State Registration & IRS Status

The MacMurray Foundation and Alumni Association is registered as a non-profit with the State of Illinois’ Attorney General’s Office and received the Internal Revenue Service designation as a tax-deductible 501(c)(3) organization that was effective May 8, 2020. In keeping with IRS practices for designation as a 501(c)(3) the Foundation was not set-up as a formal membership organization.

Relationship to MacMurray College

There is no formal relationship with the former college, and the Foundation is not a successor organization or a membership organization. The MacMurray Foundation & Alumni Association was formed after the College announced its closure. At the time of organizing in 2020, six individual members were the original forming Board. Two were active members of the Board of Trustees, two were Lifetime Trustees and two were Co-Chairs of the MacMurray College Alumni Association.

Governance

The Foundation is governed by a voluntary Board of Directors with additional individuals serving on Foundation Committees. Foundation Committees are organized to support the Foundation and oversee implementation of activities related to the Foundation’s purposes.

The Board of Directors consists of up to fifteen members and do not have to be an alum of MacMurray college. Members of the Board are elected annually by the Board with members limited to two consecutive 3-year terms. Membership is based on expertise of needs for the Board (fiscal, non-profit, marketing & communications, local presence).

Outside Accountability & Monitoring

The Foundation has hired an outside independent accountant who receives all financial information (donations, expenses, restricted gifts) monthly to review activities and insure the Foundation is focused on the Mission and funds are used as requested. A monthly financial report is provided with any concerns raised by the accountant. Both the Illinois Attorney General’s office and the IRS require annual reporting, including financial information, which the Foundation complies with.

Additionally, a second independent firm is hired to conduct annual audits of the financial statements and filing with appropriate governmental entities

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