Illinois College Of Optometry
- Assets
- $102.3m
- Revenue
- $38.1m
- Investments
- $11.1m
- Employees
- 589
- Location
- Chicago, IL
- Founding
- 06/1956
- Data as of
- 06/2022
- EIN
- 36-2310478
Organization Overview
Illinois College Of Optometry is located in Chicago, IL. The organization was established in 1956. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2022, Illinois College Of Optometry employed 589 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois College Of Optometry 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, Illinois College Of Optometry generated $38.1m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $35.6m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE ILLINOIS COLLEGE OF OPTOMETRY IS TO DEVELOP HIGHLY QUALIFIED CLINICAL OPTOMETRISTS THROUGH EXCELLENCE IN OPTOMETRIC EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GENERAL EDUCATIONAL SERVICES AT THE ILLINOIS COLLEGE OF OPTOMETRY (ICO): CLASSROOM INSTRUCTION FOR DOCTOR OF OPTOMETRY DEGREE; CONTINUING EDUCATION AND FACULTY RESEARCH SERVING APPROXIMATELY 480 STUDENTS PER YEAR. ICO'S 4-YEAR PROGRAM IS FOCUSED ENTIRELY ON OPTOMETRY. OUR STUDENTS RECEIVE ROBUST CLINICAL EXPERIENCE, INCLUDING HANDS-ON PATIENT CARE IN THE IEI BEGINNING IN THEIR VERY FIRST YEAR. UNDERSTANDING THAT BEING A DOCTOR EXTENDS BEYOND EYE CARE, ICO OFFERS COURSES IN FINANCIAL LITERACY, PRACTICE MANAGEMENT, AND OTHER REAL-WORLD ASPECTS OF OPTOMETRY. OUR TOP-NOTCH RESOURCES EXPOSE STUDENTS TO TOMORROW'S TECHNOLOGIES AND MODES OF PRACTICE.
THE ORGANIZATION RECEIVES OTHER PROGRAM SERVICE REVENUE RELATED TO ITS BOOKSTORE, FACULTY RESEARCH, STUDENT LOANS AND ADMINISTRATION OF ILLINOIS EYE INSTITUTE AND ILLINOIS EYE INSTITUTE FOUNDATION.
CLINIC: THE ILLINOIS EYE INSTITUTE (IEI) ACTS AS A SAFETY NET PROVIDER OF EYE AND VISION SERVICES FOR THE CHICAGO AREA, SERVING DIVERSE PATIENTS WITH COMPLEX NEEDS. THE CLINIC RECEIVED 77,613 PATIENT VISITS IN THE PREVIOUS YEAR (50,121 TO PROVIDERS, 27,492 TO OPTICAL). THE SITE IS A VITAL COMMUNITY RESOURCE FOR MEDICAID AND MEDICARE CARRIERS, AS WELL AS UNDERINSURED AND UNINSURED PATIENTS. SPECIALTY AREAS OF THE CLINIC INCLUDE (BUT ARE NOT LIMITED TO) PEDIATRICS, DEVELOPMENT DISABILITY CLINICS, BINOCULAR VISION SERVICE, URGENT CARE, CORNEA AND CONTACT LENSES, GLAUCOMA CARE, RETINA AND VITREOUS CARE, AND LOW VISION CARE. THE IEI ACTS AS A TEACHING CLINIC THAT AIDES IN THE EDUCATION OF STUDENTS AS THEY PURSUE DOCTOR OF OPTOMETRY DEGREES.
DORMITORY: THE RESIDENTIAL COMPLEX PROVIDES AFFORDABLE AND SAFE ON-CAMPUS LIVING QUARTERS FOR OPTOMETRY STUDENTS, PROSPECTIVE STUDENTS, VISITORS, AND THEIR FAMILIES. THE RC HOSTS EVENTS TO PROMOTE CAMARADERIE AND HEALTHY STUDENT LIFE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Board Of Trustees-Treasurer | OfficerTrustee | 1 | $0 |
Name Not Listed Chairman Of The Board | OfficerTrustee | 1 | $0 |
Name Not Listed Vice Chairman Of The Board | OfficerTrustee | 1 | $0 |
Name Not Listed Board Of Trustees- Secretary | OfficerTrustee | 1 | $0 |
Name Not Listed Board Of Trustees (end 10/2021) | Trustee | 1 | $0 |
Name Not Listed Board Of Trustees (end 10/2021) | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jensen & Halstead Ltd Architecture Services | 6/29/22 | $349,596 |
Crowe Llp Audit And Tax Services | 6/29/22 | $117,636 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $348,973 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,192,444 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,541,417 |
| Total Program Service Revenue | $32,257,330 |
| Investment income | $1,288,747 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,826,239 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,134,437 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,612,336 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,765,092 |
| Compensation of current officers, directors, key employees. | $870,028 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,091,560 |
| Pension plan accruals and contributions | $1,483,056 |
| Other employee benefits | $2,669,580 |
| Payroll taxes | $1,081,187 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,189 |
| Fees for services: Accounting | $67,506 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $257,512 |
| Fees for services: Other | $1,600,344 |
| Advertising and promotion | $39,802 |
| Office expenses | $1,088,767 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,095,290 |
| Travel | $372,234 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $744,213 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,352,111 |
| Insurance | $508,908 |
| All other expenses | $649,701 |
| Total functional expenses | $35,579,382 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,884,798 |
| Savings and temporary cash investments | $7,428,756 |
| Pledges and grants receivable | $188,803 |
| Accounts receivable, net | $1,284,821 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $116,954 |
| Prepaid expenses and deferred charges | $545,412 |
| Net Land, buildings, and equipment | $27,606,172 |
| Investments—publicly traded securities | $44,509,122 |
| Investments—other securities | $11,097,536 |
| Investments—program-related | $4,601,666 |
| Intangible assets | $0 |
| Other assets | $77,446 |
| Total assets | $102,341,486 |
| Accounts payable and accrued expenses | $4,241,855 |
| Grants payable | $0 |
| Deferred revenue | $2,369,922 |
| Tax-exempt bond liabilities | $24,252,012 |
| 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 | $0 |
| Other liabilities | $5,905,986 |
| Total liabilities | $36,769,775 |
| Net assets without donor restrictions | $60,424,709 |
| Net assets with donor restrictions | $5,147,002 |
| 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 | $102,341,486 |