Liabilities / Assets
64th percentile
Higher debt load relative to assets than 64% of similar nonprofits.
Icut Foundation
990 • Fiscal year 2022 • EIN 75-1540769
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.16x
Liabilities / Revenue
62nd percentile
Higher debt load relative to revenue than 62% of similar nonprofits.
Net Margin
96th percentile
Higher net margin than 96% of similar nonprofits.
Top Officer Pay
94th percentile
Higher top officer pay than 94% of similar nonprofits.
Top officer pay equals 26.0% of source-year revenue.
Asset Growth
98th percentile
Faster asset growth than 98% of similar nonprofits.
Revenue Growth
97th percentile
Faster revenue growth than 97% of similar nonprofits.
Balance Sheet
Assets
Up$1,110,544
Up $888,239 (+400%) from 2021
Net Assets
Up$934,942
Up $863,534 (+1209%) from 2021
Liabilities
Up$175,602
Up $24,705 (+16%) from 2021
Revenue And Expenses
Revenue
Up$1,088,634
Up $854,022 (+364%) from 2021
Expenses
Up$225,100
Up $1,287 (+0.6%) from 2021
Net Income
Up$863,534
Up $852,735 (+7896%) from 2021
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Oct 1, 2021 to Sep 30, 2022
- Signed
- Aug 15, 2023
- Return Version
- 2021v4.0
- Gross Receipts
- $1,088,634
Mission and Program Overview
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.
Collaborate with institutional members, businesses and relevant stakeholders.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Savings and Temporary Cash Investments | $112,940 | $486,382 | ▲ $373,442 |
| Investments in Publicly Traded Securities | - | $464,607 | - |
| Cash and Non-Interest-Bearing Accounts | $109,365 | $115,695 | ▲ $6,330 |
| Land, Buildings, and Equipment, Net | - | $18,353 | - |
| Prepaid Expenses and Deferred Charges | - | $12,763 | - |
| Total Assets | $222,305 | $1,110,544 | ▲ $888,239 |
| Other Assets Total | - | $12,744 | - |
| Liabilities | |||
| Grants Payable | $150,897 | $112,722 | ▼ $38,175 |
| Accounts Payable and Accrued Expenses | - | $54,940 | - |
| Deferred Revenue | - | $4,050 | - |
| Other Liabilities | - | $3,890 | - |
| Total Liabilities | $150,897 | $175,602 | ▲ $24,705 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $71,408 | $934,942 | ▲ $863,534 |
| Total Net Assets Fund Balance | $71,408 | $934,942 | ▲ $863,534 |
| Total Liabilities and Net Assets / Fund Balance | $222,305 | $1,110,544 | ▲ $888,239 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $11,210 | $10,787 | $21,997 |
| Other Land Buildings | $3,452 | $13,930 | $17,382 |
| Leasehold Improvements | $3,691 | $7,385 | $11,076 |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Richard Ludwick | Chair |
| Charlie Mccormick | Chair-elect |
| Frederick Slabach | Past Chair |
| Bobby Hall | Director |
| Don Christian | Director |
| Linda Livingstone | Director |
| STEVEN O'DAY | Director |
| Thomas Evans | Director |
| Herman Felton | Director (06/22- |
| Debbie Cottrell | Director (10/21- |
| Steven Johnson | CEO |
| Blair Blackburn | Secretary |
| Debbie Cottrell | Treas (06/22 |
| Colette Burnette | Treas. (10/2 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $1,087,953
- Program Service Revenue
- $0
- Investment Income
- $681
- Other Revenue
- $0
- All Other Contributions
- $196,600
- Change in Net Assets
- $863,534
Noncash Contribution Practices
- Property subject to holding requirements
- No
- Reviewed unusual noncash gifts
- No
- Third parties used for noncash contributions
- No
Noncash Contributions
| Contribution Type | Contribution Count | Reported Amount | Valuation Method |
|---|---|---|---|
| Securities Publicly Traded | 1 | $464,607 | Market Value |
| Other Non Cash Contri Table | 1 | $64,203 | Book Value |
| Other Non Cash Contri Table | 1 | $18,353 | Book Value |
| Total Noncash Contributions | 3 | $547,163 | - |
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $1,088,634
- Revenue Not Reported on Form 990
- $123,810
- Total Revenue per Audited Statements
- $1,212,444
- Total Revenue per Form 990
- $1,088,634
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Grants and Similar Amounts Paid | $196,600 |
| Other Expenses | $28,500 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Grants to Domestic Individuals | $196,600 | - | - | $196,600 |
| Payments to Affiliates | $19,950 | - | - | $19,950 |
| Fees for Services Accounting | - | $8,260 | - | $8,260 |
| Office Expenses | - | $285 | - | $285 |
| Other Expenses | - | $5 | - | $5 |
| Total Functional Expenses | $216,550 | $8,550 | $0 | $225,100 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Total Expenses per Audited Statements | $348,910 |
| Expenses per Audited Statements | $225,100 |
| Total Expenses per Form 990 | $225,100 |
| Expenses Not Reported on Form 990 | $123,810 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Security Deposit | $3,890 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Audit committee
- Yes
- Business relationship with 35% controlled entity
- No
- Business relationship with family members
- No
- Business relationship with organization members
- No
- Material changes to governing documents
- Yes
- Compensation from other sources disclosed
- No
- CEO compensation reviewed
- No
- Other officer compensation reviewed
- No
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- Yes
- Key decisions subject to board approval
- Yes
- Management duties delegated
- No
Governance Explanations
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.”
Filing and Contact Details
Filer
- Filer Name
- Icut Foundation
- EIN
- 75-1540769
- Phone
- 5124729522
- Address
- 1303 SAN ANTONIO ST STE 820, AUSTIN, TX 78701
Signing Officer
- Name
- Elizabeth Puthoff
- Title
- President
- Phone
- 5124729522
- Signed
- 2023-08-15
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Richard Ludwick
- Formed
- 1976
- Legal Domicile
- TX
- Voting Board Members
- 11
- Independent Board Members
- 11
- Employees
- 0
- Volunteers
- 12
Preparer
- Firm
- Reynolds & Franke Pc
- Address
- 6850 AUSTIN CENTER BLVD STE 100, AUSTIN, TX 78731-3184
- Preparer
- Ronald H Reynolds CPA
- Phone
- 5122063141
Supplemental Narrative
Financial Statement Notes
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.”
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| IRS990/Desc | 0 | 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. |
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| IRS990/GrantsToDomesticIndividualsGrp/ProgramServicesAmt | 0 | 196600 |
| IRS990/GrantsToDomesticIndividualsGrp/TotalAmt | 0 | 196600 |
| IRS990/GrantsToIndividualsInd | 0 | true |
| IRS990/GrantsToOrganizationsInd | 0 | false |
| IRS990/GrantToRelatedPersonInd | 0 | false |
| IRS990/GrossReceiptsAmt | 0 | 1088634 |
| IRS990/GroupReturnForAffiliatesInd | 0 | false |
| IRS990/IncludeFIN48FootnoteInd | 0 | true |
| IRS990/IndependentAuditFinclStmtInd | 0 | true |
| IRS990/IndependentVotingMemberCnt | 0 | 11 |
| IRS990/IndoorTanningServicesInd | 0 | false |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InvestmentIncomeGrp/ExclusionAmt | 0 | 681 |
| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 681 |
| IRS990/InvestmentInJointVentureInd | 0 | false |
| IRS990/InvestmentsPubTradedSecGrp/EOYAmt | 0 | 464607 |
| IRS990/IRPDocumentCnt | 0 | 0 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 32102 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 18353 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 50455 |
| IRS990/LegalDomicileStateCd | 0 | TX |
| IRS990/LoanOutstandingInd | 0 | false |
| IRS990/LobbyingActivitiesInd | 0 | false |
| IRS990/LocalChaptersInd | 0 | false |
| IRS990/MaterialDiversionOrMisuseInd | 0 | false |
| IRS990/MembershipDuesAmt | 0 | 38375 |
| IRS990/MembersOrStockholdersInd | 0 | true |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | false |
| IRS990/MinutesOfGoverningBodyInd | 0 | true |
| IRS990/MissionDesc | 0 | TO COLLABORATE WITH INSTITUTIONAL MEMBERS, BUSINESSES, AND RELEVANT STAKEHOLDERS TO RAISE FUNDS TO DEVELOP AND IMPLEMENT INNOVATIVE PROGRAMS AND ADMINISTER PRIVATELY FUNDED SCHOLARSHIP OPPORTUNITIES. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | false |
| IRS990/MoreThan5000KToOrgInd | 0 | false |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 71408 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 934942 |
| IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt | 0 | 71408 |
| IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt | 0 | 934942 |
| IRS990/NoncashContributionsAmt | 0 | 547163 |
| IRS990/NondeductibleContributionsInd | 0 | false |
| IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt | 0 | 285 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 285 |
| IRS990/OfficerMailingAddressInd | 0 | false |
| IRS990/OperateHospitalInd | 0 | false |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrganizationFollowsFASB117Ind | 0 | X |
| IRS990/OtherAssetsTotalGrp/EOYAmt | 0 | 12744 |
| IRS990/OtherExpensesGrp/Desc | 0 | MISCELLANEOUS |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 0 | 5 |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 5 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 3890 |
| IRS990/PartialLiquidationInd | 0 | false |
| IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt | 0 | 19950 |
| IRS990/PaymentsToAffiliatesGrp/TotalAmt | 0 | 19950 |
| IRS990/PayPremiumsPrsnlBnftCntrctInd | 0 | false |
| IRS990/PoliticalCampaignActyInd | 0 | false |
| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 12763 |
| IRS990/PrincipalOfficerNm | 0 | RICHARD LUDWICK |
| IRS990/ProfessionalFundraisingInd | 0 | false |
| IRS990/ProhibitedTaxShelterTransInd | 0 | false |
| IRS990/PYContributionsGrantsAmt | 0 | 234600 |
| IRS990/PYExcessBenefitTransInd | 0 | false |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 193600 |
| IRS990/PYInvestmentIncomeAmt | 0 | 12 |
| IRS990/PYOtherExpensesAmt | 0 | 30213 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 10799 |
| IRS990/PYTotalExpensesAmt | 0 | 223813 |
| IRS990/PYTotalRevenueAmt | 0 | 234612 |
| IRS990/QuidProQuoContributionsInd | 0 | false |
| IRS990/RcvFndsToPayPrsnlBnftCntrctInd | 0 | false |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | 863534 |
| IRS990/RegularMonitoringEnfrcInd | 0 | true |
| IRS990/RelatedEntityInd | 0 | true |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | false |
| IRS990/RelatedOrganizationsAmt | 0 | 852978 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | false |
| IRS990/ReportLandBuildingEquipmentInd | 0 | true |
| IRS990/ReportOtherAssetsInd | 0 | false |
| IRS990/ReportOtherLiabilitiesInd | 0 | true |
| IRS990/ReportProgramRelatedInvstInd | 0 | false |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 112940 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 486382 |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 0 | NET ASSET TRANSFER 852,978 |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 0 | SUPPORTING SCHEDULE |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt | 0 | 234975 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt | 0 | 234600 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 226000 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 244450 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 253151 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt | 0 | 1193176 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt | 0 | 681 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt | 0 | 12 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 536 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 2564 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 1196 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt | 0 | 4989 |
| IRS990ScheduleA/PublicOrganization170Ind | 0 | X |
| IRS990ScheduleA/PublicSupportCY170Pct | 0 | 0.70290 |
| IRS990ScheduleA/PublicSupportPY170Pct | 0 | 0.75510 |
| IRS990ScheduleA/PublicSupportTotal170Amt | 0 | 842139 |
| IRS990ScheduleA/SubstantialContributorsTotAmt | 0 | 351037 |
| IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind | 0 | X |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt | 0 | 234975 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt | 0 | 234600 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 226000 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 244450 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 253151 |
| IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt | 0 | 1193176 |
| IRS990ScheduleA/TotalSupportAmt | 0 | 1198165 |
| IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorNum | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine2 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt | 0 | RESTRICTED |
| IRS990/ScheduleBRequiredInd | 0 | true |
| IRS990ScheduleD/DonatedServicesAndUseFcltsAmt | 0 | 123810 |
| IRS990ScheduleD/DonatedServicesUseFcltsAmt | 0 | 123810 |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 11210 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 10787 |
| IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt | 0 | 21997 |
| IRS990ScheduleD/ExpensesNotReportedAmt | 0 | 123810 |
| IRS990ScheduleD/ExpensesSubtotalAmt | 0 | 225100 |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt | 0 | 3691 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt | 0 | 7385 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt | 0 | 11076 |
| IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt | 0 | 3452 |
| IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt | 0 | 13930 |
| IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt | 0 | 17382 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 3890 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | SECURITY DEPOSIT |
| IRS990ScheduleD/RevenueNotReportedAmt | 0 | 123810 |
| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 1088634 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | 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. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE D, PAGE 3, PART X |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 18353 |
| IRS990ScheduleD/TotalExpensesPerForm990Amt | 0 | 225100 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 3890 |
| IRS990ScheduleD/TotalRevenuePerForm990Amt | 0 | 1088634 |
| IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt | 0 | 1212444 |
| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 348910 |
| IRS990ScheduleI/GrantRecordsMaintainedInd | 0 | true |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt | 0 | 75000 |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt | 1 | 121600 |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt | 0 | PACCAR SCHOLARSHIP |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt | 1 | UPS SCHOLARSHIP |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt | 0 | 40 |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt | 1 | 38 |
| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | 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. |
| IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE I, PAGE 1, PART I, LINE 2 |
| IRS990ScheduleJ/AnyNonFixedPaymentsInd | 0 | false |
| IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd | 0 | false |
| IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd | 0 | false |
| IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd | 0 | false |
| IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd | 0 | false |
| IRS990ScheduleJ/EquityBasedCompArrngmInd | 0 | false |
| IRS990ScheduleJ/InitialContractExceptionInd | 0 | false |
| IRS990/ScheduleJRequiredInd | 0 | true |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt | 0 | 242811 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt | 0 | 29737 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt | 0 | 5980 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt | 0 | 5000 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 0 | STEVEN JOHNSON |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 0 | CEO |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt | 0 | 283528 |
| IRS990ScheduleJ/SeverancePaymentInd | 0 | false |
| IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt | 0 | 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. |
| IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE J, PAGE 1, PART I, LINE 1B |
| IRS990ScheduleJ/SupplementalNonqualRtrPlanInd | 0 | false |
| IRS990ScheduleM/AnyPropertyThatMustBeHeldInd | 0 | false |
| IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt | 0 | 1 |
| IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt | 1 | 1 |
| IRS990ScheduleM/OtherNonCashContriTableGrp/Desc | 0 | FIXED ASSETS |
| IRS990ScheduleM/OtherNonCashContriTableGrp/Desc | 1 | OTHER ASSETS |
| IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt | 0 | BOOK VALUE |
| IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt | 1 | BOOK VALUE |
| IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd | 0 | X |
| IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd | 1 | X |
| IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt | 0 | 18353 |
| IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt | 1 | 64203 |
| IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd | 0 | false |
| IRS990ScheduleM/SecuritiesPubliclyTradedGrp/ContributionCnt | 0 | 1 |
| IRS990ScheduleM/SecuritiesPubliclyTradedGrp/MethodOfDeterminingRevenuesTxt | 0 | MARKET VALUE |
| IRS990ScheduleM/SecuritiesPubliclyTradedGrp/NonCashCheckboxInd | 0 | X |
| IRS990ScheduleM/SecuritiesPubliclyTradedGrp/NoncashContributionsRptF990Amt | 0 | 464607 |
| IRS990ScheduleM/SupplementalInformationDetail/ExplanationTxt | 0 | NON-CASH CONTRIBUTIONS CONSIST OF ASSETS CONTRIBUTED BY INDEPENDENT COLLEGES & UNIVERSITIES OF TEXAS, INC. PURSUANT TO ITS TERMINATION. |
| IRS990ScheduleM/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE M, PAGE 2, PART II |
| IRS990ScheduleM/ThirdPartiesUsedInd | 0 | false |
| IRS990/ScheduleORequiredInd | 0 | true |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | 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). |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | CERTAIN DECISIONS OF THE BOARD OF DIRECTORS MUST BE APPROVED BY A MAJORITY VOTE OF A QUORUM OF THE VOTING MEMBERS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | THE FORM 990 IS REVIEWED BY THE PRESIDENT, CHAIR, AND CHAIR ELECT WITH THE PREPARING CPA. THE ENTIRE BOARD APPROVES FILING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PAGE 6, PART VI, LINE 4 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PAGE 6, PART VI, LINE 6 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PAGE 6, PART VI, LINE 7A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PAGE 6, PART VI, LINE 7B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PAGE 6, PART VI, LINE 8B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PAGE 6, PART VI, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PAGE 6, PART VI, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | FORM 990, PAGE 6, PART VI, LINE 19 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $1,110,544
- Liabilities
- $175,602
- Net assets
- $934,942
- Revenue
- $1,088,634
- Expenses
- $225,100
- Net income
- $863,534