ICFNJ helps its 14 member institutions partner with the corporate community to fulfill the goal of educating students who contribute to the economic, ethical and intellectual aspirations of the State of New Jersey.
Our institutions make a tremendous contribution to New Jersey’s bottom line, at very little cost to state residents. Direct state support to our colleges accounted for less than 1 percent of state support to all institutions, public and private, in fiscal year 2008. Enrolling a high percentage of state residents on our campuses saves taxpayers more than $219 million a year. Factoring in student and institutional expenditures, the independent sector’s annual economic impact in New Jersey is more than $4.9 billion.
The Independent College Fund of New Jersey (ICFNJ) was founded in 1953 as a cooperative effort involving business and academic leaders of New Jersey in order to broaden financial support for and awareness of independent higher education.
The Independent College Fund empowers deserving students to realize their goals by strengthening New Jersey's independent colleges and universities with support for strategic investments in programs, scholarships and education. The Independent College Fund of New Jersey partners with the corporate and philanthropic communities to support its 14 member institutions.
To serve as an essential advocate in promoting wider understanding of and support for independent higher education in New Jersey through the cultivation and maintenance of relationships with members of the corporate and foundation communities.
To emphasize unrestricted giving while presenting corporate donors with opportunities to make “business compatible contributions.” To identify and monitor trends in corporate philanthropy and recommend to our Board appropriate actions to benefit from these realities on behalf of independent higher education.
To provide opportunities for our member college and universities to enhance quality, access and affordability and fulfill their respective missions.
An association of 14 regionally accredited, independent, non-profit, four-year degree granting college and universities in the State of New Jersey.
Distribution of Funds
Since its first allocation in 1954, ICFNJ has raised and distributed more than $66 million in support of its member institutions. Contributions to ICFNJ are used to supplement the operating budgets of the member institutions and are distributed using a formula established by the member institutions. Unrestricted money is distributed 60 percent equally, 40 percent by enrollment. A donor can also designate a gift specifically to one or a combination of members, though it is the unrestricted gift which benefits the entire independent educational community.