Independent Colleges of Indiana Inc

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1972

Legal Domicile

Phone

3172366090

Tax Period

2024-07-01 to 2025-06-30

Independent Colleges of Indiana Inc, founded in 1972, is a mid-sized nonprofit in the Education sector that reported $28.6M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $26.5M left a modest 8% surplus.

Mission

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)

Program Service Accomplishments

Program 1

Expenses: $22,548,014 Revenue: $0

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...

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.

Program 2

Expenses: $1,523,754 Revenue: $0

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...

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.

Program 3

Expenses: $1,157,282 Revenue: $301,241

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...

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $25,391,801

Program Service Revenue $320,093

Investment Income $2,886,861

Other Revenue $0

TOTAL REVENUE $28,598,755

Expense Breakdown

Grants Paid $23,043,593

Salaries & Benefits $1,576,824

Fundraising Expenses $113,800

Program Expenses $25,294,913

Other Expenses $1,169,181

TOTAL EXPENSES $26,452,195

Year-over-Year Comparison

	2024	2023	Change
Revenue	$28,598,755	$25,913,873	+0.1%
Expenses	$26,452,195	$26,011,652	+0.0%
Net Income	$2,146,560	$-97,779	-23.0%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$667,082

Total Directors

$336,686

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dr Dottie King	President/Secretary	40.0	Officer Director	$296,447	$40,239	$336,686
Dr Karl W Einolf	Chair	1.0	Officer Director	$0	$0	$0
Dr Katie Conboy	Vice Chair	1.0	Officer Director	$0	$0	$0
Robert A Coons	Treasurer	1.0	Officer Director	$0	$0	$0
Brennan Randolph	Director (Start 8/9/24)	1.0	Director	$0	$0	$0
Christopher M Pietruszkiewicz JD	Director	1.0	Director	$0	$0	$0
Daniel Elsener	Director	1.0	Director	$0	$0	$0
Dr Amy McCormack	Director	1.0	Director	$0	$0	$0
Dr Barbara Bellefeuille	Director	1.0	Director	$0	$0	$0
Dr D Michael Lindsay	Director	1.0	Director	$0	$0	$0
Dr Drew Flamm	Director	1.0	Director	$0	$0	$0
Dr Earl Brooks II	Director	1.0	Director	$0	$0	$0
Dr Jerry Thacker	Director (Start 7/1/24)	1.0	Director	$0	$0	$0
Dr Jonathan Kulaga	Director	1.0	Director	$0	$0	$0
Dr Lake Lambert	Director	1.0	Director	$0	$0	$0
Dr Lance Richey	Director	1.0	Director	$0	$0	$0
Dr Lori White	Director	1.0	Director	$0	$0	$0
Dr Marco J Clark	Director	1.0	Director	$0	$0	$0
Dr Paul Sniegowski	Director (Start 8/5/24)	1.0	Director	$0	$0	$0
Dr Rebecca Stoltzfus	Director	1.0	Director	$0	$0	$0
Dr Ron D Dempsey	Director	1.0	Director	$0	$0	$0
Dr Scott E Feller	Director	1.0	Director	$0	$0	$0
Dr Sean Huddleston	Director	1.0	Director	$0	$0	$0
Dr Sherilyn Emberton	Director	1.0	Director	$0	$0	$0
Dr Stacy Young	Director	1.0	Director	$0	$0	$0
Dr Tanuja Singh	Director	1.0	Director	$0	$0	$0
Elaine Bedel	Director	1.0	Director	$0	$0	$0
James M Danko	Director	1.0	Director	$0	$0	$0
John Pistole JD	Director	1.0	Director	$0	$0	$0
Jos D Padilla JD	Director	1.0	Director	$0	$0	$0
Kerry N Prather	Director	1.0	Director	$0	$0	$0
Paul Perkins	Director	1.0	Director	$0	$0	$0
Rep Brad Barrett	Director	1.0	Director	$0	$0	$0
Rep Craig Snow	Director	1.0	Director	$0	$0	$0
Rep Gregory Porter	Director	1.0	Director	$0	$0	$0
Rep Phil GiaQuinta	Director	1.0	Director	$0	$0	$0
Rev Robert A Dowd CSC	Director	1.0	Director	$0	$0	$0
Sen Andrea Hunley	Director	1.0	Director	$0	$0	$0
Sen Ed Charbonneau	Director	1.0	Director	$0	$0	$0
Sen Fady Qaddoura	Director	1.0	Director	$0	$0	$0
Sen Jeff Raatz	Director	1.0	Director	$0	$0	$0
Sen Linda Rogers	Director	1.0	Director	$0	$0	$0
Kevin Watson	Chief Financial Officer	40.0	Officer	$113,968	$21,733	$135,701
Laura Bridges	VP and Chief Operating Officer	40.0	Officer	$166,941	$27,754	$194,695
Jake Burns	Director of Policy & Research	40.0	Highest	$101,242	$20,444	$121,686

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$28,598,755	$26,452,195	$99,589,312	$2,146,560
2024	$25,913,873	$26,011,652	$95,063,990	$-97,779
2023	$25,838,068	$23,689,741	$93,040,434	$2,148,327
2022	$22,138,520	$22,290,095	$91,171,823	$-151,575
2021	$20,196,793	$21,571,964	$93,815,740	$-1,375,171
2020	$24,521,798	$21,867,906	$95,402,420	$2,653,892
2019	$20,955,696	$21,192,917	$92,176,840	$-237,221
2018	$25,047,401	$19,508,564	$91,711,386	$5,538,837