Indiana · Nonprofit
Independent Colleges of Indiana Inc
Independent Colleges of Indiana Inc (Indiana) receives grants from 16 organizations whose IRS filings report $219,016,038 to it, the largest being LILLY ENDOWMENT INC ($215,790,450). 13 of them have funded it in more than one year.
- Revenue FY2025
- $29M
- Funders on record
- 16
- Grants received
- $219M
- Net assets
- $99M
What Independent Colleges of Indiana Inc does
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)
As stated on its FY2025 Form 990.
Programs
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.
$22,548,014 spentof which $21,649,218 as grants89% of program spendingIndiana 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.
$1,523,754 spentof which $1,048,875 as grants6% of program spendingTo 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.
$1,157,282 spentof which $345,500 as grants$301,241 earned by the program5% of program spendingIndiana 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.
$65,863 spent$18,852 earned by the program0% of program spending
The 4 programs described on its FY2024 Form 990, listed largest first by expense. Program spending in total: $25,294,913.
The organization over time
Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2017 to 2018, from $87M to $92M (+6%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
Government-grant reliance: 2017 4% · 2018 2% · 2019 5% · 2020 4% · 2021 5% · 2022 5% · 2023 5% · 2024 11% · 2025 5%. Grants only. Government contracts and fees sit inside program revenue.
89% of Independent Colleges of Indiana Inc’s revenue is contributions — more donation-reliant than the typical peer (23% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 4 of the last 9 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Board chair
Dr Karl W Einolf
Chair
As listed on its FY2025 Form 990.
Who funds it, year by year
2017 → 2023: the base narrowed from 8 funders to 7 funders, grant income fell $21M → $19M.
From the IRS filings of Independent Colleges of Indiana Inc’s funders (the co-funder graph). Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
Independent Colleges of Indiana Inc leans on a few funders — its largest provides 99% of grant income and the top three 99%; half comes from just 1 funder.
the vertical line marks half of all grant income — 1 funder to its left
Largest funder’s share by year: 2017 99% · 2018 99% · 2019 99% · 2020 98% · 2021 99% · 2022 98% · 2023 98% — broadly stable.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How long its funders stay
43% of Independent Colleges of Indiana Inc's funders are still giving 3 years after their first grant; 81% give in more than one year at all.
Share of funders still giving k years after their first recorded grant, pooled across every acquisition cohort. A funder counts as retained in a year only if it made a grant that year. Measured to FY2023, the last fiscal year that has finished arriving — a funder cannot be counted as lapsed in a year most filers have not reached.
Where its funders are
100% of Independent Colleges of Indiana Inc's grant income comes from Indiana funders.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
Independent Colleges of Indiana Inc runs a healthier operating margin than half of the 3,794 education nonprofits its size.
this organization peer median middle 50% of peers· 3,794 education nonprofits $10M–$100M, FY2025
Organizations like Independent Colleges of Indiana Inc
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In Indiana
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
96% of spending goes to programs.
Governance
Footprint & structure
Files a return copy in 1 state
Part of a family of 30 related entities
- Blue Frontier LLC · disregarded
- Anderson University · exempt
- Bethel College · exempt
- Butler University · exempt
- Calumet College of St Joseph · exempt
Screen this organization
A dated, signed PDF of the compliance screen for Independent Colleges of Indiana Inc: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds Independent Colleges of Indiana Inc?
- Independent Colleges of Indiana Inc (Indiana) receives grants from 16 organizations whose IRS filings report $219,016,038 to it, the largest being LILLY ENDOWMENT INC ($215,790,450). 13 of them have funded it in more than one year.
- How many funders does Independent Colleges of Indiana Inc have?
- IRS filings report 16 organizations giving $219,016,038 in grants to Independent Colleges of Indiana Inc, 13 of which have funded it in more than one year.
- Who is the largest funder of Independent Colleges of Indiana Inc?
- LILLY ENDOWMENT INC is the largest funder on record, with $215,790,450 in grants. The full list of funders is on this page.
- How can an organization like Independent Colleges of Indiana Inc find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in Indiana. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2025 (financials across 2017–2025), and the filings of 16 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 22, 2026. What this page cannot tell you · view filing