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Independent Colleges of Indiana Inc

EIN 31-0901001 · Indianapolis, IN

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthGood75 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

The Independent Colleges of Indiana (ICI) advances and strengthens the competitive standing of its 29 member independent, nonprofit, regionally accredited, degree granting colleges and universities. ICI works to ensure opportunity, access, and choice in higher education for all students. (Continued on Schedule O)

Income
$28.6 million
Spending
$26.5 million
Spent on programs
96%
Reserves
2.1 months of spending
Largest source of income
donations and private grants, 84%
Employees
15
Volunteers
0
Highest pay
$336,686, president/secretary

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Good: 75 out of 100. Higher than 67% of charities in its peer group (education, $10m to $100m).

  • Reserves

    10 of 35

    Spendable reserves would cover 2.1 months of spending.

  • Debt

    20 of 20

    It owes 1% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 8% of income.

  • Income trend

    15 of 15

    Income rose 10% on the year before.

  • Spending floor

    15 of 15

    96% of spending went to programs and raising each dollar of donations cost 0 cents.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 100 out of 100. Higher than 50% of charities in its peer group (education, $10m to $100m).

  • Independent board

    25 of 25

    41 of 42 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (4)
  1. $22.5 million spent. The 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. (Expenses $ 65,863 including grants of $ 0)(Revenue $ 18,852) Indiana Academy Program furthers the development of public service, higher education, the arts and sciences, literature, and the general culture of the state through recognition of individual leadership, achievement, and philanthropy designed to promote these ends.
  2. $1.5 million spent. 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.
  3. $1.2 million spent. 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. (Expenses $ 65,863 including grants of $ 0)(Revenue $ 18,852) Indiana Academy Program furthers the development of public service, higher education, the arts and sciences, literature, and the general culture of the state through recognition of individual leadership, achievement, and philanthropy designed to promote these ends.
  4. $65,863 spent. Indiana Academy Program furthers the development of public service, higher education, the arts and sciences, literature, and the general culture of the state through recognition of individual leadership, achievement, and philanthropy designed to promote these ends.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending June 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since March 1975.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.