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. The MacMurray Foundation & Alumni Association was formed after the College announced its closure.

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.

There are currently 10 members (all are alumni of MacMurray) on the Board of Directors, of which two were active members of the MacMurray College Board of Trustees when the Trustees voted to close the college. Three Advisory members were Lifetime Trustees of the College but had no vote and were not active participants in the College’s Board of Trustees for several years prior to the vote for closure. All other members had no formal connection or role with the College’s Board of Trustees at any time.

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

.