Independent Colleges of Indiana
Independent Colleges of Indiana reported $28.6 million in revenue and $26.5 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $95.63 went to program services, $3.94 to management and general costs and $0.43 to fundraising. Its largest source of revenue was contributions and grants: 88.8% of the total. Government grants made up 5.3%. The highest compensation it reported for one person was $336,686 (President/Secretary). 4 people received more than $100,000 in reportable compensation. Revenue rose 17% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $26MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $29MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 95.6% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 3.9% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.4% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 88.8% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 5.3% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 1.1% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $336,686 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.27% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 4 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 44.7 | 13.3 |
| Independent voting board members Part VI 1a–1b | 41 of 42 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseThe 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
Indiana STEM Teach is a grant from the state of IN to raise the knowledge base of STEM (science, tech, engineering, and math) teachers in the k-12 schools. ICI member campuses provide tuition free courses to further educate teachers on STEM content and instructional methods
To advance the cause of and support independent higher education in Indiana for 29 member colleges through fundraising, meetings to discuss common issues, carrying on basic research, and other incidental activities
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| President/Secretary Director/trustee, officer, 40.0 hrs/week | $296,447 | $0 | $40,239 | $336,686 |
| VP and Chief Operating Officer Officer, 40.0 hrs/week | $166,941 | $0 | $27,754 | $194,695 |
| Chief Financial Officer Officer, 40.0 hrs/week | $113,968 | $0 | $21,733 | $135,701 |
| Director of Policy & Research Highest compensated employee, 40.0 hrs/week | $101,242 | $0 | $20,444 | $121,686 |
4 people received more than $100,000 in reportable compensation from Independent Colleges of Indiana (Part VII, line 2). Compensation of current officers, directors and key employees totaled $531K (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b42 · 41 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 515
Private foundation grants it received
6 private foundations reported grants to Independent Colleges of Indiana totaling $19M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Independent Colleges of Indiana's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Independent Colleges of Indiana, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Independent Colleges of Indiana spent in FY2025, $95.63 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Universidad Central del CaribeBayamon, PR · revenue $29M · programs 98.1% · FY2025
- Goodwin University Educational ServicesEast Hartford, CT · revenue $29M · programs 99.5% · FY2025
- Options for Youth - San BernardinoPasadena, CA · revenue $29M · programs 84.9% · FY2025
- The Brookwood CommunityBrookshire, TX · revenue $29M · programs 80.4% · FY2025
- Cristo Rey Philadelphia High SchoolPhiladelphia, PA · revenue $29M · programs 75.3% · FY2025
Questions people ask
How much of Independent Colleges of Indiana's spending goes to programs?
In the fiscal year ending June 30, 2025, Independent Colleges of Indiana reported that 95.6% of its $26.5 million in expenses went to program services, 3.9% to management and general and 0.4% to fundraising (Form 990, Part IX).
How much does Independent Colleges of Indiana pay its top executive?
The largest total compensation Independent Colleges of Indiana reported for one person in the fiscal year ending June 30, 2025 was $336,686, for the role of President/Secretary (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Independent Colleges of Indiana get its money?
Of $28.6 million in revenue in the fiscal year ending June 30, 2025, 88.8% came from contributions and grants (including 5.3% from government grants) and 1.1% from program service revenue (Form 990, Part VIII).
Is Independent Colleges of Indiana a registered charity?
The IRS lists EIN 31-0901001 as a 501(c)(3) organization (supporting organization, type i), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202621249349302232 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202511359349308236 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202431369349306108 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202341359349316034 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202201369349307470 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202111379349302196 · read the filing
All filings for EIN 31-0901001: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.