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"When the annals of our time are recorded, it will most likely be
found that the two greatest contributions of our time have been the U.S.
university and the U.S.
corporation; both mighty forces, both uniquely American. If these two forces
can go forward together in understanding and cooperation, there is perhaps no
problem beyond their joint power for resolution. If, however, they choose to
go their separate ways, there is no solution of any problem affecting either
that is likely to be long lasting."
Alfred P. Sloan, Jr.
Chairman of General Motors Corporation (1937-1956)
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The
Michigan Colleges Foundation is dedicated to providing students access to a
values-based, high-quality education at our 14 member liberal arts colleges.
History and Purpose
Founded in 1949, the Michigan Colleges Foundation is a resource development
organization dedicated to nurturing strategic collaboration among member
institutions and ensuring student access to values-based, high quality,
liberal arts focused education in the state of Michigan.
Each year, MCF unites hundreds of business volunteers with college
representatives to participate in regional fund-raising campaigns across Michigan.
To date, these campaigns have raised over $69 million for member institutions
and their students.
Participating Institutions
MCF's 14 participating institutions are
independent, four-year, liberal arts colleges, accredited by the North
Central Association of Colleges and Secondary Schools.
The 14 member colleges are small
(averaging 1,930 undergraduates) with their primary mission being teaching
(not research) and imparting students with an appropriate set of values,
leadership skills, and a lifelong desire for learning.
Distribution and Use of Funds
Contributions to MCF are distributed by a formula designed by the colleges.
60% of undesignated money is divided equally. The remaining 40% is divided in
proportion to student enrollment. The funds are used to supplement the
operating budgets of the member institutions, often assisting with financial
aid. Typically over 90% of the students at our schools receive some form of
financial assistance.
In addition to raising unrestricted operating support, MCF administers
named scholarship funds for
corporations and private foundations. Designated funds are distributed in
accordance with the donors' wishes.
Tax Advantages
MCF is named specifically in the Michigan Business Tax and Income Tax laws as
a qualified recipient for tax credit benefits. The Michigan
tax credit law permits corporate and other business donors to subtract
one-half the amount of their contribution to MCF (up to a maximum deduction
of $5,000) from the Single Business Tax liability.
In addition to Michigan tax
credits, the MCF is a not-for-profit corporation tax exempt under section
501(c)(3) of the Internal Revenue Code. All gifts to MCF are deductible from
federal, personal and corporate income taxes.
The cumulative effect of state and federal tax deductions for gifts to MCF
is that the actual cost to business can be as low as 16% of the gift amount.
In other words, a gift of $10,000 may actually cost only $1,600 to the donor
- as illustrated in the example below.
Copies of the audited financial statement for the fiscal year 2007, by Rehmann Robson are available upon request.
Bequests
Many of those who have helped make the Michigan Colleges Foundation so
successful over the years have expressed an interest in ensuring that the
good work of the Foundation will continue beyond their lifetimes. Naming MCF
as a beneficiary in your life insurance policy is one way to accomplish this.
Another is to set aside a certain dollar amount or percentage of your estate
after your family has been provided for. MCF has prepared special bequest
language to help you facilitate this. Please contact the President for
further information.
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