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 college, and the Foundation received no funds from MacMurray College. The MacMurray Foundation & Alumni Association was formed after the College announced its closure.
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 13 members (all are alumni of MacMurray) on the Board of Directors, of which five were active members of the MacMurray College Board of Trustees when the Trustees voted to close the college. Two 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. Six 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.