Overview
What is The Ohio Foundation Of Independent Colleges?
The Ohio Foundation of Independent Colleges (OFIC) is a nonprofit organization situated in Columbus, Ohio. Its primary mission is to solicit donations from corporations and private foundations, channeling these funds to support 33 member colleges and universities in Ohio. These institutions serve approximately 80,000 students and are distinguished by their nonprofit, privately controlled status, 4-year programs in traditional liberal arts, and accreditation by the Higher Learning Commission. OFIC's activities include administering successful scholarship programs like The Ohio Scholars Program and Scholarship Management Resources, which provide financial aid and grants for college campus activities. Additionally, OFIC conducts annual job fairs, such as Careerfest and the Accounting Careerfest, allowing students to connect with potential employers and participate in interviews. The organization's goal is to support independent higher education by providing an efficient means for donors to contribute and ultimately contribute to tuition assistance and operational support for the member institutions. Furthermore, OFIC promotes corporate/independent higher education partnerships and contributes to developing cost-effective and improved business practices for its members. With a small staff of 11 individuals, OFIC plays a crucial role in the educational landscape of Ohio.
Official website here: www.ofic.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Stars)
The Ohio Foundation Of Independent Colleges has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial health. With a score of 95% in Accountability & Finance, the foundation demonstrates effective oversight and management of its resources, which is crucial for maintaining donor trust and support.
One of the organization's notable strengths is its fully independent board, comprising ten members, which enhances its governance and reduces potential conflicts of interest. Additionally, the foundation has no material diversions of assets and implements various policies like whistleblower and conflict of interest to ensure operational transparency. Its financial ratios indicate effective program spending and fundraising efficiency, contributing to its overall strong performance.
While the data shows a robust financial framework, potential donors might still seek further details about the foundation's programs and impact to fully understand its effectiveness beyond financial metrics. However, the current ratings and scores suggest a well-managed organization committed to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is The Ohio Foundation Of Independent Colleges legitimate?
The Ohio Foundation Of Independent Colleges is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Ohio Foundation Of Independent Colleges submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $417,098
Professional Fundraising Fees: $0
Other Salaries and Wages: $424,320
For more financial information, click here
Official website here: www.ofic.org
What is the mission statement of The Ohio Foundation Of Independent Colleges?
The Ohio Foundation of Independent Colleges (OFIC) serves the purpose of soliciting contributions from corporations and private foundations for its 33 member colleges and universities. These institutions serve nearly 80,000 students and are nonprofit, privately controlled, 4-year colleges or universities chartered by the State of Ohio. They are fully accredited by the Higher Learning Commission and offer a curriculum in traditional liberal arts. The contributions received by OFIC are annually distributed to these colleges and universities, providing tuition assistance and operational support. OFIC also offers an efficient means for donors to support independent higher education while promoting corporate and independent higher education partnerships. Furthermore, OFIC provides leadership in developing efforts that result in reduced costs and improved business practices for its member institutions.
Official website here: www.ofic.org
What is the revenue of The Ohio Foundation Of Independent Colleges?
The Ohio Foundation Of Independent Colleges's revenue in 2024 was $4,373,175.
Official website here: www.ofic.org
Who are the executives of The Ohio Foundation Of Independent Colleges and what are their salaries?
The average compensation at The Ohio Foundation Of Independent Colleges during 2024 was $93,491. There are 9 employees and 75 volunteers at The Ohio Foundation Of Independent Colleges.
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Official website here: www.ofic.org
Where can I find the form 990 for The Ohio Foundation Of Independent Colleges?
The Ohio Foundation Of Independent Colleges's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.ofic.org
Learn more at the official website: www.ofic.org
Mission Statement of The Ohio Foundation Of Independent Colleges
The Ohio Foundation of Independent Colleges, or OFIC, is a nonprofit organization with a mission to solicit contributions from corporate communities and private foundations. This mission is aimed at supporting 33 member-colleges and universities that serve nearly 80,000 students. These institutions are privately controlled, nonprofit, 4-year colleges and universities chartered by the State of Ohio. They are fully accredited by the Higher Learning Commission and offer a curriculum focused on traditional liberal arts.
OFIC's primary role is to distribute the collected contributions annually to its member-institutions. These funds are used to provide tuition assistance and operational support, thereby aiding these independent higher education institutions. Furthermore, OFIC offers programs to foster corporate-independent higher education partnerships and provides leadership in developing efforts that result in reduced costs and improved business practices for its members. In essence, OFIC serves as an efficient means for donors to support independent higher education and plays a crucial role in its success.
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Impact
October, 2024
The Ohio Foundation of Independent Colleges significantly enhances the educational landscape for nearly 80,000 students across 33 member institutions in Ohio. By actively soliciting contributions from the corporate sector and private foundations, it secures vital funding that is distributed annually to these colleges and universities. This support provides essential tuition assistance and operational funds, ensuring that students have access to quality education in a traditional liberal arts framework.
The foundation's scholarship programs, including the Ohio Scholars Program, facilitate cash distributions that bolster financial aid and special program grants, directly benefiting students. This not only assists with their educational expenses but also prepares them as future leaders and employees for Ohio's business and industry.
Additionally, the Ohio Foundation of Independent Colleges promotes partnerships between corporate entities and independent higher education, playing a crucial role in improving operational efficiencies for its member institutions. Activities such as annual job fairs, including the CareerFest and the Accounting CareerFest, connect students with potential employers, fostering valuable networking opportunities and career pathways.
Through its strategic initiatives and programs, the foundation has a profound impact on reducing educational costs, improving educational practices, and ultimately shaping a brighter future for students and the workforce in Ohio.
This information is meant to be a general summary of The Ohio Foundation Of Independent Colleges. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $198,765
- Program Service Revenue: $1,221,739
- Gross Receipts: $6,070,650
Assets and Liabilities:
- Total Assets: $7,138,726
- Total Liabilities: $434,620
- Net Assets: $6,704,106
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENT INCOME
Revenue
$1,221,739
Organization Details
Founding Year
1950
Principal Officer
William Spiker
Website
www.ofic.orgNTEE Category
Code: B120 - Education
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