Nonprofit · EIN 75-1540769
ICUT FOUNDATION
Tax-exempt · AUSTIN, TX 78701
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $2,019,752 | $1,870,457 | $149,295 | $1,807,144 | $355,796 | $1,451,348 |
| September 30, 2024 | 990 | $1,895,848 | $1,627,041 | $268,807 | $1,711,790 | $420,844 | $1,290,946 |
| September 30, 2023 | 990 | $1,809,224 | $1,788,198 | $21,026 | $1,438,280 | $470,187 | $968,093 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $270,000
- Program service revenue
- $1,458,502
- Investment income
- $64,986
- Royalties
- $70,529
- Other revenue
- $226,264
Expenses
- Grants and similar amounts paid
- $243,000
- Compensation of officers, directors and key employees
- $332,644
- Other salaries and wages
- $531,874
- Salaries, compensation and benefits (total)
- $951,366
- Professional fundraising fees
- $0
- Legal fees
- $7,319
- Accounting fees
- $25,200
- Occupancy
- $187,698
- Travel
- $43,126
- Depreciation
- $5,826
- Program services (functional)
- $1,418,114
- Management and general (functional)
- $434,944
- Fundraising (functional)
- $17,399
Balance sheet and other
- Total assets, start of year
- $1,711,790
- Total assets, end of year
- $1,807,144
- Total liabilities, end of year
- $355,796
- Net assets, end of year
- $1,451,348
- Land, buildings and equipment
- $9,936
- Publicly traded securities
- $712,495
- Net assets without donor restrictions
- $1,451,348
- Gross receipts
- $2,019,752
- Employees
- 6
- Volunteers
- 11
- Year formed
- 1976
- State of legal domicile
- TX
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ELIZABETH PUTHOFF | PRESIDENT Officer | 40 | $286,306 | $46,338 |
| LOIS HOLLIS | SENIOR DIRECTOR Highest-paid employee | 40 | $95,289 | $29,771 |
| CHARLIE MCCORMICK | CHAIR Trustee or director, Officer | 4 | $0 | $0 |
| DEBBIE COTTRELL | CHAIR-ELECT Trustee or director, Officer | 4 | $0 | $0 |
| MELVA WALLACE | SECRETARY Trustee or director, Officer | 4 | $0 | $0 |
| PHIL SCHUBERT | TREASURER Trustee or director, Officer | 4 | $0 | $0 |
| RICHARD LUDWICK | PAST CHAIR Trustee or director, Officer | 4 | $0 | $0 |
| CORY HINES | DIRECTOR Trustee or director | 4 | $0 | $0 |
| GERALD TURNER | DIRECTOR Trustee or director | 4 | $0 | $0 |
| HERMAN FELTON | DIRECTOR Trustee or director | 4 | $0 | $0 |
| JONATHAN SANFORD | DIRECTOR Trustee or director | 4 | $0 | $0 |
| MONTSERRAT FUENTES | DIRECTOR Trustee or director | 4 | $0 | $0 |
| THOMAS EVANS | DIRECTOR Trustee or director | 4 | $0 | $0 |
| VANESSA BEASLEY | DIRECTOR Trustee or director | 4 | $0 | $0 |
990 for the year ended September 30, 2024: 14 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Elizabeth Puthoff | President Officer | 40 | $291,868 | $48,784 |
| Steven Johnson | Past President Highest-paid employee | 40 | $149,133 | $23,999 |
| Lois Hollis | Senior Director Highest-paid employee | 40 | $114,234 | $27,193 |
| Charlie McCormick | Chair-Elect Trustee or director, Officer | 4 | $0 | $0 |
| Debbie Cottrell | Treasurer Trustee or director, Officer | 4 | $0 | $0 |
| Phil Schubert | Past Chair Trustee or director, Officer | 4 | $0 | $0 |
| Richard Ludwick | Chair Trustee or director, Officer | 4 | $0 | $0 |
| Steven O'Day | Secretary Trustee or director, Officer | 4 | $0 | $0 |
| Gerald Turner | Director Trustee or director | 4 | $0 | $0 |
| Herman Felton | Director Trustee or director | 4 | $0 | $0 |
| Linda Livingstone | Director Trustee or director | 4 | $0 | $0 |
| Montserrat Fuentes | Director Trustee or director | 4 | $0 | $0 |
| Thomas Evans | Director Trustee or director | 4 | $0 | $0 |
| Vanessa Beasley | Director Trustee or director | 4 | $0 | $0 |
990 for the year ended September 30, 2023: 14 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| STEVEN JOHNSON | CEO (10-12/2 Officer | 40 | $250,360 | $41,642 |
| ELIZABETH PUTHOFF | PRESIDENT Officer | 40 | $177,511 | $31,159 |
| LOIS HOLLIS | SENIOR DIREC Highest-paid employee | 40 | $108,505 | $26,613 |
| RICHARD LUDWICK | CHAIR Trustee or director, Officer | 4 | $0 | $0 |
| CHARLIE MCCORMICK | CHAIR-ELECT Trustee or director, Officer | 4 | $0 | $0 |
| PHIL SCHUBERT | PAST CHAIR Trustee or director, Officer | 4 | $0 | $0 |
| BLAIR BLACKBURN | SECRETARY Trustee or director, Officer | 4 | $0 | $0 |
| DEBBIE COTTRELL | TREASURER Trustee or director, Officer | 4 | $0 | $0 |
| GERALD TURNER | DIRECTOR Trustee or director | 4 | $0 | $0 |
| HERMAN FELTON | DIRECTOR Trustee or director | 4 | $0 | $0 |
| STEVEN O'DAY | DIRECTOR Trustee or director | 4 | $0 | $0 |
| THOMAS EVANS | DIRECTOR Trustee or director | 4 | $0 | $0 |
| BOBBY HALL | DIRECTOR Trustee or director | 4 | $0 | $0 |
| LINDA LIVINGSTONE | DIRECTOR Trustee or director | 4 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1303 SAN ANTONIO ST STE 820, AUSTIN, TX 78701-1698
- Mailing address (990-N for 2009)
- PO Box 13105, Austin TX 78711
- Principal officer (990 for 2024)
- CHARLIE MCCORMICK, 1303 SAN ANTONIO ST STE 820, AUSTIN, TX 78701
- Principal officer (990-N for 2009)
- Carol McDonald, PO Box 13105, Austin TX 78711
- Signed the 990
- ELIZABETH PUTHOFF, PRESIDENT
- Phone
- (512) 472-9522
- Return prepared by
- FORVIS MAZARS LLP
Mission
THE FOUNDATION SUPPORTS TEXAS' INDEPENDENT NONPROFIT COLLEGES AND UNIVERSITIES BY STRENGTHENING MEMBER INSTITUTIONS BY EDUCATING UNIVERSITY STAFF THROUGH SEMINARS AND TRAINING OPPORTUNITIES, EDUCATING STAKEHOLDERS ABOUT STRATEGIC ISSUES IMPORTANT TO PRIVATE HIGHER EDUCATION IN TEXAS, (CONTINUED ON SCHEDULE O)
Program accomplishments
- 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.Expenses $728,862 · revenue $1,520,183
- 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.Expenses $306,011
- 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 2025, THE ICUT FOUNDATION AWARDED 78 SCHOLARSHIPS TOTALING $243,000.Expenses $243,000 · grants $243,000
- 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.Expenses $140,241
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 15, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 16, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 17, 2025 | 990 on file |
IRS record
- EIN
- 75-1540769
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1981
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $1,807,144
- Income (IRS master file)
- $2,019,752
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $2,019,752 | $1,870,457 | $1,807,144 | XML |
| 990 | September 2024 | $1,895,848 | $1,627,041 | $1,711,790 | XML |
| 990 | September 2023 | $1,809,224 | $1,788,198 | $1,438,280 | XML |
| 990 | September 2022 | $1,088,634 | $225,100 | $1,110,544 | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | IRS |
| 990-N for 2009 Officer: Carol McDonald | September 30, 2010 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 75-1540769).
Questions about ICUT FOUNDATION
- What is the EIN of ICUT FOUNDATION?
- The employer identification number (EIN) of ICUT FOUNDATION is 75-1540769.
- Is ICUT FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1981.
- Are donations to ICUT FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does ICUT FOUNDATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of ICUT FOUNDATION due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 15, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ICUT FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of ICUT FOUNDATION?
- The 990 for the year ended September 30, 2025 names CHARLIE MCCORMICK.
- Who are the officers and directors of ICUT FOUNDATION?
- The 990 for the year ended September 30, 2025 lists 14 people; 2 received compensation from the organization, the highest $286,306 (ELIZABETH PUTHOFF, PRESIDENT).
- How much revenue does ICUT FOUNDATION have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $2,019,752, expenses of $1,870,457 and total assets of $1,807,144 at year end.
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