Independent College Fund Of Nj is located in Trenton, NJ. The organization was established in 1955. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independent College Fund Of NJ is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Independent College Fund Of NJ generated $307.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (20.1%) each year. All expenses for the organization totaled $374.0k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (18.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Independent College Fund Of NJ has awarded 89 individual grants totaling $4,933,880. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
INDEPENDENT COLLEGE FUND OF NEW JERSEY RAISES CORPORATE AND FOUNDATION PHILANTHROPIC SUPPORT AND DISTRIBUTES IT TO THE 14 MEMBER COLLEGES AND UNIVERSITIES. THESE FUNDS ASSIST THE MEMBER INSTITUTIONS IN ACHIEVING THEIR EDUCATIONAL MISSIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICE EXPENSES REPRESENT COLLEGE SCHOLARSHIPS GIVEN TO STUDENTS ATTENDING ONE OF NEW JERSEY'S 14 ACCREDITED, INDEPENDENT, NON-PROFIT, FOUR-YEAR DEGREE GRANTING COLLEGES AND UNIVERSITIES IN THE STATE OF NEW JERSEY. GRANTS GIVEN TO THESE MEMBER INSTITUTIONS PROMOTE PROFESSIONAL PREPARATION, IMPLEMENT TECHNOLOGY INITIATIVES, INSURE FACULTY DEVELOPMENT, BUILD GLOBAL AWARENESS, PROMOTE COMMUNITY SERVICE AND ENCOURAGE LIFELONG LEARNING. FUNDING HELPS FULFILL THE GOAL OF EDUCATING STUDENTS WHO CONTRIBUTE TO THE ECONOMIC, SOCIAL, INTELLECTUAL, AND CULTURAL ASPIRATIONS OF NEW JERSEY AND SOCIETY. THE INDEPENDENT COLLEGES DIRECTLY IMPACT THE WORKFORCE PIPELINE IN THE STATE WITH OVER 55% OF ALL ICFNJ COLLEGE AND UNIVERSITY GRADUATES CONTINUING TO RESIDE HERE. IN 2020, INDEPENDENT COLLEGE FUND OF NEW JERSEY AWARDED 137 SCHOLARSHIPS AND 29 RESEARCH GRANTS AND 7 SPECIAL PROJECT GRANTS. STUDENTS WERE OFFERED OPPORTUNITIES TO CONNECT VIRTUALLY WITH LEAD EMPLOYERS THROUGH SPECIAL SESSIONS ON TOPICS RANGING FROM CAREER OPPORTUNITIES IN ACCOUNTING FIRMS FOR THE NON-ACCOUNTING GRADUATE TO PREPARING FOR THE VIRTUAL INTERVIEW. PROFESSIONAL PANEL MEMBERS WERE RECRUITED FROM ACROSS THE STATE TO JUDGE STUDENT DRIVEN RESEARCH FINDING PRESENTATIONS AS PART OF THE UNDERGRADUATE RESEARCH SYMPOSIUM. STUDENTS CAPITALIZED ON LITERARY RESEARCH TO CREATE MORE PRODUCTIVE LAB SESSIONS IN A HIGHLY RESTRICTED ACCESS ENVIRONMENT GIVEN CONCERNS ABOUT THE SPREAD OF COVID-19. A SERIES OF INFORMATIONAL SESSIONS WERE HELD TO ASSIST COLLEGES IN CLASSROOM, DORM AND BUILDING PREPARATION FOR THE RETURN OF STUDENTS, FACULTY AND STAFF ON CAMPUS FOLLOWING THE INITIAL PANDEMIC OUTBREAK.SCHOLARSHIP RECIPIENTS RECEIVED WELLNESS MESSAGES AND WERE OFFERED OPPORTUNITIES TO SHARE THEIR REMOTE LEARNING EXPERIENCES. THIS WAS OFFERED TO REDUCE THE SENSE OF ISOLATION FOR STUDENTS AND TO DEMONSTRATE THAT GROWTH OPPORTUNITIES BEYOND THE CLASSROOM CONTINUED TO EXIST DURING THE PANDEMIC. STUDENT SHOWED TREMENDOUS RESILIENCY IN DEVELOPING NEW SOCIAL AND LEARNING GROUPS, IDENTIFYING WAYS TO GIVE BACK ESPECIALLY AS IT RELATED TO FOOD INSECURITY. THE CREATIVITY AND INNOVATION WHICH HAS LONG BEEN A NEW JERSEY TRADEMARK WAS CLEAR AND EVIDENT IN THE STUDENTS WHO RESPONDED. SCHOLARSHIP RECIPIENTS WERE ABLE TO MAINTAIN THEIR PROGRESS TOWARD DEGREE COMPLETION WITH FEW EXCEPTIONS. ICFNJ BUILT AN EMERGENCY AID FUND BY UTILIZING THE SUPPORT NORMALLY GARNERED FOR EVENTS TO HELP STUDENTS FACING UNEXPECTED CRISES BROUGHT ON MY THE PANDEMIC, RESULTING ECONOMIC IMPACT OR HEALTH CONCERNS. THROUGH THE EMERGENCY AID FUND STUDENTS AND THEIR FAMILIES RECEIVED HELP ADDRESSING FOOD INSECURITY, HOUSING INSTABILITY AND MEDICAL NEEDS. THIS ONE TIME GIFT HELPED STUDENTS OVERCOME A FINANCIAL CHALLENGE THAT WAS A POTENTIAL BARRIER TO COLLEGE PERSISTENCE AND DEGREE COMPLETION.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
John Drzymkowski Chair | OfficerTrustee | 1 | $0 |
Christopher A Capuano PHD Treasurer | OfficerTrustee | 1 | $0 |
Benedict Torcivia III Vice Chair | OfficerTrustee | 1 | $0 |
Gregory G Dell'omo PHD Secretary | OfficerTrustee | 1 | $0 |
Stephen P Aluotto Trustee | OfficerTrustee | 1 | $0 |
Louis Manzione President | Officer | 16 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $213,193 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $83,402 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $296,595 |
Total Program Service Revenue | $0 |
Investment income | $8,994 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $307,234 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $78,456 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $109,633 |
Compensation of current officers, directors, key employees. | $42,026 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $50,527 |
Pension plan accruals and contributions | $6,167 |
Other employee benefits | $29,576 |
Payroll taxes | $10,362 |
Fees for services: Management | $0 |
Fees for services: Legal | $7,907 |
Fees for services: Accounting | $4,936 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $5,054 |
Fees for services: Other | $24,955 |
Advertising and promotion | $0 |
Office expenses | $6,502 |
Information technology | $263 |
Royalties | $0 |
Occupancy | $14,796 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $294 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $200 |
Insurance | $6,307 |
All other expenses | $1,513 |
Total functional expenses | $373,990 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $515,088 |
Pledges and grants receivable | $48,957 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $800 |
Investments—publicly traded securities | $0 |
Investments—other securities | $1,332,007 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $25,527 |
Total assets | $1,922,379 |
Accounts payable and accrued expenses | $43,016 |
Grants payable | $445,928 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $488,944 |
Net assets without donor restrictions | $248,668 |
Net assets with donor restrictions | $1,184,767 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $1,922,379 |
Over the last fiscal year, Independent College Fund Of Nj has awarded $64,956 in support to 3 organizations.
Grant Recipient | Amount |
---|---|
Jersey City, NJ PURPOSE: FURTHERING EDUCATION AS AN EXEMPT PURPOSE | $48,956 |
South Orange, NJ PURPOSE: FURTHERING EDUCATION AS AN EXEMPT PURPOSE | $10,000 |
Bloomfield, NJ PURPOSE: FURTHERING EDUCATION AS AN EXEMPT PURPOSE | $6,000 |
Over the last fiscal year, we have identified 5 grants that Independent College Fund Of Nj has recieved totaling $144,234.
Awarding Organization | Amount |
---|---|
Partners For Health Inc Montclair, NJ PURPOSE: NURSING SCHOLARSHIPS | $50,000 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $45,000 |
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $33,000 |
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $9,485 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $6,749 |
Beg. Balance | $1,350,255 |
Earnings | $85,262 |
Ending Balance | $1,435,517 |
Organization Name | Assets | Revenue |
---|---|---|
Fund For Public Schools Inc New York, NY | $69,123,846 | $27,701,638 |
Ernst & Young Foundation New York, NY | $39,971,970 | $27,635,064 |
Kipp New York Inc New York, NY | $134,718,837 | $36,118,873 |
Say Yes Buffalo Scholarship Inc Buffalo, NY | $26,879,466 | $14,014,941 |
The Heckscher Foundation For Children New York, NY | $236,760,119 | $11,760,357 |
United Federation Of Teachers Educational Foundation Inc New York, NY | $18,651,586 | $11,866,585 |
Vista Foundation Hershey, PA | $12,658,681 | $12,905,128 |
Caroline & Joseph S Gruss Life Monument Funds Inc New York, NY | $48,124,527 | $2,679,769 |
Storehouse For Teachers Pittsburgh, PA | $4,365,823 | $11,202,988 |
Suny Impact Foundation Inc New York, NY | $1,805,430 | $8,847,404 |
Poughkeepsie Public School Teachers Asso Trust Fund Poughkeepsie, NY | $14,239,734 | $11,580,276 |
Elevate 215 Philadelphia, PA | $9,991,857 | $10,518,985 |