Illinois Institute Of Technology is located in Chicago, IL. The organization was established in 1941. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 05/2023, Illinois Institute Of Technology employed 3,651 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois 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 05/2023, Illinois Institute Of Technology generated $364.5m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $419.7m during the year ending 05/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION.
Describe the Organization's Program Activity:
INSTRUCTION SUPPORT:- ILLINOIS INSTITUTE OF TECHNOLOGY'S (IIT) SEVEN COLLEGES ALLOW STUDENTS TO DISCOVER NEW FRONTIERS IN ENGINEERING, SCIENCE, ARCHITECTURE, BUSINESS, DESIGN, HUMAN SCIENCES, APPLIED TECHNOLOGY, AND LAW. THE SCHOOL'S NATIONALLY RANKED UNDERGRADUATE AND GRADUATE PROGRAMS OFFER EXCEPTIONAL PREPARATION FOR PROFESSIONS THAT REQUIRE TECHNOLOGICAL SOPHISTICATION, AN INNOVATIVE MINDSET, AND AN ENTREPRENEURIAL SPIRIT. THE UNIVERSITY'S EMPHASIS ON COLLABORATION AND INTERDISCIPLINARY STUDY AND RESEARCH WILL PREPARE STUDENTS TO WORK ACROSS TRADITIONAL BOUNDARIES AND TO EXPERIENCE A PROFESSIONAL FUTURE WHERE SUCCESS KNOWS NO LIMITS. THE UNIVERSITY'S RESEARCH IS THE HALLMARK OF OUR CULTURE OF EXCELLENCE. OUR FACULTY, STUDENTS, AND STAFF ARE LEADING BOLD RESEARCH AND DISCOVERY IN FIELDS WHERE TECHNOLOGY AND INNOVATION ARE CREATING SIGNIFICANT, MEANINGFUL CHANGE. WE ARE CONTRIBUTING TO ADVANCES IN COMPUTATION AND DATA, ENERGY AND SUSTAINABILITY, DEEP SCIENCE AND ENGINEERING, HEALTH AND WELLNESS, SOCIAL JUSTICE, AND URBAN FUTURES. THROUGHOUT OUR COLLEGES, AND RESEARCH INSTITUTES AND CENTERS, IIT'S RESEARCHERS ARE CONDUCTING RESEARCH THAT MATTERS IN OUR EVERYDAY LIVES. ILLINOIS TECH IS ONE OF 14 CENTERS COLLABORATING ON A NEW NATIONWIDE NUTRITION STUDY THAT WILL HELP ADVANCE THE DEVELOPMENT OF PERSONALIZED NUTRITION PLANS. ANOTHER RESEARCH PROJECT IS AIMED AT FINDING WAYS TO REDUCE WASTED FOOD NATIONALLY. SINCE 1995, THE UNIVERSITY'S SIGNATURE INTERPROFESSIONAL PROJECTS PROGRAM (IPRO) JOINS TOGETHER STUDENTS FROM VARIOUS ACADEMIC DISCIPLINES TO WORK AS A TEAM TO TACKLE REAL-WORLD PROBLEMS, OFTEN ON BEHALF OF COMPANIES AND NONPROFITS THAT SPONSOR THE PROJECTS, USING DESIGN-CENTERED METHODOLOGY AND INNOVATIVE THINKING. A REQUIRED ACADEMIC PROGRAM, IPRO TEACHES LEADERSHIP, CREATIVITY, TEAMWORK, DESIGN THINKING, AND PROJECT MANAGEMENT TO PREPARE STUDENTS TO SUCCEED IN A PROFESSIONAL WORK ENVIRONMENT. IPRO STUDENT TEAMS HAVE EXPLORED A RANGE OF AMBITIOUS TOPICS. THESE INCLUDE DEVELOPING A PLATFORM FOR SAFE DRUG DISPOSAL, DESIGNING A NET-ZERO COMMUNITY, HARVESTING CONDENSATE FROM HVAC SYSTEMS TO CREATE DRINKING WATER FOR HUMANS, AND HUNDREDS MORE. EVERY IDEA NEEDS FUEL TO BE SUCCESSFUL. IIT'S IDEA SHOP HELPS TO IGNITE IDEAS WITH CUTTING-EDGE TOOLS TO ENABLE STUDENTS TO TRANSFORM THEIR DESIGNS, PRODUCTS, AND INVENTIONS INTO REALITY. IN THIS STATE-OF-THE-ART, RAPID-PROTOTYPING LAB, FULL-TIME STAFF AND A DIVERSE GROUP OF STUDENT WORKERS ADVISE USERS ON EQUIPMENT USE, MECHANICAL AND ELECTRICAL DESIGN, EMBEDDED SYSTEMS PROGRAMMING, AND MUCH MORE. AS A CAMPUS WIDE RESOURCE, STUDENTS CAN USE THE IDEA SHOP FOR A CLASS, RESEARCH PROJECT, OR THEIR OWN PERSONAL ENDEAVOR. UNDER THE COLLEGE OF ARCHITECTURE IS THE UNIVERSITY'S AWARD-WINNING DESIGN/BUILD STUDIOS THAT ALLOW STUDENTS TO DESIGN AND CONSTRUCT FULL-SCALE BUILDINGS, FULFILLING THE NOTION OF A "HANDS-ON" EDUCATION. THE COLLEGE EMPHASIZES APPLIED STUDIO WORK UNDER THE INSTRUCTION OF PRACTICING ARCHITECTS; THE STUDY OF ARCHITECTURAL THEORY; INTERDISCIPLINARY LEARNING; DIGITAL TECHNOLOGIES; SUSTAINABILITY; DESIGN/BUILD; AND INTERNATIONAL STUDY. INSTRUCTION SUPPORTS OVER 50 PLUS ACADEMIC MAJORS AND SPECIAL DEGREE PROGRAMS AND MORE THAN 70 MINORS AND IS MADE UP OF ALMOST 6,900 STUDENTS, INCLUDING 2,920 UNDERGRADUATE, 3,153 GRADUATE, 784 LAW STUDENTS, AND 3 STUDENTS IN CONTINUING EDUCATION PROGRAMS. THE UNIVERSITY OFFERED AND AWARDED 629 BACHELOR, 1,218 MASTER, 213 J.D., AND 80 PH.D. DEGREES DURING THE 2023 ACADEMIC YEAR.
RESEARCH:- RESEARCH IS THE HALLMARK OF OUR CULTURE OF EXCELLENCE. OUR FACULTY, STUDENTS, AND STAFF ARE LEADING BOLD RESEARCH AND DISCOVERY IN FIELDS WHERE TECHNOLOGY AND INNOVATION ARE CREATING SIGNIFICANT, MEANINGFUL CHANGE. OUR RESEARCHERS ARE CONDUCTING RESEARCH THAT MATTERS IN OUR EVERYDAY LIVES. WE ARE CONTRIBUTING TO ADVANCES IN COMPUTATION AND DATA, HEALTH AND WELLNESS, AND URBAN FUTURES. THROUGHOUT OUR COLLEGES AND RESEARCH CENTERS, AND IN TOPICS AS VARIED AS ENERGY, THEORETICAL PHYSICS, AND SOCIAL JUSTICE, OUR RESEARCH REFLECTS OUR COMMITMENT TO SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. RESEARCH AWARDS RECEIVED IN FISCAL YEAR 2023 WERE $33.3 MILLION. THE UNIVERSITY RECEIVED AWARDS IN THE AREAS OF SCIENCE, ENGINEERING, TECHNOLOGY, MATHEMATICS, AND FOOD SAFETY ALL OF WHICH ARE SYNERGISTIC WITH THE STRATEGIC PLAN. NOTABLY, THE ELECTRICAL AND COMPUTER ENGINEERING DEPARTMENT RECEIVED 36 AWARDS TOTALING $3 MILLION AND THE COMPUTER SCIENCE DEPARTMENT ALSO RECEIVED 31 AWARDS FOR $3.1 MILLION. THE BIOMEDICAL ENGINEERING DEPARTMENT RECEIVED 16 AWARDS FOR $1.3 MILLION, MECHANICAL MATERIAL AND AEROSPACE ENGINEERING 49 AWARDS TOTALING $5.4 MILLION, PHYSICS DEPARTMENT 41 AWARDS TOTALING $3.4 MILLION AND THE DEPARTMENT OF PSYCHOLOGY 13 AWARDS FOR $3.4 MILLION. IN ADDITION, THE NATIONAL CENTER FOR FOOD SAFETY AND TECHNOLOGY RECEIVED 19 AWARDS TOTALING $4.5 MILLION AND THE BIOLOGY DEPARTMENT WAS GRANTED 12 AWARD FOR $2.1 MILLION.
AUXILIARY SERVICES:- THIS PROVIDES FOR CAMPUS HOUSING AND DINING FOR THE STUDENTS AND INCLUDES RESIDENCE HALLS AND A DINING ROOM, APARTMENT-STYLE BUILDINGS, EIGHT FRATERNITY HOUSES, AND TWO SORORITY HOUSES.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Name Not Listed Vice Chair | OfficerTrustee | 1 | $0 |
Name Not Listed Chairman Of The Board | OfficerTrustee | 1 | $0 |
Name Not Listed President | OfficerTrustee | 38.8 | $987,839 |
Name Not Listed Vice Chair | OfficerTrustee | 1 | $0 |
Name Not Listed Trustee | Trustee | 1 | $0 |
Name Not Listed Trustee | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Gilbane Building Company Construction | 5/30/23 | $6,214,031 |
Chartwells Dining Food Service Provider | 5/30/23 | $5,625,748 |
Gca Services Group Janitorial Services | 5/30/23 | $4,174,513 |
Sos Security Llc Security Service | 5/30/23 | $2,151,011 |
Ventas Inc Real Estate Rental Service | 5/30/23 | $1,582,863 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $156,221 |
Related organizations | $0 |
Government grants | $48,828,643 |
All other contributions, gifts, grants, and similar amounts not included above | $15,730,520 |
Noncash contributions included in lines 1a–1f | $1,881,890 |
Total Revenue from Contributions, Gifts, Grants & Similar | $64,715,384 |
Total Program Service Revenue | $296,928,727 |
Investment income | $1,424,658 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $844,954 |
Net Gain/Loss on Asset Sales | $660,069 |
Net Income from Fundraising Events | -$90,727 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $364,483,065 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $139,862,832 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $7,959,658 |
Compensation of current officers, directors, key employees. | $2,927,424 |
Compensation to disqualified persons | $1,163,589 |
Other salaries and wages | $121,152,558 |
Pension plan accruals and contributions | $6,868,065 |
Other employee benefits | $12,715,360 |
Payroll taxes | $7,603,104 |
Fees for services: Management | $0 |
Fees for services: Legal | $868,373 |
Fees for services: Accounting | $304,853 |
Fees for services: Lobbying | $110,000 |
Fees for services: Fundraising | $386,647 |
Fees for services: Investment Management | $1,453,796 |
Fees for services: Other | $36,391,613 |
Advertising and promotion | $1,156,781 |
Office expenses | $2,923,997 |
Information technology | $3,926,515 |
Royalties | $0 |
Occupancy | $44,210,195 |
Travel | $2,336,190 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $37,619 |
Interest | $8,336,780 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $18,935,971 |
Insurance | $984,216 |
All other expenses | $0 |
Total functional expenses | $419,688,712 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $6,134,250 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $16,981,594 |
Accounts receivable, net | $14,190,452 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $5,871,227 |
Net Land, buildings, and equipment | $325,479,139 |
Investments—publicly traded securities | $244,046,910 |
Investments—other securities | $12,260,000 |
Investments—program-related | $32,180,259 |
Intangible assets | $0 |
Other assets | $49,324,645 |
Total assets | $706,468,476 |
Accounts payable and accrued expenses | $37,923,947 |
Grants payable | $0 |
Deferred revenue | $18,899,479 |
Tax-exempt bond liabilities | $147,756,000 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $20,000,000 |
Secured mortgages and notes payable | $44,725,000 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $34,244,857 |
Total liabilities | $303,549,283 |
Net assets without donor restrictions | $140,710,045 |
Net assets with donor restrictions | $262,209,148 |
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 | $706,468,476 |