Icut Foundation
- Assets
- $1.4m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Austin, TX
- Founding
- 12/1981
- Data as of
- 09/2023
- EIN
- 75-1540769
Organization Overview
Icut Foundation is located in Austin, TX. The organization was established in 1981. According to its NTEE Classification (B05) the organization is classified as: Research Institutes & Public Policy Analysis, 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. Icut Foundation 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 09/2023, Icut Foundation generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 68.1% each year . All expenses for the organization totaled $1.8m during the year ending 09/2023. While expenses have increased by 69.0% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION SUPPORTS TEXAS' INDEPENDENT NONPROFIT COLLEGES AND UNIVERSITIES BY STRENGTHENING MEMBER INSTITUTIONS THRU EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION OF MEMBERS - THE ICUT FOUNDATION MEMBERSHIP CONSISTS OF 40 ACCREDITED INDEPENDENT INSTITUTIONS OF HIGHER EDUCATION IN TEXAS. ICUT FOUNDATION SERVES THESE MEMBERS BY EDUCATING THEM ON ISSUES AFFECTING THEIR INSTITUTIONS OR THEIR STUDENTS. THIS INCLUDES INNOVATIVE EDUCATIONAL TOOLS, NEW LAWS, RULES, REGULATIONS AND OTHER TOPICS OF INTEREST. WE COMMUNICATE THIS INFORMATION VIA WEBINARS, IN-PERSON TRAININGS AND MEETINGS, NEWSLETTERS AND EMAILS. IN ADDITION, WE COLLECT AND ANALYZE DATA FROM VARIOUS SOURCES TO PROVIDE RELEVANT INFORMATION TO OUR MEMBERS.
LEGISLATIVE - THE MEMBERS OF ICUT FOUNDATION ARE REPRESENTED BY BOTH THE ICUT FOUNDATION PRESIDENT AND A CONTRACT LOBBYIST WHO MEET WITH STAKEHOLDERS TO EDUCATE THEM ON THE VALUE OF PRIVATE NON-PROFIT HIGHER EDUCATION IN TEXAS.
MEMBER SERVICES - THE MEMBERS OF ICUT FOUNDATION HAVE ACCESS TO DOZENS OF GROUP PURCHASING AGREEMENTS OFFERING THEM SIGNIFICANT SAVINGS ON PRODUCTS AND SERVICES RELATED TO THEIR EDUCATIONAL PURPOSE. WE HOLD MEETINGS FOR VARIOUS GROUPS ON CAMPUS THAT PROVIDE A FORUM TO SHARE IDEAS AND LEARN ABOUT NEW INITIATIVES IN THEIR RESPECTIVE FIELDS. IN ADDITION, MEMBERS ARE ELIGIBLE TO PARTICIPATE IN AN ICUT FOUNDATION SELF-FUNDED HEALTH PLAN.
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 2023, THE ICUT FOUNDATION AWARDED 78 SCHOLARSHIPS TOTALING 206,600.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Johnson CEO (10-12/2 | Officer | 40 | $250,360 |
Elizabeth Puthoff President | Officer | 40 | $177,511 |
Lois Hollis Senior Direc | 40 | $108,505 | |
Richard Ludwick Chair | OfficerTrustee | 4 | $0 |
Charlie Mccormick Chair-Elect | OfficerTrustee | 4 | $0 |
Phil Schubert Past Chair | OfficerTrustee | 4 | $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 | $213,980 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $213,980 |
| Total Program Service Revenue | $1,474,408 |
| Investment income | $68,867 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $49,937 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,927 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,809,224 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $206,600 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $592,012 |
| Compensation of current officers, directors, key employees. | $174,176 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $231,056 |
| Pension plan accruals and contributions | $32,771 |
| Other employee benefits | $12,710 |
| Payroll taxes | $47,546 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,633 |
| Fees for services: Accounting | $25,385 |
| Fees for services: Lobbying | $22,400 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $81,443 |
| Advertising and promotion | $0 |
| Office expenses | $108,382 |
| Information technology | $17,919 |
| Royalties | $0 |
| Occupancy | $112,300 |
| Travel | $36,130 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $125,546 |
| Interest | $0 |
| Payments to affiliates | $1,263 |
| Depreciation, depletion, and amortization | $4,636 |
| Insurance | $7,326 |
| All other expenses | $0 |
| Total functional expenses | $1,788,198 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $361,877 |
| Savings and temporary cash investments | $260,105 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,303 |
| 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 | $8,042 |
| Net Land, buildings, and equipment | $13,717 |
| Investments—publicly traded securities | $507,333 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $283,903 |
| Total assets | $1,438,280 |
| Accounts payable and accrued expenses | $70,852 |
| Grants payable | $120,187 |
| 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 | $279,148 |
| Total liabilities | $470,187 |
| Net assets without donor restrictions | $968,093 |
| Net assets with donor restrictions | $0 |
| 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 | $1,438,280 |