Icut Foundation

“Members are limited to the non-profit, tax-exempt, multipurpose independent colleges and universities whose main campuses are located in the State of Texas. Members must be accredited by the Commission on Colleges of the Southern Association of Colleges and Schools, the Liaison Committee on Medical education or the American Bar Association or be a federally designated work college.”

“A college or university may be nominated for Membership by the Chief Executive Officer of a Member in good standing or may petition the President of the Foundation to be considered for Membership. A college or university that is nominated or petitions for Membership must provide the President of the Foundation evidence of accreditation, proof of non-profit status and notice of tax-exemption from the State of Texas. Election to Membership requires a majority vote of the Members in good standing present at the Annual Meeting.”

“Certain decisions of the Governing Board must be approved by a majority vote of a quorum of the voting members.”

“There are no committees with authority to act on behalf of the Governing Board.”

“A final draft of the return was reviewed first by the Financial Consultant and the President. After that, it was sent to the Governing Board for their review. Following that, the final copy was submitted to the IRS and sent to the Governing Board.”

“All Members of the Governing Board must review and sign the conflict of interest policy on an annual basis. A list of current vendors is provided to the board members to assist in accurate completion of the policy. Should a conflict of interest arise, the person associated with the conflict is excluded from discussion, debate, and decision making on the matter.”

“Compensation for the President was determined using salary surveys of similar size peer organizations. A letter stating the process and determined salary was provided to the President and was kept in the employee file. No other directors were compensated. The President determined salaries for other employees based on comparable data.”

“Governing documents and financial statements are available upon request.”

“The Foundation supports Texas' independent nonprofit colleges and universities by strengthening member institutions by educating university staff through seminars and training opportunities, educating stakeholders about strategic issues important to private higher education in Texas, conducting research and producing collateral relevant to the mission of its members, seeking and distributing scholarships for students at its members, and providing significant cost savings through collaborative purchasing agreements.”

“(Expenses $ 120,837 including grants of $) Legislative - The members of ICUT Foundation are represented by both the ICUT Foundation President and a contract lobbyist who meet with stakeholders to educate them on the value of private non-profit higher education in Texas.”

“The Organization contracts with a professional employer Organization for the processing of payroll. Therefore, no W-2s were filed by the Organization.”