Rochester Institute Of Technology
- Assets
- $2.5b
- Revenue
- $1.1b
- Investments
- $1.2b
- Employees
- 10,958
- Location
- Rochester, NY
- Founding
- 07/1943
- Data as of
- 06/2022
- EIN
- 16-0743140
Organization Overview
Rochester Institute Of Technology is located in Rochester, NY. The organization was established in 1943. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Rochester Institute Of Technology employed 10,958 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rochester Institute Of Technology is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Rochester Institute Of Technology generated $1.1b in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $922.3m during the year ending 06/2022. While expenses have increased by 3.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Rochester Institute Of Technology has awarded 147 individual grants totaling $3,270,797. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ROCHESTER INSTITUTE OF TECHNOLOGY (RIT) SHAPES THE FUTURE AND IMPROVES THE WORLD THROUGH CREATIVITY AND INNOVATION. AS AN ENGAGED, INTELLECTUALLY CURIOUS, AND SOCIALLY CONSCIOUS COMMUNITY, RIT LEVERAGES THE POWER OF TECHNOLOGY, THE ARTS, AND DESIGN FOR THE GREATER GOOD.
Describe the Organization's Program Activity:
INSTRUCTION AND ACADEMIC SUPPORT - ESTABLISHED IN 1829, RIT IS ONE OF THE WORLD'S PREMIER UNIVERSITIES WITH AN INNOVATIVE AND CREATIVE STUDENT BODY FROM ALL FIFTY STATES AND OVER 100 NATIONS. RIT TOTAL ENROLLMENT IN FALL 2021 WAS APPROXIMATELY 19,720, WHICH INCLUDED APPROXIMATELY 16,670 UNDERGRADUATE AND 3,050 GRADUATE STUDENTS. APPROXIMATELY 16,875 STUDENTS ARE ENROLLED AT RIT'S MAIN CAMPUS AND THE REMAINDER AT INTERNATIONAL LOCATIONS. RIT IS COMPRISED OF NINE COLLEGES AND TWO DEGREE-GRANTING ACADEMIC UNITS OFFERING 254 GRADUATE AND UNDERGRADUATE PROGRAMS. NTID (NATIONAL TECHNICAL INSTITUTE FOR THE DEAF), ONE OF RIT'S COLLEGES, IS THE WORLD'S FIRST AND LARGEST TECHNICAL INSTITUTE COLLEGE FOR DEAF STUDENTS WITH APPROXIMATELY 1,170 STUDENTS FROM THE UNITED STATES AND ABROAD. OVER THE PRECEDING 10 YEARS, ENROLLMENT HAS INCREASED FROM 17,652 STUDENTS IN THE FALL OF 2011 TO 19,718 STUDENTS IN THE FALL OF 2021, AN INCREASE OF 12%.
STUDENT AND AUXILIARY SERVICES - STUDENT SERVICES PROVIDE STUDENTS WITH ADDITIONAL ENRICHMENT AND EDUCATIONAL OPPORTUNITIES. SUCH SERVICES INCLUDE STUDENT HEALTH, ATHLETICS, AND OTHER RECREATIONAL ACTIVITIES. AUXILIARIES PROVIDE ESSENTIAL SERVICES TO STUDENTS IN SUPPORT OF RIT'S EDUCATIONAL MISSION. THESE SERVICES INCLUDE HOUSING OPERATIONS AND DINING SERVICES. SALES AND SERVICES OF AUXILIARY ENTERPRISES GENERATED TOTAL REVENUE OF $86 MILLION, AN INCREASE OF $18.1M FROM THE PRIOR YEAR. SURPLUSES FROM AUXILIARY SERVICES SUPPORT THE OPERATING BUDGET OF THE UNIVERSITY.
RESEARCH AND PUBLIC SUPPORT - RIT ENGAGES IN PUBLIC SERVICE ACTIVITIES THAT BENEFIT THE GENERAL COMMUNITY IN WHICH IT RESIDES, INCLUDING TRAINING, POSTSECONDARY EDUCATION FOR THE DEAF AND HARD OF HEARING, AND K-12 PROGRAMS. RIT ALSO CONDUCTS RESEARCH TO ADVANCE THE BODY OF KNOWLEDGE, ENHANCE STUDENT AND FACULTY LEARNING AND BUILD ITS REPUTATION IN THE SCIENTIFIC AND TECHNICAL COMMUNITIES IN SUPPORT OF, OR IN CONCERT WITH, THE UNIVERSITY'S EXEMPT MISSION, WHILE PROVIDING POSITIVE RETURNS TO OUR SPONSORING PARTNERS. AS ARTICULATED IN RIT'S STRATEGIC PLAN, THE UNIVERSITY CONTINUES TO PLACE EMPHASIS ON ITS REVENUE GROWTH IN THE RESEARCH PORTFOLIO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Trustee | Trustee | 0.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hbt Architects Llp Architect Services | 6/29/22 | $3,143,189 |
Lechase Construction Services Llc Construction Services | 6/29/22 | $1,480,539 |
Wheeler Joseph C (Dba Jw Renovations) Renovation Services | 6/29/22 | $400,211 |
Frederico Construction & Development Llc Construction Services | 6/29/22 | $1,090,051 |
Bond Schoeneck & King Pllc Legal Services | 6/29/22 | $738,337 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $14,715 |
| Related organizations | $0 |
| Government grants | $181,600,094 |
| All other contributions, gifts, grants, and similar amounts not included above | $32,358,701 |
| Noncash contributions included in lines 1a–1f | $11,214,558 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $213,973,510 |
| Total Program Service Revenue | $742,399,043 |
| Investment income | $20,331,652 |
| Tax Exempt Bond Proceeds | $893,984 |
| Royalties | $502,941 |
| Net Rental Income | -$451,949 |
| Net Gain/Loss on Asset Sales | $87,355,225 |
| Net Income from Fundraising Events | -$8,639 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,071,324,345 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $509,318 |
| Grants and other assistance to domestic individuals. | $351,975,898 |
| Grants and other assistance to Foreign Orgs/Individuals | $171,344 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,366,129 |
| Compensation of current officers, directors, key employees. | $3,015,974 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $300,476,659 |
| Pension plan accruals and contributions | $22,372,085 |
| Other employee benefits | $55,514,864 |
| Payroll taxes | $20,476,497 |
| Fees for services: Management | $325,923 |
| Fees for services: Legal | $1,201,099 |
| Fees for services: Accounting | $380,286 |
| Fees for services: Lobbying | $366,980 |
| Fees for services: Fundraising | $299,920 |
| Fees for services: Investment Management | $134,926 |
| Fees for services: Other | $38,600,871 |
| Advertising and promotion | $2,287,248 |
| Office expenses | $48,433,424 |
| Information technology | $7,992,051 |
| Royalties | $53,311 |
| Occupancy | $11,263,604 |
| Travel | $12,276,027 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $10,217,644 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,483,688 |
| Insurance | $3,471,160 |
| All other expenses | $1,622,516 |
| Total functional expenses | $922,322,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $346,921 |
| Savings and temporary cash investments | $145,732,845 |
| Pledges and grants receivable | $50,741,736 |
| Accounts receivable, net | $26,413,850 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,778,069 |
| Prepaid expenses and deferred charges | $11,097,233 |
| Net Land, buildings, and equipment | $723,497,963 |
| Investments—publicly traded securities | $368,412,873 |
| Investments—other securities | $1,189,904,610 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,270,896 |
| Total assets | $2,526,196,996 |
| Accounts payable and accrued expenses | $65,958,298 |
| Grants payable | $0 |
| Deferred revenue | $40,215,472 |
| Tax-exempt bond liabilities | $342,403,052 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $261,279 |
| Other liabilities | $165,113,540 |
| Total liabilities | $613,951,641 |
| Net assets without donor restrictions | $1,237,636,714 |
| Net assets with donor restrictions | $674,608,641 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,526,196,996 |
Grants Awarded
Over the last fiscal year, Rochester Institute Of Technology has awarded $365,975 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
Rochester, NY PURPOSE: General Support | $50,000 |
HENRIETTA FIRE DISTRICT PURPOSE: General Support | $45,000 |
Boulder, CO PURPOSE: Sponsorship/Event Sponsorship | $38,000 |
Rochester, NY PURPOSE: Event Sponsorship | $25,000 |
Rochester, NY PURPOSE: Event Sponsorship | $25,000 |
HOCKEY WESTERN NEW YORK LLC PURPOSE: Sponsorship | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Rochester Institute Of Technology has recieved totaling $222,802.
| Awarding Organization | Amount |
|---|---|
Louis S And Molly B Wolk Foundation Rochester, NY PURPOSE: GLASS BOX RECEPTION | $120,000 |
Mccue Memorial Foundation Rochester, NY PURPOSE: GENERAL DONATION | $36,252 |
Louis S And Molly B Wolk Foundation Rochester, NY PURPOSE: GLASS BOX RECEPTION AREA | $30,000 |
Emil Muller Foundation Inc Penfield, NY PURPOSE: EMIL MULLER SCHOLARS SCHOLARSHIP | $30,000 |
King Scholarship Fund Dallas, TX PURPOSE: SCHOLARSHIP | $3,350 |
Alexander R And Ann M Manderson Scholarship Fund Dallas, TX PURPOSE: SCHOLARSHIP | $1,650 |
Endowment Analysis
| Beg. Balance | $1,302,872,685 |
| Earnings | -$21,210,360 |
| Net Contributions | $17,697,847 |
| Other Expense | $32,516,775 |
| Grants | $10,062,546 |
| Ending Balance | $1,256,780,851 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fordham University Bronx, NY | $2,430,141,698 | $953,892,663 |
Rochester Institute Of Technology Rochester, NY | $2,526,196,996 | $1,071,324,345 |
St Johns University New York Jamaica, NY | $1,703,677,283 | $798,473,536 |
Villanova University Villanova, PA | $2,287,455,797 | $872,271,471 |
Rensselaer Polytechnic Institute Troy, NY | $1,598,843,813 | $653,047,178 |
Rockefeller University New York, NY | $4,263,008,941 | $535,346,959 |
Lehigh University Bethlehem, PA | $3,057,301,515 | $713,288,867 |
The New School New York, NY | $1,263,076,833 | $558,997,855 |
Hofstra University Hempstead, NY | $1,538,245,078 | $606,887,297 |
American University Of Beirut New York, NY | $1,902,791,001 | $608,300,843 |
Quinnipiac University Hamden, CT | $1,807,258,104 | $531,949,834 |
Seton Hall University South Orange, NJ | $890,349,000 | $473,034,000 |