSupportAmt |
| Public Support CY170 | 0.70290 | PublicSupportCY170Pct |
| Public Support PY170 | 0.75510 | PublicSupportPY170Pct |
| Thirty Thr Pct Suprt Tests CY170 | Yes (X) | ThirtyThrPctSuprtTestsCY170Ind |
Form990 Schedule A Part VI Form990ScheduleAPartVIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SUPPORTING SCHEDULE | FormAndLineReferenceDesc |
| Explanation | NET ASSET TRANSFER 852,978 | ExplanationTxt |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $11,076 | OtherCostOrOtherBasisAmt |
| Depreciation | $7,385 | DepreciationAmt |
| Book Value | $3,691 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $21,997 | OtherCostOrOtherBasisAmt |
| Depreciation | $10,787 | DepreciationAmt |
| Book Value | $11,210 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $17,382 | OtherCostOrOtherBasisAmt |
| Depreciation | $13,930 | DepreciationAmt |
| Book Value | $3,452 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $18,353 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | SECURITY DEPOSIT | Desc |
| Amt | $3,890 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $3,890 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $1,212,444 | TotalRevEtcAuditedFinclStmtAmt |
| Donated Services And Use Fclts | $123,810 | DonatedServicesAndUseFcltsAmt |
| Revenue Not Reported | $123,810 | RevenueNotReportedAmt |
| Revenue Subtotal | $1,088,634 | RevenueSubtotalAmt |
| Total Revenue Per Form990 | $1,088,634 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $348,910 | TotExpnsEtcAuditedFinclStmtAmt |
| Donated Services Use Fclts | $123,810 | DonatedServicesUseFcltsAmt |
| Expenses Not Reported | $123,810 | ExpensesNotReportedAmt |
| Expenses Subtotal | $225,100 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $225,100 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE D, PAGE 3, PART X | FormAndLineReferenceDesc |
| Explanation | THE MOST SIGNIFICANT TAX POSITIONS OF THE FOUNDATION ARE ITS ASSERTIONS THAT IT IS EXEMPT FROM INCOME TAXES AND ITS DETERMINATIONS OF WHETHER ANY AMOUNTS ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). MANAGEMENT HAS DETERMINED THAT THE FOUNDATION HAD NO ACTIVITY SUBJECT TO UBIT DURING THE FISCAL YEAR ENDED SEPTEMBER 30, 2022 AND 2021. ALL SIGNIFICANT TAX POSITIONS HAVE BEEN CONSIDERED BY MANAGEMENT AND IT HAS DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT ALL TAX POSITIONS WOULD BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (true) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp (2 entries)
| Grant TypeGrantTypeTxt | RecipientRecipientCnt | Cash GrantCashGrantAmt |
|---|---|---|
| PACCAR SCHOLARSHIP | 40 | $75,000 |
| UPS SCHOLARSHIP | 38 | $121,600 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE I, PAGE 1, PART I, LINE 2 | FormAndLineReferenceDesc |
| Explanation | REQUIRE EACH UNIVERSITY TO SUBMIT AN APPLICATION ON BEHALF OF THE SCHOLARSHIP RECIPIENT. THE VETTING REGARDING THE NEED OF THE STUDENT IS DONE BY THE UNIVERSITY. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | false | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | false | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | false | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | false | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | false | AnyNonFixedPaymentsInd |
| Initial Contract Exception | false | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | STEVEN JOHNSON | PersonNm |
| Title | CEO | TitleTxt |
| Compensation Based On Rltd Orgs | $242,811 | CompensationBasedOnRltdOrgsAmt |
| Other Compensation Rltd Orgs | $5,000 | OtherCompensationRltdOrgsAmt |
| Deferred Comp Rltd Orgs | $29,737 | DeferredCompRltdOrgsAmt |
| Nontaxable Benefits Rltd Orgs | $5,980 | NontaxableBenefitsRltdOrgsAmt |
| Total Compensation Rltd Orgs | $283,528 | TotalCompensationRltdOrgsAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE J, PAGE 1, PART I, LINE 1B | FormAndLineReferenceDesc |
| Explanation | THE PRESIDENT/CEO'S TIME IS DONATED TO THE FOUNDATION FROM ICUT. ICUT ESTABLISHES COMPENSATION FOR THE PRESIDENT/CEO BY USING A COMPENSATION COMMITTEE AND STUDY, WRITTEN CONTRACT AND BY APPROVAL OF THE BOARD. | ExplanationTxt |
Schedule M IRS990ScheduleM
Securities Publicly Traded SecuritiesPubliclyTradedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Non Cash Checkbox | Yes (X) | NonCashCheckboxInd |
| Contribution | 1 | ContributionCnt |
| Noncash Contributions Rpt F990 | $464,607 | NoncashContributionsRptF990Amt |
| Method Of Determining Revenues | MARKET VALUE | MethodOfDeterminingRevenuesTxt |
Other Non Cash Contri Table OtherNonCashContriTableGrp (2 entries)
| Non Cash CheckboxNonCashCheckboxInd | DescDesc | ContributionContributionCnt | Noncash Contributions Rpt F990NoncashContributionsRptF990Amt | Method Of Determining RevenuesMethodOfDeterminingRevenuesTxt |
|---|---|---|---|---|
| Yes (X) | FIXED ASSETS | 1 | $18,353 | BOOK VALUE |
| Yes (X) | OTHER ASSETS | 1 | $64,203 | BOOK VALUE |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Any Property That Must Be Held | false | AnyPropertyThatMustBeHeldInd |
| Review Process Unusual NC Gifts | false | ReviewProcessUnusualNCGiftsInd |
| Third Parties Used | false | ThirdPartiesUsedInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE M, PAGE 2, PART II | FormAndLineReferenceDesc |
| Explanation | NON-CASH CONTRIBUTIONS CONSIST OF ASSETS CONTRIBUTED BY INDEPENDENT COLLEGES & UNIVERSITIES OF TEXAS, INC. PURSUANT TO ITS TERMINATION. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PAGE 6, PART VI, LINE 4 | DURING THE FISCAL YEAR, THE ORGANIZATION AMENDED IT BYLAWS, EFFECTIVE FOR NEXT YEAR, DUE TO THE DISSOLUTION OF ITS RELATED ENTITY. ANY REFERENCE IN THE BYLAWS TO THE RELATED ENTITY WAS REMOVED. THE BYLAWS WERE AMENDED TO: - CLARIFY THAT THE ORGANIZATION NOW HAS MEMBERSHIP CONSISTING OF NON- PROFIT, TAX-EXEMPT, MULTIPURPOSE INDEPENDENT COLLEGES AND UNIVERSITIES WHOSE MAIN CAMPUSES ARE LOCATED IN THE STATE OF TEXAS; - PROVIDE PROCEDURES FOR ELECTION OF MEMBERS AND THE MEMBER'S REPRESENTATIVE; - ESTABLISH QUORUM AS ONE-HALF OF MEMBERS PLUS ONE; - CLARIFY WHAT CONSTITUTES GOOD STANDING OF MEMBERS, AS WELL ESTABLISHED PROCEDURES FOR THE REMOVAL OF MEMBERS; - PROVIDE DEFINITIONS AND RULES REGARDING ASSOCIATE MEMBERSHIP; - CLARIFY THE BOARD OF DIRECTORS SHALL CONSIST OF ONE REPRESENTATIVE FROM EACH MEMBER IN GOOD STANDING; - CLARIFY THAT THE OFFICERS OF THE ORGANIZATION SHALL BE THE CHAIR, VICE- CHAIR OR CHAIR ELECT, PAST CHAIR, SECRETARY, TREASURER AND PRESIDENT (EX OFFICIO - NON-VOTING) - ESTABLISH THAT ALL OFFICERS, EXCEPT FOR THE VICE-CHAIR, SHALL BE ELECTED TO A TERM OF THREE YEARS; - ESTABLISH THE NOMINATIONS COMMITTEE, PUBLIC POLICY COMMITTEE, AND OTHER SPECIAL COMMITTEES; - CLARIFY THAT AMENDMENTS TO THE BYLAWS REQUIRE A MAJORITY VOTE OF THE BOARD OF DIRECTORS. |
| FORM 990, PAGE 6, PART VI, LINE 6 | THE MEMBERS OF THE FOUNDATION ARE THE PRESIDENTS OR CHANCELLORS OF THE 38 INDEPENDENT INSTITUTIONS OF HIGHER EDUCATION IN TEXAS THAT ARE SACSCOC ACCREDITED, ONE PRIVATE MEDICAL SCHOOL ACCREDITED BY THE LIAISON COMMITTEE ON MEDICAL EDUCATION, AND ONE FEDERAL WORK COLLEGE. |
| FORM 990, PAGE 6, PART VI, LINE 7A | THE MEMBERS OF THE INDEPENDENT COLLEGES & UNIVERSITIES OF TEXAS, INC. (ICUT) ARE THE PRESIDENTS OR CHANCELLORS OF THE 38 INDEPENDENT INSTITUTIONS OF HIGHER EDUCATION IN TEXAS THAT ARE SACSCOC ACCREDITED, ONE PRIVATE MEDICAL SCHOOL ACCREDITED BY THE LIAISON COMMITTEE ON MEDICAL EDUCATION, AND ONE FEDERAL WORK COLLEGE. AT ICUT'S ANNUAL MEETING EACH YEAR THESE VOTING MEMBERS ELECT THE NEW DIRECTORS AND OFFICERS OF THE BOARD OF DIRECTORS, WHO IN TURN ARE BOARD MEMBERS OF ICUT FOUNDATION AS WELL. (THIS PROCEDURE WILL CHANGE WITH THE DISSOLUTION OF ICUT). |
| FORM 990, PAGE 6, PART VI, LINE 7B | CERTAIN DECISIONS OF THE BOARD OF DIRECTORS MUST BE APPROVED BY A MAJORITY VOTE OF A QUORUM OF THE VOTING MEMBERS. |
| FORM 990, PAGE 6, PART VI, LINE 8B | THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. |
| FORM 990, PAGE 6, PART VI, LINE 11B | THE FORM 990 IS REVIEWED BY THE PRESIDENT, CHAIR, AND CHAIR ELECT WITH THE PREPARING CPA. THE ENTIRE BOARD APPROVES FILING. |
| FORM 990, PAGE 6, PART VI, LINE 12C | THE BOARD OF DIRECTORS MUST REVIEW AND SIGN THE CONFLICT OF INTEREST POLICY EACH YEAR. A LIST OF CURRENT VENDORS IS PROVIDED TO THEM WITH THE FORM. |
| FORM 990, PAGE 6, PART VI, LINE 19 | GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. |
Schedule R IRS990ScheduleR
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | INDEPENDENT COLLEGES & UNIVERSITIES | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1303 SAN ANTONIO ST 820 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 78701 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 751285930 | EIN |
| Primary Activities | MEMBERSHIP | PrimaryActivitiesTxt |
| Legal Domicile State | TX | LegalDomicileStateCd |
| Exempt Code Section | 501C6 | ExemptCodeSectionTxt |
| Direct Controlling NA | N/A | DirectControllingNACd |
| Controlled Organization | false | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | false | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | false | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | false | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | false | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | false | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | false | DivRelatedOrganizationInd |
| Asset Sale To Other Org | false | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | false | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | false | AssetExchangeInd |
| Rental Of Facilities To Oth Org | false | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | false | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | false | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | false | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (true) | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (true) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | false | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | false | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | false | TransferToOtherOrgInd |
| Transfer From Other Org | Yes (true) | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp (4 entries)
| Transaction TypeTransactionTypeTxt | InvolvedInvolvedAmt | Method Of Amount DeterminationMethodOfAmountDeterminationTxt |
|---|---|---|
| INDEPENDENT COLLEGES & UNIVERSITIES | ||
| N | $13,012 | ALLOCATION OF COST |
| INDEPENDENT COLLEGES & UNIVERSITIES | ||
| O | $110,798 | ALLOCATION OF COST |
| INDEPENDENT COLLEGES & UNIVERSITIES | ||
| S | $852,978 | NET ASSET TRANSFER |
| INDEPENDENT COLLEGES & UNIVERSITIES | ||
| S | $30,375 | ACTUAL CASH |
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