Ohio Foundation Of Independent Colleges Inc
- Assets
- $7.1m
- Revenue
- $4.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Columbus, OH
- Founding
- 03/1952
- Data as of
- 06/2022
- EIN
- 31-4441082
Organization Overview
Ohio Foundation Of Independent Colleges Inc is located in Columbus, OH. The organization was established in 1952. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 06/2022, Ohio Foundation Of Independent Colleges Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ohio Foundation Of Independent Colleges Inc 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 06/2022, Ohio Foundation Of Independent Colleges Inc generated $4.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $3.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Ohio Foundation Of Independent Colleges Inc has awarded 482 individual grants totaling $18,897,393. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SOLICIT CONTRIBUTIONS FROM THE CORPORATE COMMUNITY AND PRIVATE FOUNDATIONS ON BEHALF OF 33 MEMBER-COLLEGE/UNIVERSITIES THAT SERVE NEARLY 80,000 STUDENTS. MEMBERS ARE NONPROFIT, PRIVATELY CONTROLLED, 4-YEAR COLLEGES/UNIVERSITIES CHARTERED BY THE STATE OF OHIO, ARE FULLY ACCREDITED BY HIGHER LEARNING COMMISSION, AND HAVE A CURRICULAR PROGRAM IN TRADITIONAL LIBERAL ARTS. CONTRIBUTIONS TO OFIC ARE DISTRIBUTED TO COLLEGES/UNIVERSITIES ANNUALLY AND PROVIDE TUITION ASSISTANCE AND OPERATIONAL SUPPORT. OFIC PROVIDES ITS DONORS WITH AN EFFICIENT MEANS TO SUPPORT INDEPENDENT HIGHER EDUCATION. OFIC ALSO PROVIDES PROGRAMS TO PROMOTE CORPORATE/INDEPENDENT HIGHER EDUCATION PARTNERSHIPS AND PROVIDES LEADERSHIP IN DEVELOPING EFFORTS THAT RESULT IN REDUCED COSTS AND IMPROVED BUSINESS PRACTICES FOR ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADMINISTER AND CARRY OUT SUCCESSFUL SCHOLARSHIP PROGRAMS - THE OHIO SCHOLARS PROGRAM AND SCHOLARSHIP MANAGEMENT RESOURCES - THAT PROVIDE CASH DISTRIBUTIONS TO COLLEGES AND UNIVERSITIES FOR STUDENT SCHOLARSHIPS AND AWARDS. THESE FUNDS NOT ONLY PROVIDE FINANCIAL ASSISTANCE FOR STUDENTS, BUT ALSO OFFER OHIO'S BUSINESS AND INDUSTRY WITH AN OPPORTUNITY TO CULTIVATE FUTURE LEADERS AND EMPLOYEES. THESE DISTRIBUTIONS INCLUDE FINANCIAL AID AND SPECIAL PROGRAM GRANTS FOR COLLEGE CAMPUS ACTIVITIES. AS AN EXTENSION OF THIS PROGRAM, OFIC CONDUCTS ANNUAL JOB FAIRS - THE CAREERFEST AND THE ACCOUNTING CAREERFEST - PROGRAMS THAT ALLOW STUDENTS TO MEET AND INTERVIEW WITH OFIC DONOR COMPANIES AND OTHER INTERESTED PARTICIPANTS.
ESTABLISH A STRONG VOLUNTEER NETWORK OF BUSINESS/INDUSTRY AND COLLEGE/UNIVERSITY PROFESSIONALS TO CONDUCT AN ANNUAL SOLICITATION PROGRAM THAT PROVIDES UNRESTRICTED DISTRIBUTIONS TO OHIO INDEPENDENT COLLEGES AND UNIVERSITIES. UNRESTRICTED CONTRIBUTIONS TO OFIC ARE DISTRIBUTED IN ENTIRETY TO THE 33 OFIC-MEMBER COLLEGES AND UNIVERSITIES IN ACCORDANCE WITH A DISTRIBUTION FORMULA THAT REQUIRES 60% OF THE TOTAL TO BE DIVIDED EQUALLY AND 40% OF THE TOTAL TO BE BASED UPON EACH MEMBER'S FULL-TIME AND FULL-TIME EQUIVALENT UNDERGRADUATE ENROLLMENTS. THIS IS AN IMPORTANT SOURCE OF FINANCIAL SUPPORT FOR OUR MEMBERS, ALLOWING THEM TO APPLY IT TO AREAS OF GREATEST NEED AND ENABLING THEM TO RELY ON SOURCES OTHER THAN JUST TUITION TO SUPPORT COSTS ASSOCIATED WITH PROVIDING AN ACCESSIBLE, QUALITY EDUCATION.
COORDINATE AND FACILITATE COLLABORATIVE PROGRAMS DESIGNED TO HELP OHIO'S INDEPENDENT COLLEGES AND UNIVERSITIES CONSERVE COSTS AND IMPROVE OPERATING EFFICIENCIES, AS WELL AS COORDINATE AND IMPLEMENT PROGRAMS DESIGNED TO BRING EDUCATION AND BUSINESS TOGETHER FOR SPECIFIC PURPOSES SUCH AS MINORITY RECRUITMENT/RETENTION, STUDENT ADVANCEMENT/ACCESS TO HIGHER EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randall K Marker Chair | OfficerTrustee | 1 | $0 |
Barbara J Britenriker Vice Chair (corporate) | OfficerTrustee | 1 | $0 |
William N Ruud Vice Chair (collegiate) | OfficerTrustee | 1 | $0 |
Susan S Hasseler Vice Chair Elect (collegiate) | OfficerTrustee | 1 | $0 |
James G Fahey Treasurer | OfficerTrustee | 1 | $0 |
David A King Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,394,002 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,394,002 |
| Total Program Service Revenue | $1,151,991 |
| Investment income | $167,159 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $454,902 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,168,054 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,076,959 |
| 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. | $439,400 |
| Compensation of current officers, directors, key employees. | $62,424 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $437,178 |
| Pension plan accruals and contributions | $30,510 |
| Other employee benefits | $93,460 |
| Payroll taxes | $60,504 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,193 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $70,811 |
| Fees for services: Other | $68,933 |
| Advertising and promotion | $0 |
| Office expenses | $10,954 |
| Information technology | $18,992 |
| Royalties | $0 |
| Occupancy | $71,640 |
| Travel | $54,186 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $437 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,481 |
| Insurance | $7,398 |
| All other expenses | $28,873 |
| Total functional expenses | $3,658,988 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $712,015 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $94,070 |
| 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 | $21,430 |
| Net Land, buildings, and equipment | $4,784 |
| Investments—publicly traded securities | $6,306,427 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,138,726 |
| Accounts payable and accrued expenses | $225,417 |
| Grants payable | $83,268 |
| 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 | $125,935 |
| Total liabilities | $434,620 |
| Net assets without donor restrictions | $428,655 |
| Net assets with donor restrictions | $6,275,451 |
| 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 | $7,138,726 |
Grants Awarded
Over the last fiscal year, Ohio Foundation Of Independent Colleges Inc has awarded $1,630,126 in support to 65 organizations.
| Grant Recipient | Amount |
|---|---|
ASHLAND UNIVERSITY PURPOSE: SCHOLARSHIPS & UNRESTRICTED | $33,450 |
ALBANY COLLEGE OF PHARMACY & HEALTH SCIENCES PURPOSE: SCHOLARSHIPS | $7,699 |
BALL STATE UNIVERSITY PURPOSE: SCHOLARSHIPS & UNRESTRICTED | $11,166 |
BALDWIN WALLACE UNIVERSITY PURPOSE: SCHOLARSHIPS & UNRESTRICTED | $41,775 |
BARD COLLEGE PURPOSE: SCHOLARSHIPS | $5,169 |
BLUFFTON UNIVERSITY PURPOSE: SCHOLARSHIPS & UNRESTRICTED | $31,965 |