Morrison Institute Of Technology
- Assets
- $3.1m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 16
- Location
- Morrison, IL
- Founding
- 04/1978
- Data as of
- 05/2024
- EIN
- 36-2919340
Organization Overview
Morrison Institute Of Technology is located in Morrison, IL. The organization was established in 1978. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, under the broad grouping of Education and related organizations. As of 05/2024, Morrison Institute Of Technology employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morrison 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 05/2024, Morrison Institute Of Technology generated $1.8m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $2.0m during the year ending 05/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AN EDUCATION AND RELATED SERVICES TO ALL ENROLLED STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COLLEGE LEVEL ACADEMIC PROGRAMS WITH CORRESPONDING STUDENT SERVICES AND ACTIVITIES.
PROVIDE STUDENT HOUSING TO ALL ON-CAMPUS STUDENTS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Scott School Presi | 40 | $123,600 | |
Ken Gooley Director | Trustee | 0.5 | $0 |
Craig Gray Chairman | Trustee | 0.5 | $0 |
Mike Gunderson Director | Trustee | 0.5 | $0 |
Deanna Hermes Director | Trustee | 0.5 | $0 |
Dave Weber Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $521,745 |
| All other contributions, gifts, grants, and similar amounts not included above | $19,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $540,745 |
| Total Program Service Revenue | $1,240,215 |
| Investment income | $5,553 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,775 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$6,095 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,815,937 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $234,239 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $123,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $829,715 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $71,494 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $97,718 |
| Travel | $8,481 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $50,914 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $166,599 |
| Insurance | $144,529 |
| All other expenses | $70,443 |
| Total functional expenses | $1,955,335 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $318,088 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $269,899 |
| Accounts receivable, net | $159,999 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,348 |
| Prepaid expenses and deferred charges | $23,435 |
| Net Land, buildings, and equipment | $2,307,917 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,086,686 |
| Accounts payable and accrued expenses | $15,370 |
| Grants payable | $0 |
| Deferred revenue | $13,203 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,004,198 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,000 |
| Total liabilities | $1,033,771 |
| Net assets without donor restrictions | $2,052,915 |
| Net assets with donor restrictions | $0 |
| 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 | $3,086,686 |