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 05/2020, Illinois Institute Of Technology employed 3,986 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 05/2020, Illinois Institute Of Technology generated $410.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $369.2m during the year ending 05/2020. While expenses have increased by 0.1% per year over the past 5 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
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:
Part 3 - Line 4a
INSTRUCTION SUPPORT:- ILLINOIS INSTITUTE OF TECHNOLOGY'S (IIT) SEVEN COLLEGES ALLOW STUDENTS TO DISCOVER NEW FRONTIERS IN ENGINEERING, COMPUTING, ARCHITECTURE, BUSINESS, LAW, DESIGN, AND SCIENCE AND HUMAN SCIENCES. THE SCHOOL'S NATIONALLY RANKED UNDERGRADUATE AND GRADUATE PROGRAMS OFFER EXCEPTIONAL TEACHING THAT COMBINES HANDS-ON LEARNING WITH TRAINING IN ENTREPRENEURSHIP, DESIGN THINKING, AND TECHNOLOGY. 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 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. ALL UNDERGRADUATE STUDENTS ARE REQUIRED TO TAKE SIX CREDIT HOURS OF IPRO COURSES. EACH IPRO COURSE IS A UNIQUE PROJECT WITH TEAMS THAT INCLUDE THE FACULTY AND ENROLLED STUDENTS. THE COURSES ENCOURAGE INTELLECTUAL INQUIRY WITH RESEARCH ON THE PROJECT SUBJECT, ANALYSIS, DESIGN, AND DEVELOPMENT. SUCH EXPERIENTIAL LEARNING REINFORCES TRADITIONAL EDUCATION METHODS, PROVIDING STUDENTS A RICHER ACADEMIC EXPERIENCE ALLOWING THEM TO GAIN KNOWLEDGE THAT GOES BEYOND THE REGULAR CLASSROOM EXPERIENCE. IIT'S GRAINGER MAKER SPACE AND THE DUCHOSSOIS IDEA SHOP FACILITY SERVES AS A CATALYST FOR INNOVATION AND IS COMPOSED OF STATE-OF-THE-ART RAPID PROTOTYPING LABS THAT INCLUDE 3D PRINTERS, CNC MILLS, ELECTRONICS WORKSTATIONS AND MANY HAND FABRICATION TOOLS; A DELL LAPTOP LAB; AN IPAD LIBRARY; A COMPUTER LAB FOR MOBILE APP DEVELOPMENT AND VIDEO EDITING; COLLABORATIVE TEAMING AREAS; AND FLEXIBLE OPEN SPACES. UNDER THE COLLEGE OF ARCHITECTURE IS THE UNIVERSITY'S DESIGN/BUILD STUDIO WHERE STUDENTS CAN EXPERIENCE FIRSTHAND THE ENTIRE LIFE CYCLE OF A SMALL-BUILDING PROJECT. THE PROJECTS ARE ENTIRELY DESIGNED AND BUILT BY ARCHITECTURE STUDENTS AT THE ILLINOIS INSTITUTE OF TECHNOLOGY'S COLLEGE OF ARCHITECTURE. THESE PROJECTS ARE LOCATED ALL OVER THE WORLD. FROM CHICAGO, TO GERMANY, TO GHANA, TO INDONESIA, TO CHILE, AND PUERTO RICO, STUDENTS HAVE TRAVELED NEAR AND FAR TO PERFORM THEIR DESIGNS. DESIGN BUILD FOCUSES ON INSPIRING AND TEACHING THROUGH ITS ARCHITECTURE. INSTRUCTION SUPPORTS OVER 50 ACADEMIC MAJORS, MORE THAN 75 MINORS, AND A VARIETY OF SPECIALIZATIONS AND IS MADE UP OF OVER 6,300 STUDENTS, INCLUDING 3,121 UNDERGRADUATE, 2,416 GRADUATE, 788 LAW STUDENTS, AND 17 STUDENTS IN CONTINUING EDUCATION PROGRAMS. THE UNIVERSITY OFFERED AND AWARDED 623 BACHELOR, 1,159 MASTER, 222 J.D., AND 84 PH.D. DEGREES DURING THE 2020 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. 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 2020 WERE $32 MILLION. THE UNIVERSITY RECEIVED AWARDS IN THE AREAS OF SCIENCE, ENGINEERING, TECHNOLOGY, AND MATHEMATICS ALL OF WHICH ARE SYNERGISTIC WITH THE STRATEGIC PLAN. NOTABLY, THE ELECTRICAL AND COMPUTER ENGINEERING DEPARTMENT RECEIVED 22 AWARDS TOTALING $3.8 MILLION AND THE COMPUTER SCIENCE DEPARTMENT RECEIVED 28 AWARDS FOR $1.3 MILLION. ALSO, THE BIOMEDICAL ENGINEERING DEPARTMENT RECEIVED 21 AWARDS FOR $3 MILLION, THE BIOLOGICAL SCIENCE DEPARTMENT 13 AWARDS FOR $2.4 MILLION, MECHANICAL MATERIAL AND AEROSPACE ENGINEERING 35 AWARDS TOTALING $2.8 MILLION, PHYSICS DEPARTMENT 30 AWARDS TOTALING $3.4 MILLION AND THE DEPARTMENT OF PSYCHOLOGY 8 AWARDS FOR $1.2 MILLION. IN ADDITION, THE NATIONAL CENTER FOR FOOD SAFETY AND TECHNOLOGY RECEIVED 21 AWARDS TOTALING $5.7 MILLION.
AUXILIARY SERVICES:- THIS PROVIDES FOR CAMPUS HOUSING AND DINING FOR THE STUDENTS AND INCLUDES RESIDENCE HALLS AND A DINING ROOM, APARTMENT-STYLE BUILDINGS, SEVEN FRATERNITY HOUSES, AND TWO SORORITY HOUSES.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Name Not Listed Trustee | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Corvias Development Llc Construction | 5/30/20 | $9,018,038 |
Gca Services Group Janitorial Service | 5/30/20 | $4,014,782 |
Chartwells Dining Food Service Provider | 5/30/20 | $8,539,205 |
Sos Security Llc Security Service | 5/30/20 | $2,527,961 |
Ventas Inc Real Estate Rental Service | 5/30/20 | $2,395,218 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $442,899 |
Related organizations | $0 |
Government grants | $41,237,650 |
All other contributions, gifts, grants, and similar amounts not included above | $69,612,933 |
Noncash contributions included in lines 1a–1f | $4,804,996 |
Total Revenue from Contributions, Gifts, Grants & Similar | $111,293,482 |
Total Program Service Revenue | $283,190,767 |
Investment income | $5,330,045 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $1,110,535 |
Net Gain/Loss on Asset Sales | $9,803,084 |
Net Income from Fundraising Events | -$261,061 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $410,466,852 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $129,709,267 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $6,982,960 |
Compensation of current officers, directors, key employees. | $2,681,668 |
Compensation to disqualified persons | $379,680 |
Other salaries and wages | $115,212,500 |
Pension plan accruals and contributions | $6,014,466 |
Other employee benefits | $14,078,199 |
Payroll taxes | $6,113,210 |
Fees for services: Management | $0 |
Fees for services: Legal | $52,040 |
Fees for services: Accounting | $184,819 |
Fees for services: Lobbying | $121,500 |
Fees for services: Fundraising | $76,422 |
Fees for services: Investment Management | $847,720 |
Fees for services: Other | $27,279,372 |
Advertising and promotion | $846,778 |
Office expenses | $5,923,531 |
Information technology | $3,210,443 |
Royalties | $0 |
Occupancy | $26,541,599 |
Travel | $2,164,903 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $191,756 |
Interest | $7,779,841 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $14,831,368 |
Insurance | $670,211 |
All other expenses | $0 |
Total functional expenses | $369,212,585 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $2,144,758 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $35,606,057 |
Accounts receivable, net | $8,250,278 |
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 | $2,790,579 |
Net Land, buildings, and equipment | $315,677,476 |
Investments—publicly traded securities | $254,479,292 |
Investments—other securities | $478,865 |
Investments—program-related | $26,004,044 |
Intangible assets | $0 |
Other assets | $22,244,698 |
Total assets | $667,676,047 |
Accounts payable and accrued expenses | $32,017,956 |
Grants payable | $0 |
Deferred revenue | $11,240,117 |
Tax-exempt bond liabilities | $161,688,999 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $19,775,000 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $23,892,512 |
Total liabilities | $248,614,584 |
Net assets without donor restrictions | $163,466,890 |
Net assets with donor restrictions | $255,594,573 |
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 | $667,676,047 |
Over the last fiscal year, we have identified 16 grants that Illinois Institute Of Technology has recieved totaling $702,915.
Awarding Organization | Amount |
---|---|
John W And Jeanne M Rowe Foundation Albany, NY PURPOSE: GENERAL PURPOSES OF ORGANIZATION | $500,000 |
John P Calamos Sr Foundation Naperville, IL PURPOSE: TO SUPPORT THE MISSION OF THE CHARITY | $60,000 |
Ling Foundation Simpsonville, SC PURPOSE: EDUCATIONAL FELLOWSHIP | $37,098 |
Ling Foundation Simpsonville, SC PURPOSE: EDUCATIONAL FELLOWSHIP | $37,098 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $28,719 |
Jackson Lewis Foundation West Harrison, NY PURPOSE: UNRESTRICTED SUPPORT OF THE ORGANIZATION'S EXEMPT PURPOSE | $11,000 |
Beg. Balance | $242,994,501 |
Earnings | $6,574,000 |
Net Contributions | $18,590,000 |
Other Expense | $5,983,100 |
Grants | $6,212,900 |
Ending Balance | $255,962,501 |
Organization Name | Assets | Revenue |
---|---|---|
Loyola University Of Chicago Chicago, IL | $2,261,152,459 | $863,455,479 |
Depaul University Chicago, IL | $1,757,707,866 | $903,291,560 |
Marquette University Milwaukee, WI | $1,675,810,000 | $679,500,550 |
Illinois Institute Of Technology Chicago, IL | $667,676,047 | $410,466,852 |
Butler University Indianapolis, IN | $771,058,130 | $304,986,997 |
Bradley University Peoria, IL | $712,945,458 | $238,646,085 |
Drake University Des Moines, IA | $506,477,281 | $222,285,025 |
The Lutheran University Association Inc Valparaiso, IN | $578,078,702 | $192,641,554 |
University Of Indianapolis Indianapolis, IN | $265,228,375 | $187,846,389 |
Webster University St Louis, MO | $393,134,797 | $161,315,329 |
Lindenwood College St Charles, MO | $442,236,277 | $153,756,093 |
Maryville University Of St Louis St Louis, MO | $276,968,423 | $159,674,655 |