Profile of the Independent College Fund of New York
Founded
The Independent College Fund of New York was established in 1952 by a council of college presidents and corporate executives.
Legal Status
The Independent College Fund of New York is chartered by the State of New York as a non-profit corporation. As a Section 501 (c) (3) tax-exempt organization, qualified under that code as a 509 (a) (2) public charity, no payment of federal and state taxes is required. All contributions to ICFNY are tax deductible up to the limits prescribed by law.
Purpose
The goals of ICFNY are:
- To secure support from corporations, foundations and individuals
- To develop and strengthen relationships between private higher education and private business
- To develop connections among independent colleges, their students and the corporate community
Membership
The Fund’s 17 member colleges, located in all regions of New York State, are accredited by The Middle States Association and each college is governed by an autonomous board of trustees and receives its income primarily from private sources.
Board of Trustees
The policies of ICFNY are established by the Board of Trustees comprised of college presidents and corporate leaders.
Funds Distributions
Funds are distributed annually in June to the member institutions. All undesignated funds are distributed equally to the entire membership. All designated gifts adhere to the instructions of the donor.
National Affiliation
The Independent College Fund of New York is one of 37 state and regional associations affiliated with The Foundation for Independent Higher Education. This association represents 670 independent colleges and universities in the United States with 1.5 million students.