In 1948, in response to social and economic pressures facing private colleges and universities, local education and business leaders founded the Associated Colleges of Indiana (ACI) as the nation’s first cooperative statewide association of independent colleges. Its goal was to cultivate corporate support of private higher education. In 1972, ACI became Independent Colleges and Universities of Indiana, then the Independent Colleges of Indiana (ICI) in 1992. It is headquartered in Indianapolis.
The association was a pioneering effort at college fundraising, launched as a mutually beneficial partnership between higher education and the business community. In its inaugural year, two corporations granted a total of $15,000. Only a dozen years later, the association was the first such organization to raise more than $1 million in a single year.
In 1970, ACI established the Indiana Academy, which recognizes individual achievement in leadership and philanthropy. Distinguished citizens are appointed to the Academy in recognition of their contributions to Indiana’s cultural, scientific, literary, civic, religious, and educational development. Many well-known Hoosiers have received the honor.
ICI supports the state’s 30 private, accredited, nonprofit colleges and universities in several ways: advocating for state and federal financial aid; conducting research about private colleges and their impact; administering scholarships and grants such as the Scholarship; developing collaborative services to increase financial and academic effectiveness; and raising corporate and foundation funds disbursed to member schools.
Degree attainment and affordability are two key measures of success. ICI students achieve the highest four-year on-time graduation rates in the state and earn more than 30 percent of their bachelor’s degrees. The average cost to Indiana per ICI bachelor’s degree is $5,400, versus the average cost to the state of a public college bachelor’s degree at more than $56,500. ICI colleges produce 15 percent of Indiana’s undergraduates, 29 percent of its bachelor’s degrees, and 36 percent of its STEM and nursing degrees.
ICI has grown significantly since its founding. Its members contribute $1.6 billion in salaries, wages, and benefits, employing more than 22,000 Hoosiers, and $2.9 billion in institutional expenditures, for a total local economic impact of over $5 billion annually. ICI’s members provide talent and intellectual leadership in education, business, community service, arts, and culture.
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