2023-08-15T12:03:15-04:00 2022-09-30 742516372 REYNOLDS & FRANKE PC 6850 AUSTIN CENTER BLVD STE 100 AUSTIN TX 787313184 990 2021-10-01 751540769 ICUT FOUNDATION ICUT 5124729522 1303 SAN ANTONIO ST STE 820 AUSTIN TX 78701 ELIZABETH PUTHOFF PRESIDENT 5124729522 2023-08-15 true ELIZABETH PUTHOFF 999009999 RONALD H REYNOLDS CPA P00964479 5122063141 2023-08-15 2021 2023-04-26 12:10:37Z EXTENDED TO AUGUST 15 2023 RICHARD LUDWICK 1303 SAN ANTONIO ST STE 820 AUSTIN TX 78701 1088634 false X ICUT.ORG/PAGE/FOUNDATIONOVERVIEW X 1976 TX COLLABORATE WITH INSTITUTIONAL MEMBERS, BUSINESSES AND RELEVANT STAKEHOLDERS. 11 11 0 12 0 234600 1087953 0 12 681 0 234612 1088634 193600 196600 0 0 0 0 30213 28500 223813 225100 10799 863534 222305 1110544 150897 175602 71408 934942 TO COLLABORATE WITH INSTITUTIONAL MEMBERS, BUSINESSES, AND RELEVANT STAKEHOLDERS TO RAISE FUNDS TO DEVELOP AND IMPLEMENT INNOVATIVE PROGRAMS AND ADMINISTER PRIVATELY FUNDED SCHOLARSHIP OPPORTUNITIES. false false 216550 196600 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. 216550 true true false false false false false false false false true false false false true true true true false false false false false false false false false false true true false false false false false false false false true false false false false true false false false true 0 0 0 false false false false false false false false false false false false X 11 11 false false true false true true true true false false false true true true true true true false false false X ELIZABETH PUTHOFF 5124729522 1303 SAN ANTONIO ST STE 820 AUSTIN TX 78701 STEVEN JOHNSON CEO 1.50 36.00 X 0 247811 35717 RICHARD LUDWICK CHAIR 0.50 4.00 X X 0 0 0 CHARLIE MCCORMICK CHAIR-ELECT 0.50 4.00 X X 0 0 0 FREDERICK SLABACH PAST CHAIR 0.50 4.00 X X 0 0 0 BLAIR BLACKBURN SECRETARY 0.50 4.00 X X 0 0 0 COLETTE BURNETTE TREAS. (10/2 0.50 4.00 X X 0 0 0 DEBBIE COTTRELL TREAS (06/22 0.50 4.00 X X 0 0 0 DEBBIE COTTRELL DIR. (10/21- 0.50 4.00 X 0 0 0 HERMAN FELTON DIR. (06/22- 0.50 4.00 X 0 0 0 DON CHRISTIAN DIRECTOR 0.50 4.00 X 0 0 0 STEVEN O'DAY DIRECTOR 0.50 4.00 X 0 0 0 THOMAS EVANS DIRECTOR 0.50 4.00 X 0 0 0 BOBBY HALL DIRECTOR 0.50 4.00 X 0 0 0 LINDA LIVINGSTONE DIRECTOR 0.50 4.00 X 0 0 0 247811 35717 false true false 38375 852978 196600 547163 1087953 681 681 1088634 681 196600 196600 8260 8260 285 285 19950 19950 MISCELLANEOUS 5 5 225100 216550 8550 0 109365 115695 112940 486382 12763 50455 32102 18353 464607 12744 222305 1110544 54940 150897 112722 4050 3890 150897 175602 X 71408 934942 71408 934942 222305 1110544 863534 X false true X true false X 253151 244450 226000 234600 234975 1193176 253151 244450 226000 234600 234975 1193176 351037 842139 1196 2564 536 12 681 4989 1198165 0.70290 0.75510 X SUPPORTING SCHEDULE NET ASSET TRANSFER 852,978 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11076 7385 3691 21997 10787 11210 17382 13930 3452 18353 SECURITY DEPOSIT 3890 3890 X 1212444 123810 123810 1088634 1088634 348910 123810 123810 225100 225100 SCHEDULE D, PAGE 3, PART X 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. true PACCAR SCHOLARSHIP 40 75000 UPS SCHOLARSHIP 38 121600 SCHEDULE I, PAGE 1, PART I, LINE 2 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. false false false false false false false false false STEVEN JOHNSON CEO 242811 5000 29737 5980 283528 SCHEDULE J, PAGE 1, PART I, LINE 1B 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. X 1 464607 MARKET VALUE X FIXED ASSETS 1 18353 BOOK VALUE X OTHER ASSETS 1 64203 BOOK VALUE false false false SCHEDULE M, PAGE 2, PART II NON-CASH CONTRIBUTIONS CONSIST OF ASSETS CONTRIBUTED BY INDEPENDENT COLLEGES & UNIVERSITIES OF TEXAS, INC. PURSUANT TO ITS TERMINATION. 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. INDEPENDENT COLLEGES & UNIVERSITIES 1303 SAN ANTONIO ST 820 AUSTIN TX 78701 751285930 MEMBERSHIP TX 501C6 N/A false false false false false false false false false false false false false false true true false false false true INDEPENDENT COLLEGES & UNIVERSITIES N 13012 ALLOCATION OF COST INDEPENDENT COLLEGES & UNIVERSITIES O 110798 ALLOCATION OF COST INDEPENDENT COLLEGES & UNIVERSITIES S 852978 NET ASSET TRANSFER INDEPENDENT COLLEGES & UNIVERSITIES S 30375 ACTUAL CASH